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Started By
Message
First time buying a "new vehicle"
Posted on 7/18/16 at 12:00 pm
Posted on 7/18/16 at 12:00 pm
Have a few questions:
I am looking to put down around 20K. Lets say I want a vehicle in the 30-35 K range. How does that work? Monthly payments to pay off the rest? Thanks for your help.
I am looking to put down around 20K. Lets say I want a vehicle in the 30-35 K range. How does that work? Monthly payments to pay off the rest? Thanks for your help.
16
Posted on 7/18/16 at 12:01 pm to TrumpTiger
Just curious but why would you put down 20k? You have good credit? Could likely get 0% on a new vehicle
This post was edited on 7/18/16 at 12:02 pm
Posted on 7/18/16 at 12:01 pm to TrumpTiger
quote:Yes
I am looking to put down around 20K. Lets say I want a vehicle in the 30-35 K range. How does that work? Monthly payments to pay off the rest?
This post was edited on 7/18/16 at 12:02 pm
Posted on 7/18/16 at 12:03 pm to TrumpTiger
youre going to be throwing away money the second you drive that car off the lot. Cant find any sub 5k mile cars that you like that are practically new?
This post was edited on 7/18/16 at 12:03 pm
Posted on 7/18/16 at 12:03 pm to TrumpTiger
Don't put down $20,000 on a depreciating asset, invest it in something safe and use the dealers money at a lower interest rate than what your earning on your own money.
Posted on 7/18/16 at 12:03 pm to ForeverLSU02
They'd be happy to finance the rest. If you can stand it, buy a 20K car.
Posted on 7/18/16 at 12:04 pm to tke857
quote:
youre going to be throwing away money the second you drive that car off the lot.
I hear this all the time.
Some people just prefer a NEW car. Especially someone buying their first new car.
Posted on 7/18/16 at 12:04 pm to TrumpTiger
Yes that's how it works, but if I had 20K liquid cash to blow, it wouldn't be on a vehicle down payment. Auto loan interest rates are pretty low, especially if you have good credit.
This post was edited on 7/18/16 at 12:06 pm
Posted on 7/18/16 at 12:04 pm to tke857
quote:
youre going to be throwing away money the second you drive that car off the lot. Cant find any sub 5k mile cars that you like that are practically new?
Likely can't get dealer incentives that help offset the cost on a used vehicle. Also less likely to get 0% interest.
It isn't as cut and dry as you believe
Posted on 7/18/16 at 12:05 pm to SG_Geaux
quote:
Some people just prefer a NEW car. Especially someone buying their first new car.
doesn't change fact it is not the most financially responsible decision
Posted on 7/18/16 at 12:06 pm to TrumpTiger
You're an idiot if you put that much down on a fricking car
Posted on 7/18/16 at 12:07 pm to deNYEd
quote:
doesn't change fact it is not the most financially responsible decision
It isn't necessarily a fact
Dealer incentives
Warranty
Financing
Less miles
Etc
Also be wary of buying used vehicles in Texas and Louisiana right now
This post was edited on 7/18/16 at 12:09 pm
Posted on 7/18/16 at 12:08 pm to tke857
quote:
youre going to be throwing away money the second you drive that car off the lot. Cant find any sub 5k mile cars that you like that are practically new?
Not true for every make and model- try finding a Camry/accord with 20,000 or less miles that's more than $1-2k less than new. To me, the savings isn't worth it. When I bought my F-150 2 years ago, the price difference between new and used was $2,500 or less. When I test drove it, it had 10 miles on it. It was worth the extra little bit to buy new.
This post was edited on 7/18/16 at 12:09 pm
Posted on 7/18/16 at 12:09 pm to Tigers_Saints
People try so hard to counter this argument all the time. Good luck finding the car and deal that is an exception and not the rule
Posted on 7/18/16 at 12:09 pm to deNYEd
You haven't offered anything to counter. All I said is that it isn't cut and dry.
Really isn't difficult at all, especially at the end of year. Even more so with trucks
quote:
Good luck finding the car and deal that is an exception and not the rule
Really isn't difficult at all, especially at the end of year. Even more so with trucks
This post was edited on 7/18/16 at 12:12 pm
Posted on 7/18/16 at 12:10 pm to tke857
And if you're keeping it longer than three years, are you really throwing that money away?
Posted on 7/18/16 at 12:12 pm to CaptainsWafer
20k down with a very low note each month may be the reason.
Posted on 7/18/16 at 12:13 pm to SabiDojo
Let me clear it up. My last car was totaled and insurance is sending me a 20K check
Posted on 7/18/16 at 12:13 pm to CHEDBALLZ
quote:
Don't put down $20,000 on a depreciating asset, invest it in something safe and use the dealers money at a lower interest rate than what your earning on your own money.
This.
Look at it this way to simplify. Buying the new car, you should get 0 or 0.9% APR.
Now, who will loan you $20,000 for less than 0.9% APR?
Answer - no one .
Solution - Put down as little money as you need to be able to afford the monthly payments. Take the remaining cash and invest it.
With just $10,000 - you have a lot of strong options to begin building a portfolio.
Stock market is ok right now. Also, look in to crowdfunding. Basic loans or real estate loans through crowdfunding are all the rage right now.
This post was edited on 7/18/16 at 12:14 pm
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