I edited my post :P Sry for assuming. I misinterpreted. Buying a car is a stressful time! Especially when a brake job could potentially cost 5,000. lol

 

anyone? whered you guys go

*crickets*

 

That's some used car dealer math right there...are you borrowing the money at 0%....there's a million loan/lease calculators on the interweb.

Start doing some real math instead of relying on anecdotal posts

 

Yup your payments at $600/mo would probably only net you about 6500-7500 off your principal over the two years... Definitely take that sales guys comments with a large dose of salt...

 

Interest rate is 4.49%
Payment Bef Tax = 522
Payment Aft Tax = 600
Interest per payment = 30
so -- 490ish towards the car/month?

so 44,000 (-) 8,000 down = 36,000

490x24 = 11760

36k - 11,700 = 24,200.

Did I do it right? Like I said, I'm naive in terms of car financing.


---------

What is the best way to do this? I want low payments, and not to get robbed at trade in, in 2-3 years.

I have 8,000 cash to put down if need be
I'm comfortable putting 600ish a month towards the car.

ty

 

How long a term were you taking? Isn't 6 years the max on a used vehicle? I know they'll go longer on new...

*EDIT

Using your 8 year term, borrow $36,000 at 4.49% leaves the following :
Month Balance Principal Interest Payment
1 $ 36,000.00 $ 312.37 $ 134.70 $ 447.07
2 $ 35,687.63 $ 313.54 $ 133.53 $ 447.07
3 $ 35,374.10 $ 314.71 $ 132.36 $ 447.07
4 $ 35,059.39 $ 315.89 $ 131.18 $ 447.07
5 $ 34,743.50 $ 317.07 $ 130.00 $ 447.07
6 $ 34,426.43 $ 318.25 $ 128.81 $ 447.07
7 $ 34,108.18 $ 319.45 $ 127.62 $ 447.07
8 $ 33,788.73 $ 320.64 $ 126.43 $ 447.07
9 $ 33,468.09 $ 321.84 $ 125.23 $ 447.07
10 $ 33,146.25 $ 323.04 $ 124.02 $ 447.07
11 $ 32,823.21 $ 324.25 $ 122.81 $ 447.07
12 $ 32,498.95 $ 325.47 $ 121.60 $ 447.07
13 $ 32,173.49 $ 326.68 $ 120.38 $ 447.07
14 $ 31,846.80 $ 327.91 $ 119.16 $ 447.07
15 $ 31,518.89 $ 329.13 $ 117.93 $ 447.07
16 $ 31,189.76 $ 330.37 $ 116.70 $ 447.07
17 $ 30,859.40 $ 331.60 $ 115.47 $ 447.07
18 $ 30,527.79 $ 332.84 $ 114.22 $ 447.07
19 $ 30,194.95 $ 334.09 $ 112.98 $ 447.07
20 $ 29,860.86 $ 335.34 $ 111.73 $ 447.07
21 $ 29,525.53 $ 336.59 $ 110.47 $ 447.07
22 $ 29,188.93 $ 337.85 $ 109.22 $ 447.07
23 $ 28,851.08 $ 339.12 $ 107.95 $ 447.0724
24 $ 28,511.97 $ 340.38 $ 106.68 $ 447.07

 

8 years. payment = 560/month
7 years payent = 640/month


He said probably 7 but he'll push for 8. TD Canada Trust Bank Financing through the dealer. He says its the same guy he uses for his cars. He drove this C63, and now has a SL63

 

I'm in Toronto Canada. The above seems wrong to me.
I use this link from my bank
http://www.tdcanadatrust.com/lending...loan_calc.html

Maybe I'm missing something, UGH I hate buying cars

 

http://www.thecalculatorsite.com/fin...calculator.php

Just add in your numbers and Bob's your uncle. Don't forget to add in your sales tax too. In BC we're 12%, not sure what the story is in ONT. So it's $44,000 + tax minus your down payment. THAT'S the figure you plug into the calculator with your interest, and it will spit out what you want to know.
In the example I posted above I used the stated 8 years you were originally going for.

 

Is it in Canadian? or US Currency?

I got this

Initial vehicle deposit:$8,000.00
Loan payments:$49,713.85
Balloon payment at end:$0.00
Total payable:$57,713.85
96 monthly payments of:$517.85
Total interest:$8,013.85

umm.. 517/month is ****in awsome. Why was his 600ish

 

thanks for helping GRam. Appreciate it

 

He probably quoted you a higher % rate. Usually when you finance over a longer period of time the finance rates are higher.

 

Possible. The paper is in my car, I'll go grab it in a few.

I'm glad to hear though that the only real maintenance on the c63 is the tires and gas.

 

Buyaka. Please take this in the spirit in which its intended.

If the math is this important,
if the amortization is this long,
if the maintenance costs are a concern......

Maybe you just need to look at something else for now. I have been in your shoes,
I know how hard that is, but it might be the right move. The times I have moved on
Ive been glad, and the times that I have pounded a square peg in a round hole Ive
regretted it. Having a car but being broke or worried or both just aint worth it.
Take whatever is the second choice, put the extra money into savings and if a year or so
from now you feel comfortable then back up and go again. Its just not worth it for a depreciating asset.

How is a car like a bus? Theres always another one coming down the road.

Whatever you decide to do, I wish you well and I feel the sweet agony you are in.
The Italians call it "My Delicious Cross". Its a burden but the suffering is so much fun.

 

It's sound advice. However, I'm quiet responsible, and an extremely disciplined investor. If I set a budget, I stick to it. It's not to say I couldn't afford it I just have different plans for different allocations of money, such as a house for example. If I want to put 2,000 of my 5,000 a month towards a house. I won't spend more on a car, nor do I want a car that could potentially vacuum up my 'too-save' money on alternating months, with random expenditures. Reading the forums scared me into believing those populate more frequently then they do.

Anyways, that's neither here nor there. Today I went to sign documents for the C63 only to find out that the owner (selling from a Mazda dealer) is not the original owner, and as such I would not be getting an extended warranty. It being a 2010 model, at approx 50,000km (forget now), I was shook by the thought of a blown engine from the head gasket cancer. I walked away

I left the dealership sad and frustrated (this car search has gone on forever). Then I get a call (UKNOWN NUMBER) its my sales rep at BMW. He says "where are you,are you sitting down?" .

My car I wanted but could NOT find was a BMW 335is Coupe. White on Red, with Navi and DCT7 Tranny. I searched all of Canada to find it with those option combinations. No luck (close matches, but not what I wanted). I cant do manual (2 torn ACLs, and short legs).

I flew over to the dealership, whilst putting a deposit via credit card on the phone. Don't worry I wasn't drooling when I got there. I actually was very tough on them. I got the car for a very good price. They even threw in 3 year/160km extended warranty, tire + rim package, and free maintenance. They also replaced the front bumper, 2 new sideskirts, and fixed all tiny dents or rock chips. I also got them to give me new tires and new brakes. My payments are only round 600/month. I'm thrilled.

End of the day I'm so happy with the car. It's so much fun to drive. In comparison to the c63, I would have to say that the c63 is definitly a more mature car with more kick. Overall though for daily driving, fun, sport/luxury, exterior I give it to the 335is. Both are great cars.

I really appreciate everyons inpurt and advice. Good group of dudes