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How much is your car payment?

  • ZERO - I paid cash (or, gasp, it was a gift)

    Votes: 26 18.3%
  • < $300

    Votes: 3 2.1%
  • $300 - $499

    Votes: 44 31.0%
  • $500 - $699

    Votes: 55 38.7%
  • $700 - $999

    Votes: 11 7.7%
  • > $1000

    Votes: 3 2.1%
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Discussion Starter #1
This poll is inspired by a reference to a $700/mo payment in a thread on the 3-series board. To me, this sounds absurdly high. So, I ask. What do you pay each month for your BMW? I don't care about what model or what options. And, remember, poll responses are ANONYMOUS.
 

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but, it doesn't have to be cash or gift. Although, most of us are E46ers, there are cars old enough to be out of a 3 year loan. 1 year, intrest only loans too. Most "traditional" financing methods for e46s would still have some payments left....

$700 is not unreasonable if it is on a shorter payment schedule than the typical 48mo. or a very expensive car...
 
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nate328Ci said:
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but, it doesn't have to be cash or gift. Although, most of us are E46ers, there are cars old enough to be out of a 3 year loan. 1 year, intrest only loans too. Most "traditional" financing methods for e46s would still have some payments left....
Then let's make this edit-

How big is/WAS your car payment?
 

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Rest in peace, Coach
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WTF? I'm the only one to vote for $1,000 plus?

Both of our 'Ci's added up to ~$1,200 or so...But I figure there should be a few who'd dedicated their entire salary just to afford their M3s here.
 

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The HACK said:
WTF? I'm the only one to vote for $1,000 plus?

Both of our 'Ci's added up to ~$1,200 or so...But I figure there should be a few who'd dedicated their entire salary just to afford their M3s here.
You are abusing the rules, Hack. Like the Ferrari team :lmao:

I would say that a lot of people pay cash.

Btw, I am so ashamed of you! A Chinese guy who makes monthly payments? What is this world coming to :D
 
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The HACK said:
WTF? I'm the only one to vote for $1,000 plus?

Both of our 'Ci's added up to ~$1,200 or so...But I figure there should be a few who'd dedicated their entire salary just to afford their M3s here.
Dan, in my opinion, that's insane.

Granted, my combined car payment for both BMWs is still ZERO, so my perspective is skewed.

I freaked at seeing $700/mo because I, personally, have never paid more than $375/mo for a car (that was my Audi A4 lease payment).
 

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TD said:


Dan, in my opinion, that's insane.

Granted, my combined car payment for both BMWs is still ZERO, so my perspective is skewed.

I freaked at seeing $700/mo because I, personally, have never paid more than $375/mo for a car (that was my Audi A4 lease payment).
:dunno:

Wasn't that big of a stretch for us...At the time we bought both cars, it was right around the wedding and we decided to shuffle the funds we had at hand to the wedding and the down payment for the house, and finance 100% for both cars...I figured the wedding is a once in the life time thingy, and we can always accelerate the payment on the cars when we have excesses in our budget.

When I was laid off last year it was a bit stressful. If I had to do it all over again, we'd have kept the Z3 for sure (it was $300 a month on the Z) and get the Ci for her.
 
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The HACK said:


:dunno:

Wasn't that big of a stretch for us...At the time we bought both cars, it was right around the wedding and we decided to shuffle the funds we had at hand to the wedding and the down payment for the house, and finance 100% for both cars...I figured the wedding is a once in the life time thingy, and we can always accelerate the payment on the cars when we have excesses in our budget.

When I was laid off last year it was a bit stressful. If I had to do it all over again, we'd have kept the Z3 for sure (it was $300 a month on the Z) and get the Ci for her.
One more comment on the specifics...

We actually financed MORE on our house so that we'd have the cash to pay off the cars. If I'm going to be paying interest, it sure as hell is going to be tax deductable interest on an appreciating asset.

But I'm honestly surprised (just like Dave N is surprised) that you didn't pay cash.
 

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Atually I'm a bit tempted to do just that...Finance out the equity on our house to pay off both cars since financing rates are so low now. The only thing I'm a little apprehensive now is that we'd STILL be paying that money except now it's stretched over 15 years rather than just 3 more years to go. :dunno:

Oddly enough, Dave N's comment about Chinese guy struck a cord...Everyone in my family have ALWAYS paid cash for cars, except for my uncle who always leases his car (business reasons).
 

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The HACK said:
Atually I'm a bit tempted to do just that...Finance out the equity on our house to pay off both cars since financing rates are so low now. The only thing I'm a little apprehensive now is that we'd STILL be paying that money except now it's stretched over 15 years rather than just 3 more years to go. :dunno:
Well, not really. All what the bank does is give you a checkbook with a line of equity, right? So, just keep paying the same amount you are now paying, and bingo, you'll pay off both cars in even less than 3 years. In the meantime, all the interest is deductible.

Sorry if I made you unconfortable with the Cash remark. By the same token, this policy keeps me from spending on another new car for awhile. Bad from the manufacturer's standpoint :D
 

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I opted to make a smaller down payment to keep more of my cash on hand. 10k down gets my payment down to 722/mo over 5 years.

Of course, I'm also paying 3x-4x that per month these days and should be done with my 5 year loan by the end of 2002, if not sooner.
 

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DaveN323i said:


Sorry if I made you unconfortable with the Cash remark. By the same token, this policy keeps me from spending on another new car for awhile. Bad from the manufacturer's standpoint :D
No, I wasn't uncomfortable...Just find it very funny from a Chinese guy's perspective. I guess only we'll understand why Chinese guys always pay cash for cars.
 

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I lucked out. 5mos after I got the car, I got a great deal on a refi on my house (which I had for just over 2yrs at the time), shortened the term on my mortgage, paid off the car, and my new total payment only went up fractionally.
 

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A sudden sense of liberty
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TD said:
This poll is inspired by a reference to a $700/mo payment in a thread on the 3-series board. To me, this sounds absurdly high. So, I ask. What do you pay each month for your BMW? I don't care about what model or what options. And, remember, poll responses are ANONYMOUS.
For a 30-40K car on a 4 year note at around 6 percent with about 20 percent down, payments in the 600-700s are correct. Obviously, if you can afford to put more cash down on the car, or if you extend the term of the note out to 60 months, your payments will be smaller, but a $700 car payment on a newish BMW is not unreasonable.

Hell, my lease payments on my old 323 were in the high 500s.
 

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ZeRo

Fortunately or not, I "eat what I kill" so I have to pay cash for almost everything in life. Mortgage is only thing to have a note out on since it's the only real tax shelter to take advantage of.

But here is a tip for those who are in a position to pay cash on something:

Find the credit card which pays the highest yield for a reward (either cash back or miles) and ask your dealer if you can break up the payments into 3 or 4 payments so you don't go over your credit limit. Use the credit card, if they'll let you, to make the installments- this can usually be done if you place an order and are waiting for the car to be built/shipped.

Pay off the balance each month until the installments are completed.

At the end you'll have to car paid off, same as cash, and you'll have $500-$1000 in cash back incentive money to spend on extra's or insurance or registration.

Some dealers will not allow you to use a CC because it cost them a couple of % but you can always find on who will.

And some CC's max out at $500 cash back per year.

Good luck!
 

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The Original Dr. Phil
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I'm right around $600 but I rolled my wifes car into one loan for the BMW so in actuality that payment is for BOTH cars.
 

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Elected by grace
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I used a HELOC (Home Equity Line of Credit) to finance the cab. The interest rate is based on Prime (currently 4.75%) + 1.

Payments were kind of high ($700) to start off, but I've added additional principal amounts to each monthly payment and plan to continue that tactic so that I can have it all paid off within 5 years.

Now, a little more than 1 year after getting the HELOC the minimum payments are about $500.

In the past I have always paid cash for my vehicles, but that's only because I wasn't a home owner until relatively recently.

I LOVE the deductibility facet of the interest portion, so I'll definitely consider this equity tool (HELOC) for future vehicle purchases, particularly if the rate of interest is reasonable at that time and economic barometers point to a period of reasonable stability.
 

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My 330i lease payment was $642/mo over 36 months. I put $2500 down ($1000 of that was from the BMWCCA). After living with that payment for 16 months I sold out (and ate another $600 or so due to market conditions).

My Porsche is $419/mo on a 48 month purchase. I put $5000 down on a loan @ 6.99% APR. I don't think that is bad at all.
 
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