What are you paying monthly?
 

Just got back from the dealer, looking at a 2010 GenPu with 29k miles asking 20k...Feeling a little beat up after the number they threw at me, so I'm wondering what are your payments like?

Paying $299 a month. Bought a 2010 non tech with 23k miles. $19K 3.6% 5 years with 4200 down.
I would have bought new if I knew they would have dealt on them, heard you can get them for 21K new. Next time I guess.

Basically I've got some negative equity on my car now (don't ask) and they're throwing out numbers around $450 a month...seems harsh to me.

Nada, pay cash.

Get quotes from banks for a lower APR. Make an offer for less than 20K and be willing to walk if they don't deal with you. If you already have negative equity on your car maybe you shouldn't be buying a car now? Lol

Right, but the car I have now is basically just sitting...I NEED to get rid of it haha.
Sounds like I should just bite the bullet eh?

How much negative? I also owed money on my car when I went to buy my new 2012 MS3, but with my down payment and what they gave me for my car I broke even on it. So I bought my MS3 with no money down basically and my payment is $411.

Wait until you wreck your current vehicle. Drive out in the country, looking for deer. Let GAP insurance pay it off, then buy a speed. Profit.

I'm about $2,800 negative.

Become a member at www.penfed.org and finance through them. They are offering 1.49% APR on used car loans right now. You dont have to be in the services to become a member there. Penfed is who I financed my car through. Luckily it's all paid off right now so my payment is NADA.

Current rates
https://www.penfed.org/Auto-Loans-Overview/

$327 a month. Think I paid $18500 out the door.

Sent from my DROID RAZR MAXX using Tapatalk 2

If you even discuss monthly payment at a dealer, they are fucking you.

Talk total price of car, apr/term. Then after that's locked in, deal on the trade. NEVER ever discuss monthly payment. If your dealer won't do that, then walk.

20k for a 10 with 29k. No thanks. Throw a couple more g's and get a new 12.

Maybe 16-17.

$300 :fing26:

268 but I put 13k down

Okay guys, heres the deal. Payments mean nothing!!!

We all have different interest rates, credit scores and some of us are negative in our current vehicles. Market value and trade is what you need to be talking about. I will tell you this, if you want more for your trade, your not going to get as much off of the sticker, want more off sticker, not as much for trade. Its a balancing act that we have to play. In the end, people think i have $5k markup in a vehicle every time i work a deal. Thats just not the case and almost never is on vehicles of this price range.

I just paid around 20.5k for my MS3 with 13k miles with the tech package. I got extremely lucky in that situation. Realistically the retail market value on my car is over 25k. The dealership I wholesaled the car from lost about 2k on my MS3. They started out with a high price for our market, scared all the real buyers away and then just had tire kickers left. Thats the time to buy if you can find one with a similar story.


If you guys need any help purchasing a vehicle, feel free to ask. But keep in mind, the sales consultant you're dealing with is depending on your sale to help feed his family or keep a roof over his head. If you jerk him around he wont be as helpful to you. If your a nice person im going to bend over backwards for you whenever you need anything. Think of it this way, if you get good service, isnt it worth the tip to keep that service?

$240 for 60months on an 11' with 47 miles on the OD ($24900).. But they gave me $12000 for trade-in on my old 07' eclipse that was paid off. Fight for trade value, interest, and paying price. If they don't budge enough... Get up and walk out.

I feel rather stuck. My current car is barely mobile, and I need to get in a new car before I go back to work (Sunday). I owe about 6,800 on it and because of some mechanical issues they are offering me 4k for it. The upside down equity and the car (2010 speed3 tech) leaves me in the ball park of $450 a month. The finance manager is calling my current bank in the morning and feels confident he can get the payment around $410. I've been through three different dealers and different cars and have ran into this same problem. What do you think?

As a sales consultant, I feel it is time that you be more realistic with yourself and realize a speed isn't the best choice for you currently.

I would recommend trying to find something more affordable and something that will be dead reliable for you so that you dont end up in this situation again. In case you do end up in this situation again you'll be able to take the money that you saved from the lower payment and repair the issues before they become large issues.

I know this isnt what you want to hear but trust me. It sucks to be upside down in car payments, i see customers in trouble worse than you currently are but it all starts somewhere. Dont get in over your head if you can avoid it.

I got pretty lucky. I was a tech at a local Mazda dealer Certified in Mazdaspeed for 2 years, then went elsewear. 2 years later, Im now set to take delivery of a 2013 with Tech, no money down with payments at 360 a month, including thrown in options, such as tint. I did get the car for about $26,400 though at 3.49%...

The price was from being given Employee pricing with an added Employee Ensentive.

If I had to pay full price tag, I wouldnt do it, I would have to find a 12' that a dealer is looking to loose money on just to sell it.
Keep looking. Find yourself a 10' with maybe 40-50k ( i know it sounds crappy, but theres alot of em out there that havnt been abused). Chances are you can get it for 16-18k, with your trade in should bring your payments down quite a bit. And always try and deal through a credit union. They usually work for and with you, then just for the money.

$245, Put like 9500 down

2012, CWP with all the options

I'd say $20k for a used 2010 is high when you can get a left over 2012 for a few grand more.

If you can afford it, do it! Sure it's high, but IMHO it's worth it. But again, only if you're sure you can afford it.

Is your current car mobile enough to ram a tree at 35mph? lol

I agree with these other guys though....see what you can work out for a new one. For one thing interest will be lower. Payments might be about the same.

I'm sure you are paying quite a bit less then us Canadians

What ^this guy said. If you're upside down now, you'll still be upside down when they roll your old loan into the new one. Get something affordable and reliable that doesn't badly depreciate, like a used Toyota Corolla or a Honda Fit. Pay on it until you've got some equity, and then trade it in on what you really want.

Fuck man I'm always upside-down. Unless I keep a car longer than it depreciates to wholesale value, which hasn't happened yet. Does that mean I should get a cheap reliable car? Fuck no, it doesn't. Maybe as an additional DD, which I'm definitely considering. I put between 50k and 75k miles on my car every year. Until I bought my speed, I was happy to wreck them (never on purpose, and never my fault even) and get a new one. This time I'll replace motors, transmissions, whatever it takes for as long as I can. All that really matters is if it's worth the cost to him, and whether or not he can afford that price. I had 0 down on this car; after totalling my Spec V it took 8 months to get the check from GAP insurance. I pay far more than I should be for this car, almost $450/month. Divorce and other elated issues had ruined my credit at a pretty bad time for me. But you know what? I'm happy to pay for it. Eventually it will be paid off, and I'll have that much more money in my pocket every month.

I had negative equity from my 2012 Mazda3 Skyactiv. Bought the 2012 MS3 brand new with 30 miles. With 3.5% I had to finance around $37,000 for 6 years @ $568 a month. THAT'S harsh. Lol

Holy shit! But yeah, I would pay that. If I had to. I even considered trading mine in for a pu at one point. Then common sense (and good taste) stepped in.

2012 with 50 miles on it.... Paying $401 for mine

You guys are making us Canadians jealous,

I bought a new 2010 MS3 w tech in sept of 2010, I had a choice of 0% for 72 months or 2k off if I payed cash. That worked out to about a 3% interest rate which was less than I was paying on my mortgage at the time so I took the 0%. They knocked 1k off for being late in the model year.

The kicker is that OTD (with taxes) is was approx 38k. The dealers don't get that many and there aren't any used ones available so they won't really budge. We get hosed by high taxes and 6% import fees as it's not covered under NAFTA. I could afford it and wanted new so no biggie, but it hurts seeing these 20k numbers thrown around ;(

By comparison an STI is around 50k OTD up here.

so, count yourself lucky.

Being Canadian myself, I must be damn lucky to have gotten the deal that I did.
I wanted the Mazdaspeed 3 since the beginning or 2011, but wife said that "you can only get it if you can pay it off in full, we don't want to be borrowing money"

So for the past year I've been saving, because I know with cash down, we can get great cash rebates.

Fast forward to this past summer, I was able to drive away the very same day I walked into the dealership for just under $28,900 (all in).

Now that's still a far cry from what you Americans are paying, but its way better than $38k all in.

To each their own. But I don't think it's wise to advise others to manage their finances this way. Owing more on a car than what it's worth is a pretty bad financial situation to be in, Unless, of course, you have a healthy amount of savings to get yourself out of a bind.

Which is why I said if he can afford it. It's inevitable for me. But my income is high enough, and my savings is continually rebuilt.

$22.7k for a 2012 non-tech CWP with 95 miles on it (just shy of $25k total after tax, title, and registration). This was my first car purchase from a dealer, so I did not get a great APR on it (4.8% for 60 months) due to my short credit history, even though my score was decent (over 750). I put $2.5k down and ended up with payments of $419 per month. Insurance was $131/mo for 23 y/o ticketless me in CA's Bay Area through AAA.

Thank you!!!! I hate it when people talk about just payments. $450 for 60 months is a lot different than $450 for 12 months.

I mean fuck, for $450 for 66 months I could have a 2013 5.0. No way would I spend something like $450 or even $400 for 60 months on the MS3. I love my car but not for that monthly payment.

I paid $15,500 when I bought my car, $3000 down, 60 months, rate of 6.9% thru the dealer only 270 a month payment. After a year I refinanced with my CU to 3.25% and monthly payment of $254. I have paid off some student loans since then and gotten rid of some other debt so I make larger payments than that to try and get out of my loan early. Car should be paid off this time next year, a little over 2 years early.

Just make sure that you do not have an early payment penalty.

Had a paid off 07' Tiburon GT (with a ton of Mods) which I traded in. Threw about 1500 on a down payment. 2.48% APR with USAA - $195 a month for a 2012 N/T with 1mi on the Odometer. :fest30:

Paid off != Upside down

And you average between 137 and 205 miles per day in your car?

BTW, if you have a modded trade in, return it as far back to stock as possible. You'll get a lower trade in appraisal almost every time with a modded car. They're just so much harder to sell.

Sweet christ just buy a friggen cheap fun car and save yourself the heartache. Im, cringing thinking about you doing what you're doing. Hell get a fiesta/fit whatever for like 15 and then you can mod it here and there and will still be fun to drive...or a miata:biggrin:

It's not a daily thing. I only live 25 miles from work, but I only work about half the time. The rest of the time I'm either visiting my son (130 miles away) or my family (around 120 miles away). Sometimes I can stay at my ex's, which saves me quite a bit of miles. Also when I'm bored I just drive. So a car I truly enjoy is very important to me.

I also have to help out my ex a lot with our son; even after working 12 hours I've had to drive 130 miles to watch him or take him somewhere because she can't. Yeah it's kinda ridiculous, but he's my son; if he can't live with me at least I get to see him alot.