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Originally Posted by pne
monthly payments as in you financed the car, fine. But msrp on that car is around 30k no? I just can't figure out how you can afford to pay that amount of money per month and still be a student at 18. At the very least you would have to be paying out close to a grand a month starting from when you were 15/16 years old. Not counting insurance and gas, let alone what dealer in their right mind would finance someone underage..
I'm not trying to dispute the fact you bought the car with your own money, I just want to know how you did it because I've been looking at financing my dream car lately and the numbers would simply not work, even if I used every single cent I earned towards the car. If you've got some secret I'd love to know.
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Sure I would love to help. But keep in mind that I do not pay my insurance (on parents plan w/ good student, driver, and multiple car discount) or gas. Both are covered by my parents which takes a significant chunk out of my monthly bill. Now onwards with the car...
I dont know how pricing goes up north in Canada, so I'll be providing a sketch of how my car was purchased. We never pay MSRP, and often haggle the car down a lot, often comparing with multiple dealerships and online sources. My father used to work in the dealership business, so you can say he has quite some experience dealing with car sales. After searching around and visiting about 4 Mitsubishi dealerships in the area, we waited until the factory started their cashback program, which I believe was $1500. One dealership was willing to let go of one for about $35k, so subtract $1500, $2000 car trade-in, and $3500 down payment, youre looking at the $28K range. What we then did was take a loan from our own bank, instead of the interest rates they offered through Mitsubishi.
My monthly payments for the car was about $450/month, for what I believe was a 66 month loan.