re: Looking at buying a Tahoe

I've been wanting to ask this for a couple of days but can't quite figure out the most gentle route without offending anyone.

I'm just curious.

Apparently there are a load of folks on this board who can unload $50-60,000 on a vehicle like this. At $60K and 2.5%, this is a monthly note of over $1000. Are you guys paying cash, trading in an financing, or financing the whole thing?

If you are so inclined, how are you paying for this vehicle?

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I would assume that most people would put some money down. I would also assume that most that have that kind of money could get a better interest rate than 2.5%. I am looking to buy a Tahoe later in the year. Probably in December to snag something they don't want on the lot in January. I will put some money down and get a better interest rate than 2.5%.

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0% is still $1000 a month on $60K. Putting $10K down with a 1.5% rate is still pushing $900.

Reason I ask, is we have a pretty good income, and owe nothing on cars. If I had to spend something like the above, we'd be doing without a big chunk of other important saving.

Anyway, maybe this is a better question for the Money board. Thanks for answering.

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0% is still $1000 a month on $60K. Putting $10K down with a 1.5% rate is still pushing $900.

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Well...I am looking to spend somewhere in the neighborhood of $50,000. I want that number to include tax. I am certainly willing to buy a 2014 model car at the end of 2014. I think that I can find 0% financing or something very close to it. I will also put down around $10,000.

If I purchase a car for $46,000 with an 8.25% sales tax rate at 0% for 6 months and put down $10,000 my note is going to be around $650. I can afford that.

I'm not thinking many people can't do $1,000.

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i bought it with every option but leather

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I'll bet any amount of money it doesn't have heated and cooled seats.

Cooled seats will change your life.

As to how people can afford it. I am very fortunate to have a great job and great customers and make a very good living for my family. My note is around $700 on a 2012 Platinum Sequoia, bought new. Put a pretty decent chunk of change down and traded in my old truck.

Like someone else said, there aren't that many cheap options for a full size SUV out there

If you get a loan at 1-2%, it doesn't benefit you to put that 10K down IMO

Keep it invested somewhere and have it as backup if you end up needing it

I'm never financing more than 30k. If I can't put money down or get a significant trade in to get the financing under that, then I can't afford the car. I really don't even feel comfortable with the 30k, but if I need a vehicle, I'll spend that much to get a new one under warranty.

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If you get a loan at 1-2%, it doesn't benefit you to put that 10K down IMO Keep it invested somewhere and have it as backup if you end up needing it

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I agree. It would only be to lower the payment slightly per month.

The money that I would use as a down payment is only earning like .90% APR or something like that anyway.