Question About Car Down Payments

[aerius]

I feel that

You gonna buy another used Buick old man?

Might treat myself for once and buy a new one. I've never driven a new car in my life so I might as well do it.
On the other hand I'm a cheap asshole, and it's not like used Buicks get driven hard.

 

[Brother Numsi]

Might treat myself for once and buy a new one. I've never driven a new car in my life so I might as well do it.
On the other hand I'm a cheap asshole, and it's not like used Buicks get driven hard.

Same here. Saving a buck is always a top priority but nothing beats that new car smell. It's up there with the smell of bacon and freshly baked cookies

 

[electroman187]

Soo, you still have college debt...and a perfectly fine car right now? Unless you need a different vehicle to earn a living, keep the damn Corolla and pay off your loans. Why would you take on more debt for a quickly depreciating piece of metal that already has a date with the junkyard?

 

[Killer Whale]

I had shit cars up until 2 years ago when I began financing a 2017 Tacoma TRD sport and it’s been amazing. Frequently get 9.5-10L - 100k on longer trips and the truck has tons of power, super fast, and have literally rolled down my window so some old timer could tell me I had a really nice truck. Definitely finance and don’t lease unless it’s 100% work vehicle and can use it as a tax write off. If I didn’t need it for work I would probably get a car, better on gas, zippier and easier to park. On the other hand, women love trucks!

 

[minute bull]

Finally an actual question. Damn...lol

I was thinking about getting a 2019 Honda Accord. Good gas mileage and affordable. I was also looking at the Toyota Tacoma

Those are dependable and worth a buy. Listen to your buddy, but also calculate your total spends throughout any scenario either way to gain comfort in the decision making process.

 

[TeTe]

Can you use a trade in as a down payment? You said you paid cash for your last car, how much is it worth?

 

[all caps]

Soo, you still have college debt...and a perfectly fine car right now? Unless you need a different vehicle to earn a living, keep the damn Corolla and pay off your loans. Why would you take on more debt for a quickly depreciating piece of metal that already has a date with the junkyard?

100%

This is the best advice

Dont fall in to the trap bro!!!

 

[Brother Numsi]

Soo, you still have college debt...and a perfectly fine car right now? Unless you need a different vehicle to earn a living, keep the damn Corolla and pay off your loans. Why would you take on more debt for a quickly depreciating piece of metal that already has a date with the junkyard?

Perfectly reasonable question. I still have my college debt but I'm also not paying rent at the place I'm living at because I work from there. So I wouldn't be struggling to make ends meet every month with a car note. My credit card debt is pretty low and I don't have any other expenses (child support, alimony, medical bills)

Worse comes to worse, I'll keep my current car and just ride it til the wheels fall off. But I like having options

 

[Brother Numsi]

Can you use a trade in as a down payment? You said you paid cash for your last car, how much is it worth?

4000. Probably worth 2500 right now

 

[TeTe]

Why not save a few grand and get one that's just a couple years old?

You can easily find a certified pre-owned model (low miles, excellent condition) for much, much less.

Years ago (2014 and somewhat related to the Accord) I found an '06 Acura RL with approx. 16K miles on it for right about $16K all-in. That thing was in absolute pristine condition and was fun to drive (fast, all-wheel drive, premium sound system, leather, etc.)

I wasn't even in the market for a car at the time, but it was such a good deal I had to get it.

Point is, you can find a steal of a deal if you shop around.

This what I usually do. Find a car that's a few years old, with low miles for the age, and buy it. I bought my 2011 Camaro SS with 29k on it last March, bought it for less than 40 percent of sticker price. The 2007 Impala SS I had before, bought in 2014 with only 54k on it... again, purchased for about 40 percent of sticker.

 

[HARRISON_3]

You can always find deals from older cars. My only hestitation would be that some cars have higher miles than it is showing. Cars like Honda, Toyota’s and other less expensive cars, the mileage has been could’ve rolled back since they’re easy to do so. I’d personally want to have a car that has met with normally services for those years and the mileage is consistent. You don’t want a car that has only been serviced in its first year and the mileage shows 14k and a couple years later the car is only sitting on 20k with no service history. The due diligence needs to be done on all pre-owned(even certified, miles can still be hit back or even an accident that hasn’t been reported).

But nothing like that new car smell.

Definitely.

In my case, the previous owner lived in Mexico and that car was just his car when he was staying at his house here.

Picked it up at the local Mercedes dealership so I wasn't too worried about any shenanigans.

But yea, you definitely wanna do your due diligence.

 

[Brother Numsi]

100%

This is the best advice

Dont fall in to the trap bro!!!

I hear you. But I also want to point out my current car runs very well but it is kind of falling apart slowly but surely. Got broken into a few times so one of my doors won't open and I had to call a locksmith when the key got stuck in the ignition. Cost me like 500 dollars.

 

[TeTe]

4000. Probably worth 2500 right now

Well there's your down payment, it's paid off.

I mean, you could add to it if you want, but $2500 trade on a $25,000 and you're at the ten percent they usually try to get you to pay.

 

[Brother Numsi]

Well there's your down payment. I mean, it's paid off.

I mean, you could add to it if you want, but $2500 trade on a $25,000 and your at the ten percent they usually try to get you to pay.

I'd have to get the back door fixed and change the locks again. Car runs fine but the outside maintenance is becoming a bitch

 

[TardStrong]

Do not buy brand new, buy slightly used. Let someone some else eat the instant depriciation.

Accord 4 cylinder or 6 cylinder?

The new camry v6 has 300+hp and 32mpg hwy. You probably can get one uses now also. toyotas are pretty damn good vehicles I have a camry and a Tacoma but have also owned 3 Hondas

The accord is still a great car. It is a big car for a 4 cylinder but now the 4 cylinder motors have enough hp.

The new gen Tacomas 2016 and newer are nice. I have a 2015 the gen before. The 2016 has more power and better gas mileage. Just the automatic transmission get a lot of complaints. They are not the smoothest shifting and often have a hard time choosing what gear to be in

 

[Slobodan]

Our forum's very own @Medulla Omoplata is a former car salesman, he can help you out.

 

[90 50]

Make as little down payment as possible that they will allow.

Take the rest you have saved up and put it straight to principle on the first payment. Does more damage that way.

Also if you can, don’t pay on it once a month, pay 1/2 your note every two weeks you will get ahead of the interest and pay it off faster and cheaper.

 

[TardStrong]

Make as little down payment as possible that they will allow.

Take the rest you have saved up and put it straight to principle on the first payment. Does more damage that way.

Also if you can, don’t pay on it once a month, pay 1/2 your note every two weeks you will get ahead of the interest and pay it off faster and cheaper.

Can you explain the down payment part there? I am lost on why that is a good idea...

The more you borrow the more interest you are gonna pay so putting a larger down payment might only lower you payment a small amount but every dollar counts. Also over the lifetime of your loan you will pay less interest, might but be a whole lot less but it will be less

Holding the money back then throwing it at the principal won't lower your monthly payment

The last part of your advice is a good idea

 

[minute bull]

Well there's your down payment, it's paid off.

I mean, you could add to it if you want, but $2500 trade on a $25,000 and you're at the ten percent they usually try to get you to pay.

I disagree with trading in the car to the dealership. They will lowball the fuck out of you, so if you do then you will want to use that trade-in to create psychological wiggle room for them to lower your price. Otherwise you're better off selling that car yourself. Selling to mechanics won't waste your time if you know your vehicle is worth something. They will buy value when they see it.

Lease is very advantageous for the dealership because then you are a stream of income. Use that advantage against them to leverage the lowest down and monthly payments possible. Let them do the work by constantly responding with their offers with both interest and questions. Problem solving questions.

 

[Brother Numsi]

Can you explain the down payment part there? I am lost on why that is a good idea...

The more you borrow the more interest you are gonna pay so putting a larger down payment might only lower you payment a small amount but every dollar counts. Also over the lifetime of your loan you will pay less interest, might but be a whole lot less but it will be less

Holding the money back then throwing it at the principal won't lower your monthly payment

The last part of your advice is a good idea

Yep, that last part is something I never though about