I'm currently interested in buying a new car, which would be my first car that I've bought myself. I had planned to wait a few months (middle of Feb. '08) before I purchased one so I would have a bigger down payment (tax return, christmas bonus, etc.)
However, a notable car company is having a year end model clearance sale now until the end of Aug. I'm interested in the 0% APR they are offering for qualified buyers.
My credit is good for my age (I'm 29), but I do plan on moving in a month to be closer to my job (which I've been with the company for over 2 and a half years).
I will also be trading in my piece of crap car.
Should I wait or buy now?
2007-07-01 15:20:04 · 10 answers · asked by collegeboy2178 3 in Cars & Transportation ➔ Buying & Selling
Well if you qualify for the 0% interest I would say go on and do it. However, ask them how long they are having this promotion. Where I live Dodge/Chrysler has had it for 6 + months. It is always better to save money and have a larger down payment!
On a loan that is 7 % interest for 60 months $1000 is a difference of $20/month on your payment.
On a loan that is 0 % interest for 60 months $1000 is a difference of $16/month on your payment.
A $25,000 car loan for 60 months at 7% would be a car payment of $495.
A $25,000 car loan for 60 months at 0% be 416.
A $25,000 car loan for 60 months at 0% and you put $3000 down would be $366.
So if you could save money and then get the 0% interest that would be the best. However, if the promotion ends soon it would be worth getting the 0% now.
Good luck!
2007-07-01 15:29:00 · answer #1 · answered by Samantha 3 · 0⤊ 0⤋
As a former car salesmen I can tell you that the best time to purchase a car is during the months of August-November. The reason for that is because during those months that's when dealerships offer the best deals on certain models, also they need make room for next year's models. So, if you wait until Feb. '08 most likely you won't get a much better deal then if you were to buy it in the upcoming months. Good luck!
2007-07-01 15:25:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Wait until at least October to buy a car. Summer is when most car sales occur and dealers do not haggle with you much. Also, in the fall dealers get the new year models in so they want to move the current year cars fast.
So, go into a dealer on a very gloomy, rainy, and cold day in October or November to deal on a car. Don't fall in love with any car so you can be ready to walk out if they are unreasonable with you and want you to buy options you do not want or pay hidden fees that are only brought up when you are signing a contract.
2007-07-01 15:26:04 · answer #3 · answered by AH 3 · 0⤊ 0⤋
The end of December is the best time to buy a car. At least that's what I've been told. Plus, you will be buying a 2008 instead of an 07. That's when I've bought both my new cars and ended up with good deals. They are going to get there cut one way or another but meeting quotas and holiday distractions make car dealers a little softer in December.
2007-07-01 15:27:34 · answer #4 · answered by Max 7 · 0⤊ 1⤋
I recommend you do research on Edmunds.com before walking onto any car lot. Especially since you plan to trade in your vehicle. Tons of useful information on this site.
Don't be drawn in by the 0% financing .... car dealers do this all the time. Do your homework and save some money over the next couple of months. As long as your car is running to get you to work, no need to rush this major purchase.
2007-07-01 15:31:47 · answer #5 · answered by BuckeyeGal57 2 · 0⤊ 0⤋
1)you said your investing in a new car. that is wrong...because a new car is not an investment. It will slowly lose its value, like any other car.
2) you seem like your a person who has worked hard and now finally wants to get rid of his crappy car and get a nice one that complements his or her new job. my opinion is get a NICE used car (under 20,000) dollars. I just bought a used es300 lexus that is dealer certified and still under warranty.
I bought it in cash. I dont have to worry about HIGH INSURANCE for a new car and I dont have to worry about car payments. one of the biggest mistakes young professionals make is getting stuck with new expensive cars. buy a NEW car when your settled down at your job. and you've made your BIGGEST real investment. A HOUSE OR CONDO. which can make money. btw my 15,000 dollar lexus turns way more heads than brand new grand prix's, cavalier's etc.. and nobody knows it's used because it looks clean. and that's all that matters.
2007-07-01 15:29:10 · answer #6 · answered by The Source 1 · 0⤊ 0⤋
If you saved this long, and you think you are entitled to a car then go for it, but look everything over you are putting your hard earned money down.
2007-07-01 15:29:12 · answer #7 · answered by ? 3 · 0⤊ 0⤋
If you dont like what you have now and you have money for a new car, go ahead.
2007-07-01 15:22:14 · answer #8 · answered by lacey s 1 · 0⤊ 0⤋
i beleave you should wait becauce there is always going to be a sale on
2007-07-01 15:25:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
What model / trim ?
2007-07-01 15:28:54 · answer #10 · answered by Anonymous · 0⤊ 1⤋