How much did you put down?
1 - 20 of 62 Posts
Replying to Topic 'How much did you put down?'
$5500 in the multiple deposit system and $2000 down on delivery.
Canadian funds of course.
Brought my payment down to $440 tax in.
So due on delivery with all fees it's $7929.01CAD.
Though this is a lease, I can write most things off. You're probably looking for financed purchases.
$5500 in the multiple deposit system and $2000 down on delivery.
Canadian funds of course.
Brought my payment down to $440 tax in.
So due on delivery with all fees it's $7929.01CAD.
Though this is a lease, I can write most things off. You're probably looking for financed purchases.
Joined
·
73 Posts
Reading Topic: How much did you put down?
$15,000 down. $488/month for two years.
$15,000 down. $488/month for two years.
Reading Topic: How much did you put down?
I guess my 6 years of working and saving help. Plus my parents were able to give me a small loan, I just paid off the car in one shot. I believe, why give money away if you can find way to pay it off.
Yeah, yeah I know not everyone is able to do that but if you can, I am all for it.
I guess my 6 years of working and saving help. Plus my parents were able to give me a small loan, I just paid off the car in one shot. I believe, why give money away if you can find way to pay it off.
Yeah, yeah I know not everyone is able to do that but if you can, I am all for it.
Joined
·
543 Posts
Reading Topic: How much did you put down?
I am paying cash. Been saving my money for a loooooooooooooooong time. I've had no car payments for about 6 years, so that really helped my savings account grow. Plus yearly raises, bonuses, garage sale money, ebay money, gift money, anything extra I got I socked away. It'll suck to see that balance go down so drastically when the car is delivered but since I won't have monthly payments, it'll be able to start growing again right away. Besides, the S-Plan pricing saved me quite a bit - the dealer told me most of the M6's they've sold have sold for close to or at MSRP.
I am paying cash. Been saving my money for a loooooooooooooooong time. I've had no car payments for about 6 years, so that really helped my savings account grow. Plus yearly raises, bonuses, garage sale money, ebay money, gift money, anything extra I got I socked away. It'll suck to see that balance go down so drastically when the car is delivered
but since I won't have monthly payments, it'll be able to start growing again right away. Besides, the S-Plan pricing saved me quite a bit - the dealer told me most of the M6's they've sold have sold for close to or at MSRP.Reading Topic: How much did you put down?
I'm surprised so many people put alot of cash down....especially with interest rates being so low. I just hope you guys had a separate "car fund" and didn't take that from your primary savings. If so, congrats on good money management. But if not, God Forbid something major happens and you need some extra money. A good rule of thumb is to have 3-6 months worth of expenses in cash or other liquid form for emergencies.
Bah...I'm just pissed because I'm trying to save for a down payment on a house and any money I'd put down on the car would take away from the house. Powerball....here I come, baby!
I'm surprised so many people put alot of cash down....especially with interest rates being so low. I just hope you guys had a separate "car fund" and didn't take that from your primary savings. If so, congrats on good money management. But if not, God Forbid something major happens and you need some extra money. A good rule of thumb is to have 3-6 months worth of expenses in cash or other liquid form for emergencies.
Bah...I'm just pissed because I'm trying to save for a down payment on a house and any money I'd put down on the car would take away from the house. Powerball....here I come, baby!
Joined
·
543 Posts
Reading Topic: How much did you put down?
No interest rate is better than low interest rate, IMO.
But yes - I DO have extra cushion, and so does my hubby for emergencies, etc. etc.
No interest rate is better than low interest rate, IMO.
But yes - I DO have extra cushion, and so does my hubby for emergencies, etc. etc.
Joined
·
73 Posts
Reading Topic: How much did you put down?
I got $30,000+ from an insurance settlement. Kept $15+k in savings, and put $15k down on the M6. Worked out well. I'll end up paying right at MSRP with the interest. I'm happy.
I got $30,000+ from an insurance settlement. Kept $15+k in savings, and put $15k down on the M6. Worked out well. I'll end up paying right at MSRP with the interest. I'm happy.
Replying to Topic 'How much did you put down?'
QUOTE I think most people who have $15 or $20 grand to plunk down on a car will know about keeping a cash reserve. At least I hope so. On the other hand, are you aware that you're almost guaranteed to be upside down on your loan? Do you have gap insurance? If not, then God forbid you get in an accident anytime in the next three or four years, because you'll be in a rough situation.
Personally, I haven't decided how much to finance on my next car purchase. I may put half down, I may put all of it down. If I find an investment that pays better than the auto loan requires, I'll probably put less down. Otherwise I'd just as soon not have the car payment. I prefer the idea of saving for things (and making interest in the meantime) rather than paying interest to the bank for not planning ahead. Obviously the planning ahead statement doesn't apply to you; you're saving for another purpose. But most people simply don't plan ahead. Banks make a lot of money based on peoples' impulse buying habit.
Good luck on your house.
QUOTE
Funny post.
I think most people who have $15 or $20 grand to plunk down on a car will know about keeping a cash reserve. At least I hope so. On the other hand, are you aware that you're almost guaranteed to be upside down on your loan? Do you have gap insurance? If not, then God forbid you get in an accident anytime in the next three or four years, because you'll be in a rough situation.Personally, I haven't decided how much to finance on my next car purchase. I may put half down, I may put all of it down. If I find an investment that pays better than the auto loan requires, I'll probably put less down. Otherwise I'd just as soon not have the car payment. I prefer the idea of saving for things (and making interest in the meantime) rather than paying interest to the bank for not planning ahead. Obviously the planning ahead statement doesn't apply to you; you're saving for another purpose. But most people simply don't plan ahead. Banks make a lot of money based on peoples' impulse buying habit.
Good luck on your house.
Replying to Topic 'How much did you put down?'
Yeah... I fiured someone who had $25000 for a car knew a thing or 2 about saving
As for me not putting money down, you're right...deciding between saving money to buy a house (which will most likely go up in value) or a car (which will definietly go down in value) wasn't too hard
Yeah... I fiured someone who had $25000 for a car knew a thing or 2 about saving
As for me not putting money down, you're right...deciding between saving money to buy a house (which will most likely go up in value) or a car (which will definietly go down in value) wasn't too hard
Joined
·
269 Posts
Reading Topic: How much did you put down?
Hehe... I'm only putting 500 down. Gonna squash the laon as soon as possible though. Buying a house will take a large chunk out of your available cash though.
Jon
Hehe... I'm only putting 500 down. Gonna squash the laon as soon as possible though. Buying a house will take a large chunk out of your available cash though.
Jon
Reading Topic: How much did you put down?
If you have the money to buy a car, you must have thought it over and know you have money tuck away for security purpose. Then why not pay for the car in its entirety. I would not like to give my money away as interest when I have the money on hand to pay for it.
I know not everyone are in the same position as myself but if you had the money, would you still finance or lease and basically giving money away as interest?
If you have the money to buy a car, you must have thought it over and know you have money tuck away for security purpose. Then why not pay for the car in its entirety. I would not like to give my money away as interest when I have the money on hand to pay for it.
I know not everyone are in the same position as myself but if you had the money, would you still finance or lease and basically giving money away as interest?
Joined
·
238 Posts
Reading Topic: How much did you put down?
$5k down $388/month for 5 years (4.9%) This was a monthly payment I could live with and still have money to invest or for a rainy day
$5k down $388/month for 5 years (4.9%) This was a monthly payment I could live with and still have money to invest or for a rainy day
Reading Topic: Reading Topic: How much did you put down?
I am saving up for the next year to add another $7000 to the $9000 my current car will be worth when I sell it to get a loaded M6s. So I will still need to finance $12k. I could pay it all off but with the financing this low then I would rather pay monthly with little interest than pay out of pocket in lum sum with no interest. Looking for 3.9% for 36-60months. Payments $200-350 depending on length of financing.
I am saving up for the next year to add another $7000 to the $9000 my current car will be worth when I sell it to get a loaded M6s. So I will still need to finance $12k. I could pay it all off but with the financing this low then I would rather pay monthly with little interest than pay out of pocket in lum sum with no interest. Looking for 3.9% for 36-60months. Payments $200-350 depending on length of financing.
Joined
·
230 Posts
Reading Topic: Reading Topic: How much did you put down?
Zilch, unless you count the Graduate Rebate of $800.
I've been in university the past 8 months, and have spent most of my savings
Zilch, unless you count the Graduate Rebate of $800.
I've been in university the past 8 months, and have spent most of my savings
Reading Topic: Reading Topic: How much did you put down?
These days you might be better off holding onto your money and doing a financing deal.
Let's see...
Current lowest auto loan rate is 3.9% (Pentagon federal credit union, penfed.com I believe). This is what I applied for and was approved for.
Current savings interest rate is 2.2% (ING Direct.com)
So you're really only paying around 1.7% tax on that money, plus you have 25K in cash, liquid, available to you. You can also assume (or hope) that eventually that 2.2% will be right back up to the 4% it was at a couple years ago, then you're actually making money instead of giving it away.
Lots of people are afraid of debt, but if you know how to work it, you can get something really great (like a new car) and not put a huge meteor through your life savings. Plus, making timely payments on an installment loan will do wonders for a young person's credit file.
These days you might be better off holding onto your money and doing a financing deal.
Let's see...
Current lowest auto loan rate is 3.9% (Pentagon federal credit union, penfed.com I believe). This is what I applied for and was approved for.
Current savings interest rate is 2.2% (ING Direct.com)
So you're really only paying around 1.7% tax on that money, plus you have 25K in cash, liquid, available to you. You can also assume (or hope) that eventually that 2.2% will be right back up to the 4% it was at a couple years ago, then you're actually making money instead of giving it away.
Lots of people are afraid of debt, but if you know how to work it, you can get something really great (like a new car) and not put a huge meteor through your life savings. Plus, making timely payments on an installment loan will do wonders for a young person's credit file.
1 - 20 of 62 Posts
Join the discussion
Join now to ask and comment!