Does a world exist where you pay less than $400 monthly for an X without leasing?
#31
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#33
There are 4 ways to lower a monthly payment, you can use any of these ways in any combination, including all of them, they are listed in order of best to worst:
a) Lower the APR of the loan. (The APR is negotiable, a lot of people don't even try to negotiate that, don't be one of those people)
b) Lower the cost of the car.
c) Increase the amount of the down payment.
d) Increase the loan term.
Increasing the loan term should be a last resort. Both A and B save you money, while C doesn't save you any money and D actually costs you money.
a) Lower the APR of the loan. (The APR is negotiable, a lot of people don't even try to negotiate that, don't be one of those people)
b) Lower the cost of the car.
c) Increase the amount of the down payment.
d) Increase the loan term.
Increasing the loan term should be a last resort. Both A and B save you money, while C doesn't save you any money and D actually costs you money.
#34
I ended up with an 2008 GSR for just a hair over $300/month. $24k 6,000 miles.
Given that $300 per month was what I was dumping into my old car in parts and tools just to keep it moving mostly forward, it seemed seemed a fair trade.
Maybe a little expensive, but anything in this area with less miles at the same price, or at a lower price overall ended up having a rebuilt/salvage title. No thanks.
Edit: Oops, 76,000 miles that is.
Given that $300 per month was what I was dumping into my old car in parts and tools just to keep it moving mostly forward, it seemed seemed a fair trade.
Maybe a little expensive, but anything in this area with less miles at the same price, or at a lower price overall ended up having a rebuilt/salvage title. No thanks.
Edit: Oops, 76,000 miles that is.
Last edited by SentWest; Dec 18, 2014 at 02:10 PM.
#35
I pay $600/mo and put $3k down. Student loans raped my credit, so the dealership took advantage of me. I really don't mind the raping. I was getting my evo one way or another.
#36
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You have student loans and you're paying $600/month? Duuuuuuude, you need some Dave Ramsay guidance...
#37
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lol... don't just put down how much you pay a month and have people think, oh man that is low..... I don't care how much you skin a cat... if you bought the car new... unless you threw down a heap of money, even at .09 % the monthly payment will be over $500 for a 35k car. This is an MR we are talking about so at very least 36-38k for a new one.
A is not an option for most younger folks with little to no credit. B is a moot point since most people already mentioned that 25k is the going price for a used EVO... so this number can only get so low unless you buying a wrecked car and you are rebuilding it.
C is the ONLY real option for most people and that just comes down to saving your money and waiting to put more down on the car. That brings me back to the point of what I said above... if you buy a 25k car, and the Evo you buy is more than 5 years old, most banks wont even loan you the money... so you are better buying a slightly newer one and get a loan for it and just save your money and put more down so you end up with a lower payment.
D I agree with... and you should never go with this unless you want to pay for it for more than 5 years.
The last thing I will say is a Lease isn't exactly a bad choice if you have good credit For several reasons... and if you are not going to be piling up a heap of miles on the car(average lease wants you to stay below 12k per year). The key to a lease is not to let the dealer pressure you into putting any money down. This is usually not a problem if you have good credit.
It is a shorter term you are committed to and the residual value wont matter unless you are trying to buy the car after 3 years. Most people do not keep a car for more than 3 years anyways.
You are buying a NEW car and the warranty will cover you and you aren't buying someone else's problems...
If you are keeping the car long term and don't have good credit then a lease is pointless.
Save your money, put more down, then shop comfortably for one.
There are 4 ways to lower a monthly payment, you can use any of these ways in any combination, including all of them, they are listed in order of best to worst:
a) Lower the APR of the loan. (The APR is negotiable, a lot of people don't even try to negotiate that, don't be one of those people)
b) Lower the cost of the car.
c) Increase the amount of the down payment.
d) Increase the loan term.
Increasing the loan term should be a last resort. Both A and B save you money, while C doesn't save you any money and D actually costs you money.
a) Lower the APR of the loan. (The APR is negotiable, a lot of people don't even try to negotiate that, don't be one of those people)
b) Lower the cost of the car.
c) Increase the amount of the down payment.
d) Increase the loan term.
Increasing the loan term should be a last resort. Both A and B save you money, while C doesn't save you any money and D actually costs you money.
C is the ONLY real option for most people and that just comes down to saving your money and waiting to put more down on the car. That brings me back to the point of what I said above... if you buy a 25k car, and the Evo you buy is more than 5 years old, most banks wont even loan you the money... so you are better buying a slightly newer one and get a loan for it and just save your money and put more down so you end up with a lower payment.
D I agree with... and you should never go with this unless you want to pay for it for more than 5 years.
The last thing I will say is a Lease isn't exactly a bad choice if you have good credit For several reasons... and if you are not going to be piling up a heap of miles on the car(average lease wants you to stay below 12k per year). The key to a lease is not to let the dealer pressure you into putting any money down. This is usually not a problem if you have good credit.
It is a shorter term you are committed to and the residual value wont matter unless you are trying to buy the car after 3 years. Most people do not keep a car for more than 3 years anyways.
You are buying a NEW car and the warranty will cover you and you aren't buying someone else's problems...
If you are keeping the car long term and don't have good credit then a lease is pointless.
Save your money, put more down, then shop comfortably for one.
#38
lol... don't just put down how much you pay a month and have people think, oh man that is low..... I don't care how much you skin a cat... if you bought the car new... unless you threw down a heap of money, even at .09 % the monthly payment will be over $500 for a 35k car. This is an MR we are talking about so at very least 36-38k for a new one.
A is not an option for most younger folks with little to no credit. B is a moot point since most people already mentioned that 25k is the going price for a used EVO... so this number can only get so low unless you buying a wrecked car and you are rebuilding it.
C is the ONLY real option for most people and that just comes down to saving your money and waiting to put more down on the car. That brings me back to the point of what I said above... if you buy a 25k car, and the Evo you buy is more than 5 years old, most banks wont even loan you the money... so you are better buying a slightly newer one and get a loan for it and just save your money and put more down so you end up with a lower payment.
D I agree with... and you should never go with this unless you want to pay for it for more than 5 years.
The last thing I will say is a Lease isn't exactly a bad choice if you have good credit For several reasons... and if you are not going to be piling up a heap of miles on the car(average lease wants you to stay below 12k per year). The key to a lease is not to let the dealer pressure you into putting any money down. This is usually not a problem if you have good credit.
It is a shorter term you are committed to and the residual value wont matter unless you are trying to buy the car after 3 years. Most people do not keep a car for more than 3 years anyways.
You are buying a NEW car and the warranty will cover you and you aren't buying someone else's problems...
If you are keeping the car long term and don't have good credit then a lease is pointless.
Save your money, put more down, then shop comfortably for one.
A is not an option for most younger folks with little to no credit. B is a moot point since most people already mentioned that 25k is the going price for a used EVO... so this number can only get so low unless you buying a wrecked car and you are rebuilding it.
C is the ONLY real option for most people and that just comes down to saving your money and waiting to put more down on the car. That brings me back to the point of what I said above... if you buy a 25k car, and the Evo you buy is more than 5 years old, most banks wont even loan you the money... so you are better buying a slightly newer one and get a loan for it and just save your money and put more down so you end up with a lower payment.
D I agree with... and you should never go with this unless you want to pay for it for more than 5 years.
The last thing I will say is a Lease isn't exactly a bad choice if you have good credit For several reasons... and if you are not going to be piling up a heap of miles on the car(average lease wants you to stay below 12k per year). The key to a lease is not to let the dealer pressure you into putting any money down. This is usually not a problem if you have good credit.
It is a shorter term you are committed to and the residual value wont matter unless you are trying to buy the car after 3 years. Most people do not keep a car for more than 3 years anyways.
You are buying a NEW car and the warranty will cover you and you aren't buying someone else's problems...
If you are keeping the car long term and don't have good credit then a lease is pointless.
Save your money, put more down, then shop comfortably for one.
So here you have the one time D is acceptable: D is the only way to get the car, and you can actually pay it off faster than you are taking the loan out for. My loan is for a whopping 7 years, but I'll have the car paid off in about 2-3 years. I had to do it this way because the banks wouldn't take into account my actual expenses to income and would only look at debt to income. So they were looking for 40% debt to income max, and for most people that means about 80% expenses to income. For me, sitting at 40% debt to income is about 50% expenses to income.
tl;dr: Banks are a pain.
#39
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Bought my 2011 used with 3k miles on it for $30,500, put half down and financed the rest. I owe just under 10k and starting in January, my payments will be going from $240/month to $6-700/month (voluntarily)...***** will be paid off in 2015. Debt free is the way to be.
#40
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There are 4 ways to lower a monthly payment, you can use any of these ways in any combination, including all of them, they are listed in order of best to worst:
a) Lower the APR of the loan. (The APR is negotiable, a lot of people don't even try to negotiate that, don't be one of those people)
b) Lower the cost of the car.
c) Increase the amount of the down payment.
d) Increase the loan term.
Increasing the loan term should be a last resort. Both A and B save you money, while C doesn't save you any money and D actually costs you money.
a) Lower the APR of the loan. (The APR is negotiable, a lot of people don't even try to negotiate that, don't be one of those people)
b) Lower the cost of the car.
c) Increase the amount of the down payment.
d) Increase the loan term.
Increasing the loan term should be a last resort. Both A and B save you money, while C doesn't save you any money and D actually costs you money.
It also lowers my DTI so when buying anything else it gives me more wiggle room on paper...
#42
Evolving Member
I pay $520 for my 2010 Evo X MR. Too many young kids especially ones fresh out of the military will do anything to get into an Evo, STI, Camaro or Mustang these days. All they care about is driving that fancy car without doing their homework. Some pay high interest rates and car payments without factoring other expenses such as damages, house payments, medical emergencies and so on. I'm not in the armed services but too many service members blow all their deployment money on cars and modifications. This is achievable only because of base housing and free food. Correct me if i'm wrong. Also, don't buy a $30,000.00 CAR IF YOU STILL LIVE AT HOME WITH YOUR PARENTS!!!
#43
Evolving Member