Whats your monthly Payment?
02-15-2011, 10:46 PM
#21
5th Gear Member
Join Date: Jul 2006
Location: New Orleans
Posts: 4,491
My monthly payment was $25,570, but only for one month. 
Mishri- It's never a good financial decision to finance a depreciating asset. True, it's the only way most people can afford a new vehicle, but you have to figure interest and depreciation.
Mishri- It's never a good financial decision to finance a depreciating asset. True, it's the only way most people can afford a new vehicle, but you have to figure interest and depreciation.
Last edited by Diabolical!; 02-16-2011 at 12:16 AM.
02-15-2011, 11:48 PM
#22
4th Gear Member
Join Date: Jul 2006
Location: Texas
Posts: 1,060
2005 GT & 2007 GT/CS, both paid cash. No payments. I refuse to buy any vehicle on credit unless 0.0% is in play. The money not tied up in the cars should be at the least put in a high yield cd fir the therm of the loan to ensure you make money on the deal instead of spending it because it is available.
Rule of thumb: If you can not afford to pay cash, you can not afford the car. We will be keeping our mustangs longer than the average people too. We actually do not want to get rid of them at all due to huge sentimental value. Just have them rebuild when the time comes.
Rule of thumb: If you can not afford to pay cash, you can not afford the car. We will be keeping our mustangs longer than the average people too. We actually do not want to get rid of them at all due to huge sentimental value. Just have them rebuild when the time comes.
02-16-2011, 12:06 AM
#23
5th Gear Member
Join Date: Oct 2009
Location: Oregon
Posts: 2,645
2005 GT & 2007 GT/CS, both paid cash. No payments. I refuse to buy any vehicle on credit unless 0.0% is in play. The money not tied up in the cars should be at the least put in a high yield cd fir the therm of the loan to ensure you make money on the deal instead of spending it because it is available.
Rule of thumb: If you can not afford to pay cash, you can not afford the car. We will be keeping our mustangs longer than the average people too. We actually do not want to get rid of them at all due to huge sentimental value. Just have them rebuild when the time comes.
Rule of thumb: If you can not afford to pay cash, you can not afford the car. We will be keeping our mustangs longer than the average people too. We actually do not want to get rid of them at all due to huge sentimental value. Just have them rebuild when the time comes.
Without the interest most people pay, items would be much much more expensive. Perhaps to a point where even you wouldn't have the cash for it
.I paid about $360 a month on the Mustang.
02-16-2011, 12:23 AM
#25
2nd Gear Member
Join Date: Oct 2009
Location: MO
Posts: 367
My payments were only like $150 or something stupid. I traded in a car that was paid off, and decided to finance the remaining $6500 over 48 months at a very low interest rate.
And then my wife's car got bought back by Mazda at the original purchase price (lemon law), and she bought a car that cost half as much as the POS she had, and I paid it off after only having made 2 payments on it.
And then my wife's car got bought back by Mazda at the original purchase price (lemon law), and she bought a car that cost half as much as the POS she had, and I paid it off after only having made 2 payments on it.
02-16-2011, 09:14 AM
#26
Join Date: Oct 2010
Location: alberta
Posts: 42
I paid 41700 for my car with tax. We Get shafted for prices in Alberta because 100k/year is the norm for wage's here.
well.. my 07 is 470 /month, and im trying to sell it. If i get enough for it my payments should be in the neighborhood of 420/month on the new 2012. the sad thing is, instead of having it paid off at the end of 2012 i'll be looking at another 5 years.. 
just seems so far now, but i wouldn't pay it off early.
to you people who say pay cash for it, that is poor financial advise if you can make an investment that is greater than the finance cost of the vehicle, for example, right now there is 1.9% financing available. my average annual return on my stock investments thus far has been 400%..(i'm into tech stocks, AMD @2 sold for $10 and OCZ at $2 im holding till $9, it's at 8 right now, currently looking for another cheap tech stock) it makes a lot more sense for me to invest my money than to spend it on a car. or there are plenty of no/little risk investments that are greater than 1.9%. Even if i could pay off my house right now I wouldn't do it, my interest rate is way too low.
I paid 41700 taxes in for my car. Canadians tend to get shafted on everything when it comes to prices even though our dollar is worth more than the us's. Where I live it's pretty easy to make a 100k a year so dealerships charge accordingly.
HBOMB44's payments dont really make sense unless he over paid for the car or it's that crazy canadian money(which shouldn't be that far off from the USD right now), or he is incluidng his insurance or some other crazy canadian thing.
just seems so far now, but i wouldn't pay it off early.to you people who say pay cash for it, that is poor financial advise if you can make an investment that is greater than the finance cost of the vehicle, for example, right now there is 1.9% financing available. my average annual return on my stock investments thus far has been 400%..(i'm into tech stocks, AMD @2 sold for $10 and OCZ at $2 im holding till $9, it's at 8 right now, currently looking for another cheap tech stock) it makes a lot more sense for me to invest my money than to spend it on a car. or there are plenty of no/little risk investments that are greater than 1.9%. Even if i could pay off my house right now I wouldn't do it, my interest rate is way too low.
I paid 41700 taxes in for my car. Canadians tend to get shafted on everything when it comes to prices even though our dollar is worth more than the us's. Where I live it's pretty easy to make a 100k a year so dealerships charge accordingly.
HBOMB44's payments dont really make sense unless he over paid for the car or it's that crazy canadian money(which shouldn't be that far off from the USD right now), or he is incluidng his insurance or some other crazy canadian thing.
02-17-2011, 06:53 AM
#29
4th Gear Member
Join Date: Jan 2007
Location: Palm Beach to South Carolina
Posts: 1,567
$397/month here at 1.9%/60 months. But I also had X-Plan pricing and $4,500 in rebates too (I bought when gas was close to $4/gallon).
Like said above, financing a car is OK if you get low (less than 2%) or zero interest. However it doesn't make a lot of sense if you have a high interest rate...
Don't forget that paying off loans over the term will help increase your credit score. Of course you can never be late, but that is how I am at an 822 credit score now...
Like said above, financing a car is OK if you get low (less than 2%) or zero interest. However it doesn't make a lot of sense if you have a high interest rate...
Don't forget that paying off loans over the term will help increase your credit score. Of course you can never be late, but that is how I am at an 822 credit score now...
Last edited by jdmcbride; 02-17-2011 at 06:58 AM.