Getting my MS3 next month
- Thread starter DarkNinja
- Start date
hey, welcome to the forums! the cars are def fast...as for the downpayment, the more cash you put down, the less your monthly payments will be (and probably better rate on the loan too). If you have a lot of money to spend each month, pay as little up front as they will let you
jbiird317 said:
I've been debating this myself. What is more economical long term? I'm guessing that I'll keep my car for 4 or 5 years. So, should I be putting $2k more down on my car to get my monthly payment down $40, or keep the cash?
Also, I probably won't be investing the extra $2k, and the $40 diff in monthly payment is not a big deal one way or the other, so long term (resale, etc) which makes more sense?
kokemon23 said:
Honestly, Im not really sure what is better long term. If you are not planning on keeping it for the life of the loan, then lower dp and higher monthlys are the way to go, so that way when you sell it, it will cover the rest of the loan and you will have more money in the meantime.
Personally, i put down 8k. I plan on keeping the car for a while, and the faster it is mine the better. My payments are $340/month roughly, so hopefully I can keep paying to the principle and it will be mine in 3-4 years. That may be ambititious, but since this is the first time I have not paid for a car in cash, the less time I have to spend making car payments, the better.
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- 2011 Mustang GT
Well think of it like this. The more money you put up front, the less they have to charge you interest for. Over the life of the loan it might only be $10 or $20 a month for that extra grand, but it adds up to a lot more in the long run. Get some financing numbers with different down payment/length of loan rates, then:
monthly payment x term of loan = some number (1)
next, take cost of car - (1) = some other number (2)
compare the numbers with no down payment vs. 2000 or 3000 down.
My goal personally is to get the payment under $300 per month. I took my Protege out for 6 years, but I also get a discounted loan rate because my mom works at a bank. I plan on putting as much as I can down to lower the total cost of the car in the long run. Also, look into automated bill payment, some banks will reduce your interest rate up to .5% just for signing up for that, just remember to have the money in the account.
Hope this helps.
monthly payment x term of loan = some number (1)
next, take cost of car - (1) = some other number (2)
compare the numbers with no down payment vs. 2000 or 3000 down.
My goal personally is to get the payment under $300 per month. I took my Protege out for 6 years, but I also get a discounted loan rate because my mom works at a bank. I plan on putting as much as I can down to lower the total cost of the car in the long run. Also, look into automated bill payment, some banks will reduce your interest rate up to .5% just for signing up for that, just remember to have the money in the account.
Hope this helps.
If you are looking to buy, now is a great time to buy 2006 models if there are any left on dealer lots (expect great deals on MS6s).
However, if you really want a 2007 model, it is best to wait at least until one of their big sales which usually occur during the winter months. January-March are slow because no one buys cars while they are still paying off holiday bills. That is your time to strike a bargain.
However, if you really want a 2007 model, it is best to wait at least until one of their big sales which usually occur during the winter months. January-March are slow because no one buys cars while they are still paying off holiday bills. That is your time to strike a bargain.
Thanks for the advice guys. After crunching some numbers, I'm probably gonna put around $7500 down. This keeps my monthly payment reasonable, but I'll still hang onto some of the cash for tint and snow tires.
Now I'm just waiting for the call to come that my MS3 is at the dealer, it arrived at port a week ago, what the f is taking so long?!!
Now I'm just waiting for the call to come that my MS3 is at the dealer, it arrived at port a week ago, what the f is taking so long?!!
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- All Mazdas!
kokemon23 said:
Congrats on your purchase. A short wait won't kill you and if you already test drove one you know what is coming.
I ordered mine in August, the car arrived at port in California on September 22nd and I still have yet to see the car. Supposedly it has actually been released from the port last Friday and is in transit to the dealer. I gave up hope a while ago after fighting with Mazda. I don't even want to see one until then.
Sorry if I pooped on your thread.
kickniteasy
Member
Enter the reason I'll be stuck with a regular 3 instead of a speed 3. I could afford the car....but the insurance/gas difference would end up killing me financially (23 y/o male....even without any tickets/accidents my insurance is high)
