for me, paying payments on a car that is several years out of warranty is not worth it, even if you plan on keeping it til the wheels fall off.
personally, i am getting a 5 yr loan, paying the monthly payments and putting the difference between the 4 and 5 yr loan in a savings goal acct. That way, when year 4 comes around, i will be able to pay it off if i choose. Or, if something goes wrong with the car, get in a wreck, i lose my job, ect....i will have that extra padding on top of my emergency fund(5mo expenses).
Look at it this way, i plan on paying the car off on yr 4 but signing a 5yr note allow me the flexibility to pay the lower amount if money gets tight one month. You definately dont want to be car broke!
if you plan on paying double payments and dont need the flexiblity i say just sign a shorter term and save some $$. If you follow my plan but are not good with not touching the money in savings, it wont work.
Having a low monthly definately has its advantages...
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