bryanole27
Well-Known Member
- Joined
- Oct 7, 2019
- Threads
- 1
- Messages
- 110
- Reaction score
- 133
- Location
- North Carolina
- Car(s)
- 2020 Supra GR
4.6%So what was your financing rate? I don't think financing on Supras are cheap like other cars.
Sponsored
4.6%So what was your financing rate? I don't think financing on Supras are cheap like other cars.
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
is this good? Im thinking of putting 24k down payment I don't want too high of a monthly payment
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.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:
Although many lenders will possibly have more strict (or relaxed) values, depending on the market demographic they are targeting.
- 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.)
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 MkIV Supra is an anomaly and I think even a fully Toyota MkV would have not been a guaranteed appreciating car.
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 skyrocketAnd 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).
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!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
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.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
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.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.
In my region they're doing 90 days deferred payment.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.