Buying a new car

[mrSHEiK124]

I'm looking to buy a new car within the month of December, lookin at the Mazda6, Honda Accord, Nissan Altima, and maybe the Audi A3. Anyone know if there are (going to be) any 0% APR deals on these?

 

[Merlyn3D]

0% APR is a gimmick, what you should do is buy around september/october when they're clearing out this year's model for next years. Case in point, I spent $25.3k on a 2006 Honda Accord V6 EX-L w/navi. Invoice for this car is $26.9k (if memory serves), and MSRP is somewhere around $29.8k (I think).

Your overall calculation (get a finance calculator, they make them for everything, even your phone), is what you should worry about, not just your interest rate. BTW, with interest rates rising (at least with auto loans), it might be harder to find 0% a car you actually want. If you want an SUV, you'll probably get it.

 

[ElFenix]

Originally posted by: Merlyn3D
0% APR is a gimmick, what you should do is buy around september/october when they're clearing out this year's model for next years. Case in point, I spent $25.3k on a 2006 Honda Accord V6 EX-L w/navi. Invoice for this car is $26.9k (if memory serves), and MSRP is somewhere around $29.8k (I think).

Your overall calculation (get a finance calculator, they make them for everything, even your phone), is what you should worry about, not just your interest rate. BTW, with interest rates rising (at least with auto loans), it might be harder to find 0% a car you actually want. If you want an SUV, you'll probably get it.

everyone and their mother is buying a car then, that's the worst time to buy. best time is on a mid-week afternoon in february or march, near the end of the dealer's month. then no one is buying a car, buyer's market.

 

[Merlyn3D]

Originally posted by: ElFenix

Originally posted by: Merlyn3D
0% APR is a gimmick, what you should do is buy around september/october when they're clearing out this year's model for next years. Case in point, I spent $25.3k on a 2006 Honda Accord V6 EX-L w/navi. Invoice for this car is $26.9k (if memory serves), and MSRP is somewhere around $29.8k (I think).

Your overall calculation (get a finance calculator, they make them for everything, even your phone), is what you should worry about, not just your interest rate. BTW, with interest rates rising (at least with auto loans), it might be harder to find 0% a car you actually want. If you want an SUV, you'll probably get it.

everyone and their mother is buying a car then, that's the worst time to buy. best time is on a mid-week afternoon in february or march, near the end of the dealer's month. then no one is buying a car, buyer's market.

Maybe if you don't like crowds, but if you want to save money, you wanna buy when the dealerships have a lot of pressure to move cars off the lot, and will bend over backwards to get you to take one.

 

[mrSHEiK124]

Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

 

[Merlyn3D]

Originally posted by: mrSHEiK124
Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

Why can't you do interest?

 

[mrSHEiK124]

Originally posted by: Merlyn3D

Originally posted by: mrSHEiK124
Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

Why can't you do interest?

Religious reasons.

 

[mrSHEiK124]

ATOT usually spouts off on how awesomely awesome the deals they got on cars were. Oh well.

 

[JS80]

Originally posted by: mrSHEiK124

Originally posted by: Merlyn3D

Originally posted by: mrSHEiK124
Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

Why can't you do interest?

Religious reasons.

that is one thing i don't get about islam...how do you make money without interest?

 

[mrSHEiK124]

Originally posted by: JS80

Originally posted by: mrSHEiK124

Originally posted by: Merlyn3D

Originally posted by: mrSHEiK124
Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

Why can't you do interest?

Religious reasons.

that is one thing i don't get about islam...how do you make money without interest?

Uh, working? Stocks? Land? I don't know, I don't think I've got enough experience in making money to answer that question, ask my dad

 

[mrSHEiK124]

Come on!!!!

 

[mrSHEiK124]

Last bump

 

[ElFenix]

Originally posted by: Merlyn3D

Maybe if you don't like crowds, but if you want to save money, you wanna buy when the dealerships have a lot of pressure to move cars off the lot, and will bend over backwards to get you to take one.

which is wednesday in february when they haven't sold a damn thing all month, not at the busiest shopping time of the year.



there is no difference between paying interest and taking a large discount up front versus paying no interest and getting no discount up front. either way you end up paying the same amount in the end (discount all your payments out and you'll see, there is a reason it's typically 0% APR or $2500 cash back). not to belittle your religion, but your concept of god should be able to do simple math.

 

[wasssup]

The 2006 Legacy's have 0% interest and $2750 cash back (not sure if it can be combined). For what you get, it's pretty cheap imho...it's supposedly one of the safest cars out according to the NHTSA too. I've never owned a Subaru (only Nissans and Hondas so far) but i'm considering buying the non-turbo 5-speed next year.

 

[mrSHEiK124]

Originally posted by: wasssup
The 2006 Legacy's have 0% interest and $2750 cash back (not sure if it can be combined). For what you get, it's pretty cheap imho...it's supposedly one of the safest cars out according to the NHTSA too. I've never owned a Subaru (only Nissans and Hondas so far) but i'm considering buying the non-turbo 5-speed next year.

Sweet, thanks. Looking at Subaru's website right now.

Anyone else?

 

[z0mb13]

Originally posted by: mrSHEiK124

Originally posted by: JS80

Originally posted by: mrSHEiK124

Originally posted by: Merlyn3D

Originally posted by: mrSHEiK124
Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

Why can't you do interest?

Religious reasons.

that is one thing i don't get about islam...how do you make money without interest?

Uh, working? Stocks? Land? I don't know, I don't think I've got enough experience in making money to answer that question, ask my dad

sorry to threadjack, but this topic really interests me. So Islam banks dont give interests either? How does corporate finance work there? Finance 101: Miller Mondigliani proposition...

 

[Blazin Trav]

Originally posted by: mrSHEiK124

Originally posted by: wasssup
The 2006 Legacy's have 0% interest and $2750 cash back (not sure if it can be combined). For what you get, it's pretty cheap imho...it's supposedly one of the safest cars out according to the NHTSA too. I've never owned a Subaru (only Nissans and Hondas so far) but i'm considering buying the non-turbo 5-speed next year.

Sweet, thanks. Looking at Subaru's website right now.

Anyone else?

I agree with this... other than that look at Acura, Honda and Toyota. They are the best brand of cars out there right now IMO.

 

[ElFenix]

Originally posted by: z0mb13

sorry to threadjack, but this topic really interests me. So Islam banks dont give interests either? How does corporate finance work there? Finance 101: Miller Mondigliani proposition...

i'm guessing zero coupon bonds.

 

[z0mb13]

Originally posted by: ElFenix

Originally posted by: z0mb13

sorry to threadjack, but this topic really interests me. So Islam banks dont give interests either? How does corporate finance work there? Finance 101: Miller Mondigliani proposition...

i'm guessing zero coupon bonds.

so whats the point of bonds?? hmm maybe I should look this up in wikipedia

here we go

so they do have interest.. they just label it differently

 

[I Saw OJ]

Wait wait wait, you're religious reasons prevent you from buying a car with an interest rate on a loan?

I know nothing of Islam, care to explain that one to me?

 

[AgaBoogaBoo]

to the OP - if you don't mind answering this, why would your religion care about interest in any way at all? What does it have to do with religion?

 

[z0mb13]

For those interested in islamic interest issues, read the wiki article on my post above

 

[mrSHEiK124]

Originally posted by: z0mb13

Originally posted by: mrSHEiK124

Originally posted by: JS80

Originally posted by: mrSHEiK124

Originally posted by: Merlyn3D

Originally posted by: mrSHEiK124
Well, it's no longer September/October, and come January, I'm really going to need a car because I won't be able to mold my class schedule around that of, well, people with cars, and I live a good hour away from where I'll be going. Any tips on getting a good deal? I need 0% because we can't do interest.

Why can't you do interest?

Religious reasons.

that is one thing i don't get about islam...how do you make money without interest?

Uh, working? Stocks? Land? I don't know, I don't think I've got enough experience in making money to answer that question, ask my dad

sorry to threadjack, but this topic really interests me. So Islam banks dont give interests either? How does corporate finance work there? Finance 101: Miller Mondigliani proposition...

From what I understand, banks in the Middle East don't adhere to this rule anymore, and a lot of them flat out have interest based loans. The other banks that claim to be "Islamic", have some kind of BS proxy buying scheme, that in essence, is still interest based. Goes a little like this:
Party A wants to buy something from Party B. Party A heads down to "Islamic bank" and tells them he wants to buy the item from Party B. Islamic bank buys item from Party B, pays cash. Islamic bank "sells" item to Party A using monthly payments that have a "fee" tacked onto them. End result? Party A has the item, and payed a fixed % to the Islamic bank in order to buy the item from them. Reason I raise my BS flag on banks like this claiming they're Islamic? They're still basically charging interest, and had Party A not wanted the item, the bank wouldn't have bought the item out of their own accord. Some electronic stores in the Middle East do it differently, and have two different prices for buying an item; one if you choose to pay with installments, and one if you choose to pay upfront. No BS there.

Originally posted by: AgaBoogaBoo
to the OP - if you don't mind answering this, why would your religion care about interest in any way at all? What does it have to do with religion?

Read the Wiki article

ANYONE ACTUALLY WANT TO HELP ME FIND THE CAR?!

 

[vi edit]

To my knowledge, I have never seen any of those brands offer 0% interest deals. They just don't do it. The lowest I have seen them do is 1.9%.

The Big 3 (Ford, GM, Chrysler/Dodge) are the only ones that I have seen offer it. And right now I think Ford is the only one providing it, and that's only on trucks.

You can check current incentives here:

http://www.edmunds.com/incentives/Rebat...munds.n.incentivesindex.incentives.1.1.*

 

[mrSHEiK124]

Originally posted by: vi_edit
To my knowledge, I have never seen any of those brands offer 0% interest deals. They just don't do it. The lowest I have seen them do is 1.9%.

The Big (Ford, GM, Chrysler/Dodge) are the only ones that I have seen offer it. And right now I think Ford is the only one providing it, and that's only on trucks.

You can check current incentives here:

http://www.edmunds.com/incentives/Rebat...munds.n.incentivesindex.incentives.1.1.*

Thanks