What's your payment plan?
Le Mans Master
Joined: Oct 2004
Posts: 6,590
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From: Parkland Florida
Cash is king and this thread seems pretty negative. I don't think people should be judgemental if someone can't pay cash or look down on them. I keep the majority of my money in my business and I will finance though I could pay cash. 20 % down I believe my finally price is right around 62K and my interest rate will be around 4 percent which is very good. I am sure there are better but that is good. My current cars are 0 percent.
Chad
Chad
Melting Slicks
Joined: Oct 2004
Posts: 2,989
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From: Peoples Republik of MD & Sarasota FL
I just dont understand the comments from the "cash kings" on here. I would expect that on a snooty car forum like MB, Jaguar, etc. but not a Corvette forum. Personally, I sold my '01 M3 and will add about $10,000 cash myself. This will only be the second car that I ever paid cash for.....I financed my everyday car ('02 Yukon) with zero down and 0% financing for 60 months. Afterall, why use cash when you can get a deal like that.....free money for 60 months...can't beat it. Bottom line, congrats if you can pay cash and avoid finance charges...it doesn't make you Bill Gates however.
Heel & Toe
Joined: Nov 2004
Posts: 19
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Using the "Lock N Roll" deal. O% financing for 36 months. My business buys lot's of GM products so I buy another van or cavalier before the end of November at 0% for 36 months and I get a 0% financing certificate from the General that will allow you to buy a VETTE at 0%. I know this has been an area of confusion for some but it is allowed and is being done. The only hitch is you can't buy the Vette first but you can use the coupon on it as the second purchase to get the 0% deal. OPM BABY...(other peoples money)
SmyrknMyrkn
SmyrknMyrkn
Racer
Joined: Aug 2004
Posts: 306
Likes: 0
From: Country Club of the Poconos P.A.
Here's my .02. If you finance $50K plus tax and plates/reg.(whatever your tax rate is [here in nyc its 8.625%]) Your total finaced is $54,500.
at an 8% rate over 72 months your payment is $956. Put $10K down and you get a payment of $781. $20K down same structure $605. $30K down $430.
Anymore down you might as well pay cash, because at that point you probably got it.
Rate factors ar obviously credit based. At 4% same structure as above financing $54,500. Payment is $853. 10K down $696. 20K down is $540.
30K down is $384.
PS. Though everyone seems to have paid cash...
For those who finance that is the structures....
hope it helps you get an idea. IMO people are paying in the $600 range a month. Most people here put something down, like a trade or some money down. Majority probably has good credit too. So that is my guess.
at an 8% rate over 72 months your payment is $956. Put $10K down and you get a payment of $781. $20K down same structure $605. $30K down $430.
Anymore down you might as well pay cash, because at that point you probably got it.
Rate factors ar obviously credit based. At 4% same structure as above financing $54,500. Payment is $853. 10K down $696. 20K down is $540.
30K down is $384.
PS. Though everyone seems to have paid cash...
For those who finance that is the structures....
hope it helps you get an idea. IMO people are paying in the $600 range a month. Most people here put something down, like a trade or some money down. Majority probably has good credit too. So that is my guess.
Racer
Joined: Aug 2004
Posts: 306
Likes: 0
From: Country Club of the Poconos P.A.
Originally Posted by Stewart20
I just dont understand the comments from the "cash kings" on here. I would expect that on a snooty car forum like MB, Jaguar, etc. but not a Corvette forum. Personally, I sold my '01 M3 and will add about $10,000 cash myself. This will only be the second car that I ever paid cash for.....I financed my everyday car ('02 Yukon) with zero down and 0% financing for 60 months. Afterall, why use cash when you can get a deal like that.....free money for 60 months...can't beat it. Bottom line, congrats if you can pay cash and avoid finance charges...it doesn't make you Bill Gates however.
, to clarify though 0% is good if there are no rebates or incentives that are lost by choosing 0%. If there is a rebate of $4000 that your losing and total interest is roughly the same or even a little more it is still worth getting CASH of the car, financing less is key. You owe less therefore if sold there is more equity coming to you, or if trading in you may be less upside down of even have some equity going in on a new deal. Point is paying the loan of quicker saves you interest so if you paid a loan off or traded in half the time, you are still (in this example) over $2000. in the better. This being you didnt pay the rset of the interest anyway and got the incentives/rebate as well.
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Burning Brakes
Joined: Aug 2004
Posts: 750
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From: Ironton OH
Originally Posted by Oneslackr
So what are you saying. Only people who can afford to pay cash should be allowed to buy a C6? 
Other than perhaps asking questions that some might feel are a bit personal what exactly makes him a dork for asking? This might be a big shock to you but not everyone has $50K in cash just sitting around that they can blow on a car. Believe it or not some people have to finance cars & make monthly payments for years.
Other than perhaps asking questions that some might feel are a bit personal what exactly makes him a dork for asking? This might be a big shock to you but not everyone has $50K in cash just sitting around that they can blow on a car. Believe it or not some people have to finance cars & make monthly payments for years.
It's not nice to badmouth people because they're not rich, like you. But then again, you've probably got one foot in the grave and the other on a bananna peel! 
I hope that I too will have some money saved up by the time I turn 70! SHEESH 
Edit: If some of you " over the hill " gang have so much money, then just buy him one and, oh yeah, pay cash!
Last edited by robbiC5; Nov 20, 2004 at 10:50 AM.
If you can't afford it then why ask?
Making CFOT Great Again
Joined: Oct 2001
Posts: 66,299
Likes: 89
From: Tír na nÓg
Originally Posted by drzfire
Couldn't afford the monthly payments, so I paid cash, instead......
I admit that not having a car payment is nice (I paid cash for my last few cars) but my next car will be financed on my prime rate, tax-deductible HELOC and the lump sum invested.
As for the financing, the general rule of thumb is to put down at least 20% (to avoid being upside-down) and financing the remainder for no more than 48 months (unless it's a 0% loan, in which case go for the maximum GMAC will allow)
Last edited by dvarapala; Nov 20, 2004 at 11:33 AM.
Thread Starter
Drifting
Joined: Nov 2004
Posts: 1,417
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Originally Posted by StealthS
I think I will stay out of the excitement and just answer the question:
$1,300 Down
1.9% Financing
3 years
55k total (inlcuding tax&tag)
$1,300 Down
1.9% Financing
3 years
55k total (inlcuding tax&tag)
How much is your payments per month? I am too lazy to go compute it myself
Making CFOT Great Again
Joined: Oct 2001
Posts: 66,299
Likes: 89
From: Tír na nÓg
Originally Posted by Mike Siska
This is an interesting statement! 
Could you tell me where I could put 30K and make 8%?
Could you tell me where I could put 30K and make 8%?In a little bit I'm going to "flip" that property, and use the proceeds to buy one or two more - and a new Corvette.
Advanced
Joined: Nov 2004
Posts: 96
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From: Tallahassee FL
How much is your payments per month? I am too lazy to go compute it myself
Team Owner
Joined: Sep 2001
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From: Ormond Beach FL
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Sometimes I wonder if individuals understand guidelines and rules... this is just another example of personal attacks, name calling, etc. Which part of this is so hard to grasp I wonder?
This sorta question is a personal question in my opinion and regardless if I pay cash or not.. I normally do not share this type of info for the world to see JMO... but regardless of the question the thread has gone south and needs to be closed...
If someone would like to enlighten me on why this continues please do so...
Some of you can expect some IM's from me regarding inappropriate posts!!
This sorta question is a personal question in my opinion and regardless if I pay cash or not.. I normally do not share this type of info for the world to see JMO... but regardless of the question the thread has gone south and needs to be closed...
If someone would like to enlighten me on why this continues please do so...
Some of you can expect some IM's from me regarding inappropriate posts!!
