With no money down from the dealer?

If not, what's a good amount to put down?

Thanks in advance
TKO

 

I leased my '01 CLS w/nav with no money down, cept for the $500 security deposit or whatever it is that you have to pay. My payments are $500/month

 

i also put zero down but mine isnt a lease. 580 per month!

 

but to answer your question i say....5000 down is pretty good

 

If you can't put more than about 7k down, be prepared to owe more than the car is worth in 2 years, assuming you choose the longer financing terms like 60 mos.

It would suck to sell the car in three years and have to take money out of your pocket to pay it off.

 

I threw down 10K at purchase.
Someone mentioned leasing above, but I'd try not to put money down on a lease.

 

i only put down 3k and my payments are 502....i got a great intrest rate on it, im not upside down now and i wont be at all throughout the term of the loan (60 months) because my car will remain in the group of 2002's with realitively low mileage and wear and tear (some 2003 CL-S guys here already have the same or more mileage than i do on my 2002, thats not helping their resale at all)

 

10K.. I wanted my payments to stay around $300.

Luckly I just got it paid off in October!! Feels good!! MO Money for the Holidays..

 

Like Mcdanjw eluded to - if you put no $$ down, you will be upside down on the car for a long time (owe more than it is worth). Fine if you plan to keep it for the full life of the loan I guess, but kind of a scary place to be in IMHO. If you buy, put a much down as possible. If you lease, put as little down as possible, as this is basically money just pissed away that you will never get back in any form.

 

0 down, 360 a month. Of course thats on a 99 3.0CL with 30k miles :-)

 

As long as we're talking about financing and not leasing... I think this is a tough question for anyone to answer other then yourself.....

YOU have to decide what YOU want YOUR monthly payment to be... then YOU have to decide how much YOU can afford to put down to get as close to that monthly budget YOU set.

See where I'm going with this?

 

I understand what you're saying..but, all I'm trying to do is get a feel for what other CL owners have chose as a form of financing whether be leasing or straight buying.

 

I think the point JuniorBean is trying to make is that it "depends" on your situation. Personally, we purchased both of our Acura's this year. We have two sons (17 and 20) who will probably get one 4-5 years down the road.

You need to look into one of the lease vs. purchase studies which force you to consider how long you plan to keep it, how many miles you'll drive, etc.

 

I'm not going to get into details about the lease vs. buying thing. Like juniorbean said, that's a personal decision. I bought my CLS, but I still have my tbird after 9 years of ownership - I tend to drive the same car for a long time.

I'll echo what others have said. Put as much down as you can, but don't wipe yourself out (rainy day fund??).

I was comfortable with my payments being 325 a month (60 month term). I had the finance person run the numbers backwards (and forwards) till I got the 325 per month. That's how I figured out what I was going to put down.

This is another one of those cases where YMMV (your mileage may vary)

 

I bought my '03 with 0 down, $700/month. 4.9% APR

 

Check out Carbuyingtips.com for a great review and tutorial on how to buy a car (including finance calculators). Remember, people will give you lots of ADVICE; ultimately, the $$ DECISIONS ARE YOUR OWN and should match your needs, goals, and what you can afford. Each person's financial decisions are based on a large number of PERSONAL issues and considerations.

Most suggest 20% down on a financed car to avoid being upside-down on the loan. Of course, if you plan on keeping the car throughout the life of the loan then it shouldn't matter (as much).

Keep in mind interest rates of loans and how they compare with how your money is doing in the bank or stock market. If you are making money with your savings (stock market of 4 years ago) then it would make more sense to pay off a 6% loan with little down. In the current market's climate your decision will be different.

And always, always, always: haggle the price of the car and the price of financing as COMPLETE SEPARATE issues. Do not tie these together. First agree on the selling price of the car, then consider finance options. Don't tell the dealer you'll pay no more then $500 per month (for instance), they'll deal off of the monthly payment and you'll (potentially) get had for more then you would of otherwise.

When you go to the dealer: COME PREPARED. You will do better with the haggling process (both cost of car and cost of financing) if you do your research. Find out the range of prices for your car with the exact options. Find out the maximum you will pay. Know your credit rating and what kind of finacing you can get and you can afford. Offer a fair price. If you follow these rules you won't get taken to the cleaners (at least too much ).

 

Thanks Slimey for the info!

 

Always come in with money down unless you are willing to hold on to the car the duration of the loan. IF you do not put money down when it come time for trade in, you will get hit with the negative equity you have left on the vehicle. I just gave up my dead CLS and the dealer wasn't trying to haggle the price of my car. They only gave me 18900 for a non-navi 01 CLS with 26000 miles. That was kinda annoying but, but they were going by kbb. I can't imagine some of the people who actually paid 30 something for a CLS new. I bought my cls used in December 00 with 5000 miles on it for 25900.

 

holy crap 700 a month.

I actually traded in my 99tl for an 01 CL S. I paid all cash. The CLS was my fall back car from an S4 and a 330I. I was looking at 40K+ and said what am I nuts. I was thinking I could put like 30K down in trade and cash and still be paying like 300+ a month for over 3 years. I was also thinking cash but then thought will I get that much more for 40K.

of course in MA add excise tax on a 40 K car which adds another 1000 a year and then there is insurance....

 

People pay what they can (hopefully) afford. You cannot translate a cost per month number from person to person. What is a 'holy crap' for you may be chump change for someone else.

A colleague of mine was spending $1600 per month on a Jaguar XKR two year lease the first year they were available. Imagine what his car cost/month was including insurance, registration, gas, etc... The neat thing about it was that the cost didn't even make him bat an eye. Why? because he could afford it.

To each their own.

Oh, something else I've learned -- people are more willing to tell intricate details about their sex life then reveal their complete financial portfolio. You can never know how much someone makes or is worth (with occasional exception). This has become one of my axioms.

 

Well I would agree there. I know people who are leasing big ticket cars paying out that kinds of money. All depends on what they have and where they want to spend it. I also figure some pay more for sex then they do for he jag... lol.

 

I pay $715 a month on my car. Didn't have cash readily available @ the time of the purchase. (and needed a car badly) Had to buy it with 0 down. I am paying off more than the monthly payments to end the loan early though

 

Ha Ha
(of course I do that -- I'm married!)

 

it depends on your credit what you need to put down. I could have only put about $500 down on my Cl-S, but put down $3,500 to get my payments at around $550/month (for 6 years)

 

Bought for 29,500 put down 10K at purchase and dropped 5k after. Payments are $450 and I owe less than half of purchase price as far as resale goes don't thinkof it cause don't see anything on the market beside M3 that peaks my interest. O and my apr is 5.9 %

 

Personally I feel that if u have to finance a car, then it's too expensive for you. If you stay within your limits, you are less likely on not running into financial trouble down the road (no pun intended). I chose my Acura's for their great value and of course i paid for them in cash.

 

If you have financial trouble down the road, understand that you can unload the car if you have to. Not everyone has the cash laying around to drop on $30K cars in one chunk, but that doesn't mean a payment of several hundred dollars per month isn't something they can afford or within their limits.

 

must be nice...

 

I basically put 0 down financed everything and you get a big payment.

It all depends on what kind of payment you want

 

Paid CASH...bling bling...lol