Soon to be (young) 128i owner!

[gtaday51]

Originally Posted by fastbutcurious

If I get a part time job I'll be making around $580 a month.
The 128i setup I'm choosing will cost $33490 with %9 tax and the $2G off i could get at my local dealer.
If I put down $15,000 I'll have $18,490 remaining to pay. Divide that by sixty months and I'll be paying $308 a month. Plus maybe $80 on gas a month (I'm gonna be driving to school and going places to eat, plus a few trips in the summer), and $120 for insurance on the Civic, I did a ballpark estimate on allstate.com (Putting your name under the cheapest car works. My friend's parents did that for his sister and my dad said you could do it, too). Leaves me with $72 a month to spend on food or a shirt. Working fulltime in the summer will cover me later I'm jobless for one or two months.

So please tell me I haven't thought this through/ I'm thick headed.

This just got to me. What did you do get the bare minimum policy? You need more than that if you wreak your brand new car.

[Jimmydean]

Originally Posted by fastbutcurious

If I get a part time job I'll be making around $580 a month.
The 128i setup I'm choosing will cost $33490 with %9 tax and the $2G off i could get at my local dealer.
If I put down $15,000 I'll have $18,490 remaining to pay. Divide that by sixty months and I'll be paying $308 a month. Plus maybe $80 on gas a month (I'm gonna be driving to school and going places to eat, plus a few trips in the summer), and $120 for insurance on the Civic, I did a ballpark estimate on allstate.com (Putting your name under the cheapest car works. My friend's parents did that for his sister and my dad said you could do it, too). Leaves me with $72 a month to spend on food or a shirt. Working fulltime in the summer will cover me later I'm jobless for one or two months.

So please tell me I haven't thought this through/ I'm thick headed.

You haven't thought this through.

There is a thing called "interest". When you get a loan, the bank makes you pay interest on the amount you still own them - it's how they make money. They don't just give you $18,490. Assuming you get a 6% rate (which is very generous for a kid without a job), you will be paying about $360 a month, bucko. Basic loan amortization - look that up.

Now add on your $200 gas & insurance. Thats $560. You have $20 for anything extra. Congrats. Enjoy the next 5 years of being broke but posing like you are rich in your new car.

Now if you get a girlfriend - which I'm sure you will, right? Because all you need is a nice car, right? LOL. $20 is barely enough to take her out once a month.

I'm spoiled because i received a gift I would never dare ask for?
nope.
I'm spoiled because I want to know exactly how much it will be to own a car on my own if i get a job?
no, that just means you are curious.
I'm spoiled just because I want a new car, because I got money given to me to buy a car? Spoiled, spoiled, spoiled.
Yup.

Now if you use the money to buy a beater and put the rest away for a rainy day, you are smart, and fortunate. We would applaud you.

[fastbutcurious]

Originally Posted by Jimmydean

You haven't thought this through.
There is a thing called "interest". When you get a loan, the bank makes you pay interest on the amount you still own them - it's how they make money. They don't just give you $18,490. Assuming you get a 6% rate (which is very generous for a kid without a job), you will be paying about $360 a month, bucko. Basic loan amortization - look that up.

Where did you get $360 from. Adding 6% to $308 is $326.

So $54. Hey that's pretty good. But if it's that much I'll get an Accord. Or a 128i without the navigation.

Now tell me exactly what's wrong with the navigation system and I'm done here.
I'll be sure to post pictures here of my car when i get it

[TMc135]

I LOVE my 135 but even now (in my mid-30's) I am tempted to sell it in a couple of years and get an older E36 M3 that I can pay for in full, learn to tinker with it, not worry about the warranty (which goes both ways of course), save gas and not worry about the slightest scratch and still have a kick-ass car that will perform outstanding on any track and be fun to drive.

Just a few thoughts. Best of luck.

[MOCKBA]

Why do you think this young gentleman is going to wreack his car? Younger drivers are much better, then older ones. I feel much safer in my friend's car when it is driven by his 16 years old daughter than when her 45 years old father gets behind of the wheel.

[Jimmydean]

Originally Posted by fastbutcurious

Where did you get $360 from. Adding 6% to $308 is $326.

So $54. Hey that's pretty good. But if it's that much I'll get an Accord. Or a 128i without the navigation.

Now tell me exactly what's wrong with the navigation system and I'm done here.
I'll be sure to post pictures here of my car when i get it

It's not 6% on each payment dude. It's 6% on the money you still owe. I don't have the energy to explain the "time value of money" to you or how amortization works on this forum. Google "loan amortization" or "amortization calculator". If you don't know how loan amortization works you shouldn't be financing anything!!!!

Navigation system - I'm pretty sure you can get a Garmin or something for like $150 bucks right?

Oh and have you found a job yet to pay for all this?

Also, talk to anyone who worked their ass off during college - they'll tell you they would much rather have already had that money set aside and been able to enjoy themselves more. College is a once in a lifetime deal and you can't go back. Wasting it working as a slave to your car payments is a horrible thing to do.

I'm also guessing after a year or two you will see some other new car you like more, and curse yourself for spending your big $15k on the 1-series.

[BForbes]

Originally Posted by Jimmydean

College is a once in a lifetime deal and you can't go back. Wasting it working as a slave to your car payments is a horrible thing to do.

Words cant describe how true this is.

[mkvigli]

Originally Posted by fastbutcurious

You call me spoiled like I asked my grandmother for the money. She just called me and suprised me one day.

I'm spoiled because i received a gift I would never dare ask for?
I'm spoiled because I want to know exactly how much it will be to own a car on my own if i get a job?
I'm spoiled just because I want a new car, because I got money given to me to buy a car? Spoiled, spoiled, spoiled.
That's all you people could say. The fact is you people are jealous because you never got to own a new car when you were my age. I guarantee you, if any other kid like terin were given $15,000 and were told it was for a new car, they would get themselves a god damned car.

And FYI my grandmother knows N0THING about cars. Why would she care if i get a new or used car? It's all the same to her.

Alright, buddy.

I found this post legitimate to begin with. This has turned into trash. I even gave you a reply on page two with my suggestions. I didn't call you spoiled, and I didn't imply it. I kindly gave you my advice. I posted again on page seven, suggesting that you ask your grandmother what you should do with the money. It was honest advice. I still didn't call you spoiled.

Then you come and accuse me of being rude to you and calling you spoiled? Normally I would just leave it at that, but it slightly upsets me for some reason or another than you think I'm being rude to you. My intentions were to give you some friendly advice, because you asked for it. You put words into my mouth.

If I offended you, I apologize. I absolutely think that you should buy a car with the money given to you, most definitely! But you asked what kind of car you think you should get, and I thought I would make a suggestion. I didn't suggest that you shouldn't get the BMW of your dreams, or that you should get a "beater." I just thought that maybe you should talk to your grandma about it since it was her money, to see what she says.

And don't tell me what I would have done and would not have done, because, guess what? You're wrong. I love my car, and I wouldn't trade it for anything. Not at this point in my life.

Sorry again if I offended you. Good luck in your decisions!

-Terin

[fastbutcurious]

Originally Posted by terin5124

Alright, buddy.

I found this post legitimate to begin with. This has turned into trash. I even gave you a reply on page two with my suggestions. I didn't call you spoiled, and I didn't imply it. I kindly gave you my advice. I posted again on page seven, suggesting that you ask your grandmother what you should do with the money. It was honest advice. I still didn't call you spoiled.

Then you come and accuse me of being rude to you and calling you spoiled? Normally I would just leave it at that, but it slightly upsets me for some reason or another than you think I'm being rude to you. My intentions were to give you some friendly advice, because you asked for it.

If I offended you, I apologize. I absolutely think that you should buy a car with the money given to you, most definitely! But you asked what kind of car you think you should get, and I thought I would make a suggestion. I didn't suggest that you shouldn't get the BMW of your dreams, or that you should get a "beater." I just thought that maybe you should talk to your grandma about it since it was her money, to see what she says.

And don't tell me what I would have done and would not have done, because, guess what? You're wrong. I love my car, and I wouldn't trade it for anything. Not at this point in my life.

Sorry again if I offended you. Good luck in your decisions!

-Terin

I have to thank you and apologize.

Maybe that's just how I was raised. But hey, I'm 16, too. I think I spoiled myself when I saved my money and bought my '04 Civic with 80,000 miles.

That kind of sounded like an insult, and i was frustrated at the time.
But think about it. If you had $15,000 back then, you would still get the car you have?

And Jimmydean, I found out what auto amortization is. I could get the 128i without navigation for $313 a month, but screw it. Here's what i've set my sights on now:

2009 Accord Sedan EX-L with Honda Satellite-Linked Navigation System™
Rear View Camera — Navi Only

My dad got his Accord for $4G lower when he bought it
For this I'll be paying $252 a month with amortization.

This will leave me $128 left over each month.

[mkvigli]

Originally Posted by fastbutcurious

I have to thank you and apologize.



That kind of sounded like an insult, and i was frustrated at the time.
But think about it. If you had $15,000 back then, you would still get the car you have?

And Jimmydean, I found out what auto mortification is. I could get the 128i without navigation for $313 a month, but screw it. Here's what i've set my sights on now:

2009 Accord Sedan EX-L with Honda Satellite-Linked Navigation System™
Rear View Camera — Navi Only
For this I'll be paying $252 a month with mortification.

This will leave me $128 left over each month.

Thanks.

Okay... so let me think. IfI was given $15,000 by my grandma, and told it was to "buy a car" (assuming I had no money previously saved) I would...

Definitely talk to my parents and grandma first, as they're the wisest and know my situation best. Probably buy the exact same car, but a few years newer, for maybe $12,000. It would still be used, because a new car for that low of a price isn't much of a car.

I'm not sure what it's like in the area where you live, but here in Louisiana, my Civic isn't a beater at all, it's actually really nice. The nicest cars in the parking lot at my large school would be an '04 328Ci and a brand new Accord Coupe, owned by the girl whose dad owns the local grocery store. That's really it, though.

Anyway, afterwards, I would tell my grandma that I didn't use all of the money on a car, and ask her if she wanted the rest back. She would likely say no, and I would just deposit it into my bank account and spend/save it normally.

Most importantly, I absolutely would NOT want any type of monthly note, and I know that my parents and grandma would not allow that anyway. I'd like to be able to have the freedom to have a job, not have a job, and use my money however I'd like rather than put it towards a car note, especially if I didn't have to.

-Terin

[silversh]

Interest applies to all the money you still owe, compounded continuously all the way until the end of the loan term. $33000 vehicle price, down payment $15K, estimated sales tax and registration/title 10%, 60-month term with 5.9% interest... Monthly payment: $410.79. (you can find this by going to any auto loan calculator)

12,000 miles per year / 12 months / 20 mpg * $3.00/gal (most likely a huge underestimate over the life of your loan) = $150 gas per month.

Add in some miscellaneous stuff and the cost of tires that you're wearing out, and you're easily at $600/month before insurance and before any non-warranty/standard maintenance costs.

But hey, if that's you want to commit to for the next 5 years of your life, I suppose that's between you and your parents (who will have to apply for the loan for you). Just keep in mind that in the next 5 years of growth in your life, you might actually get a different idea about what you want(ed).

And hey, who said anything about going to Paris? How about some extra time and cash just to go on some road trips with your buddies in that shiny new car?

[mkvigli]

Also, a lot of the people here seem to find that there is two options when buying a car:

-A beater.
-A brand new, shiny car.

I don't think that's the case at all. Someone referred to my car as a beater, but I don't think it is at all! I have a five-year-old Civic that I bought a few months ago, and it's in mint condition! Great paint job, no wrecks or dents, and I keep it clean and stock. People think it's new.

[JasonCSU]

Originally Posted by Jimmydean

Also, talk to anyone who worked their ass off during college - they'll tell you they would much rather have already had that money set aside and been able to enjoy themselves more. College is a once in a lifetime deal and you can't go back. Wasting it working as a slave to your car payments is a horrible thing to do.

So true. I was spending about $200 a month on a used 7 year old Integra when I was a freshman in college. It was amazing how far that extra $200 went each month when the car was paid off.

[fastbutcurious]

Damn this thread is too big for anyone to bother to look at now.
I estimated my payments on the BMW site for a 128i with navigation and ipod adapter
I put $17,000 down,(Because I'll lower it at the dealer), and with a 6% rate it said it'll be $304 a month. I added 9% to that and it's $331 a month.

Is this information accurate or correct?

[AtomiK]

Originally Posted by fastbutcurious

Damn this thread is too big for anyone to bother to look at now.
I estimated my payments on the BMW site for a 128i with navigation and ipod interface
I put $17,000 down,(Because I'll lower it at the dealer), and with a 6% rate it said it'll be $304 a month. I added 9% to that and it's $323 a month.

Is this information accurate or correct?

It is about right.

[fastbutcurious]

Originally Posted by AtomiK

It is about right.

Sweet so the auto loan calculators don't apply to me then.

[AtomiK]

Okay, my calculation was a bit off.

I'm going to say that your car costs $36,505 with tax (33,490*1.09). If you put down 15,000 and finance at 6% for 60 months, the monthly payment will be $377.09.

[fastbutcurious]

Originally Posted by AtomiK

Okay, my calculation was a bit off.

I'm going to say that your car costs $36,505 with tax (33,490*1.09). If you put down 15,000 and finance at 6% for 60 months, the monthly payment will be $377.09.

Don't forget i could lower it $2000 at my local dealer. And with my options it actually costs $32,725. Minus $2000 and that's 30,725.

[AtomiK]

Okay, your payment will be around the same. I actually put down $17,000 for your down payment in my last calculation. I just put $15,000 in my post in error. The new payment is $373.61.

[silversh]

Originally Posted by fastbutcurious

Damn this thread is too big for anyone to bother to look at now.
I estimated my payments on the BMW site for a 128i with navigation and ipod adapter
I put $17,000 down,(Because I'll lower it at the dealer), and with a 6% rate it said it'll be $304 a month. I added 9% to that and it's $331 a month.

Is this information accurate or correct?

No, it is not accurate. Sales tax is not simply calculated on your monthly payment; the entire amount is added onto the cost of the car at the time of sale, and then you begin paying interest on it immediately.

Between registration/title and a 9% sales tax, you would be looking at 11% on your discounted price of $31,490, making your "real" cost $34,369, or a loan amount of $19,369 With the type of numbers you are all running, you can compute a 60 month term at 6%, giving a payment of $385.76. Again, that's before gas, insurance, or out-of-pocket maintenance costs.

Don't forget i could lower it $2000 at my local dealer. And with my options it actually costs $32,725. Minus $2000 and that's 30,725.

$369.34, as if it matters.

[fastbutcurious]

Nvm i see what you did.

[1013mm]

why do you want navi so much when you can get if for less (garmin, tomtom, etc) for like 150$?????????