A&Q about Lotus
Q:
How much down did u guys put and ur monthly payment for the car ?
plus did anyone lease theirs ?
Thanks!
(i currently drive a 350z (lease) paying 369 a month with 3k down for 39 months
A:
the motto I have heard from more than one wealthy person is, "if you cant afford to pay cash for something, then you cant afford to buy it."
does not apply towards a house though.
A:
$50K downpayment.
A:
this car is to fun not to own, just do whatever you have to do to get one.
That may be crappy advice.... ;-D
I sold enough stocks to put enough down to make my monthly roughly the same as my old car, plus a bike I'm sellilng and it's insurance cost.
A:
Good enough rate that I financed the whole thing and put the money elsewhere.
A:
Originally Posted by babak
Good enough rate that I financed the whole thing and put the money elsewhere.
Ditto. I won't put $20K into a depreciating item much less $50K. When $20K would have be a down payment for another house that I can rent out. If I did pay cash, I'd be so pissed off at resale values now.
Also, what we're paying isn't accurate since interest rates have changed and Elise aren't selling at MSRP anymore. My advice, find the lowest interest rate you can find and then use an auto loan calculator to figure out the payments.
As for leasing, I've only found open end leases (ballon payments) and the payment were in the $750 a month range. In contrast, I have a 4.25% loan via my credit union and pay $685 a month. I'm not sure if you can get that low of a rate now but the purchase price is more flexible now than it was in November 2004.
I found my old thread on another board:
A:
I am paying about $700 a month with no money down on my new '06 Elise.
A:
369/mo for a 350Z is hella cheap. I work for a nissan dealership and we typically dont even lease Z's because the finance payment is better than a lease. There are no incentives on them..but then again, this is current, maybe it was different back when you leased. I too owned a 350Z and loved it...everyone here says the Elise drives 1000x better. I'm in the market in a couple months for one.
As others said, it all depends on your interest rate and how much you finance...use the finance calculator provided above and plug in different rates.
A:
15k down and 600 a month...
A:
Originally Posted by fishguyAZ
the motto I have heard from more than one wealthy person is, "if you cant afford to pay cash for something, then you cant afford to buy it."
does not apply towards a house though.
+1
A:
Ditto. I won't put $20K into a depreciating item much less $50K. When $20K would have be a down payment for another house that I can rent out. If I did pay cash, I'd be so pissed off at resale values now.
Sorry but paying interest on a depreciating item like a car or t.v. is not for me.
A:
Originally Posted by 911EATER
Ditto. I won't put $20K into a depreciating item much less $50K. When $20K would have be a down payment for another house that I can rent out. If I did pay cash, I'd be so pissed off at resale values now.
Sorry but paying interest on a depreciating item like a car or t.v. is not for me.
Sorry, you lost me. You said you won't put 20K or 50K into a depreciating item, so that means you will be financing the majority of it, correct? If this is the case, then you ARE paying interest on it??? I apologize if I missed the point, I am slow sometimes. What you wrote just seemed like a contradiction to me, but may have been a typo on your part.
Edit: Oh wait, I think I get it. The top part of your statement was a quote of Allan Gibbs and you did not show this. The bottome part is your response to his quote, you don't agree with him. I thought you wrote all of that. I think you need the quotes to clarify it for mentally chanllenged people such as myself!
A:
Threw me off too. I fixed it.
I don't understand the thing about declining value having anything to do with how you paid for the car. If I financed $50K or paid cash, it has the same effect, no?
I should note that for me, the depreciation on the car seems in line with what one would normally expect, and has zero impact on me until the point I sell it, which is not soon... so I really do not care.
A:
Yes, but if you look at the big picture - money lost in interest on a depreciating asset vs. money made for rental income plus long term value when I sell a house, it makes sense. I make far, far money using $25K toward a house than I'd loose financing $50K at 4.25% interest. Now, if we're talking something like 10%, then that's a different story.
Bottom line, you evaluate your options, consider the opportunity costs, and decide if you pull the trigger or not.
A:
I paid cash!!! Why don't we just post incomes or p_nis sizes? or Both? Was it the kind of question that usually comes from a young man or woman? Probably. Would everyone like to be able to pay cash for everything? Yes!
If the young man wants to buy a Lotus he is tribe. Yes? Be kind.
Mark
A:
Not everyone would choose to pay cash, there are other factors at work. As Allan Gibbs said, it depends on your situation.
There is no inherent superiority in either method, as there is in Penis sizes or incomes. One can be well endowed in both areas and pay cash... or finance. It is more about a choice. Some of us (such as myself) paid cash, but ate Ramen to do it.
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I'm poor, have a small penis, and even smaller income, I financed my elise!! yea~~
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It is the rare car (boat or any other "toy") that is a good investment. These are purchases of the heart. You are going to lose money. If you can afford the loss, go for it. If not, run the other way. Keep it fun.
Mark
A:
filetitan, it all depends on your situation. Personally my thinking is along the same line as Allan Gibbs. If you can make more profit on your money to offset the interest rate, finance as much as you can and put the cash to work for you.
On the other hand, if you don't have much cash on hand and are a payment shopper...it may limit your options. However, to pick up a used Elise or an '05 or maybe a deal on an '06, you won't be too far off the cost of a brand new 350Z. I doubt you will get anywhere near your 369 a month payment though.
I could have leased a Gallardo for less than what I'm paying for the Exige, but I'm not a fan of leases, and the finance terms on the Exige work for me. (and my credit wasn't so great so I'm paying I think a 7.5% rate).
A:
Originally Posted by imoz
I could have leased a Gallardo for less than what I'm paying for the Exige
How is that possible?