The FINANCIAL aspect of buying the 2005
8/4/04, 11:07 AM
#41
Legacy TMS Member
Originally posted by It could be my first car+March 23, 2004, 7:26 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (It could be my first car @ March 23, 2004, 7:26 PM)</td></tr><tr><td id='QUOTE'><!--QuoteBegin-Galaxieboy@Mar. 23rd, 2004, 5:37 PM
Hmm... lots of questions...
first off, make sure you have a steady job to make the payments consistently. You probably have some kind of credit rating because of a credit card or you need a co-signor.
For insurance, get an online quote for your area for a similar 2004 Mustang (v6/GT). That should be a good indicator of how much you pay.
As for your first car being a mustang, just don't drive it like you stole it and you will be fine. Look at how far you drive on a daily basis, if you drive in traffic a lot and long distances I would not reccomend a GT or a stick shift.
Other than that, you are only young once, get the car, enjoy it... it will be my first new car as well
Hmm... lots of questions...
first off, make sure you have a steady job to make the payments consistently. You probably have some kind of credit rating because of a credit card or you need a co-signor.
For insurance, get an online quote for your area for a similar 2004 Mustang (v6/GT). That should be a good indicator of how much you pay.
As for your first car being a mustang, just don't drive it like you stole it and you will be fine. Look at how far you drive on a daily basis, if you drive in traffic a lot and long distances I would not reccomend a GT or a stick shift.
Other than that, you are only young once, get the car, enjoy it... it will be my first new car as well
thanks alot for the info. i appreciate it.[/b][/quote]
NO!! Don't get a boyfriend or girlfriend to co-sign.
I maded that mistake and will never do that again! I co-signed for my ex-girlfriend. Thought, hey she needs a car and needs a co-signer. Heck our relationship was going good.
BAM!!
We broke up and she almost missed two payments. I had to track her down and repo the car myself in middle of the night. (that part was kinda fun). A few arguments later and her family stepped in. They got a second loan to pay off the one we co-signed on.
Lots of phone calls to police, banks, and loan companies. Not fun.
8/4/04, 11:13 AM
#42
Legacy TMS Member
Originally posted by CobraSVT302+March 24, 2004, 11:40 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (CobraSVT302 @ March 24, 2004, 11:40 AM)</td></tr><tr><td id='QUOTE'>
well, not the WHOLE thing. just a little bit that i have invested into it just for the car. i know im gonna get taxed, but ill take care of that later.
thanks dad.
Originally posted by It could be my first car@Mar. 23rd, 2004, 10:13 PM
<!--QuoteBegin-crazyhorse
<!--QuoteBegin-crazyhorse
@Mar. 23rd, 2004, 8:19 PM
*In my best fatherly voice*
Cash in the 401K???
You will regret that later. It is never too late to saving for retirement. Even a few thousand now can be several thousand when you retire. Find another way. pay less downpayment.
*In my best fatherly voice*
Cash in the 401K???
You will regret that later. It is never too late to saving for retirement. Even a few thousand now can be several thousand when you retire. Find another way. pay less downpayment.
well, not the WHOLE thing. just a little bit that i have invested into it just for the car. i know im gonna get taxed, but ill take care of that later.
thanks dad.
Cashing in a 401K is probably not a good idea to use to purchase something like a car - which will start depreciating in value the second you drive it off a lot. Besides taxes - you may want to check first to if you are going to pay any penalties for an early cash out. It may not be worth it… [/b][/quote]
Another thing to consider. I believe if you take a loan on your 401k and then are no longer employed thru the same company. You are required to pay back the loan immediately or pay penalties.
I am not 100% sure, but I remember someone mentioning that from my previous company.
8/4/04, 02:27 PM
#43
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Very interesting thread. I have a question myself for anyone who can answer it. Someone mentioned buying the car over the internet. Now, I understand doing research on the net regarding what invoice, MSRP, etc. is, but how do you actually BUY a car over the internet and get a good deal?
My deal should go pretty smooth, as I know exactly which options I want, and I have perfect credit and a good job.
My deal should go pretty smooth, as I know exactly which options I want, and I have perfect credit and a good job.
8/4/04, 03:30 PM
#44
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Very interesting thread. I have a question myself for anyone who can answer it. Someone mentioned buying the car over the internet. Now, I understand doing research on the net regarding what invoice, MSRP, etc. is, but how do you actually BUY a car over the internet and get a good deal?
Once you agree in principal with the internet sales manager you drive down to the lot, make sure the car is what you wanted, sign the paper work, and head home. Of course the ISM from their experiences didn't really haggle. Gave a solid low-ball figure up front and basically said I'll go a couple hundred less but that's about it.
It's likely different with every dealership.
8/4/04, 07:50 PM
#45
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My favorite calculator to see the effect of down payment, interest rate, trade-in values, state taxes, and loan duration on the monthly payment - Financial Power Tools Auto Loan Calculator
8/5/04, 06:59 AM
#47
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Originally posted by Tony Alonso@August 4, 2004, 7:53 PM
My favorite calculator to see the effect of down payment, interest rate, trade-in values, state taxes, and loan duration on the monthly payment - Financial Power Tools Auto Loan Calculator
My favorite calculator to see the effect of down payment, interest rate, trade-in values, state taxes, and loan duration on the monthly payment - Financial Power Tools Auto Loan Calculator
8/6/04, 12:42 AM
#49
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Don't pay MSRP. Just keep calling different dealers.
I have a DORA on a '05 GT Premium, my deal with the dealer is not to exceed 2% over invoice. I am NOT an X-Plan member.
I started calling Ford dealers, in order of how close they are to my home. The first dealer was a jerk, didn't want to talk '05 (they don't want to lose sales on '04 models).
The second dealer said that '05 orders are only done through their Fleet and Internet Sales guy, so I left a message. When he returned my call, I told him that I am a AAA member, and want a AAA discount, and that I hoped it would be similar to X-Plan. If I couldn't get X-Plan (or close) pricing, I would continue to call other dealers until I found one.
He said no problem, we took the order over the phone a couple of weeks ago, and this week he said he has a DORA already, I'll see if I can get a fax of it tomorrow.
Don't be desperate. The art of negotiation is to convince the other side that you care, but not that much. You want to be respectful, show them you aren't wasting their time (easy sale), but if they don't want your business at X-Plan pricing, you will go to another dealer.
I have a DORA on a '05 GT Premium, my deal with the dealer is not to exceed 2% over invoice. I am NOT an X-Plan member.
I started calling Ford dealers, in order of how close they are to my home. The first dealer was a jerk, didn't want to talk '05 (they don't want to lose sales on '04 models).
The second dealer said that '05 orders are only done through their Fleet and Internet Sales guy, so I left a message. When he returned my call, I told him that I am a AAA member, and want a AAA discount, and that I hoped it would be similar to X-Plan. If I couldn't get X-Plan (or close) pricing, I would continue to call other dealers until I found one.
He said no problem, we took the order over the phone a couple of weeks ago, and this week he said he has a DORA already, I'll see if I can get a fax of it tomorrow.
Don't be desperate. The art of negotiation is to convince the other side that you care, but not that much. You want to be respectful, show them you aren't wasting their time (easy sale), but if they don't want your business at X-Plan pricing, you will go to another dealer.
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