Down payment

[kylenewman]

I found when i bought my new 2010 2SS RS it was actually cheaper to buy new because dealers wanted 34-36.5k for a used one with 10k on it. I purchased mine brand new for 36.5K out the door and got a better interest rate buying new then I could have gotten on a used car.

Now that the demand has died down some you may find a year old that makes it worth while to buy used.

[LYCAN]

One thing you might have to check in your state is if a minor can enter into a contractual agreement. I don't think that most banks will enter into a contract with you until you are 18 years old. You'll need a co-signer. That could actually help you if your co-signer has good credit. But, there is no set downpayment unless you lease it. Leasing terms often state a manditory downpayment and monthly fee over a given term. For example, $2999 down and $450 per month for 60 months. That is a hypothetical example. A minimum downpayment is often based upon your credit. If you are considered higher risk then the bank might require more down to reduce the overall principal. At 16 years old I couldn't imagine that you would have much of a credit history. These usually take a while to build (10 to 15 years) before you get up into the "green".

Your best bet is to goto a bank or the dealership and talk with the finance officer.

[Steve Dallas]

Originally Posted by stieger

Well played

I should have added:

Permagrin - Priceless

[TaylorRyanSS]

Originally Posted by LYCAN

At 16 years old I couldn't imagine that you would have much of a credit history. These usually take a while to build (10 to 15 years).

I am 21 and my credit is around 700. Get a credit card ASAP, use it a few times a month and pay it on time, every time.

[LYCAN]

Originally Posted by TaylorRyanSS

I am 21 and my credit is around 700. Get a credit card ASAP, use it a few times a month and pay it on time, every time.

+1

That is exactly what I did. Get a credit card ASAP and start making regular payments and building that score.

[jsharp]

I put 22k down and owe 13k my payment sits at 313 at 5.5% Paid sales tax out of pocket and since Have paid 12k cash for mods and about to spend another 6k cash. I am 24 I work 40 hours a week as my wife does as well and we do physical therapy. Be smart in life and you will get the things you want to a certain extent. Start out used! I owe 13k on mine needless to say I think the car will sale for atleast that for many years to come as I pay more and more on it. Dont get upside down if you go new which is hard without paying over 50% down.

[upflying]

Hmm, 16 and asking about a down payment on a new car? I guess things with kids are different today. When I was 16, I was elated and overjoyed to have a 36 hp 1955 VW Bug that cost $75. Besides owning a car free and clear, I received invaluable mechanical knowledge because I actually had to repair, maintain and wrench on it. Due to crappy brakes and handling, the Bug did it's best to kill me. That taught me to be a good driver. Sometimes new cars aren't life's best lessons for 16 yr olds.

[Hemlawk]

Originally Posted by kylenewman

72months with 0 down is around 620$ a month at 6.9%. 10k down would make it like 450$ a month for 72months. that's on 36.5k

Hmm that's good news then. As long as my payment is under $500, I'll be happy.

[dvargo]

Im 24 and I put down 6k for my 1ss and my payments are around $420. If you wanna ss get one because you will just regret not getting one in the future. The powers there but you dont have to use it. I was driving our corvette when I was 16, so I really feel age doesnt matter. If anything it will just show responsibility if you get the car and dont go getting speeding tickets. And if you wanna race go to the track. Also to keep insurance down have the car in your parents name and have you as the primary diver on one of your other cars.

[jshaf]

I remember wanting an Iroc-Z at your age, the payment, the insurance, the fact if you can even swing the payment probably would tap you out so much you wouldn't have money for anything else. If I were you I would go used sometime this summer, use autotrader, you would be surprised how many used gently used Camaro's are available at substantial savings if you are willing to drive an hour or so to get what you want. I found mine used in a dealership in Mckeesport Pa which is about two hours away for 2-3K less than other dealers were selling comparable ones that had as many as 5-10 K more miles on them. it had 3900 miles on it so a little more than an oil changes worth of milage; the car wasn't even broke in yet!! I think going with a V6 would be a good idea, plenty of power for your first car and the drop dead gorgious looks no matter what modal you buy!

[Gene Culley]

Originally Posted by MF2SSRS

Buy used!

I agree. I am always the guy who buys the new car and then takes the depreciation hit. I looked for about 3-4 weeks for used and a couple of weeks ago I got an IOM 2SS/RS. Car originally stickered for $38,xxx and I bought it for $30,000 with $0 down and $492.xx per month for 72 months at 3.5%.

[spurscar]

Only put $3K down (and $3K in equity on trade) on mine, but I have 5 years for 1.99% so the payment isn't real bad.

[Patfan1987]

I put down 12,000 Monthly payments is $339.XX Hope that helps. And I worked my ass off for that down payment.

[yellowlightning2009]

They wanted 10% down here on a $29,000 ls stupid newfoundland car prices