How much are you guys putting down on your BRZ?

[zAnSh1n]

and i'm guessing ~$3000 for TTL... sounds about right ?

[Buggy51]

Originally Posted by zAnSh1n

so when i negotiate the price should i do my homework and figure out the monthly payments and work out a deal that way or just do the price out the door, and have them throw in some freebies

My current idea for how to approaching paying the car is well... go to the bank/credit union and have an estimate on what you can get for the lowest interest rate for a certain loan (get a credit report from www.annualcreditreport.com/ through one of the three financial services and you can probably have a good estimate on your finances). From that information (roughly when they have an idea when your car is in stock), proceed to the dealer and see if they can beat the interest rates on the bank/credit union. If you can do a lump sum of cash, see if they're willing to negotiate. Don't feel pressured I suppose, and you can always walk out and come back another day?

[zAnSh1n]

thanks for your input.

i will most likely finance thru toyota...

[86design]

Originally Posted by Buggy51

My current idea for how to approaching paying the car is well... go to the bank/credit union and have an estimate on what you can get for the lowest interest rate for a certain loan (get a credit report from www.annualcreditreport.com/ through one of the three financial services and you can probably have a good estimate on your finances). From that information (roughly when they have an idea when your car is in stock), proceed to the dealer and see if they can beat the interest rates on the bank/credit union. If you can do a lump sum of cash, see if they're willing to negotiate. Don't feel pressured I suppose, and you can always walk out and come back another day?

good info thank you!!

[Zgrinch]

Originally Posted by tranzformer

I keep my car for a long time as well. Current car is +10 years. But I will take advantage of interest rates and free cash. I'd rather have the banks get hit with the inflation. Plus makes me more liquid.

Take the $25-30k you would pay for the car. Get a 1.99% loan for 4 years. You already have the money to pay the loan off outright. Then pay the monthly loan while you invest or leave the money in a CD/high yield savings account. Gives you money to use incase a family member gets sick, house needs a new roof, water heater breaks...etc. Why leave $25-30K tied up in a car that is depreciating? Not to mention inflation.

As I stated earlier in the other thread, I totally understand this logic. However I personally place a high value on security, since I have sole financial responsibility for my wife and family, and so my goal has been to eliminate all forms of payments, including car, house, and college tuition for my kids, and to that end i have been fortunate to reach those goals so that all that I am left to deal with is gas, food, utilities, college books/room and board for my kids, etc.

Again, I'm not disagreeing with your logic, because it is very sound.

Personally, knowing that my family will not have any real debt in case something happens to me, or I lose my job, or the economy takes another tail spin, etc is just high on my priority list.

I fully realize that this security is indeed costing me some extra money, but it helps me sleep at night.

[A Gomez]

Originally Posted by Zgrinch

I fully realize that this security is indeed costing me some extra money, but it helps me sleep at night.

I actually disagree. Security is not costing you extra money. What it is really just loss of "investment opportunities". If you were calling not making $1M you have not earned (because you did not spend your saving of $25 - 30 K on gambling, stock in emerging markets or commodity trading) costing you money, then you would be right.

[sbxjap]

$5000 down... $500 deposit, so I guess total of $5500?

[A Gomez]

Originally Posted by ayau

let's us be realistic here, do you think the people who choose to go for a loan will really use the cash saved as an investment opportunity? i think we all know the answer to this.

[Buggy51]

Originally Posted by zAnSh1n

thanks for your input.

i will most likely finance thru toyota...

Originally Posted by 86design

good info thank you!!

Oh and before I forget, from the lowest estimate I think you should get a preapproved loan a week or so maybe before you purchase. From what I can recall the preapproved loans last around 30-40ish days? (someone please get the more correct info) That way you have a slight bargaining chip I guess or something to fall back upon. Dunno, I suppose the other bargaining alternative is to just let the preordered car sit on the lot lol

[TylerD951]

6,000 + trade in or I may sell my car privately if trade in value is very low.

[Longhorn248]

Originally Posted by Buggy51

Oh and before I forget, from the lowest estimate I think you should get a preapproved loan a week or so maybe before you purchase. From what I can recall the preapproved loans last around 30-40ish days? (someone please get the more correct info) That way you have a slight bargaining chip I guess or something to fall back upon. Dunno, I suppose the other bargaining alternative is to just let the preordered car sit on the lot lol

It depends on the institution, most of the places I've seen have said 30 days. Once you get everything finalized they "next day" a check made out to you and the dealer your purchasing from that you bring in to purchase the car.

[tranzformer]

Originally Posted by Buggy51

My current idea for how to approaching paying the car is well... go to the bank/credit union and have an estimate on what you can get for the lowest interest rate for a certain loan (get a credit report from www.annualcreditreport.com/ through one of the three financial services and you can probably have a good estimate on your finances). From that information (roughly when they have an idea when your car is in stock), proceed to the dealer and see if they can beat the interest rates on the bank/credit union. If you can do a lump sum of cash, see if they're willing to negotiate. Don't feel pressured I suppose, and you can always walk out and come back another day?

Not sure that will work. Most of the time the dealership makes some money if you finance through them. They don't if you pay cash. If you finance or pay in cash, they still get the money at the end of the day when you drive the car away. So not sure why they would put a higher premium on you paying with cash?

Originally Posted by Zgrinch

As I stated earlier in the other thread, I totally understand this logic. However I personally place a high value on security, since I have sole financial responsibility for my wife and family, and so my goal has been to eliminate all forms of payments, including car, house, and college tuition for my kids, and to that end i have been fortunate to reach those goals so that all that I am left to deal with is gas, food, utilities, college books/room and board for my kids, etc.

Again, I'm not disagreeing with your logic, because it is very sound.

Personally, knowing that my family will not have any real debt in case something happens to me, or I lose my job, or the economy takes another tail spin, etc is just high on my priority list.

I fully realize that this security is indeed costing me some extra money, but it helps me sleep at night.

I can totally understand where you are coming from. I wasn't really disagreeing with you, just trying to show a different perspective. In the end they both work and you have to be comfortable with whatever decision one makes.

[Turbowned]

I'd like to do ~$5,500 down. ~$1800 of that will go to the great state of Taxachusetts (6.25%, assuming MSRP of $28,500 after destination), so the remaining $3,700 will come off what's left. Doc fees and registration should be about $500.

I just hope I can swing 60 months and don't have to stretch to 72. With my $300/mo vehicle allowance through work ($230/mo after tax) I know I can afford the remaining $220ish/mo. If it comes out to more I'll go to a dumb phone and cut my phone bill in half - f**k phones! I fully expect to make more money in the upcoming years, but then I need to start thinking about a house, too. F**k housing, too! It's all about cars.

Worst case scenarios: I lease one and buy it outright at lease end (not the best financial decision but...) or I save a couple grand going with the Scion... I really hope it doesn't come to this, though.

[ubersoph]

Woah where are you guys getting 1.99? I'm getting quoted 2.9 and I have excellent credit...