gto monthly payments

overclucker · 10-15-06, 03:11 AM

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?

DeepScience · 10-15-06, 03:59 AM

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.

FudgeNuggets · 10-15-06, 08:22 AM

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.

ajrettke · 10-15-06, 08:32 AM

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.

Malpine Walis · 10-15-06, 09:32 AM

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.

ryanmartini · 10-15-06, 10:10 AM

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.

ShadowPho · 10-15-06, 10:38 AM

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.

overclucker · 10-15-06, 12:49 PM

3800 isnt that bad of a loss.

Xenocide · 10-15-06, 01:08 PM

hehehe.

hes gonna drive a GOAT

eaglescouter · 10-15-06, 01:19 PM

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.

ShadowPho · 10-15-06, 01:24 PM

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.

diehrd · 10-15-06, 01:52 PM

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. . . . . . .

ajrettke · 10-15-06, 04:26 PM

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.

Thelemac · 10-15-06, 07:07 PM

When considering the price difference between cars, don't forget that you'll need insurance, and that differs based on the car, as well.

drenader · 10-15-06, 11:48 PM

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.

EvilCloudStrife · 10-16-06, 02:38 AM

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.

shard · 10-16-06, 02:45 AM

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.

65stang · 10-17-06, 11:11 PM

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

10-15-06, 03:11 AM	Thread Starter #1
overclucker Member Join Date: Jan 2005 Location: Sherman Oaks: California	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?
	QUOTE Thanks

10-15-06, 03:59 AM	#2
DeepScience Super Kiwi Join Date: Aug 2001 Location: New Zealand	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. __________________ i7 920 -- Asus P6T -- Thermalright Ultra120 -- Hynix 6x4G (24) Cucial M4 128, Western Digital 2, 4, 2-2-2 Seasonic Platinum 1000W - Stryker Win8 - Adobe - Vegas Pro 560Ti <><
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10-15-06, 08:22 AM	#3
FudgeNuggets Member Join Date: Mar 2006 Location: Gone Racing	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.
	QUOTE Thanks

10-15-06, 08:32 AM	#4
ajrettke Member Join Date: May 2002 Location: Colorado Springs	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. __________________ Q6600@390x9 (3.5 and 1.400v) WC'd MSI P35 Neo2-FR 2x2 gb of DDR2 800 2 x Vertex 2 SSD's RAID 0 Sennheiser HDR-120's 2405FPW+2x2001FP "Computer games don’t affect kids; I mean if Pac-Man affected us as kids, we’d all be running around in darkened rooms, munching magic pills and listening to repetitve electonic dance music..." - Kristian Wilson, Nintendo Inc, 1989 "Is it worth overclocking? That's like asking if sex is enjoyable!" -cw823
	QUOTE Thanks

10-15-06, 09:32 AM	#5
Malpine Walis Disabled Join Date: Nov 2001 Location: Banned Camp	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.
	QUOTE Thanks

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10-15-06, 10:10 AM	#6
ryanmartini Member Join Date: Oct 2004 Location: douglasville ga	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. __________________ Intel C2Q Q6600 2.4 @ 3ghz stock voltage / Stock Cooling Corsair XMS DDR2 800 2x1gb Gigabyte P35 DS3-L HIS Radeon HD3870 864/1300 WD Raptor 36gb [OS/Bench] 2 x Hitachi 250 [The Black Hole of Data] ~Warming Up 11-0-0~ heatware. Nothing is worse than doing something your excellent at, but hate doing. ~me~
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10-15-06, 12:49 PM	Thread Starter #8
overclucker Member Join Date: Jan 2005 Location: Sherman Oaks: California	3800 isnt that bad of a loss.
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10-15-06, 01:08 PM	#9
Xenocide Member Join Date: Feb 2004 Location: Charlotte, NC	hehehe. hes gonna drive a GOAT __________________ A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort.
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10-15-06, 01:52 PM	#12
diehrd Senior SMP Gawd Join Date: Jan 2001 Location: NY	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. . . . . . .
	QUOTE Thanks

10-15-06, 04:26 PM	#13
ajrettke Member Join Date: May 2002 Location: Colorado Springs	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. __________________ Q6600@390x9 (3.5 and 1.400v) WC'd MSI P35 Neo2-FR 2x2 gb of DDR2 800 2 x Vertex 2 SSD's RAID 0 Sennheiser HDR-120's 2405FPW+2x2001FP "Computer games don’t affect kids; I mean if Pac-Man affected us as kids, we’d all be running around in darkened rooms, munching magic pills and listening to repetitve electonic dance music..." - Kristian Wilson, Nintendo Inc, 1989 "Is it worth overclocking? That's like asking if sex is enjoyable!" -cw823
	QUOTE Thanks

10-15-06, 07:07 PM	#14
Thelemac Administratively Deficient Join Date: Mar 2001 Location: Canton, MI	When considering the price difference between cars, don't forget that you'll need insurance, and that differs based on the car, as well. __________________ 42 \| Sig Assassin click
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10-16-06, 02:38 AM	#16
EvilCloudStrife R. Kelly is my roll model Join Date: Feb 2003 Location: Mesa, Arizona	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. __________________ Name: Apocalypse Motherboard: DFI NF4 Ultra-D Bios 623-3 CPU: AMD 939 Opteron 148 CABYE 0536 & XP-120 W/ Sanyo Denki 120mm Fan - 11x264 - 2900Mhz - 1.52V - 25C Idle - 38C Load RAM: OCZ Gold Edition 2GB (2 x 1GB) - UCCC - 1:1 - 264Mhz - 3-4-3-8 - 2.68V Videocard: Evga 7800GT 256-P2-N518 (500/1200) DVD: NEC 16XDVD+/-RW Hard Drives: (1)Western Digital 7200 250GB 16MB SATA2, (2)Western Digital 7200 250GB 16MB SATA2, Western Digital 7200 200GB 8MB IDE, (1) Westen Digital 7200 250GB 2MB IDE, (2) Western Digital 7200 250GB 2MB IDE, (3) Removable Western Digital 7200 250GB 2MB USB2 Enclosure PSU: OCZ 520W SLI Powerstream Chuck Norris owns the greatest Poker Face of all-time. It helped him win the 1983 World Series of Poker despite him holding just a Joker, a Get out of Jail Free Monopoloy card, a 2 of clubs, 7 of spades and a green #4 card from the game UNO
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10-16-06, 02:45 AM	#17
shard Member Join Date: Sep 2003 Location: You Should Make a Wish!	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. __________________ Intel i5 2500k @ 4.6ghz X-Mystique DDL Surround Soundcard 7.1 Harman Kardon AVR 135 \| JBL E30 Pair \| BIC F3 Center \| Dayton Reference 12" 4cu ft box Gigabyte Z77-D3H G. Skill DD3 1600 8gb EVGA 670 GTX \| Asus VE248H 24" Widescreen LCD Corsair 750TX 750w PSU Gettin' da Heat on mon!
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10-17-06, 11:11 PM	#18
65stang Member Join Date: Dec 2003 Location: Lexington, KY	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 __________________ HP Touchsmart TM2
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