So i was thinkging about selling my 6MT G35 coupe to get a new car. I can put about 30k down payment and between 450 and 500 a month over a 72 month loan, since the next car i get i will definately keep it for that lenght of time or longer. I was thinking into an 05 997 carrera or used CLK55 or something in that range, i dont know if what im will to pay will amount to that? HOw much do you guys think i can afford with the down payment and payments i decribed?

 

I dunno but I'd take the Porsche over the Benz.

 

Definitely consider the Porsche.

A Benz? I dunno about that...

 

go on autotrader.com and use their loan calculator to give you a better idea...

 

you are looking at a Future Value of an ordinary annuality model
Here are the variables:

t= 72
pmt =$450, $500
pv = $30,000
iR (annum)= 5.25% (set interest rate)

FV= $80000 to $85000

So with what you have described and assume that the set interest rate is 5.25% (good credit with a credit union) you will be able to afford a car (out the door) of 80K(450 per month)-85K (500 per month). If your credit is bad and your interest rate is higher than you can afford less than the figures I've described, but these amounts should be a good guideline for you.
Hope this helps.

T

 

If you have that kind of money to spend on a car you shouldn't have to ask that sort of question.

 

I was thinking into an 05 997 carrera

You should be able to get an '05 997 for around $65K. The best time to get a good deal on a Porsche in the NE is in the November to February time frame. Porsches command the highest premium in the Spring and Summer months. So you should only be financing around $35K with your down payment, plus taxes.

BTW if at all possible get a CPO car with the extnded warranty. You definately don't want to be making $500 monthly car payments on a Porsche that's out of warranty. The price of parts and maintenance on Porsches is out of this world. Normal maintenance is sky high, and if you have to do out of warranty repairs, it will be extremely painful.

An '05 CPO 997 will have a warranty that extends to 2011. So make certain that your car payments are for five years and not six. Depending upon the interest rate they charge you, your payments could be nearly $700 a month for five years.

 

At a 6% rate with $500 a month and 30k down for 72 months you could get a 60k car at $450 a month you could get a 57k car.

Anyway in my experience if you really need to get a 72 month loan you are usually overextending yourself. I am not sure at what life stage your at, but a lot of things can change in 6 years... Bigger mortgage, new girlfriends/wife, wedding, house, new jobs, etc. You have to be careful. Don't forget to budget things like insurance and maintenance. Porches tend to eat at your wallet in G notes...

 

500/mos for 72 mos...amount you can finance...

@5% -- 31000
@6% -- 30100
@7% -- 29300
@8% -- 28500

plus down payment of 30k you are looking at loan amount of less than 60k, perhaps M3 or vette instade of 997 or CLK55.