thoughts on down payment for new car | TigerDroppings.com
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dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
6347 posts

thoughts on down payment for new car

ok guys need some advice

looking for a new car(new as in new to us), could be brand new or less than 30k miles

we've saved about 3,500 and ive heard two arguments on putting money down, half say to do it, half say dont

what say you??


schexyoung
LSU Fan
Deaf Valley
Member since May 2008
4567 posts

re: thoughts on down payment for new car
Depending on your credit score and debt-to-income ratio you might not have a choice.

Most will require some amount of down payment. If you can get an interest rate <1.0% then I would consider lowering the DP if you need the money now.

There are alot more variables surronding your personal finances that will affect the monthly payment that is best for you.


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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
17450 posts

re: thoughts on down payment for new car
quote:

we've saved about 3,500


quote:

for new car


Is that your total savings or specified savings for a car down payment.

Either way, you probably can't afford a brand new car. In the latter, you definitely can't.

ETA: What ever happened with this?

LINK
This post was edited on 12/4 at 5:46 pm


dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
6347 posts

re: thoughts on down payment for new car
3,500 is JUST for new car


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OTIS2
LSU Fan
NoLA
Member since Jul 2008
30095 posts
Online

re: thoughts on down payment for new car
Pay down. Financing a vehicle, while for many is a necessity, is still a bad investment. Pay down to reduce interest expense, and work toward the ability to complete a cash purchase in the future.


dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
6347 posts

re: thoughts on down payment for new car
my perfect world would be a slightly used 1-2 year old car with under 30k miles


i dont want to buy new, problem is that the two cars we want- Acadia and Pathfinder both have new body styles for 2013 and i dont want it outdated already


OTIS2
LSU Fan
NoLA
Member since Jul 2008
30095 posts
Online

re: thoughts on down payment for new car
Keep up with style, or set it , later in life. I drive a 2001 Chevy 4x4 with 226,000 miles on it to hunt and knock about town. I drive a 2012 Audi A8L, tricked out like a mofo, the rest of the time. I'm over 50...the splurge was my choice. (and I paid cash for both). buy used...pay it off ASAP , and build for your cash purchase by saving the monthly payments even after you've paid the current vehicle mortgage. Don't worry about style issues until you can afford to do so.
This post was edited on 12/4 at 6:01 pm


dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
6347 posts

re: thoughts on down payment for new car
Hidden flask


Got an update coming soon, been meaning to do it. Stay tuned


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bulldog95
LSU Fan
North Louisiana
Member since Jan 2011
12972 posts

re: thoughts on down payment for new car
I always pay the TT&L and then usually put 10% downpayment. otal usually is between $6000-7000 total payment at time of purchase.

TT&L=$2700.


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MoreOrLes
LSU Fan
Member since Nov 2008
18435 posts

re: thoughts on down payment for new car
BUY USED

PAY CASH


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jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: thoughts on down payment for new car
quote:

Pay down. Financing a vehicle, while for many is a necessity, is still a bad investment. Pay down to reduce interest expense, and work toward the ability to complete a cash purchase in the future.


Buying a car isn't an " investment"


OTIS2
LSU Fan
NoLA
Member since Jul 2008
30095 posts
Online

re: thoughts on down payment for new car
Poor word choice...insert what you like...


jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: thoughts on down payment for new car
quote:

Poor word choice...insert what you like...




OTIS2
LSU Fan
NoLA
Member since Jul 2008
30095 posts
Online

re: thoughts on down payment for new car


jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: thoughts on down payment for new car
I drive a used car paid for in cash also, but I don't think there is anything wrong with financing a car as long as you could easily liquidate something and pay it off if the need arose without digging into a retirement acct or something like that.

For example If I have 50k to spend on a car why should I pay cash when I can finance it out over 5 years and put that 50k to work with a reasonable amount of risk in something I can easily liquidate as the need arises.


Siderophore
LSU Fan
Member since Nov 2010
3335 posts

re: thoughts on down payment for new car
I think the intelligent use of credit is such a rare quality nowadays.

You either see the folks who abuse it and become swamped by debt, or the ones who are zealously over conservative and refuse to use anything other than cash.

Especially now, with as low rates are...


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OTIS2
LSU Fan
NoLA
Member since Jul 2008
30095 posts
Online

re: thoughts on down payment for new car
Rates are cheap, but I can't see paying interest to acquire a depreciating asset, if it is avoidable.


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