Need some help for the future
 

Hey whats up guys, i'm looking to buy a 2009 370z with the sport package in about the next 4 months. right now the cheapest one I could settle for is going for $25,800. Does anyone think its possible to talk down the price another 1,000 or 2??? (just curious)

1. I don't have any credit.
2. I don't have a co-signer.
3. What would be the best way to make my monthly payments anywhere from 380+ to 450
4. How large would my down payment have to be? i have $5739 right now how much more should I save?

So in all what would be the best way to go about all this??? Thanks for the help!

I would suggest against a 370z. With no credit and no co-signer you should be looking for a car in the $15k range. You're probably going to end up paying 10% interest. I am making the assumption that you're young and probably not making a huge salary so forgive me if I'm wrong. If you choose a 370z, I expect it to look something like this...

370z: $25000
Tax: 8%
Interest: 10%
Down payment: $5000
Loan terms: 60 months at $467.43 per month or 72 Months at $407.57 per month
Insurance: $150 / Month minimum

Also, keep in mind that things like tires are not cheap on this car. If you DD the car you will need tires at least every two years and they will be $1200 or so.

Again, I have made some assumptions with this post but take a look and make sure you know what you're getting into. I'd hate to see you get a 370z and have to give it up.

ehh im not sure if 1700 a month would cut it, Sure you can afford it if you have no other expenses like food and you dont go out. Gas will surely add up and so will everything else i.e tires. Just my 2 cents, hope everything works out.

Yeah, $1700/mo is not going to get you a Z unless you have no other expenses OR never go out. I was recently in a similar position (Crashed my S13, needed a car, and thought about financing something decently nice), but I thought of it like this...

Why finance a car that you want to show off and enjoy driving... If you can't afford to take it for a cruise or go to the bar to show it off to your friends?

Maybe the cost of living in FL is really low, but here in AZ... No way would $1700 be enough to have a $400 car payment and still live somewhat comfortably. Also, if you're young with no credit and no co-signer, I'm assuming you'll be on your own insurance? Most finance companies want full coverage insurance. A young male with a sports car and no credit... Have fun with $200+ month insurance rates. In AZ, it'd be probably $300+ :(

I'm not trying to crush your dreams of owning a Z, but the idea of another young person getting buried in debt makes me sad, honestly. I'm proud to say that the ONLY debt I have is a personal loan that will be paid off on September 1st :) After that, it's time to start building my credit.

yeah i agree with everyone else. don't shoot yourself in the foot. yeah, you probably could afford it and it might end up ok, but maybe you would be better off getting a 350z and saving 10k+? then maybe in 2-3 years you can go for the upgrade. its better to wait and be 100% comfortable.

My advice would be having to start low and work your way up. I'm 25. Graduated from college 2 years ago and have settled as an Officer in the Army. I started out landscaping in high school where I bought my first car, 95 Eclipse GST for 5,000$. Then I sold that, had some money and bought an RSX-S for 17,000$. Now, I'm a little older and I'm deployed. I'm saving a lot and making good tax free money over here I'm going to treat myself to 35-40k dollar Z. Although this will probably be the first car I'm going to have to take a loan out, i'll be putting down 25,000$ and making payments to own it. On top of payments you have to keep in mind rent (if you're living on your own), food, going out $, gf (if you have one), phone bills and other loans. I'm not quite sure if i made 1700$ a month I could afford a Z, but I'm making roughly 4,000$ a month back in the states so I shouldn't have a problem buying a Z and making payments. Back to your situation. My advice would be to buy something not so expensive then wait a few years to make a Z purchase. I'd rather wait for something I really want then to spend all my money and never be able to enjoy it because I have no money. Just my 2 cents as well!

Gross $1700? Bring home? Either way no where near enough to live comfortably with this car. Think before you jump in to a horrible investment (ie. a car...)

So what im hearing is that, if I want this car I need to be only paying for gas, insurance, and car payments, lower the things I wanna do with the girl and stop buying snacks and drinks here and there???
how much does gas cost you guys and how often do you need to refill on the 370?

My mom did agree to be my co-signer, so that the interest rate would be much lower since she has perfect credit. BUT she did say she's gonna beat my AZZ if i put her in the hole!!! lol

*Its really bad *** that you guys actually are or at least act concern for the younger crowd though much respect!!!!

how much does the 370 cost to afford each year...... ruffly

And not to sound like im fighting back for my dream car or anything but I don't pay for anything besides gas in my current car and my phone bill and then taking my girl out twice a month (I know I know im lame but she understands im saving money) so really in all, after me doing the monthly and yearly math it all seems affordable.
Im just really trying to get a understanding why I could afford this car.

*once again thanks big time for all the advice!!!

Without trying to sound like a jerk, I also think you're letting your want for the car overpower your practicality. The reality is that even if right now in this instant you can afford the car, you NEVER know what is going to come up in the future. Maybe you suddenly break your leg - do you have medical insurance or would you pay out of pocket? Can you afford the deductible and physical therapy and all equipment and surgery and medication charges and still make your car payment? What about going to the movies, groceries, rent + utilities, car maintenance (premium gas, full coverage insurance, tires, oil, washing, etc. etc.), that trip to get ice cream one night, the band you just HAVE to see while they're in town, the unexpected charges? You simply can't plan for all that and unless you start making twice what you make now (or have a reasonably big savings built up) those things will catch up to you fast and suddenly you will feel suffocated by your car payments and unable to live without constantly worrying about your financial situation.

As much as you want the car, owning a car like this requires a certain level of planning and responsibility and it sounds like you haven't thought it all through yet.

your 20? kinda sound like your 16.

Could be worse, you could be looking at a new Camaro. ;)
Your young, naive and wAnt to have fun. buy the car. You will learn a good lesson in economics and find out your priorities in a hurry.

i completely agree with this statement! :tup: