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:

1700 a month = 20,400 a year. The car is worth more than you make in a year, I don't think that you can afford this car just yet with your current job. Why not save a little, find a higher paying job down the line and then get the Z?

Start small and work your way up. Looks like you already have a Mazda according to your profile, I say drive that around for a few more years, enjoy it some more, then start looking at the Z.

As a assistant manager at a used car lot I get a lot of young people trying to buy a car, now don't know where you stayed by ? But here in Chicago if your 20 and no credit 1 the APR is no less then 17% and some finance co will specifically tell the manager don't sell them sports cars just for the simple reason that we as males and sports cars are trouble. Again some not all. Now in my point of view I agree with most of this guys I mean your 20 I don't know if school is a priority for you or not ? Or you have that cover? Or you just don't like school don't know ? Now a car and specially one of these is high maintenance just like a real pretty girl lol

Now my situation I'm 25 like the 350z since it came out when I was 18 or 19 don't really remember but I knew I couldn't afford it then and I was making 2500 a month so I had little beaters here and there nothing really special I finish school a yr ago had all my debts paid and making 65 a yr now so I seen the car since 09 but decided to wait until last yr that I had 25000 to put down on a 35000 car so that whatever happen in the future I had it cover my car payment is 300 a month and why did I give so much down bc I knew INS was going to be the second issue my INS a month me 25 and some tickets farmers 250 a month so now I'm at 550 plus gas plus going out and all other stuff so really think about it bc is a big decision.

As a financial advice don't get it unless you have a yr of payments in ur savings account for whatever happens bc jobs are not secured in the states unless ur family owns the co then it's another story.

Oh and almost forgot let's say you end up getting it and once you go to the meets you are decently going to want to mod it and do all this stuff to it and you won't have enough just an exhaust system that's really nice will run u what you make in a month so think about it.

And good luck

You definetely did not go to school for English and grammar. At least put a little more effort into writing a response. That took me a second to process.

Your totally right, excuse my grammar and my English was not my first language.

Hmm im in almost the same situation as the OP. Im 21, no expenses other then gas, make about 1700~2000 a month, no gf, dont go out a lot, but i believe i have built some credits since ive been using my credit card since 08(used about 4~500 a month and have never missed my payments). Well i have saved up about 15grand and looking forward to buy it hopefully in december or so with about 10g down payment. Like OP, i did all my math and i think i could afford it while still saving money. Im going to try to finance new z first and if it doesnt work, im going to go with used z. I had few chance of my parents buy me a car but my brother wouldnt let me get my car(had like 4 cars which 2 of them was totaled). Anyways, thx for reading my post and i apologize for the long post and messy write up. English is my second language hehe

Shiit if ur living with ur mom still, dont have to pay rent and only paying for gas and a phone bill (lets do the math 25,800/60 months (lets just say you take a 60 month loan aka finance the whole amount= around $430 a month. 1700-(gas)(phone bill) estimate 1700-(300)(150)=1250-(taking your gf out)=1250-(200)=$1050) then you are still going to have close to a 1000 dollars left so minus the payment around you will have 600 left. Then maintenance and other miscellaneous fees will come up, so with that you are pretty much at the end of your monthly income. Its a close one, mathematically you can afford it, however, realistically I would wait. :tup:

I dont understand whats so shame about living with parents lol. Well im not an american so i guess its cultural thing for me. Anyways, for me, im currently paying 400 for my dads car which i use right now Plus 250 for my laptop (but its paid off right now) and 80 bucks for gym. I also pay all the maintenance myself. So i make 1700~2000 a month - 400 - 80 - 400(allowence for myself) - 300(gas, i usually fill up once in a week) = about 500~700 left to save up. well if im able to finance and my monthly payment came out to be 600, id have 300~500 to save up. Well atleast ive been saving up for my car and would have about 20k in december and im thinking about putting down 10k~15k so i have some money just in case i need them

Too much for you OP. Get a more secure higher paying job first and stuff like this will come later. Five years is a long time. Don't put your finance in jeopardy for a car you can barely afford. Stuff get's expensive and you will no doubt want to buy mods along the way.