What did you pay for your FL5?

[Geezer]

Going to be interesting to see what online tools such as kbb that track transaction prices will have to say about "fair market value". My guess 55k. If you're paying below fair market value are you short changing/stealing from/taking advantage of the dealer?

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[Xchax3]

I thought I posted the process of getting my car but either way I'll summarize as part of the financing process requires a bit of information that I'm comfortable enough sharing:
I'm 25 years old. I'm a recent grad Mechanical Engineer. I work at an engineering and architecture company. I'm not really comfortable mentioning salary. Me and my dad love all sorts of cars but never really had the opportunity to buy a sporty one. My dad told me a story of how he wanted a TransAm when he was my age and he and his dad were working on selling watermelons in Puerto Rico as a side-hustle to finance that endeavor. Long-story short, they couldn't get that business going. I already wanted the car and thought that this would be an awesome thing I could share with my hero, my dad.

Bartering: The asking price was $68.9k. I negotiated it down by $10k by talking about how it wasn't "fully loaded" with all of the accessories and the fact that it was Crystal Black Pearl. He had mentioned how they were running a "special for those who put down a deposit by reducing the price by $5k." Funny thing is, the deposit they asked for was $5k. So I politely demonstrated how I wasn't dumb to see that as a "discount" but more so as an attempt to trick me into thinking it was a good deal. So I got it reduced down by another $5k. The price at that point was $54.9k.

I then got a surprise help from my dad who decided to put another $10k down to soften the payments as much as possible while saving enough to eventually buy some property. So total is $71,223 with the monthly payments being $769.

In my defense of being part of the paying over-MSRP problem: Here in Puerto Rico, you'd be lucky to get this car for the price that I got it at. The car has to be imported from Japan (obviously) but needs to be imported again to PR with a ridiculous tax-rate of about 10%. In relation to the mainland, this might have been an MSRP or even an under MSRP type of deal. But I don't want to focus too much on that. And I say all of this humbly because I got the best dad on earth that I don't deserve and I was lucky enough to land a good paying job that allows me to have the luxury of being able to buy this car on this island of all places.

I'm putting my focus over to buying property in the mainland as a bridge for my family to switch between homes whenever they'd like. Another focus of mine is to eventually get my dad the TransAm without him knowing. There are lots of enthusiasts here and I may have something lined up for that.

 

[elusiveaura]

Curious @Xchax3 , you said payments are $796 for $47,760. What interest and term length is that for?

I thought I posted the process of getting my car but either way I'll summarize as part of the financing process requires a bit of information that I'm comfortable enough sharing:
I'm 25 years old. I'm a recent grad Mechanical Engineer. I work at an engineering and architecture company. I'm not really comfortable mentioning salary. Me and my dad love all sorts of cars but never really had the opportunity to buy a sporty one. My dad told me a story of how he wanted a TransAm when he was my age and he and his dad were working on selling watermelons in Puerto Rico as a side-hustle to finance that endeavor. Long-story short, they couldn't get that business going. I already wanted the car and thought that this would be an awesome thing I could share with my hero, my dad.

Bartering: The asking price was $68.9k. I negotiated it down by $10k by talking about how it wasn't "fully loaded" with all of the accessories and the fact that it was Crystal Black Pearl. He had mentioned how they were running a "special for those who put down a deposit by reducing the price by $5k." Funny thing is, the deposit they asked for was $5k. So I politely demonstrated how I wasn't dumb to see that as a "discount" but more so as an attempt to trick me into thinking it was a good deal. So I got it reduced down by another $5k. The price at that point was $54.9k minus my down payment of $5k. 49.9K$.

I then got a surprise help from my dad who decided to put another $10k down to soften the payments as much as possible while saving enough to eventually buy some property. So total is another $47,760 with the monthly payments being $796. If we take into account what we put down (I should say "we" and God I realize this makes me sound like a rich boi), then it would total out to be $62,760 over the course of a 60 month finance period.

In my defense of being part of the paying over-MSRP problem: Here in Puerto Rico, you'd be lucky to get this car for the price that I got it at. The car has to be imported from Japan (obviously) but needs to be imported again to PR with a ridiculous tax-rate of about 10%. In relation to the mainland, this might have been an MSRP or even an under MSRP type of deal. But I don't want to focus too much on that. And I say all of this humbly because I got the best dad on earth that I don't deserve and I was lucky enough to land a good paying job that allows me to have the luxury of being able to buy this car on this island of all places.

I'm putting my focus over to buying property in the mainland as a bridge for my family to switch between homes whenever they'd like. Another focus of mine is to eventually get my dad the TransAm without him knowing. There are lots of enthusiasts here and I may have something lined up for that.

 

[tuhroo]

Curious @Xchax3 , you said payments are $796 for $47,760. What interest and term length is that for?

he said 60 months, but doesn't really make sense unless he got 0% apr which nobody in puerto rico can get 0% lol

 

[elusiveaura]

It’s all good man. Wasn’t trying to call you out. But to be honest that still doesn’t make sense to me. How much are you actually financing at 66 months? 47k at 9% apr and 66 months should be a lot more than 769. Am I wrong?

I did a calculator with 47k even at 66 months. Sales tax 10% interest at 9 and I’m coming up with roughly $905 a month.

54900 at same numbers wojld be $1057 a month. I’m so confused lol

 

[elusiveaura]

so you’re financing 32k?

I see. You forgot the $15k down payment.

 

[Integra23]

How do you go from 54k to 71k? You mentioned discounts but it seems that there wasnt any other than your down payment. Also your monthly payment doesn't make sense unless it's a 30 year loan

 

[Clark_Kent]

Ok, the math doesn't math, who cares? With the purchase being in PR it's an even more meaningless data point for 99% of the people on this site.

 

[Xchax3]

I come back and see I've caused some confusion lol
Here's a pic of the calculation. I thought the total loan payment was around $47k. I don't want no trouble fellas lol

 

[Integra23]

I come back and see I've caused some confusion lol
Here's a pic of the calculation. I thought the total loan payment was around $47k. I don't want no trouble fellas lol

Oh. You factored in interest for 66 months as the purchase price.. got it. Now you have an incentive for paying that sucker off early.

 

[Integra23]

Man that interest rate is painful... I'm at under 3% but will have it paid off come next June when the TypeS releases.. probably just pay cash on the difference if it's still crazy like that

 

[Xchax3]

I've learned to just keep it to myself lol. Will leave it up for those who see it but may delete later. After this, I realize it's TMI

 

[Rhorn]

Man that interest rate is painful... I'm at under 3% but will have it paid off come next June when the TypeS releases.. probably just pay cash on the difference if it's still crazy like that

How do you have 3% The lowest rate is like 5% lol

 

[Integra23]

How do you have 3% The lowest rate is like 5% lol

On my Teggy back in June

 

[CyberCTR]

How do you have 3% The lowest rate is like 5% lol

an older loan before the rate hikes. It is only going to go higher...

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