I'm paying $388.88 a month for a yaris. - Toyota Yaris Forums

regime · 07-09-2007, 06:50 AM

right now I'm paying 400 a month... to my savings account. until i have 12000 and can pay for it in cash...

one of the best money lessons you will ever learn in not to pay for finance charges on something that loses value...

your basically paying for 2 cars and getting 1, just because you had to have it now and not wait..

but if you really needed it... you got it =)

BlueLiftback · 07-09-2007, 12:58 PM

Quote:

Originally Posted by regime

right now I'm paying 400 a month... to my savings account. until i have 12000 and can pay for it in cash...

one of the best money lessons you will ever learn in not to pay for finance charges on something that loses value...

your basically paying for 2 cars and getting 1, just because you had to have it now and not wait..

but if you really needed it... you got it =)

Actually one of life's lessons should be to NEVER pay for a depreciating asset in it's entirety (i.e. pay cash for a car).

You would be far better off paying 6.5% or less on a loan, or better yet LEASING, and throwing all of your cash at an APPRECIATING asset like property.

That way, not only can you offset the cost of the financing, but usually can end up making $$$ at the same time...

Never pay cash for anything until it has fully depreciated.

adamschneider · 07-09-2007, 04:54 PM

It all depends on the rate of return on your appreciating assets. My savings account gets somewhere around 5%, and the best rate offered to me on the Yaris was somewhere around 6.5%; in this case paying cash made more sense. If they'd offered me an APR below 4%, I would have financed.

duck · 07-10-2007, 10:13 AM

Quote:

Originally Posted by BlueLiftback

Actually one of life's lessons should be to NEVER pay for a depreciating asset in it's entirety (i.e. pay cash for a car).

You would be far better off paying 6.5% or less on a loan, or better yet LEASING, and throwing all of your cash at an APPRECIATING asset like property.

That way, not only can you offset the cost of the financing, but usually can end up making $$$ at the same time...

Never pay cash for anything until it has fully depreciated.

i'm not a banker, although I do work with them, but I don't agree with what you said. a car depreciates, yes, but also can be a necessity. For most people, paying off a car sooner is better unless you get a great interest rate (under 5%). I say 5%, because I can make more than that in my savings account. You can say even 7% is a good deal because other types of loans are much higher in interest, but a car is usually for 5 years and those other loans are 15-30, so it's hard to compare the two.

swidd · 08-17-2007, 10:47 AM

$214 + $15 warranty = $228/month for 72 months. $8500 financed, $5000 down, $2000 trade-in, 18.9% APR. No credit history, and unverifiable employment (cash).

Car had 8400 miles on it, so it was a used car. $13,899.00 + tax ($970) + doc. fee ($495). Registration will be extra.

'07 hatchback with manual transmission, loaded with all extras like remote key, power package, ABS, air bags, blue neon light in the cabin, armrest, floor mats, 100,000 mile limited warranty thing.

I got it two days ago, and I drove it 179.3 miles since filling up the tank to the stop. I got 37.8 MPG on it, and that's with reving a lot (n00b driver), driving probably 70% city and stop-and-go freeway jams, 30% interstate with 80mph.

Love her already!

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07-09-2007, 06:50 AM	#1
regime Drives: 95 volvo 850 (saving my cash) Join Date: Jun 2007 Location: New London, CT Posts: 9	right now I'm paying 400 a month... to my savings account. until i have 12000 and can pay for it in cash... one of the best money lessons you will ever learn in not to pay for finance charges on something that loses value... your basically paying for 2 cars and getting 1, just because you had to have it now and not wait.. but if you really needed it... you got it =)

07-09-2007, 04:54 PM	#3
adamschneider Drives: Bayou Blue 2dr, AT Join Date: Jun 2007 Location: Portland, OR Posts: 67	It all depends on the rate of return on your appreciating assets. My savings account gets somewhere around 5%, and the best rate offered to me on the Yaris was somewhere around 6.5%; in this case paying cash made more sense. If they'd offered me an APR below 4%, I would have financed.

08-17-2007, 10:47 AM	#5
swidd Drives: Yaris HB Join Date: Jul 2007 Location: Central Alabama, GOD BLESS AMERICA Posts: 755	$214 + $15 warranty = $228/month for 72 months. $8500 financed, $5000 down, $2000 trade-in, 18.9% APR. No credit history, and unverifiable employment (cash). Car had 8400 miles on it, so it was a used car. $13,899.00 + tax ($970) + doc. fee ($495). Registration will be extra. '07 hatchback with manual transmission, loaded with all extras like remote key, power package, ABS, air bags, blue neon light in the cabin, armrest, floor mats, 100,000 mile limited warranty thing. I got it two days ago, and I drove it 179.3 miles since filling up the tank to the stop. I got 37.8 MPG on it, and that's with reving a lot (n00b driver), driving probably 70% city and stop-and-go freeway jams, 30% interstate with 80mph. Love her already!