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Serious question here need financial experts opinion

Old 09-17-2007, 06:05 PM
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Default Serious question here need financial experts opinion

Ok if i were to put down 20k on a New Challenger. I am 20 years old. Just say a Challenger is 45,000 for an SRT-8. I would be getting a loan of 25k. What would payments a month be on the car? Would they be under 500? If i can get payments around 450 to 475 i will buy one the first year. If not I am going to wait until the second year of production and put down around 30k. What are your thoughts? Suggestions? Thanks, Josh.
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Old 09-17-2007, 06:45 PM
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Default RE: Serious question here need financial experts opinion

Say that is the scenario, where the car is 45k and you put down 20k. So that leaves 25k. Now don't forget Tax, license, possible gas guzzler tax and any other small expense. You are looking out the door cost closer to 30k for a loan. I have a 6 year loan and my loan was close to there and pay close to 600, and that is with 9.9% as my credit wasn't the greatest.
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Old 09-17-2007, 06:59 PM
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Default RE: Serious question here need financial experts opinion

Don't forget insurance either, unless you're lucky enough to have someone pay it for you. Being a 20 year old single male (I assume you're single), be prepared to pay through the nose on a car like that, especially if you live in or near a big city. Definitely check before you take the plunge.
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Old 09-17-2007, 09:16 PM
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Default RE: Serious question here need financial experts opinion

I would actually call an insurance agent and have them quote you a policy for a 20 yr old driver with a 425hp muscle car. Don't forget taxes, registration fees, maintenance, gas, and the dreaded repair bills.

Plus you should get ready for the old timers here to pass on their demi-god wisdom about young drivers accompanied by pictures of cars wrapped in bows around snow covered conifers. The cost of humiliation alone might give you cold feet but before you back out...

Just remember though to weigh all this against the quality tail that a Challenger will lure like flies to a Pitcher plant. Mmmmmm...to be 20 again in this car...............AWSURE!!![8D]
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Old 09-18-2007, 03:30 AM
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Default RE: Serious question here need financial experts opinion

Yea, i was thinking it would be closer to the 600 range, im going to be paying my own insurance, i live in the country. I have no credit except for the student loans that im paying on. My license isnt clean either one more ticket and i lose them so that isnt going to look good on insurance. I figure i will wait a year and save up.. In the mean time enjoy my 1970 Torino GT that i will have done in the spring.
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Old 09-18-2007, 03:39 AM
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Default RE: Serious question here need financial experts opinion

Torino GT... nice car. That will make it easier to wait. You sure don't see them everyday and I bet you get a lot of thumbs up. Keep to your plan and save as much as you can. I too am looking at a large down payment, to keep the monthly payments resonable.
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Old 09-18-2007, 03:53 AM
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Default RE: Serious question here need financial experts opinion

Hi McDonald,

Do you have excel? It comes with a template for calculating loan payments. Very handy! What I usually do is put the "loan amount" in as a formula so I can change variables and see how it effects the payments. Example: instead of a loan amount of aprox. 25k, I would enter it as =(45000-4000) * 7.75 -20000

That is 45k price minus a trade in times sales tax. Then, subtract your down payment. The spreadsheet will calculate monthly payments. You can then adjust loan length and see what a 3 yr, 4 yr, and so forth would actually cost.

Also very handy for deciding between a rebate or special financing because it shows you what the "cost" of the loan in interest is.

...not that there will be any rebates or financing...
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