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Automotive News & Views Chronic Car Buyers Anonymous
15245 messages, Last post on Nov 26, 2009 at 8:52 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: sandman_6472 (Aug 11, 2009 1:38 pm) I looked at the G6 before I got it and if Pontiac had optioned the 4 cylinder with the nicer interiors I would have bought it. I could have saved $2500 too. My first car loan was in 1985 on a 1980 Prelude. Interest was a low low 12% for 3 years and still needed a co-signer. $77 a month is a phone bill now. |
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Replying to: guss (Aug 11, 2009 6:22 pm) Doesn't sound like a lot.. but, I was making minimum wage at the time.. $2.30/hr
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Replying to: kyfdx (Aug 12, 2009 3:00 am) My first auto loan was a bit unconventional ... for years, my parents deposited money into a savings account in my name at the local credit union. When I was a senior in high school (1982), I bought a '79 Pontiac Sunbird for $3850 and "borrowed" the money from the account (sort of like a 401(k) loan). I don't remember the interest rate - if there was one - but the payments were around $120 a month. Like ky, I was working a minimum wage job in a shoe store .. I think by that time it was up to $5.25/hr. A year later, I moved to Phoenix to start college, so I "paid off" the loan by simply decreasing the savings amount balance. |
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Replying to: kyfdx (Aug 12, 2009 3:00 am)
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Replying to: fintail (Aug 12, 2009 6:32 am) The first new one was in 79 for a VW Rabbit that for me didn't live through the loan. $134. |
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My Mom's first car loan wasn't until 1986, when she bought a new Monte Carlo. I forget how much she put down, but I remember the payment was $282 per month for 48 months. GM was offering special low-rate financing, something like 2.9%. That $282 doesn't really sound much cheaper than the $347 I was paying for my Intrepid, 14 years later. But it took me 5 years to pay off the Intrepid, versus the 4 year loan for that Monte. If I'd done a 4 year loan, I'm sure my payment would've been more like $430-450.
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Replying to: andre1969 (Aug 12, 2009 7:34 am) Unlike the Rabbit is survived the loan but not by much. |
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The highest payment I've ever had for myself (wife's was the aforementioned $525) was $425 for my preowned S70 T5. Interestingly enough (to me, at least), is that it is the only car I've ever made payments on that I kept beyond making payments. All others I've traded while still mid-loan/lease.
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Replying to: qbrozen (Aug 12, 2009 8:08 am)  I'm the opposite. That Rabbit was the only time I bailed before the loan was out. |
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to paying off only the second car that has ever made it through the loan with me. Way back around Christmas 2005 I bought the Echo because I had only my truck, with its horrible gas mileage, and post-Katrina gas prices had remained super-high. I put it on a four-year loan, never expecting to keep it more than a year or two, and instead we all know how gas prices have been, and I decided to keep it. It is now only about five months until the thing is completely paid off. What with it being this close, I guess I will just keep it. It is a good hedge against high gas prices. Payment is only $180, last payment is January. The entire time I have had that loan, I have ALSO had a loan on a new car, 3 different ones during the period in fact! I am a car junkie. Funny thing: the amount of money I saved on gas driving the Echo while I had the truck equalled that $180 car payment. Yes, I drive close to 2000 miles a month.....
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