thoughts on down payment for new car | TigerDroppings.com

Posted byMessage
dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4843 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??







Back to top
Share:
schexyoung
LSU Fan
Deaf Valley
Member since May 2008
3682 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.






Back to top
  Replies (0)
TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16845 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


Back to top
dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4843 posts

re: thoughts on down payment for new car


3,500 is JUST for new car





Back to top
  Replies (0)
OTIS2
LSU Fan
NoLA
Member since Jul 2008
26059 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.





Back to top
dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4843 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new, problem is that the two cars we want- Acadia and Pathfinder both have new body styles for 2013 and i dont want it outdated already






Back to top
OTIS2
LSU Fan
NoLA
Member since Jul 2008
26059 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


Back to top
dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4843 posts

re: thoughts on down payment for new car


Hidden flask


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






Back to top
  Replies (0)
LSUBrad5277
LSU Fan
North Louisiana
Member since Jan 2011
12553 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.






Back to top
  Replies (0)
MoreOrLes
LSU Fan
Member since Nov 2008
16631 posts

re: thoughts on down payment for new car


BUY USED

PAY CASH






Back to top
  Replies (0)
jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4791 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"






Back to top
OTIS2
LSU Fan
NoLA
Member since Jul 2008
26059 posts
 Online 

re: thoughts on down payment for new car


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





Back to top
jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4791 posts

re: thoughts on down payment for new car


quote:

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








Back to top
OTIS2
LSU Fan
NoLA
Member since Jul 2008
26059 posts
 Online 

re: thoughts on down payment for new car








Back to top
jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4791 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.






Back to top
Siderophore
LSU Fan
Member since Nov 2010
3334 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...






Back to top
  Replies (0)
OTIS2
LSU Fan
NoLA
Member since Jul 2008
26059 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.





Back to top
  Replies (0)


Back to top