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What is your Monthly Payments?

Discussion in 'Pricing, Ordering, Negotiating' started by RotaryShinka, Sep 26, 2019.

  1. bryanole27

    bryanole27 Well-Known Member

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  2. DesmoSD

    DesmoSD Well-Known Member

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    Check out PenFed's rates. If you have the capability to pay cash on a depreciating car, more power to you. With interest rates at a decent low, why not take advantage of it.

    https://www.penfed.org/auto/new-auto-loans

    2.89% 60 mos $10,000 - $100,000
    2.99% 72 mos $15,000 - $100,000
    4.49% 84 mos $25,000 - $100,000
     
  3. Badmilklv

    Badmilklv Member

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    is this good? Im thinking of putting 24k down payment I don't want too high of a monthly payment
     
  4. digicidal

    digicidal Well-Known Member

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    I was quoted similar rates from TFS directly through the dealer (I paid cash however, as I have "philosophical issues" with borrowing against a depreciating asset). There's many factors which affect rates and those posted are likely "best-case scenarios" which includes the following:
    • Borrower is over 25.
    • Credit score is at least 750+
    • Term is less than 6 years
    • Down payment is at least 20% of MSRP
    • Total of all loan payments (including the one being applied for) is less than 30% of gross monthly income.
    • At least 6mos. at current employment and residence (for top tier, likely 12 mos.)
    Although many lenders will possibly have more strict (or relaxed) values, depending on the market demographic they are targeting.
     
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  5. DesmoSD

    DesmoSD Well-Known Member

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    As @digicidal highlighted the requirements with CU's offerring competitive rates to TFC. Who remembers the banks lending back in '08. TFC was offering 0.1%/60months. Good times if you were a buyer. TFC offers 0.9% now if you're smart. These are for specific Toyota models, excluding the Supra but if you have buying power, you can negotiate a better deal.

    Delivery must be taken from new dealer stock between 04-01-2020 and 05-04-2020. 0.9% APR financing for 36 months, 0.9% APR financing for 48 months, 0.9% APR financing for 60 months, and 2.9% APR financing for 72 months. 36, 48, 60, and 72 month terms are available to well-qualified buyers through Toyota Financial Services. Total amount financed cannot exceed MSRP plus options, tax, and license fees. 36 monthly payments of $28.16 for each $1000 financed. 48 monthly payments of $21.22 for each $1000 financed. 60 monthly payments of $17.05 for each $1000 financed. 72 monthly payments of 15.15 for each $1000 financed. Only well-qualified, credit worthy buyers are eligible. Plus tax, license fee and $198 dealer doc fees.

    In regards to sports cars, I wouldn't buy this car right now and lean more towards the exotic car hack rule when the car's value has bottomed out. This car is depreciating and will continue to do so. So paying cash or financing, you've already lost one way or another; one instant and one at a slower rate. The only time I'll buy this car is if the dealers are heavily discounting them, offering rebates and excellent financing. The '97/98 MKIV, was the case back then.
     
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  6. digicidal

    digicidal Well-Known Member

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    Agree with that for the most part... the only caveat being a case like mine where the intention is not to buy something "for a couple years of fun" but instead as a DD now and a project build after the warranty has already run out. I don't think you can ever consider this car for the exotic car hack... it's simply not likely for it to appreciate ever IMO - the possible exception being a post COVID-19 world where the economy is so bad that Toyota drops the model entirely. I'd give that less than a 2% chance of happening... so basically, you have to treat the MKV as "just another car" in that context (or at least "just another ~$55K BMW") and make your acceptable depreciation loss calculation on that.

    I figured if I kept my RC-F and drove it another 40K miles... I'd have lost another ~$15-20K (and driven a car I was already sick of for 3 more years) If the MKV is worth more than $35K in 3 years it would be profit (though I'm not counting on that). If it's worth more than $20K then I paid about $450/mo. for the "privilege" of driving it... and if it's not even worth that... then Toyota's going to have a very difficult time finding any buyers for new ones (unless they reduce MSRP significantly).

    Totally agree however, that if I were looking for a <2K miles per year weekend car with minimal depreciation - I wouldn't have considered it at all, and would have just gotten a GT4 and financed the difference.
     
  7. YungMercureal

    YungMercureal Well-Known Member

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    To add to Badmilklv's data:

    I was originally quoted a rate of 4.01% for 48 months through my CU and then the dealer finance got me a better deal through 5/3 for 3.89% and for a longer term, not that I ever intended to take the loan to term. I rolled in my paint protection into the loan for simplicity so my payments are a bit higher than base. I'm planning to pay it off ASAP because like digicidal, I don't want to pay interest on a depreciating asset.

    That being said, both Desmo and Digicidal raised good points and I myself as an owner would probably not buy one now if I was still looking for a car. At this point you might as well wait it out and see if the used market is good or if you can get heavy discounts on new. At least with the MkV I don't feel bad for driving it since it's going to depreciate no matter what. The MkIV Supra is an anomaly and I think even a fully Toyota MkV would have not been a guaranteed appreciating car.

    Good luck with your search.
     
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  8. digicidal

    digicidal Well-Known Member

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    And even within that situation... some rationality is required. Consider this example. Unknown what the actual MSRP with options, etc. was but the base MSRP was ~$31K. Adjusted for inflation that's ~$50K in 2020. So in this case, and assuming you paid full asking, $20K "pure" appreciation - on a car that likely has between 10 and 20 like it ever sold (the 6Q7 color was only made the last year). There were many restrictions throughout the MKIV production run that created a different market - auto/manual, targa/hard, TT/NA, etc. Plus, that car has an average of just over 3K miles per year since purchase (if the mileage is accurate)... I've got that on my MKV already, and I'll probably hit 70K in 5 years.

    The MKV essentially has only synthetic rarity so far (LE) and only two proposed upcoming vectors (SE, 2.0) - even those are arguably so similar that you will likely group all 2nd market buyers in the same bucket. Can you see someone in 20 years being willing to pay more than the equivalent adjusted difference in MSRP for a 3.0 SE vs a 2.0 model with similar mileage, etc? I can't, but it's all conjecture at this point anyway.

    On the upside however, with the trillions of debt being injected into markets all over the world, it's likely it would take many more 2040 dollars to purchase one... I don't consider that real appreciation however - just loss of buying power. If you want to buy an MKV that is guaranteed to appreciate over time... then you need to pony up ~$190K for one and stick that in your garage for 20+ years. I bet by then it might even go for close to $1M at auction (since most of the others will have been wrecked/scrapped during races).
     
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  9. Dannyvandelft

    Dannyvandelft Well-Known Member

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    You're forgetting the key factor to the MKIV popularity. F&F movies. The MKIV was nowhere near as popular before it as it was after. Maybe the new F&F movie will do the same for the MKV (I personally doubt it) but even the FD RX-7 popularity shot up after F&F 1 and 3. So who knows. Maybe if they put a MKV in F&F 27 in 2040 value will skyrocket :rofl:
     
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  10. digicidal

    digicidal Well-Known Member

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    The movie where Dom has a life-saving surgery denied by Medicare and rallies the crew to dispense some frontier justice on the US government? I think that might just do it - I predict mass appeal!
    I'm gonna leave my MKV in the garage and not drive it any longer just in case!! :spaz:
     
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  11. YungMercureal

    YungMercureal Well-Known Member

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    Hahaha, the F&F 27 got me good. Not to derail the thread too much, but it goes without saying that F&F isn't what it used to be. The first movies were at least based in reality. You could actually go out and modify the same cars and race them. Now they're just superhero movies with supercars defying physics.

    Expanding on what digicidal said, the MkIV had many different combinations of options, before even thinking about colors. As I'm sure most are aware, the price difference between a TT and NA car is insane. Ironically the example he posted was one I saw before (I'd love to have a green TT MkIV, manual or auto), but even I'd have a hard time buying at that price unless I was a multi-millionaire (there's many supercars I'd probably buy first anyways).

    Anyways, sorry for the off-topic there. As always, be smart, do your research and don't assume you're going to get a ton of money when you go to sell/trade-in, but if it's what you want and have the means, go for it.
     
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  12. Dannyvandelft

    Dannyvandelft Well-Known Member

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    You don't know which cars are going to be classics and which won't. EVERYONE was going to buy a Hellcat and park it. And then the Demon came and the Hellcat was just another car. Then they all bought Demons, and now the Ghoul is coming with the Hellephant engine. Point is, buy a car because you like it, and enjoy it. Cars by nature won't make you money.
     
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  13. BienLaunchEdition

    BienLaunchEdition Well-Known Member

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    ^ Good point Danny.
     
  14. Axix23

    Axix23 Well-Known Member

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    I am sure everybody knows but Southeast Toyota Financial is offering 60 days no payment on your monthly payments due to the virus outbreaks. You can choose 30 days or 60 days. Interest will still accrual on the next payment your supposed to make tho.
     
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  15. Dannyvandelft

    Dannyvandelft Well-Known Member

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    In my region they're doing 90 days deferred payment.
    I just saw an ad from Chevy, they're doing 84 month, 0% interest and 120 days deferred.
     
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