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Old 10-15-06, 03:11 AM Thread Starter   #1
overclucker
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gto monthly payments


is this a good payment?

also mitsubishi wants 550 a month with 10k down for 72 months!

i think the gto deal is pretty good.... maybe?

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Old 10-15-06, 03:59 AM   #2
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Not paying cash for a depreciating asset? Crazy, don't do it. Save up for three years, pay cash, save a bunch of money and get a great car.

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Old 10-15-06, 08:22 AM   #3
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It's about average. Never pay sticker price for a vehicle though, if it stickers for 29K use Edmunds.com to find out how much the dealer paid for it and offer them somewhere in between. I'm guessing you should be able to knock 2k-3k off of the sticker especially since GM is desperate to sell cars right now. Also, if you can afford it, go 60 months as you'll pay the car off faster and if you decide to trade it in 3-4 years there'll be less of a chance that you'll owe a lot more than what it is worth.
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Old 10-15-06, 08:32 AM   #4
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deep science...why would paying cash make it any better? Cash or credit it's gonna depreciate regardless.
Also, at 6% interest that's still lower than the S&P average annual return. If one had 20k to drop down it would be wiser to invest the 20k and take the monthly payments out of the investment and in the end you would be better off.

Also like fudge said if you can goto 60 months I would do so. You'll pay it off quicker which feels better and you'll usualy get a lower interest rate.

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Old 10-15-06, 09:32 AM   #5
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Basic economic theory there. Money that is flows into your account is good because you can buy lunch with it. Money that flows out of your account w/o buying lunch is not so good.

In the case of a car, putting money into a savings account produces interest that can be applied to your future lunches. Financing a car produces interest that buys the car dealer lunch.

Also, if you look at those numbers, the final price for paying that deal is $32,785.20. Could you tell me how paying someone $3,800 for the priviledge of driving a car that will be 6 years old when the deal is done.
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Old 10-15-06, 10:10 AM   #6
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You only live once. Im sure you can get them to knock off a little bit. Especially with GM hurting right now for sales. But honestly Id get the car. Everyones so concerned with paying cash. Personally you only live once, and if you have the income, Id rather have my dream car sooner rather than later

Also make it so you can make payments to principle.

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Old 10-15-06, 10:38 AM   #7
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Quote:
Originally Posted by ajrettke
deep science...why would paying cash make it any better? Cash or credit it's gonna depreciate regardless.
Also, at 6% interest that's still lower than the S&P average annual return. If one had 20k to drop down it would be wiser to invest the 20k and take the monthly payments out of the investment and in the end you would be better off.

Also like fudge said if you can goto 60 months I would do so. You'll pay it off quicker which feels better and you'll usualy get a lower interest rate.
Interest.

You either let it play on your side...or against you. If you let that cash sit in stocks, then you will gain money.

Simple math:

$331*72 = $23832

$29,900-$9000 down payment = $20000.

You lose $3,832 on interest.

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Old 10-15-06, 12:49 PM Thread Starter   #8
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3800 isnt that bad of a loss.
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Old 10-15-06, 01:08 PM   #9
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hehehe.

hes gonna drive a GOAT

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Old 10-15-06, 01:19 PM   #10
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Quote:
Originally Posted by overclucker
3800 isnt that bad of a loss.
Really? $3,800 will buy one heck of a computer system.

If $3,800 is not that bad of a loss, send it to me since you wont mind loosing it.

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Old 10-15-06, 01:24 PM   #11
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Quote:
Originally Posted by eaglescouter
Really? $3,800 will buy one heck of a computer system.

If $3,800 is not that bad of a loss, send it to me since you wont mind loosing it.
Its almost $4000, which might buy you a car by itself.

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Old 10-15-06, 01:52 PM   #12
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First off WHY USE GM to finance...Hit up lending tree or some other national lender and get a good rate . Then go to dealer with a commitment paper from lender and suggest he sell the car at 5 to 10% off sticker.

Also keep term as short as possible...And paying cash is ALWAYS a good idea dont let any one say otherwise......Cash is king . . period. . . . . . .
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Old 10-15-06, 04:26 PM   #13
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You guys aren't looking at an obvious thing....

He needs a car....so there's 2 options he has (well 3, but that's getting a different car). Buy one outright, or finance it. Buying outright is the wrong choice with 6% interest. buying outright is only an option if he has 20k as well...now look at this:
20k invested at 8% (that's a pretty low yield IMO) and taking out 330 a month for the payments you'll end up making around 400 bucks...which is 400 more than if you just paid 20k outright.

Also remember every year inflation is 3% more so 330 bucks next year is more like 320 bucks.

3800 is a ****ty loss, but you have to accept the fact that if you want something you can't buy outright (and in this case you shouldn't even want to) then it's something your going to have to do. Obviously paying someone else interest sucks, but sometimes your not left with another choice.

Idealy yeah we all should be investing everything and not buying high end computer components and what not....but hey, it's nice to have cool things.

I'm not 100% sure on whether or not the price of car is good or if your trade in is fair, but 5.9% interest on a 6 year car loan is good.

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Old 10-15-06, 07:07 PM   #14
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When considering the price difference between cars, don't forget that you'll need insurance, and that differs based on the car, as well.

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Old 10-15-06, 11:48 PM   #15
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Quote:
Originally Posted by ajrettke
You guys aren't looking at an obvious thing....

He needs a car....so there's 2 options he has (well 3, but that's getting a different car). Buy one outright, or finance it. Buying outright is the wrong choice with 6% interest. buying outright is only an option if he has 20k as well...now look at this:
20k invested at 8% (that's a pretty low yield IMO) and taking out 330 a month for the payments you'll end up making around 400 bucks...which is 400 more than if you just paid 20k outright.

Also remember every year inflation is 3% more so 330 bucks next year is more like 320 bucks.

3800 is a ****ty loss, but you have to accept the fact that if you want something you can't buy outright (and in this case you shouldn't even want to) then it's something your going to have to do. Obviously paying someone else interest sucks, but sometimes your not left with another choice.

Idealy yeah we all should be investing everything and not buying high end computer components and what not....but hey, it's nice to have cool things.

I'm not 100% sure on whether or not the price of car is good or if your trade in is fair, but 5.9% interest on a 6 year car loan is good.
8% is long term thinking. Yes we know it beats it many years, but what if it become an off year? Seems a little risky in the short term.

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Old 10-16-06, 02:38 AM   #16
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its all about prioritys. I would have said buy a cheaper car to use right now and save up the rest until you can pay cash for it down the line. I bought my 97 VW GTI for $4000 2 years ago and it runs like a champ. Its the best car i have ever owned. Then again, its no GTO.

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Old 10-16-06, 02:45 AM   #17
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I would say you will be fine with the financing, but go for a shorter term, yes you will have slightly higher payments, but will end up paying less interest.

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Old 10-17-06, 11:11 PM   #18
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heres two things he should do

1) never freaking buy a new car...used with about 25k miles is so much better

2) forgo the gto and get a mustang

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