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Old 12-11-2017, 01:56 AM   #1
RobertAvitia
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IS IT WORTH IT??

So the 1LE is my absalute dream car, I was planning on getting one but I didn't think buying one was something I would be able to do so I bought a 2.0L instead. Almost a year later, I'm still in need of a 1LE so I went to go look at one. After talking with the dealer, with my current credit, trade in value and downpayment, the payments would of been 750 for the 1LE..... now my question is,,, is it worth that much??
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Old 12-11-2017, 02:05 AM   #2
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I bought a c6 when I was younger, and my payment was about $750/mo. It was a lot, but I could swing it, and I LOVED the car...so I guess it's really just up to you and your situation.

the 1LE is a helluva car, that's for sure.
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Old 12-11-2017, 06:16 AM   #3
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Only you can answer that question. How strapped will those payments make you? How comfortable will you be dropping that money every month just to say you have a 1LE? Will you be taking it to the track to make use of that package? If not, is it worth the lost money from trading and the extra payment just to drive around one?
l. I know I couldn't take driving a four banger Camaro, but that's just me. The financial side is the most important to me though.
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Old 12-11-2017, 06:49 AM   #4
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Of course it's worth it but only if you got it. If you are worried about a car payment making you financially strapped it's probably not a good idea. If a 1le is on your must-have list wait a couple years and buy one used.
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Old 12-11-2017, 07:05 AM   #5
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Personally speaking, at that price, no. Unless you can afford it without putting yourself in a bind financially, then go for it. But, in making this thread it almost seems like it's a risk and you're looking for other to help convince you one way or another. If you got it, by all means go for it. If not, don't screw yourself with a car payment thst may hinder your life in some way form or fashion. Just my 2 cents
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Old 12-11-2017, 07:25 AM   #6
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Quote:
Originally Posted by RobertAvitia View Post
So the 1LE is my absalute dream car, I was planning on getting one but I didn't think buying one was something I would be able to do so I bought a 2.0L instead. Almost a year later, I'm still in need of a 1LE so I went to go look at one. After talking with the dealer, with my current credit, trade in value and downpayment, the payments would of been 750 for the 1LE..... now my question is,,, is it worth that much??
The payment alone is not enough info to answer this question. The 20/4/10 rule is a really good one.

Put down no less than 20%.
Finance the car for no more than 4 years.
Your payment should be no more than 10% your gross income.

Just looking at that last one, as to me its the most important. You need to make $84,000 a year to justify a $700 a month car payment. All that said ONLY you can decide if that car is worth that payment.

How you feel is also very important. A large car payment gives me serious anxiety for some reason. I make a little more than I need to for a $700/mo payment, but anything over around $500/mo just freaks me out a little.

In the end, do what makes you happy. If you stress about the payment, no matter how much you love the car, you wont be truly happy.
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Old 12-11-2017, 07:30 AM   #7
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Quote:
Originally Posted by ST1LE View Post
The payment alone is not enough info to answer this question. The 20/4/10 rule is a really good one.

Put down no less than 20%.
Finance the car for no more than 4 years.
Your payment should be no more than 10% your gross income.

Just looking at that last one, as to me its the most important. You need to make $84,000 a year to justify a $700 a month car payment. All that said ONLY you can decide if that car is worth that payment.

How you feel is also very important. A large car payment gives me serious anxiety for some reason. I make a little more than I need to for a $700/mo payment, but anything over around $500/mo just freaks me out a little.

In the end, do what makes you happy. If you stress about the payment, no matter how much you love the car, you wont be truly happy.
Great advice.
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Old 12-11-2017, 08:43 AM   #8
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My advice, no. You're young. Wait until you're more liquid with money. Focus on getting ahead for now. Don't get into a bunch of debt. Why not a 2015 1LE?
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Old 12-11-2017, 09:11 AM   #9
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Quote:
Originally Posted by ST1LE View Post
The payment alone is not enough info to answer this question. The 20/4/10 rule is a really good one.

Put down no less than 20%.
Finance the car for no more than 4 years.
Your payment should be no more than 10% your gross income.

Just looking at that last one, as to me its the most important. You need to make $84,000 a year to justify a $700 a month car payment. All that said ONLY you can decide if that car is worth that payment.

How you feel is also very important. A large car payment gives me serious anxiety for some reason. I make a little more than I need to for a $700/mo payment, but anything over around $500/mo just freaks me out a little.

In the end, do what makes you happy. If you stress about the payment, no matter how much you love the car, you wont be truly happy.

This is really good advice! Even if you swing the number a little bit this is a good starting point to try to get it close to this. I know it's hard for young guys to put down big down payments but that's the easiest way to may the long-term of car ownership much easier.

I saved up for almost two years in preparation of getting a 6th gen, even though I was only 22 at the time I was able to put down $20k (so about 45%, and I know that seems like too big of a down payment to some) so my payments are under $450.

My recommendation is at first don't focus on the monthly payment, focus on the total purchase price ( the "Out The Door" price as we call it), once you make sure you are getting the best possible OTD price then you want to figure out the down payment needed to get your payments where you want it. I would say don't do more than 60 months, and the at least 20% down with a really low interest rate should get you at or under the $500 payment mark.

Just my 2 cents, good luck man!
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Old 12-11-2017, 09:21 AM   #10
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Look at other dealers within your state, and wait a few weeks since it is the end of the year, you could get a killer deal. 750 a month is pretty steep especially if your financing for 4+ years, you never know what other expenses life may throw at you then. I would try to get that payment below $500 tbh, if you can wait save up a bit more then purchase it, the wait is worth it.
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Old 12-11-2017, 10:24 AM   #11
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750 is pretty high for a car payment. I would wait until you saved enough for a greater down payment or wait for a good used one to pop up in order to offset that.
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Old 12-11-2017, 11:16 AM   #12
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750 with the trade in? Is this a 4 year term? If so, no. Price is too high.
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Old 12-11-2017, 11:28 AM   #13
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Quote:
Originally Posted by RobertAvitia View Post
So the 1LE is my absalute dream car, I was planning on getting one but I didn't think buying one was something I would be able to do so I bought a 2.0L instead. Almost a year later, I'm still in need of a 1LE so I went to go look at one. After talking with the dealer, with my current credit, trade in value and downpayment, the payments would of been 750 for the 1LE..... now my question is,,, is it worth that much??
Keep shopping.
Keep saving.
The car is worth what you can get it for, not what they are asking.
It looks like they are giving you like $8k for your car and a four year loan with no money down.

Keep shopping.
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Old 12-11-2017, 01:12 PM   #14
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Quote:
Originally Posted by ST1LE View Post
The payment alone is not enough info to answer this question. The 20/4/10 rule is a really good one.

Put down no less than 20%.
Finance the car for no more than 4 years.
Your payment should be no more than 10% your gross income.
IMO that's actually pretty aggressive, I'd be uncomfortable dumping 10% of my gross into a car.

My philosophy is slightly different... I finance for the longest term I can get at the lowest rate (usually 5 years, occasionally 6), I never take out a loan at more than the rate of inflation, and I don't put anything down unless I can't really find a sub-inflation loan rate. Hasn't been a problem in a lot of years, and I suspect it will be a while yet before rates start ticking back up.

Definitely agree that if you can't stomach the payment, don't do it. Being beholden to someone for debt with no easy way out is no way to live life. Manage your money as frugally as possible while still having some fun .
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