hey guys welll after debate i actually got to drive an ss s/c more spirited, and i can say is wow. fun car. so definatly considering it more than a camaro, now what i want to know is, how much are you paying a month, how many months, how much down.

also how is your insurance rate? age under 25. 2 cars. lemme know guys. please and thank you.

 

we paid $19,000 with the GM discount. $1000 down/ 72months/ $400 mo with ok credit

 

as far as the insurance....I only pay $1300 a year through AAA, thats with tickets, and for two of us on the policy. It will go down once i pay off my truck and add it to the cobalt policy though. As far as being under 25....My girl is 25, and i'm 35 so, i hope that helps you out

 

Such a complex question because the deal can be made so many ways.

But I financed 19,000 for 48 months for 456 a month with an interest rate of 4.9%.

I pay 1300 a year in a large metro area and I commute in the car.

 

I could only dream of a 4.9% lol

 

or you can beg for a co-sign

 

you know whats scary about that though... your car wont be paid off unitl 2011....

 

geez he's gonna end up paying 28k for that car after everythning is done. geez. damn talk about interest rate.

 

Hey i paid cash for mine ($19,600) out the door. Insurance is about $1000/year

I guess it pays off to be old
hahaha

Jeff
SS/SC
red/red inserts
2800 miles and loving it

 

actually, you are paying about $30K for it over the next 6 years. Your personal choice, but I would never even consider anything over a 4 year loan. Too much interest, too long on being upside down on the loan. I mean...hell, you are paying 50% more than what the car stickered.

Nothing personal, most everyone does it, just using it as an example. Works for you, great! Just wanted to use an example for some of the younger ones that might not quite grasp what a longer loan or higher interest rate makes their car really cost. In 5.5 years, that CSS will probably have over 100K miles, need a clutch, new wires, some front end work, etc. and it still ONLY costs $400 a month, each and every month. Just imagine, only $2400 and 6 months until you own it!

As interest is essentially paid first on amortized loans, after 3 years, you will have paid $16,000 and the principal owed is probably around this:
1st year $16,112
2nd $13,877
*3rd $11,231
4th $8,098
5th $4,390

That is using the 17% interest rate that would give $400 payments on an 18K loan over 6 years.

So...18K-11.231K = $6,770 paid towards the $18K financed 'price' of the car. Nearly 10 grand in interest in the first 3 years. Watch what the dealers promise you, especially if they are more concerned about a low monthly payment than a shorter term or better interest rate.

Oh..it averages to about $190 a month for interest only in the first 3 years. That is the money you simply throw away on a deal like this.

Again, nothing against SuperMario, he is obviously fine with his deal or he would not have made it. Just using it as an example to try to educate some of the first time car buyers on some of the pitfalls of focusing on a low monthly payment if you do not go into the deal with your eyes open.

 

hey...when you screw up in your 20's you pay for it later. when you need to rebuild credit you have to start from somewhere. And there is such thing as refinancing! who's to say i won't pay it off before then? The bad thing is, people jump to conclusions before they know the whole story. I have a family member that does loans, so trust me, i will not end up paying that much for the car. I'm not young and stupid.

 

Got mine for 19.5 and pay $350 a month with a 2,500 down payment. Insurance rapes me, $125 a month with a couple tickets.

 

I wish my insurance was that low, I'm paying $340 (Cdn) a month.
Damn State Farm

 

I got a Black SS S/C G85, Sunroof-for $21,968 or something close to that. Got tax, title, license+ extended warranty (thank god, shifter totally broken at 2117 miles), and upgraded alarm with insurance. I put about $12,000 down, don't remember my interest rate...not too bad actually, and with no co-signer. I pay $260 a month for 60 months. I actually pay $300 a month for 48 months. I only have to pay $33 extra a month to be payed off nearer 48 months. So, not bad. Financed, not leased.

 

Gee....maybe you should have read the two places I wrote that I was using your numbers as an example for those people (other than you, which I also made clear) who might not know better.

You take offense pretty quickly, especially when none is intended. I am sorry if the subject made you feel defensive. I am sure you knew that you were paying 17% interest on a 6 year loan. If the fact that other people know now it as well, makes you uncomfortable, next time don't put your financial data online.

 

That's not it at all, i knew you were just using the numbers as an example. No offense is taken. If i cared what other people think i would not be posting. Actually, we are paying 13% interest. The price of the car was not including the GAP insurance, and extened warrenty. So, realisticly, the price of the car is higher, i was just trying to give him a round about example of the price. I think that you jumped to conclusions by thinking i would take offense to what people say that i don't even know. I really could care less. I got the car that i wanted, have a great life, and could care less what people on the internet think of me. But thanks for the reply.

 

got it....another $975 or so above the purchase price @ 13%.

Let's use it as another example of how a grand extra in purchase price works out the same as 4% extra interest rate on a 6 year loan.

 

All prices in CAD $$:

Final price paid for car: $29,832 plus 15% taxes = $34,306.80 * .843 = $28,920 USD
Lease Rate: 1.4%
Payments: $455.37 (taxes incl) over 48 months
Downpayment: Big Fat Goose Egg
Buyout at lease-end: $12,769 pus taxes = $14,684.35

Total cost of car if bought after lease-end: $455.37 * 48 + $14,684.34 = $36,542.10
Total cost of borrowing: $36,542.10 - $34,306.80 = $2235.30 or 6.50% cumulative

I went for the lease because the terms were just too good to ignore.

BTW: Price quoted above is for a fully loaded 2006 SS/SC (incl. Performance Package)

Insurance: $1402.00 per year = $116.83/month