I have 5,000 dollars to put down on a car. I want a luxury car without the price. I can affrod a $600.00 note?

Question

I have three kids ages 4,5,7. I don't drive more than 12,000 miles a year.

Answer 1

God Bless you...


Consider a lease. With $5000 down, you should easily be able to hit your payment range, and you can get a seriously nice car for that money. Check out a Cadillac STS--on or above par with the imports for quality and reliability, and the money stays here.

One word to suggest to you...if you can get to your payment w/out putting all that money down on a lease, only use what you have to. Down payment on a lease is just buying payments...and you will not get that equity back when it is time for a new lease.

A lease is the smart way to go for you because you will only pay for the amount of the car that you use. You will be under warranty the entire time--Cadillac has 4yr/50K bumper to bumper and 5yr/100k powertrain, as well as one year free OnStar (SAFETY) and hands free navigation--none of the others out there have that at ANY cost!!! At the end of your lease, you either buy it for the guaranteed price, or you walk away and get into a new lease. No way to lose!

Good Luck!!

Answer 2

You won't be able to get a luxury car for that amount. And, I would NEVER go into a dealership with the idea of a payment in mind. Know your costs. $600 is about $30,000. Target that price. Assume the $5000 to cover taxes and a last minute option. Know what you can get for an interest rate. Call your bank or credit union to find out the going rate and see if the dealer can beat it.

If you go in with a payment in mind, you will get a balloon loan or a bad lease. The amount you pay will be much higher in the long term than a normal 60 month loan.

While $30,000 won't buy a luxury car, it will by a decent BMW 3 series, a Mercedes C class (the 2007 models should be cheap since the 2008s are showing up), a G class Infinity, or the ES from Lexus. All are fine cars in the near luxury category.

Check out Edmund's for rebates and specials that might be going on in your area.

Of course, you could consider a used one too.

Answer 3

Thats a pretty good down payment, and for kids of that age you won't need car seats. I've driven the Kia Amanti and the Hyundai Azara, both cars new are around 24k, minus your 5k and a few dealer rebates, your good to go. They are both really good cars, peppy v6's that get decent gas mileage, and are roomy. If your looking for another brand or two...chevy's impala dodges 300 series is nice, toyota avalon, or even the lincoln town car. These are all nice cars between 20-25k, keeping your car note below that price. I'd recommend getting a babysitter and going shopping in the papers during the week or on www.cars.com or www.autotrader.com look around localy and on a weekend or a day after work, try out a few of them, see which one fits you best.

Answer 4

Stacy the $600 a month has got nothing to do with the down payment. Ask your self with three kids can you afford to spend $600 a month for a car??? Plus gas--oil---tires and repairs...Increased insurance premums ???$1500--$2200??? a year... If the answer is no I really can't afford that... It is the same for thousands of other fanilies. They need things other than a car payment... Stacy unless your rich??? put the 5G back in the bank and drive what you have been driving...

Answer 5

Sounds like you need a minivan for the three kids and their stuff. The Honda Odyssey is the most popular. The high-end Touring model has every luxury feature you would want. Honda is renown for reliability, value, and quality. Any other vehicle is second-class, regardless of the price and luxury status.

Answer 6

If you must have a luxury brand try like a 2004 Lexus Rx330, You can get one under 30,000. If you dont need a luxury brand try a hyundai santa fe limited. It has luxury features, a lot of space, and a great warranty

Answer 7

You can lease a highline car. With only 5000 down and 600 per month that's a 41000 car and then you'll have to add taxes and interest, so you are probably looking at a 30000 car for 600 per month.

A 30000 car will be 560 with 8.5 tax. for 60 months with 7.9 apr.

There are no luxury cars for that kind of money. Unless you consider a loaded honda or toyota luxury.

Answer 8

Buy a good car for 6k or 7k, pay it cash and save the rest of the money in a CD account with good interest.

In some years you will have a lot of money and you will be able to buy any car you like. And even send the kids to college.

Answer 9

You'll be able to lease a very nice car with $5k down and $600 a month... look into an Acura TL.

http://www.acura.com/index.aspx?initPath=TL

Answer 10

What about a mid sized lexus suv? Status car and family car in one.