COUPCONNOISSEUR

im a huge w216 CL fan and would really love to get my hands on one within the next 5 months, preferably before the summer. i will have 20k for a down payment, and plan on financing it for 72 months. I have great credit, my cosigner has Perfect credit. what would reasonable payments be on a deal like this? would it be possible to pay around $550-650 per month? as insurance is also another $300 per month..im trying to keep my car payment to just under $1000 per month. any input would be appreciated.

thanks
joe

dmhone1973

What year are u trying g to buy?

COUPCONNOISSEUR

well the newer the better. id also mention im only interested in a 550. nothing crazy like a 63, 65. trying to save money that way. i was hoping for a 2011 with a decent amount of miles, 30-40k mile range

steveb9771

Dream on--
At $660 per month, you would be paying $46800 + your down payment of $20,000 = $66800 is not nearly enough to purchase a 2011. Keep mind that the amount applied toward the vehicle is even less when you account for interest on the loan. Figure on at least $10,000 being paid in loan interest over 6 years, so this leaves you with a purchase price of about $55,000 which is 50% of the original vehicle price.

Also be prepared for expensive repair costs if you do not get an extended warranty which alone could cost an additional $4000 to $5000.

The insurance cost can vary greatly based on where you live, your driving record, and your age. I pay about $900 per year with $1000 deductible with State Farm due to being a long time customer with no claims.

COUPCONNOISSEUR

i understand that, but i should be able to get 1.99% interest rate for the 72 months, i have great credit, as does my cosigner. 2010's are going for 58k in my area. surely $650 per month is sufficient to pay for a 58k car with 20k down, no?

also im 26 years old and have spoken to an insurance agent. this vehicle will likely run me between 250-320 per month..just trying to keep the car payment+insurance below 1k per month. i will keep dreaming, but wish me luck lol

DustinCooper

Yeah, 58k for a car means your walking out the door between 65 and 70. If your getting a car loan for 72 months, you probably shouldn't buy that car.

You should look at the 550 from 07 - 08, you'll have a better shot at keeping your cost under 1k a month there. I pay 250 a month for insurance and 550 a month for the payment and I put over 30k down and the loan was initially less than 30k and I have an 08 CL600 with only 34k miles.

COUPCONNOISSEUR

thanks dustin..7k for tax, title, and fees sounds about right. as for financing a car for 72 months, i did it with the car i own now and it has been a wonderful experience. i can only hope my CL will be as reliable..financing an 07 or an 08 for 72 months however sounds like an awful idea. im going to a dealership in paramus right now to speak to sales manager, ill let you know how it goes.

COUPCONNOISSEUR

didnt end up going to the dealership as weather has been crazy here. still been thinking about the CL a lot..anyone who thinks they got a reasonable deal on a CL. please let me know what to expect. my best friend has an uncle who is a sales manager at a benz dealership, he seems to think his uncle will be able to get me the best possible deal.

amg4life63

I have a 2007 cl550 with a bit of high mileage but let me tell you I will give you the car for a price you will never find. It is a one owner car designo package. Custom exhaust that sounds better and much classier then a amg. (I have a cl63) the 550 sounds so much more aggressive when you want it To and is quite when you want it to Be.

The color is the rarest of all... it goes from the mocha brown to black to Grey just depending on the sun and temp

F355C5

Bought a 2010CL 550 listed at $126000 new, 10400 miles with 2 3/4 year warranty $61000.00 from Mercedes dealership - one owner clean car fax . Took me 3 months to find it, amazing auto.

COUPCONNOISSEUR

yes! that is the kind of deal im expecting, ill even take one with more miles than that(under 40k) with the warranty.. but what does $61,000 translate to in terms of down payment, and monthly. how long ago did you get the deal?

F355C5

Got the deal in Dec. 2013. Paid cash with a 2012 C 63 as trade in.

DubVBenz

I'm seeing 2011's in the 50s at this point, in a year they'll be in the mid to high 30s (especially once the new generation is released). OP.. do what I'm planning on doing and just wait this one out for a bit. Don't get a freaking 6 year loan on a used car.

COUPCONNOISSEUR

i know, i have also seen some 2011 cl's in the 50k range thats why i was thrown off by the first dude who replied. i see what your saying about waiting it out, as the 2011 are the mid generation, facelift with the better engine. id much rather get one of those but i have a feeling ill only be able to afford a 2010...i really wanted to get one before the summer to get it started off right. decisions, decisions...
as ive said before i financed my current car for 6 years and its been a wonderful experience. i paid it off until i had about a 1.5 years left, at that point the loan was down to only a couple grand, which i was able to pay off in full. the car now has over 100k miles. runs great, but needs to go before something serious needs repairs.

COUPCONNOISSEUR

still want one =( what should i do with the car im in now? if i was to sell it as is id only be able to get about 9k for it, if i put a little money into it i should see around 11.5. should i just trade it in and take the hit? like i said im in no rush, really want to get it before the summer tho.

dmhone1973

I'm usually in and out a car every year or so...
I usually loose a little money..but hey cars are not an investment After all. .you only live once get the car you want and get out of your current car..

Mike Youngs

that's true

COUPCONNOISSEUR

went for my first test drive last week, fabulous vehicle. very big, very fast, very fun..the first one was a charcoal black 2011(ad said it was black so i assumed it was the mercedes signature black, it was not.) color was nice but not what i was looking for. they were practically trying to give this car to me..figure this, a 2011 with 50k miles for like 685 per month. i was impressed with this deal but could not get over the color and had to walk. the second was a 2010 CPO with mid-30k miles..i liked this car a lot, but my offer was refused. curious to know if it was out of line. i offered to trade my car in at $9k plus $6k out of my pocket for 72 monthes at 3.99% they would not make this deal for under $700 per month. sticker price on the car is $57000. i feel like i am being ripped here.

still interested in my dream CL...=(

steveb9771

Your mistake is asking the dealer to provide the financing. Search the internet for the lowest used car financing interest rates and then find out what the lenders are willing to offer to you. Once you have this, then you can offer cash to the seller. You NEVER get the best financing from a dealer except for new car loans that are subsidized by the manufacturer.

COUPCONNOISSEUR

thank you, i will now be looking elsewhere to find a loan at a low interest rate. however im also curios to find out, if i was to buy a used, uncertified 2010 cl550 with like 40k miles,
1. does it still have an existing factory warranty?
2. would i still be able to purchase an extended warranty?

COUPCONNOISSEUR

got one...

M.better

Congrats on the purchase.
I've been following your posts.
I'm looking to do the same.
Care to share some details?
I have my eyes on one that is waiting to get delivered to dealer.

What was your out the door price, rate, insurance and warranty situation?

Appreciate the info!

COUPCONNOISSEUR

thanks! yes ive been a CL fan since i first saw it in 07, finding a deal was somewhat difficult. and had to come up some on my price range. i found this 2010 cl550 with 11000 miles for $59k. just go there and show them your serious and they will work with you after some tense conversation lol..i traded in my infiniti for $10k and put down another $6k..paying a little over $700 per months for 72

M.better

That's not too bad. What about the warranty?
I'm thinking of going through Fidelity. MB tells me that is the company of choice or "default" that they use.

I currently have Fifelity on my 6 series. They have been working out pretty well. Curious to see who they (the dealer) provided you with for the warranty. Which company that is.
I

COUPCONNOISSEUR

i ****in love this thing