Need some financial advice please?

Z_ealot

Hey all,

Just recently joined the boards and am planning on purchasing a 2009 possibly 2010 370Z in the fall of 2011. My question is by that time i should have a good $10k saved up from both the selling of my current car and just regular saving from paychecks and such, would $10k be a good down payment on a 370Z or should i try to save a little more. Thanks for any and all suggestions and look forward to hearing from you all

shadoquad

to be frank, I have no idea what will work for you financially. I put 10k down on my Z.

This depends on many different factors. What trim and type of Z are you targeting? How good is your credit? What is your current budget?

And none of these things is anybody's business but your own.

I can't really help you. Sorry

Z_ealot

Not trying to make it personal or anything, i just wanted a general idea of how much would be a good amount to put down on a Z. As far as trim goes i'm just looking for a base with the sport package.

shadoquad

Well, again, down payment amount will totally depend on the particulars of your financial situation. One of the reasons I put down such a huge down payment was so that in case I have to sell the car, I've already taken most of the depreciation hit up front.

Another argument for a large down payment is that it all goes towards principle. The more money you pay on principle vs. interest, the less you're paying for the car overall. If you buy a car straight cash, you only pay for the costs of the car. If you finance the whole thing with a tiny down payment, you're paying a ton in interest.

I hope this helps?

ProfessorDave

I would think that that is certainly a good number to shoot for, but as shadoquad said, it will depend on a variety of other factors. Some of those factors could change between now and fall 2011 (your own credit score, the banking industry, etc.).

Why not talk to a loan rep at your local bank and give them the "what if?" scenario?

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Rain, snow, sleet, hail: 2009 Mazda 3 sGT HB
Everything else: 2009 370z, PW Touring 6MT

shadoquad

I think Dave has an important point here. Definitely talk to banks before setting foot in a showroom!

Z_ealot

Points taken guys, just was asking here cause i never seem to be able to get a straight answer from any financial reps. or any good advice for that matter lol. In any case i've been keeping track of the prices for 2009 370Z and they seem to be on a downward trend in terms of sale price. average price i've seen for them in my area is around the $26k to $28k range and i'll most likely be looking for something in that range as far as the 370Z goes. Any chance of one of you seeling for that price next year? hehe

USMCASA

while i'm sure it wasn't the best thing to do, i financed 100% of my car but then again it doesn't dent the paycheck much...

shadoquad

I hope you find your answers, bro, and definitely hope you get a nice Z! good luck!

As I said, it's all about what works for your situation. If it doesn't hurt the check, looks like it works for you!

shoopajae10

ballinnnnnnnnnnnnnnnnnnnnnn.

Z_ealot

[QUOTE=shadoquad;732215] I hope you find your answers, bro, and definitely hope you get a nice Z! good luck!

oh i'm pretty sure i have already, just a matter of time , i took a test drive in a fully loaded one last weekend with the navi and sport package and it was love at first drive. Still cant believe how comfortable the seats were, they just seem to hug you, haha

USMCASA

chicks by far are the biggest expense in any man's life

jaedub

10k down should be enough. I put 8k down with payment of 500 every month. My credit was avg.

FairladyZ10PG

You can go to Nissan USA Nissan Cars, Hybrid, Crossovers, SUVs, Trucks | Nissan USA, go to build your own z, pick your trim and options and you can use the estimate payments option to get a general idea of what you can expect. *Make sure you account for License, fees & taxes.

You can change the down payment, financing terms (in months), & the APR to see what your payments will look like. Since you can't change the price of the car (only shows MSRP) you should change the down payment amount to match the price for the car you are financing. (most people get either invoice or under invoice) The figures are very accurate.

Also make sure you read this thread; it made my purchase very easy.
How I have scored invoice pricing with 3.99% APR on my 370Z?

Good luck with your purchase. I hope you enjoy your purchase as much as I did.

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dad

Don't finance beyond 60 months, the money sent on the interest isn't worth spending.

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We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.