Group,

I don't want to get my hopes up just yet on a RX8. I am having trouble comming up with realistic monthly payments. I am trying to figure out what my payments and loan would be if I got an RX8 in Texas. In addition to my trade in I plan to put money down to get my payments as low as possible close to $300/Month. I am looking for a 6 Year loan but I don't know what Interest Rates are Reasonable. I am employed and my salary is good and my credit is great - The dealerships keep saying put a $500 deposit down and we'll build you an RX8. Thats fine. I know where they are comming from. I just don't want to make a commitment w/o knowing what to expect. I want no surprises when it comes to financing time.

I would like a:
RX-8 6 Speed Manual
6-Spd Manual
250-hp 1.3L Rotary Engine
2-Rear Wheel Drive
SUNLIGHT SILVER M
BLACK (FABRIC) Cloth
SPORT PACKAGE M/T

The total MSRP should be 28,300 + TTL + No other charges. Is that correct? Can I haggle the price?

Here's my trade in:
2001 Z28
Pewter
6-Spd
50,000 Miles now and growing quickly... 60,000 by Summer 65,000 by Fall
Leather
Power Driver Seat
Power Everything
CD Radio 6-Speaker
SLP 17" Chrome Wheels with New Tires
Extended Warrantee till 70,000 Miles
Interior/Exterior - Very Good Condition

I owe approximately $10,000 on my car. Blue book says its its worth $11,500 Trade in max :( with 60,000 Miles.

Please help,

Troy

Plan on breaking even with your Z28. Dealers always offer less on a trade than blue book. That part is a wash.

Current rate @ peoplefirst.com for 72 months is 5.39%. That tranlates into a payment of ~ $16.20 per thousand borrowed.

Your RX8 will cost 29.5 to 30K depending on taxes in your state. You can finance just over 18K with your payment. Plan on putting down 11 to 12K to get your car.

Good Luck,

Don

I had this great idea hit me in the face the other day.

I was planning on putting down 15K cash and then finance the rest for 4 years. Which would be around 28K (I'm in Canada).

Total would still be around $700-$800 a month! UGH! that's a lot. I could afford it but I rather have lower payments.

So this idea hits me, why not KEEP the $15K and lease the car. Basically my lease payments for 3 or 4 years will be $600-$700 a month. I could use the $15k I have banked as my monthly payments, this would free up a lot of monthly income. Which I could put asside in investments etc for 3 or 4 years. At the end if I like the car I can buy it out for $17-20K. The amount of money "lost" on the lease will be neglegible because of the 15K + other investments made. Otherwise I'm just dumping a lot of cash into a depreciating asset anyways.

This to me sounds "safer" as if I loose my job or some other tradegy I'll still have lots of payments already banked!

I'm guessing in US dollars, we can expect to be paying $400-$600 a month probably.. that's assuming a low down (less than $5000) and a 5 year loan with a decent rate..

I'm hoping for no more than 500 and change.. but with these new accessories, that's gonna mess me up.

To give you a ballpark (I already have my loan more or less worked out), I'm putting about $11k down on $34,500 (estimation with tax and lic.) with a 6% interest rate and my payment comes out to $455. With a little luck that interest rate may drop a bit more between now and then and the payments will be a little lower. Like Kilroy said, with a similar rate and a total vehicle cost of $30k, putting $11k down would make your payments about $370/month....

I am going through Batview bank 84 months 0 down 5.25% 421 a month =) They are almost always simple intrest loans with no prepayment penalty so you can pay more if you feel comfortable but have a $421 base payment when times are rough. If you guys have any financing ?? especially dealer related as I work for one and have done the despicable job of a finance guy and can explain exactly how they try a F@*k you from your hard earned $$. Good luck

Kyle Lancaster--Double Agent Salesman

84 months???? :eek: Good god man! I didn't know they offered car loans for that long a period. It's great for people that don't want to put money down, but I couldn't justify paying for a car for 7 years.

whoa.. 84 months? whew..

11K down.. daang.. are you sitting on that much cash are have you been saving it up since the 8 was even eeked out to the press?

Hahaha. I had been saving for about a year and had considerably more, but I really needed a vacation! :D I've been saving again since the first of the year or so and I don't have the full $11k yet, but will by June/July....

Dude, you think that's a lot, I posted a poll awhile back regarding what people were planning to put down. I was AMAZED that almost 30% of the people that replied are either putting down more than $15k or are buying it outright.... Must be nice....

whew... that's great.. I still dunno if I'm gonna lease or loan.. Of course if I lease I aint putting jack down.. but if I loan, I'd be lucky to put $3000 down. With having to pay taxes this year and an upcoming Vegas trip, my would be down payment money has been sapped big time.. :(

Of course I could always win in Vegas and buy it outright too hehehe

Craps my friend, craps! You just stand there and they hand you money. I love it!

Hahah I have GOT to learn how to play that.. Wish me luck!

craps is fun if you don't know what the hell you are doing (like me :D ), as you just ride along w/ the highrollers and they hand you money :D

damn, I thought 60months was max.

Cool I just used msn auto's calculator and it looks like I WILL be able to afford to purchase! YES YES YES!

$36795+$400 freight + $100 air tax + 15% tax =aprox. $43000

$15K down, even at 8.5% interest it's around $650 a month which I can do easily! WOOHOO!


Maybe I'll get a better rate even more chance then!

Thanks guys you got me closer to reality.

I been thinking. Why now just get the stripped down version with just a manual tranny. I mean the only cars I ever lost control of are FWD's because at the limits thier tricky and unpredictable so why add a $1100 Stability System. I can put in Fog lights and Fake HID Headlights in myself.

That gets my down to MSRP $27,200. I feel like a small 1000lb weight just got lifted off my shoulders. :)

This is a stupid question but a CD Radio and antilocks brakes come standard right?

all i want is the 6 speed w/ the sports package, 28700 msrp

i will probably sell the RX-7 and trade in the Protege, HOPEFULLY get 10,000 out of the 2 cars, put down another 3-4000, and finance the rest for 5 years

let's see, say the car will come out to 30k after tax, title and fees, then

30000 - 14000 down payment = 16000

16000 financed at 5% (I can get this rate through my work's credit union) for 5 years = $301.94 a month

whoa, that's TOTALLY attainable for me! :D

Originally posted by TroyRX8
Thanks guys you got me closer to reality.

I been thinking. Why now just get the stripped down version with just a manual tranny. I mean the only cars I ever lost control of are FWD's because at the limits thier tricky and unpredictable so why add a $1100 Stability System. I can put in Fog lights and Fake HID Headlights in myself.

That gets my down to MSRP $27,200. I feel like a small 1000lb weight just got lifted off my shoulders. :)

This is a stupid question but a CD Radio and antilocks brakes come standard right?

I was just thinking of doing the same, since most people change out these things anyways, such as suspension, perhaps seats, and full audio sound system. Also by changing out the seats to recaro's or bride is that hopefully they are lighter.

The thing about if you get the standard package is that you don't get the moonroof?

All i'm really interested in is the moonroof, hids, from the packages.

Right now i got about 5 grand saved up. Figure by next year ill have another 5 saved plus sell my girls car for about 3 grand which will put me at 13000 down-paymenton 33,000.

What would my monthly payments be around (500?)

Thats when i can afford the car. Right now its way too tight.

Ha Ha you think thats bad, we do up to 120 months !!!:eek:, It is ok to go long term because its simple intrest with no pre payment penalty. Why would i risk no being able to make the full payment at a 60 month loan when I can pay anthing over my base $421 payment I like, but stick to that in case you guys quit buying Mazda's. Unless you are afraid you wont like this car. Dont lease, They can really get you there. It has advantages like not owning the equity involved in case it goes through the floor. This shouldn't be the case as Mazda isn't mass producing this vehicle.

Kyle Lancaster--Double Agent Salesman

EbayMotor's Monthly Car Payment Calculator (http://pages.ebay.com/ebaymotors/monthlypaymentcalc.html)

Base model with moon roof (must have for me): $30000 with tax+license+dealership fees. HIDs are nice but I can get better ones for less. Aero kit is tight, but I am molding my own.

Right now, the KBB value of my car sold to a private party is approx. $15000. I will also sell my $5000 worth of modifications on my car. $20000 down payment for the rx-8.

$30000-$20000down= $10000 financed. Most likely going through bank because I know the dealership's finance can be a little crappy especially with sports cars. So estimating 6% interest.

$ 304.22 monthly payment

Also have to consider my insurance payments of $1500 per year. I have about $700 to tackle this from the past month. $800 dollars to go... that should be taken care of in a month. So the Rx-8 is reasonable for me, but I also want to modify mine. Oh great! more payments... yup! With no rent payments and working at an import performance shop... it shouldnt be a problem.

Hopefully I can hustle and open my business this summer after school and generate adequate income. I believe this car is a good investment. What do you guys think... is this affordable?

Originally posted by said7
Right now i got about 5 grand saved up. Figure by next year ill have another 5 saved plus sell my girls car for about 3 grand which will put me at 13000 down-paymenton 33,000.

What would my monthly payments be around (500?)

Thats when i can afford the car. Right now its way too tight.

If you take out a loan for $20,000 at 5.5-5.75%, roughly figure on spending $360-380/month for 60months.