[JerseyRedLine]

I just want to know... How much did you put down on your Sky... and how much are your payments and how much do you make a year. did you finance or lease? Just need to know what im getting myself into here:lol:

Im looking to put down 3-5K plus a trade in and i make 50K a year. will i be ok??:cheers:

 

[Spag]

I just want to know... How much did you put down on your Sky... and how much are your payments and how much do you make a year. did you finance or lease? Just need to know what im getting myself into here:lol:

Im looking to put down 3-5K plus a trade in and i make 50K a year. will i be ok??:cheers:

I guess the main issue will be how much available cash you have for a new car payment each month.

The monthly cost of your house/apartment - not to mention other bills and hobbies... they all add up! (especially the last one for me).

It usually ends up being a delicate balance no matter how much money you make!

 

[tyler07]

I just want to know... How much did you put down on your Sky... and how much are your payments and how much do you make a year. did you finance or lease? Just need to know what im getting myself into here:lol:

Im looking to put down 3-5K plus a trade in and i make 50K a year. will i be ok??:cheers:

Well,
I put down about 8k...financed 22,000 at 5.5% interest and my payments are ~460/month for 5 years.

What it really comes down to is, Do you normally have about 500-600/month extra sitting around that you can now use as a car payment instead of just sitting in the bank in month.

 

[GaryH]

If possible, sell your car rather than trade. The dealer offered me $5800 for my trade. I ran an ad in the local paper and sold it the first day for $8000.

 

[JerseyRedLine]

so far sounds like im in good shape

 

[ctyankee]

Cautionary Tale

I put down zero :banghead: since I had no trade. Payment was going to be $450 plus $75 per month for insurance. AND, because I bought it in New York and then registered it here in Maryland, I had to pay taxes, title and tags seperately. That was almost two large out of pocket instead of rolling it into the financing. Add to that the home equity we got last summer to put in a pool has now doubled thanks to the Fed. raising rates at every opportunity for the last year. AND, the electric company here raising rates through the roof. We turn off lights when not in rooms, etc. but our bill last month was still almost $300!! Family of three. That's $100 more from last year. What was looking like a stretch to begin with, turned scarey once we were home and the euphoria of finding an available car wore off, and we were trying to figure out how to pay for it. We are usually conservative and careful with our finances. But wanting, nay, needing this car blinded us, and we jumped into mirky waters. Honestly I was worried we would have to turn around and sell it. So, on Friday we are refinancing and dumping all the debt into a new mortgage. Say what your will, but it works out well for us since the new interest rate is only a tad over 6%. We have been in this house only three years and it has appreciated rather nicely almost doubled.:willy: Not planning on going anywhere soon. So I say to all of you out there still waiting, sit down and calmly crunch the numbers. You do not want to be where I was and happy you had the car but worried about how to pay the bills.

 

[JerseyRedLine]

I put down zero :banghead: since I had no trade. Payment was going to be $450 plus $75 per month for insurance. AND, because I bought it in New York and then registered it here in Maryland, I had to pay taxes, title and tags seperately. That was almost two large out of pocket instead of rolling it into the financing. Add to that the home equity we got last summer to put in a pool has now doubled thanks to the Fed. raising rates at every opportunity for the last year. AND, the electric company here raising rates through the roof. We turn off lights when not in rooms, etc. but our bill last month was still almost $300!! Family of three. That's $100 more from last year. What was looking like a stretch to begin with, turned scarey once we were home and the euphoria of finding an available car wore off, and we were trying to figure out how to pay for it. We are usually conservative and careful with our finances. But wanting, nay, needing this car blinded us, and we jumped into mirky waters. Honestly I was worried we would have to turn around and sell it. So, on Friday we are refinancing and dumping all the debt into a new mortgage. Say what your will, but it works out well for us since the new interest rate is only a tad over 6%. We have been in this house only three years and it has appreciated rather nicely almost doubled.:willy: Not planning on going anywhere soon. So I say to all of you out there still waiting, sit down and calmly crunch the numbers. You do not want to be where I was and happy you had the car but worried about how to pay the bills.

good post! :cheers:

 

[ctyankee]

And what if I'd fallen for a Boxster, scarey thought:lol:

 

[deluke]

I put down zero :banghead: since I had no trade. Payment was going to be $450 plus $75 per month for insurance. AND, because I bought it in New York and then registered it here in Maryland, I had to pay taxes, title and tags seperately. That was almost two large out of pocket instead of rolling it into the financing. Add to that the home equity we got last summer to put in a pool has now doubled thanks to the Fed. raising rates at every opportunity for the last year. AND, the electric company here raising rates through the roof. We turn off lights when not in rooms, etc. but our bill last month was still almost $300!! Family of three. That's $100 more from last year. What was looking like a stretch to begin with, turned scarey once we were home and the euphoria of finding an available car wore off, and we were trying to figure out how to pay for it. We are usually conservative and careful with our finances. But wanting, nay, needing this car blinded us, and we jumped into mirky waters. Honestly I was worried we would have to turn around and sell it. So, on Friday we are refinancing and dumping all the debt into a new mortgage. Say what your will, but it works out well for us since the new interest rate is only a tad over 6%. We have been in this house only three years and it has appreciated rather nicely almost doubled.:willy: Not planning on going anywhere soon. So I say to all of you out there still waiting, sit down and calmly crunch the numbers. You do not want to be where I was and happy you had the car but worried about how to pay the bills.

You think thats bad. My husband and I take care of my elderly mon who's on oxygen 24/7. We have a cape with central air. Nothing hugh just a average house. Our electric bill was 543.00 two months ago. I almost died. We had a few longer hot spells and the bill was for 34 days, but I still couldn't believe it. I ran around the house unpluging things. I thought my husband was going to kill me, it was annoying him like crazy,every time he would turn a light on he had to plug it in. Suposly they say if something is pluged in but not on it stills draws juice.


Back on topic.

I put down 12,000.00. Payments were 300.00 a month.

 

[SteveR]

Depends. My Montero payment is up next summer and I was really looking forward to getting rid of that big nut but my wife doesn't want me to trade it in or sell it. If I have to keep it then I'll be putting down about 12k, if I trade it I'll add a little to my down payment and have no payment at all.:thumbs:

 

[marlboromike]

Zero Percent Financing

This is how it is done...u call up your credit card company and tell them u want 25 or 30K for Zero% over the next 12 months...they r happy to do it...because after that they don't believe u can pay it off...then u transfer that remaining balance to another credit card company which is offering zero percent...hope u got my drift...u have now financed your car with zero percent...

MarlboroMike

 

[BlueSkyRL]

This is how it is done...u call up your credit card company and tell them u want 25 or 30K for Zero% over the next 12 months...they r happy to do it...because after that they don't believe u can pay it off...then u transfer that remaining balance to another credit card company which is offering zero percent...hope u got my drift...u have now financed your car with zero percent...

MarlboroMike

Hey Mike, I am will you on this idea. To some it probably sounds nuts, but I did the same thing some years ago when I went back to school. Working and schooling at the same time is nuts though

 

[SteveR]

Great idea until you need some serious credit and they look up your score of 400.

 

[ctyankee]

Great idea if you remember to cash out before they hit you with the interest

 

[marlboromike]

that is why u transfer the balance...on the 12th month...it works. If u have good credit, don't worry about your credit score...good credit also means u have money readily available. Just make the payments on time....and yes, working and going to school is a bitch...been there...done that...

 

[hotglue]

Was thinking about raising credit limit on the card..... charge it to the card.... get the points.... Pay it off at the end of the month. Better than walking into the dealer with a sack of cash...LOL

 

[marlboromike]

hope u can do that...some dealers have a limit on what u can put on a card....let me know if it works...not bad for SKY miles...figuratively speaking :lol:

 

[hotglue]

If I can put it on the card, would cost the dealer 3 to5%. I know they would rather finance.... but that's not happening. Asked the dealer if they took cash, American money, they said YES... hate ta drive across Houston with a sack of 100's. LOL

 

[Inwo]

I figured with the rates being what they are right now it wouldn't make sense to do anything but buy the car outright. If it was 0% again heck yea I'd have financed it since I could have been making money while playing with my toy :lol: but with 6% or so right now it just doesn't make financial sense. Not that buying a car that I'll be driving 5 months a year makes sense to begin with...

 

[hotglue]

Iwno, I'm with ya.... It's a toy. That is not degrading the Sky in any way. I have been working hard all my life to be out of debt.... and getting theSky is one of my rewards for self control. :willy: