mvigneau Posted October 29, 2004 Share Posted October 29, 2004 Well, I did one of those quotes off of the Subaru Website and got 4 different quotes but they are all pretty close. I added the Homelink/Auto Dim/Compass Mirror and Automatic Transmission as the only options in Red Garnet: 1.) $26988 + 125 Fees = $27113 2.) $27414 + 105 Fees = $27519 3.) $27564 + 125 Fees = $27689 I know...I know...those are great deals and at least $1K below invoice. The only problem is that I only have like $2000 to put down. I would like to keep my payment down to around $400 at the highest but 72 months is an awful long time! I am worried that the car's ability to last that long? I have never owned a Subaru nor has anyone in my family so I don't have any firsthand experience. I post this to all the experienced Subie owners out there. Please Be honest. Thus @ 4.9% 60 months 63 months 72 months 1.) $472.76 $452.90 $403.28 2.) $480.41 $460.22 $409.8 3.) 483.61 $463.61 $412.53 Thanks ! :) No Silent CD Aux-In Solution Link to comment Share on other sites More sharing options...
vern Posted October 29, 2004 Share Posted October 29, 2004 Have you considered a non-limited? It's still very well equiped, just no leather/roof and it would help keep you payment down. Link to comment Share on other sites More sharing options...
Mr.Atomic Posted October 29, 2004 Share Posted October 29, 2004 Good God, Those prices are about what I've been quoted for a non-Limited GT wagon here in California. I noticed from your signature that you're in New Hampshire -- I recently moved to California from Boston. It looks like that was terrible timing on my part, since dealers appear far more willing to sell below invoice back in New England. About the 72-month loan: I'm not a banker, but I don't think it's a good idea. Depending upon how the LGT depreciates, it seems like you could owe more than the car is worth for a significant portion of your loan period. Plus, even if you wanted to sell or trade the car after five years, you'd still have a goodly chunk of the loan to repay beforehand. That might be tough. But like I said, I'm strictly a civilian -- not a banker. Either way, congratulations on getting quotes below invoice on the LGT Limited, and best of luck with your decision. Link to comment Share on other sites More sharing options...
KTM 525 Posted October 30, 2004 Share Posted October 30, 2004 [quote name='Mr.Atomic']Good God, I recently moved to California from Boston. It looks like that was terrible timing on my part, since dealers appear far more willing to sell below invoice back in New England. [/QUOTE] The Red Sox also decided to win a world series:lol: Link to comment Share on other sites More sharing options...
Mr.Atomic Posted October 30, 2004 Share Posted October 30, 2004 [quote name='KTM 525']The Red Sox also decided to win a world series:lol:[/QUOTE] Please, Don't get me started on this. I live in Boston for 10 years and get nothing but heartbreak. I move to California and suddenly the Red Sox get it together. I was getting really homesick for Boston (although I grew up in NY -- never liked the Yanks -- I know, I'm a traitor) watching all the celebrations. Remember though: the Red Sox won, but you still can't get a decent slice of pizza in Boston. Man, I'd move back to NY just for that pizza. It's even more of a nightmare here in southern California -- they make it with a whole-wheat crust. Sorry for the thread hijack, but I get worked up about the Red Sox (and pizza). Link to comment Share on other sites More sharing options...
NorthernVTGT Posted October 30, 2004 Share Posted October 30, 2004 mvigneau, The car will definitely last, you can safely count on 8 years / 200k miles if you are careful, do the maintenance, keep the salt washed off, and don't mind the cosmetics fading down the road. Make sure to set aside $400 - $500 for a set of quality snow tires - the stock tires aren't gonna cut it in NH. I also agree that if cashflow is an issue, you get a whole lot of car in the basic GT. I bought a Legacy GT Ltd wagon in Montpelier, VT yesterday under invoice (GENTEX mirror / compass and rear tray only options). It's my third Subaru purchased new and by far the most refined product yet. Quick question - did you ever work in NYC as a market risk analyst? Your name looks familiar. Would be quite a coincidence. Too bad we can't get financing similar to what's on offer from GMAC. They'd give you 6 yrs 0% interest to buy one of their crapmobiles. Link to comment Share on other sites More sharing options...
mvigneau Posted October 30, 2004 Author Share Posted October 30, 2004 Nope...Never worked in NY before...Definitely a weird coincidence. I am not worried about owing more than the car is worth for awhile. If I end up getting the car I want, then I will definitely keep it till it basically dies. My current car is just not cutting it anymore and I really like the Legacy. I think that if I didn't get the fully loaded vehicle, I would be disappointed because I really like the Leather, Dual Zone Climate Control and it is only 2k more than the non-LTD. I am not even looking at the non-GT because I test drove both and would be surely disappointed with only 168HP. I know that I am expecting a lot, but I guess that is what I get. It's not that the money is tight, it is just that I can't tell the future and I am always leery about taking a long-term payment option. I always take care of my vehicles (guess that is why this 1997 Hyundai has lasted as long as it has). I went conservative with the Financing % just to get an idea. If I can get anything less than 4.9% than it works out better. No Silent CD Aux-In Solution Link to comment Share on other sites More sharing options...
BlkLegGt Posted October 30, 2004 Share Posted October 30, 2004 Shouldn't you be getting 2.9%? That's what Subie is offering if you qualify. Anywho, at 72 months, you will make your last payment in November of 2010. Hope that snaps you to attention;). And, get the GT (not the Ltd.). Really, how often will you use the moonroof? For me, the ONLY thing it does it cut into headroom WAY too much. Want fresh air? Just roll down a window! Link to comment Share on other sites More sharing options...
BlkLegGt Posted October 30, 2004 Share Posted October 30, 2004 [quote name='mvigneau'] I would be disappointed because I really like the Dual Zone Climate Control and it is only 2k more than the non-LTD.[/QUOTE] FYI: Non-Limited GT have the Dual Zone standard. Link to comment Share on other sites More sharing options...
Boostjunkie Posted October 30, 2004 Share Posted October 30, 2004 The issue is not whether or not the car will last the finance term, because it almost certainly will. The problem is how much people overextend themselves. If you have to fianance a car over 6 years to get to a payment that is managable for you, you are looking at a car that costs too much money. Period. With only $2K down, you will practically be upsidedown the second you drive off the lot and will continue to be more and more upsidedown until past midway through your payment term. This means should you need to sell the car for any reason, you will take it in the shorts bigtime. For instance, you unexpectedly have triplets and need a minivan, or more realistically you lose your job and need to sell the car as you can't afford the payments. Ok, till you realize that what you owe on the car is thousand more than you can sell it for. At that point you will either be forced to take that loss, or risk getting the car reposessed. Also, all the current finance specials extend to a max of 63 months. Any longer terms and you are not going to get the special rates, which makes the longer term even more expensive, as the money will cost you more. If you couldn't tell already, I think that any term over 60 months is a bad idea, and really even a 60 month term is only ok if you get a good finance deal. People get all hung up on a "max" payment. In this example assuming $27,000 financed (purchase price of roughly $27,000 + 7% to cover tax and fees - $2000 cash down) at 4.9% over 72 months is $433.58/month. The same amount financed for 60 months at 2.9% is $483.96/month or about $50 more per month. Lets face it, $50 per month should not be a big deal. What is a big deal is the fact that stretching out the term to 72 month and losing out on the lower financing available over 60 months means that the total of payments for the 72 month term will be $31,217.76, versus $29,037.60 for the 60 month term. That's a difference of $2180.16!!! So to save a measily $50 a month you must then be willing to toss over $2K down the toilet. Penny-wise, pound foolish. Link to comment Share on other sites More sharing options...
TLS Posted October 30, 2004 Share Posted October 30, 2004 I thought the latest ads on TV were for 1.9% for 63 months? Link to comment Share on other sites More sharing options...
Stacie Posted October 30, 2004 Share Posted October 30, 2004 Fairly certain it's 1.9% for 36 months. We just picked my Legacy up on Saturday and we took the 2.9% for 60 months, and that was the lowest interest available for that term. I'm also in strong agreement with Boostjunkie on the long term, higher interest financing. A few years back when I bought my last Legacy I was in the crappy position of having jacked up credit and needing a car pronto because the tranny went on the car I was driving. I wound up taking a way too high interest rate payed out over a billion years because my finances were tight at the time and I couldn't afford much for monthly payments. Fortunately both my credit score and income have gone up decently in the last few years, because I was about $3.5K upside down on my old Legacy. Life's short, so I decided to get rid of the stinking car rather than keeping it for a few more years just to be on the positive side of the loan. I'm stoked I got my new Legacy, but it still sucks that it cost me so much to get someone to take my old one! As far as Subarus hanging in there for the long haul, we have a 91 turbo Legacy with 220K+ miles that's still running like a champ. Link to comment Share on other sites More sharing options...
NorthernVTGT Posted October 30, 2004 Share Posted October 30, 2004 Boostjunkie, I don't disagree with you one bit. Read somewhere that the average new car loan AT INCEPTION is now over 100% of purchase price (including capitalized taxes and fees). This is because dealers will now add part of the payoff on your previous, underwater car loan to the new loan just to get you out the door with the new car. I don't think anyone here is in that boat. That's a whole lot of leverage. Personally, I won't do that for a car, won't carry CC balances, probably would only go slightly out on a limb for a house. I saved up a bought the LGT outright - a point I only bring up b/c it's a good, sobering excercise and a good way to prove to yourself that you really want it! I considered taking the 1.9% and trying to beat the return, but it's been a tough market and I thought I'd separate the one from the other... Link to comment Share on other sites More sharing options...
NorthernVTGT Posted October 30, 2004 Share Posted October 30, 2004 One last thing. A fun way to remember the plus (or penalty) of compounding interest: "The money that money makes makes more money." Now, I'm gonna go outside on this Saturday morning and finally see the new wheels in the daylight! Link to comment Share on other sites More sharing options...
Aerodox Posted November 10, 2004 Share Posted November 10, 2004 I agree that $2k down is not enough (20% mininum), and 5 yrs is the maximum for a car loan. 2 or 3 years is much better, but probably not realistic for most people. Going upside down, willingly, is like putting a gun to your head. My favorite car-buying advice site is: [url]http://dontgettakeneverytime.com/[/url] His book is fantastic. Buy the $20 book and save hundreds or more. Link to comment Share on other sites More sharing options...
Viperenvy Posted November 10, 2004 Share Posted November 10, 2004 [quote name='TLS']I thought the latest ads on TV were for 1.9% for 63 months?[/QUOTE] 1.9 to 3.9% for 36 months and less 2.9% to 4.9% for 37 to 63 months This is for 05 model years only and can't be combined with any rebates. 2017 F150 Platinum EB 2009 SWP Spec B Link to comment Share on other sites More sharing options...
KevinSoD Posted November 10, 2004 Share Posted November 10, 2004 2.9 is up to 63 months 3.9 for 64-72 months dont touch a 72 month unless you REALLY have to have a certain payment. I'm in a 72 and its never ending... luckilly I'll be in a stiuation to pay it off in 4.5 years instead of 6 :D Link to comment Share on other sites More sharing options...
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