ZoomRx8

I am very interested in purchasing an 8 in early spring 04 around March. I’m going for the sports package and appearance package with no leather. I am looking for the tag on the car to be no more then 28 or 29 MAX. I was wondering what a good down payment would be without paying a HUGE amount. Looking for a 60-month (5-year) loan. I know I really can’t afford the car but I just love it and I don’t even own it. I looking for payments right around 400 not much more. I have a huge college school loan. <mumbles> waste. This will be my first TRUE car purchase myself and I don’t know to much about bargaining the price down. I appreciate any help @ all.

poison123

I believe if you want a payment around 400 bucks then the amount you actually get a loan on should be around 20k I believe.

wleonard

do a quick search on web for loan calculators. They will let you play with downpayments, APR total prinicipal etc.

try www.edmunds.com - I think they have one.

Just plug in the numbers, play with the downpayment until you get the monthly down where you need it. I would be conservative with your APR (meaning college loans, first real car) you would probably be B credit in the 5 to 7 % range.

A MUST READ for anyone new to buying cars. READ ALL 7 CHAPTERS: You could get screwed in so many ways. ARM YOURSELF WITH KNOWLEDGE before you do battle.

http://www.carbuyingtips.com/carintro.html


This sounds like some advise you will need:
http://www.edmunds.com/finance/finan...g.finance..2.*

Heres a calculator, there are tons out there on the web:
http://www.edmunds.com/apps/calc/Cal...ex.prices..1.*

good, luck. You sound like you need study up on car deals before you head to the dealer. Well worth your time to know all their tricks.

desmo996

There is no way for you to own this car for $400. You might be able to lease it for that price. My advice: Buy and affordable car (Mazda3) and pay off your student loans. That loan will haunt you for a long time. Good things come for those who wait. Maybe in three years you can afford the new RX-7, with the Mazda3 as a trade in.

ZoomRx8

I understand about what your saying about saving for it….I want to put 6k down no less. Way I see it is 22 and who knows I might be married in a couple years. I want to get something I love and can call my own. Sure I have my school loans but they are 30 years due to going to private school, I will always be paying those off for the rest of my life. Sure I could save some money and buy a Mazda 6 for 24 but if I’m going to spend 24 why not spend a little more to get what I want. I currently own a 00 Jetta with 5-year loan, maybe 10,500 left on it. I pay 225 a month. Do you honestly think it would be stupid for me to get the 8? I pay about 200/m on my college loan. I’m not making the best money and with Bush in office its not helping me any either. =) I’ve never seen a job market like this ever. I guess the bottom line is do it now or do it when I’m 65+. I’m sure a better job will come along soon hopefully. A big plus is I live @ home still and I don’t have many others bills to pay @ all.

John415

ZoomRx8,

I am in the same boat you are. I'm 18, in love with the Rx8, and have no credit or money. I also plan on saving for about a year and have 6k for a down payment. What I wonder is down the road will I be able to make those 400$ payments. All I know is that I want one of these cars and will do anything to get one. Best thing I can say is good luck and I hope some one says the same to me. I have thought of getting a Mazda3 or 6 but that isn't what I want. I want an 8. period. Goes back to that great statement of 'good things come to those who wait'. Hey maybe both of us will save for an 8 then drive a 4th gen 7 and have the cash for it saved and get the better car while everybody else has an 8. LOL. Only time will tell. Good Luck,

John

desmo996

Ahem...., I wouldn't say stupid, but from a finacial point it does not make sense. Let's apply Occam's razor: Pay off the Jetta (What is your interest rate?) and use it as a trade in or sell it on autotrader. If you pay it off it will help your credit rating and might get a lower interest rate for your next car purchase. Take the money you have for the down payment and apply it towards your student loan. Apply the extra monthly payment you were going to spend on the 8 and apply it towards the Jetta. It's a two year program, but you will see the rewards. A student loan is a secured loan, which means that if you go broke and file for bankrupcy, you will still have to pay off the loan. I never had one, but my friends do and it weights heavy on their mind, especially now that they're married. Think about it before you make a decision. Life is much better if you take care of debt early on. Now I drive 2 motorcycles (Ducati 996 and Yamaha WR 426), SAV (X5), and the RX8. Because of my good credit I financed the 8 @ 3.5%. You can't really beat that. I'm 35 and having a blast.

PS: bankrate.com has the best rates for your area if you decide to buy the car. Good Luck

Wing

Bad trap to fall into. I was paying $200 a month on my student loan as well. But I decided it was stupid and I wasn't going to pay $200 for 20 years!

I started to eat bread and water (ok not really but I scrimped and saved). I saved and saved and within 1.5 years I just layed down a very large chunk of money on my loan and it's GONE!

This made my credit rateing better and now I can afford and rx8! Might be worth trying.

red_rx8_red_int

I agree that building excellant credit early is very important, but do not pay off your student loans early. The interest on student loans these days makes it almost free. You mentioned 30 years so obviously you consolidated and locked in todays rates. I also have a consolidated loan and will take the entire 30 period to pay them off.

ZoomRx8

Yes i did consolidate my school loans and they are 30 year loans. I make about 1400+/m. School loan is 500/m but my parents help me so i pay 200. I have a 225 jetta payment starting in jan. and insurance is paid off till OCT 04'. i owe about 10,500 on the loan, it has 41k ok it which isn't bad b/c its a 00'. i should be able to sell it for close 2 that its in great shape and well takin care of.
I should have good credit i never missed a payment at all. CC were never used except for school stuff and i don't owe 2 much on them and i don't pay them. I only pay for what i buy and i rather pay cash for everything i want. I don't want to kill myself but will to pay more for a car i want then something i don't. i know i will probably will be making more in a couple years. I don't count on it but i can't complain about the job i have for whats out there. Many people i graduated with still have no jobs. Sad how much a BA is worth these days. School seems to be one of my biggest regrets so far. =( Well maybe just going to an overlly expensive school for a peice of paper people laugh @ now-a-days. <sigh>

desmo996

My parents paid for my undergraduate and I will be eternally grateful for that. My daughter is 8 months old and I have bought her the 4 year prepaid college tuition. My parents paid for my school so that's the least I could do for her. I don't know how your parents are going to feel about you buying an expensive car, by general standars, instead of helping them to pay off the loan. Here's another question: Are they going to help pay the loan for the next 30 years? I would not be surprised if they stop helping paying loan if you get this car. As a matter of fact they might start charging you rent:D . I'm just trying to make you realize that once you move out, you are going to have to pay for these bills, unless you're planning to live with your parents the next five or six years. A rather drive a POS than to live with my parents IMHO. Take advantage of your current situation and ger rid of your debt. Believe me, its worth it.

desmo996

Touche, but considering he/she brings in 1400+/m (Before or after taxes?), and additional $500 a month (If the parents decide not to help two years down the line, by choice or circumstances) will be a burden on the budget. Add to that insurance, fuel + living cost and you'll have a stressed recent grad.

ZoomRx8

Yes in that statement you quoted i said i was paying 200/m on that school loan. I'm sure my dad would let me get the car, but my mom wouldn't be 2 excited im sure. They both have 2 different personality. I respect your advice and opnion its why i posted. I am def. condsidering my options before i buy. I have the option for a 3 year lease on a 325 xi BMW for 370/m plus 150 insurance. I would have takin that deal but im scared about leasing cus i drive a lot and mileage is a big worry for me. Its 2003 perfect condition fully loaded w/ leather. Would that be a smarter idea for me? Or just keep the jetta and save as loan as i can? <i hate this idea> jetta has no engine..thing is like shaking @ 80.

desmo996

I drove my 626 for an additional 4 years after I graduated. I bought motorcycles instead to satisfy the constant obsession of buying a new car (Cars are very bad investments) or something new. I hated the fact that I had to drive this car, but it was a great car and it never failed me. If you have a need for a new car, then the BMW sounds like a fair deal, but the mileage might be an issue. You would also have to consider maintenance. Maintenance on a BMW is not exactly cheap. Believe me, the X5 is not cheap to maintain. Take a deep breath and weight your option. You're young, but this is your chance to make the right decisions. I would keep the Jetta for a couple of years, if it is mechanically sound enough, and reward my parents and myself down the line with a real nice car.
Or you could say F**k it. I want to be 22 and drive an RX8. You're young only once.
Difficult choice. I also had the same issue with my old car and the Porsche 911, but I compromised and got the 8 instead. Incidentally, it is the best compromise I have ever done.

pyrospawn

I'm in the same boat as you are, a recent grad as well. LOL. Except that i consolidate my student loans for 30 yrs and still making a 600+/month payment, and $1k or so on CCs' bills a month. Like you, I went to a private college but without help, so loans were the only way for me.

Yes i still lived with my parent but i give them $1200/month for rent. The 8 payment plus insurance sure is kicking my butts as well.

Financially I knew it was, for me at least, stupid idea. But i felt in love with the 8 ( damn buying impulses lmao). I also figured that in a few years when i'll be marry and settle down. So I decided to have an 20 yrs early midlife crisis>

My advice on this is IF your are gonna struggle to make the payment, DON'T DO IT. If you're gonna work toooooo hard to make payments be cause of your car. Your are gonna end up hating it lmao. IMHO :D

ZoomRx8

As far as the BMW everything seems to be covered except like tires and stuff. I am pretty sure they perform all the maintenance (oil changes, brakes etc.) since they own the car. The jetta does run fine although it has a problem starting somtimes in the morning but @ no other time, i dunno if its b/c its cold or what. The famous check engine light goes on and off a lot, other than that it works fine. I could work out something with my parents with the BMW to keep milage down. Will see....thanx again for all the replys.

desmo996

Sound advice!

desmo996

You're welcome. Let us know what you decide.

pyrospawn

Beside personal experience, this reminds me of how Chinese emperor in the old time punished his loyal subject indirectly.

The story goes is that if the emperor is displeased with one of his loyal subject., but do not want to directly punish him for fear of others rallying behind other guy. The emperor would give this guy a white elephant. Of course, since it's the emperor's personal's gift, the guy had to take care of this elephant well, and cannot sell. Thus the elephant will eat him out of house and home, leaving him broke, thus punished.

Don't let the 8 be your white elephant
Unless you like elephants :P

ZoomRx8

Point well taken.....

Wing

Guess you guys have it easy with the interest. I was paying 8% interest on my student loan. No freakin' way was I paying that for my life!

And it's actually BETTER to use your credit cards, paying cash doesn't up your credit rating. Using your credit cards and paying them off every month does.

ZoomRx8

i wouldn't say i have it easy, I owe 65k to SalliMae. Thats hurtful.

John415

I guess I have benifited in a way from this discussion too. I have realized that I am gonna have to wait to get an 8. Just say until either I have a better paying job or save enough. Or just win the lottery! LOL. Thanks guys,

John

ZoomRx8

I'm glad im posted this...b/c i really decided not to get the car. Im considering the BMW only b/c i would be helping another family member by doing so. The weird thing is i got my school loans in today and they are so scary. Thanx for everyones help i will post again when i have my final decision.

pyrospawn

Ya, 135k for me, talk about pain grrrrr :D