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well, with my first little one due here in a few months, my wife has put a restriction on how much we spend on our next car....originally she was looking at the M35/RL type, but now she wants to get a leg up on saving for college and other expenses and such. anyway, she doesnt want to spend more then $500 a month...and i can go along with it, but my question is, is the G35 still attainable at $500 a month over 6 years? or are the payments more like upper $5's? the next car we get we will keep for a while so resale isnt a priority for us. or do i need to look down a class? it isnt a "we cant afford and are putting a car over what we can afford" thing, but that is the limit she wants for us to get a leg up on other things--so i am seeing if this is a car i can pursue.

i know not everyone pays over 72 months...but with current finacing rates included, is a G35 with some options, (lets say Prem B) attainbable for 500 a month over 6 years? or would it need to be a pretty stripped version? if so i would prolly go lower class and get more options--say Maxima with more stuff

thoughts? what are your payments, if i may ask?

thanks guys

 

I dont know for sure but the cost should be in the low $500's. The cost of my car after tax, title, license was $36300. Although i did put $11,000 down Im paying $475/month for 5 years at 5.9% If you go to Infinit's web site there is a payment calculator so you can figure out the exact amount your gonna pay. A maxima with most the options wouldnt be a bad way to go though.

 

well, i look at it this way: if i can get 4.9 APR

$32,500(car) x .049(APR)=1592.5 + 32500 = $34,092.5 / 72(months)= 473/momth before TTL

assuming TTL is $3000 (average i would say)

$35500 x .049 = 1739.5 + $37,239.5 / 72 = 517 month


so if my wife sticks strictly to the "no more then $500/month" then i need to save the TTL money of $3,000. if $ she will let the $17 slide, well then we might be good. although that is somthing i would need to think about. i am nervous of what college will look like in 19 years. i might own a leg, arm, and a hand. i need to see just how disciplined i am

 

Unfortunately, your math is a bit off, specifically with respect to the APR. APR is Annual Percentage Rate so that's the *annual* interest rate. It's like a credit card. Every month you get charged about 4.9%/12 interest on the outstanding balance. Some of your payment goes to principal, some to interest. They work out the math so that as your interest payments decline (lower outstanding balance), your principal payments are increased to keep the overall payment steady over 72 months.

A quick calc in Excel give me a monthly payment of $561 with $0 down, and $2430 TTL (my actual number with 7.25% sales tax). That is taking your assumptions of $32,500 purchase price and 4.9% for 72 months (which is VERY low, by the way...).

To get to $500/month on that car you'd have to put down $3800. That would cover TTL + about $1400 for a downpayment.

Hopefully this helps a bit. Definitely verify that 4.9% rate - the lowest I've seen is 5.49% for 72 months.

Good luck!

Rich

 

It depends how much money you are actually going to borrow. Prices on the G35 can vary quite a bit depending on the options. You can save a lot of money but not getting the premium option. I recently bought a base 6mt for $29k and put $5k down. My payments are less than $500 over 5 years. Personally, I rather drive a base G35 than a loaded Altima. I would take a trip to the dealer and just see what kind of deal than can give. There are some people getting some killer deals on 05's right now.

BTW - congrats on the baby. Saving for college is a scary thing so it's good that you are thinking about it now. I'm looking into the whole saving for college thing myself. It looks like I can pretty much kiss all my extra money good bye for the next 30 years.

 

thanks. yeah, i am trying to prepare myself for the "unselfishness" that is about to come before me. i am trying to adapt before the baby gets here! and college is gonna kick me in the a$$. here is to hoping for a scholarship!

 

thanks Rich! i figuered id need some help. never bought a brand new car before...not completly sure all the hidden costs. i have been offered a 4.9 rate here, and it was the lowest i had seen, so i was just basing it off that
thanks

 

Whatever you do, don't go into the dealership and say "My budget is $500 per month." Magically you will come out with a $500/month payment (probably a lease) and a really sore a$$ from getting reamed.

When buying negotiate the price of the vehicle first then see what it takes to get you to your $500/month in the form of a down payment. If you can't make the down payment work in your budget then walk. Many quality cars out there for that kind of payment. Also, there are lots of good loan calculators online (usually every major bank internet site has one) so you can play with the numbers.

If you're not opposed to leasing I would think you can get $500/month anywhere with little out of pocket.

 

i most def agree. i will never negotiate a monthly payment. the only person who wins there is the dealer. but whatever it is, i will walk if the negotiated price plus all fees and other finances exceed the $500 mark.

i see those payment calcs. and i have always wondered if those are legit or not. that is why i asked people who are actually making the payments.

thanks for the help

 

I doubt you'll be able to get a new G35 and keep it under 500/month. Unless you get a really good interest rate.

I took a loan for $26,250 @ 5.9% APR. for 72 months. And the payments are $435/month

 

Glad I could be of some assistance, Minarets. As someone with two kids under the age of three, I know exactly what you're going through. Don't forget to keep in mind the cost of diapers and formula (if you've chosen that option)...those are KILLERS. Our grocery bill went from about $200/month for just the two of us to over $500/month now with the two kids. I'm also putting money away for their college (I agree with you that it's a great idea). That plus the monthly payment on our new Odyssey (no other type of car besides a minivan would allow us to carry the two of us, the two kids, and a grandparent without removing carseats to get to the third row!) is even making me consider selling my beloved 2004 G35x with only 12k miles and getting a Mazda3 or something as my commuter car for a while until the costs come back under control.

Don't worry, though. All of that plus the sleepness nights are totally worth it the first time the kid looks at you and smiles or calls you Daddy. Enjoy it!

Good luck!

Rich

You're

 

The loan calculators are legit so try 'em out. I like the site below for several things but there are many other loan calculators out there. Check out average rates in your area too.

http://www.bankrate.com/brm/popcalc2.asp

At 4.9% you can borrow about $31,000 and keep it under $500 ($497.82). Don't forget your insurance will probably go up depending on what you were driving before, especially if you're young. Congrats on the new one. The adventure (and expenses) begins!

 

If I were you, only set a reasonable amount for college tuition. Colleges calculate financial aid based on assets saved for college. Unless you are so rich your kids would unlikely get any financial aid, it doesn't pay to suffer now only to find out your son/daughter will get less assistance for your sacrifice. Personally, I believe allowing your kids to carry a substantial student loan debt is not all bad. They will think twice before wasting a semester or two loafing off. In any case, I would recommend not saving any more than the government allows the tax benefit for. Instead of toys (of which modern kids have WAY to many of), encourage family members to give equivalent gifts of college money. Just something to think about...

 

A base G has a lot of things you'll pay extra for in another car. I was looking at the 3.5 Altima but by the time I optioned it out I was able to get a G for just a little more. The only option I went with was the sunroof and the other goodies were included (leather, heated seats and 6 CD/MP3 player). The Infiniti calculator is very accurate...that's what I used and my payment was exactly what the caculator estimated. I payed 29,500 and just over 31K out the door. I have a 5 month old son so I know how your feeling. It's scary to think what college will cost in another 18 years.

 

One other thing.....SLEEP WHILE YOU CAN!!!! The first 10-12 weeks are kinda rough, but it's all worth it. My sons giggle is priceless!