I need to know how you purchased a new car in 1958? was it financed if so through who? also whats was the intrest rate and payment


Need help with a college paper

 

Even I'm not that old..64, but my first car I bought from a gas station,41 Plymouth coupe, worked for them for 30 days to get it, kept the job for awhile longer, bought a 51 ford coupe from a neighbor, same scenario. Later my Mom and Dad co-signed for a loan to buy a nicer car. After that it was finance companies with outrageous rates until I had established good credit, then it was bank loans.

 

Thank you for thinking I would remember what interest rate I paid while financing my first car, a 54 Lincoln bought in 1956. Have no clue. Car sales must have been kinda bleak however.Was working in Aberdeen Md, went to "Ballamore" with a buddy who had some business at a Lincoln dealer. While he was doing his thing I looked at a 54 sitting in the showroom. Before he could finish his business I had signed the papers on the car. Dealer threw in 4 new tires and a tank of gas. Nothing down, in fact I had two $1.00 bills in my pocket, not a cent more. BTW, that machine ranks about the top of my list of the finest cars I have owned.

 

[QUOTE=Muffin;1568175404]Thank you for thinking I would remember what interest rate I paid while financing my first car, a 54 Lincoln bought in 1956.


I would say so! those cars were awesome My mom had a 1957 Pontiac star chief, it was awesome. I am not finding to much on auto finance but here are some numbers

new car average $2200.00
New Home average $12750 Payment of $65.00 a month
income tax (average) 6.96% (today they are only 5.91%)

 

My parents purchased a new 56 Olds & financed it through GMAC at the selling dealer. Interest on the loan was about 5%.

 

In July 1966 I took delivery of an Impala (non SS) 2dr hardtop that I special ordered with 327 V8, A/C, '3 on the tree', WSW tires, Wheel Covers, P.B. AM radio, vinyl trim, tinted glass and heavy duty suspension. The total cash price was $2926.00 with $274.00 down payment. Yes, I have the invoice, owners manual, protecto plate, etc. Borrowed the money from the credit union at work and paid about $100/month for 3 years. The interest could be calculated from these numbers.
Still own the car (see sig). It blows cold air (R12) and will do well over 80 in second gear (never had the nerve to top out in 3rd but it did >100 without cutting in the 4 barrel - on a track, of course). Total mileage is 144,541 and it burns no oil. This engine life may be due to running graphite impregnated ARCO oil during the 70's and unleaded AMOCO gas most of the time. The only engine work was routine maintenance, 2 carb. rebuilds and one set of rocker cover gaskets.
Recent body work, new suspension and paint were roughly 4X the purchase price.
My Dad bought a new '59 Chev 4 dr Biscayne 6 cyl for about $2400.
Hope this helps with your paper.
PS My house payment was $100/mo (second hand 58' trailer) and my Dads was $68/mo for a 1400 sq ft cape cod on 1/4 acre lot.

 

I'm also not old enough to have bought a 1958 new but in 1963 I bought a 1957 Chrysler Newport 4 door hardtop for $400. My next car was a 1967 Pontiac Tempest 2 door hardtop that I factory ordered. Cost was $2700 total delivered. I financed that at my Credit Union on a 3 year loan. Don't remember the rate -sorry.

 

My Dad always bought his Chevys thru GMAC. I'm sure he bought the '59 that way. Now if I can only find his old check stubs.....

Seriously, he kept them but I tossed them last year. I kept his pay stubs from 1946 though.

Hope you get an "A" on your paper.

 

In 1963 I bought my first car. It was a '56 Bel Air 6 cyl with about 36,000 miles. Price was $400 which I paid off in about 2 months. Borrowed the $ from my Dad on the condition that I would drive my 3 sisters to school and save him the bus $$$. They each paid 25cents per ride, so I got a good deal.

 

I can't say about 1958 but I bought a 2 year old Chevelle SS in 1967. I had to put 10% down and I financed it for 2 years. In those days, 2 and 3 years was the max you would finance a car for. I don't think anyone financed for 4 or more years back then. My father was pissed when I told him I financed it for 2 years. He told me if I needed 2 years to pay for a car, it was too expensive to buy. In a way, he was right!

 

Get this. My first car was a 1965 Impala. It was a bright red coupe.with a 283. I paid $2200 for it in 1966. Later that year I saw a 1963 Corvette split window coupe. The dealer wanted $1100 and my Impala. My mother talked me into asking my father for the $1100. I had drained my bank account getting the Impala. I wanted that car so bad I did ask my dad. After a long time he looked at me and said OK. He left, went up to his bedroom and came down with $1100 in $5 dollar bills. I had that car until 1970 when I had to trade it in because my wife was pregnant with our first child. I bought a 1970 Camero SS with the rally sport option.

 

I was 8 in 1958.
I bought a 1937 ford pickup for $150 in 1965 from a guy who thought he was taking me for a ride.
I sold it for $3000 in 1977
In 1972 I bought a 70 1/2 Z28 camaro Lt-1 350 with a 4 speed and 410's for 1800.00. I financed it through my friend's dad who was a president of a bank. 3.5 % interest cause I was his son's friend as an unsecured loan.
I paid it off 6 months early and sold it for $3500 with new paint and flares, headers, and a boatload of miles, but that engine had been in and out of that car 5 or 6 times.

 

Dave your numbers are right in line with my memories. I paid $2160 for the Lincoln. It was less than two years old and had 12,000 on the clock. Sure wish I had it now.

 

Guys thanks so much this is great info! My paper is a represenation of the average american income in 1958 and 2007 also how credit has lent its self to the current recession and a theory how it could be avoided...

In short like your granpa said if you cant pay cash for it you cant afford it

 

In 1957 I worked at a Chevy dealer in Allentown Pa. and had a terrific job as a body man - painter. If a working man made a hundred bucks a week he was in the chips. We had alot of work at the time and I made about $8500 a year. I bought a repoed 57 Chevy Bel Air 4 door hardtop and paid less than $2000 for it at the time. It was financed thru GMAC although I cannot remember what the interest rate was. Man, was life good, A sharp looking red and white Chevy, a good job and this beautiful girl I married August 10 1957 and have been married for 51 years to date. I still cant figure out why I was so lucky to win her as my bride. Life has been good. Happy Vette motoring. Allentown Ernie.

 

You might want to include the fact that around the early '50s you could buy a Henry J right out of the Sear's catalog! Don't remember the exact price but it was under $1,000.

 

Great stories, and it will be an interesting paper! I was only 3 in 1958, but I already loved cars by then. I don't know if this will help any, but here's a table of prime rates since 1947 - it is the same today as it was in 1958. You can see how much fun we had back in the 80's:

http://www.wsjprimerate.us/wall_stre...te_history.htm

 

Late summer of 1967 I purchased a 1965 Corvette from a used car dealer in Grand Rapids, Michigan that specialized in Vettes. It was a black convertible with white vinyl interior, black top, 300 hp 327 and a 4-speed. It was optioned with an AM/FM radio, power steering and positraction. The only music available on the FM dial at that time was classical orchestra style tunes.
I put about $400 down and financed it through the dealers contacts with a local bank. The payments were $100/month for 3 years. I was working in a warehouse earning $100/mo driving a forklift. I was single, living at home and had just dropped out of college. I spent all my money on the car payment, gas, clothes and beer. That car was my ticket to a lot of fun times with the ladies too! I would take them out on a date and take them to the driving range where we learned to drive during high school. I would let them drive the car around the lot a few times and then go somewhere to party.
I got drafted 1 year later into the army and let my sister drive the car while I was in training. I took it with me to my first duty station in Washington DC where I met my wife. One thing that impressed me about her was that she was level-headed enough to not be impressed by the fact that I was a Corvette owner.
I got orders to Vietnam in October of 1968 and sold the car to a young guy in Arlington, Virginia for $2,500 with him giving me his 59 Chevy 2 door Biscayne with a 6 cyl motor for $300 credit towards the Corvette.
I was unable to buy another Corvette until 1995 when I bought an 86 coupe. I have owned a total of 5 Corvettes now and loved them all.
My wife and I have been married 40 1/2 years with 4 kids and 10 grandkids. I have given all the grandkids rides in my Corvettes over the years and they know all about "the wave".
My 65 with 66 hubcaps from a 66 that the dealer threw in as part of the deal.

One of the grand daughters with my LT4 vert:

 

can't help you with 1958, but i can give some info for 1968. i bought my first new car that year - a ford torino gt. as i recall, i paid something like $2400 + my 63 impala in trade. the payments were somewhere around $85/month for three years and i think i financed it through ford motor credit company.

 

In 64' I bought a new coupe and finance it a 6% through GMAC. That was in April of 64'. I paid $4,644 for the car out the door and financed $3,000 at $98.33/month for 36 months.
Yes!! I remembet it well.