what % do you pay as a downpayment on a new car?

[vshah]

a couple people i know just bought ~40-50k cars, and they only put 5-10k down. is this normal? i always thought people paid much more upfront...closer to 40 or 50 percent?

-Vivan

 

[glenn beck]

it is whatever the bank requires for a minimum deposit

some people just like to make a minimum deposit and pay an extra mortgage a month

 

[JohnCU]

nothing

 

[spidey07]

Smart people do. The folks buying those 40-50K cars had better be making over 150K because otherwise that's way too much car for them.

I prefer to lease depreciating assets and not finance them.

 

[waffleironhead]

nothing

this

 

[ussfletcher]

it is whatever the bank requires for a minimum deposit

I put down whatever the bank limits a maximum deposit to. (To still get the loan)

 

[jhu]

Nothing and got 0% apr! What do I win?

 

[rasczak]

a couple people i know just bought ~40-50k cars, and they only put 5-10k down. is this normal? i always thought people paid much more upfront...closer to 40 or 50 percent?

-Vivan

75% is about right.

 

[UglyCasanova]

Nothing. I pay cash for mine.

Never had a car payment, and never will. I've also never owned a new vehicle (or even moderately new). I'm not knocking anyone who does get a new car, it's just to me a car doesn't matter. With my wife and kids to support and me still being in school (last semester though, and I think I already have a job lined up! ) we are broke as it is. Driving around a beater is better for my family financially, and so long as whatever I'm driving plays mp3's so I can listen to the Economist audio edition and my sci fi audio books (right now I'm working through Peter F. Hamilton's Judas Unchained) then I'm a happy camper.

 

[Treyshadow]

When I got my 2010 Buick Enclave 2CXL I paid 10K down, but I also received 0% financing, so I could have just put down a buck. I don't mind having a car payment if I am not paying interest. I have a wife, 2 kids in school, and we make more than enough to buy a car outright. However if they want to hold the bill for me I am sure going to let them.

Good credit goes a long way when buying a house or a car.

 

[FoBoT]

$1000

 

[DietDrThunder]

100% down, no payments and no interest forever. I also keep the car forever as well.

'93 Buick I bought brand new with cash and just sold last January, 16 years later.

'09 Cadillac CTS we paid cash for as the replacement vehicle. I plan on keeping it 15 to 16 years as well.

 

[Slew Foot]

Joe How-much-a-month doesnt care about finance terms or down payments. He just sees the monthly bill.

 

[BoberFett]

Paid cash for my used car and truck, leasing my wife's new car with $0 down. I don't think I'll ever purchase a new vehicle again.

 

[DrunkenSano]

Paid in full for my Acura TL. Not worth paying interest on something that depreciates in value instead of increases.

 

[EMPshockwave82]

Joe How-much-a-month doesnt care about finance terms or down payments. He just sees the monthly bill.

Which is exactly why I tell dealers that I don't deal in monthly payments and that the first time they come to me with a $xxx per month quote I will stand up and walk out. If I like your price, I'll buy your car. If I like your financing then I"ll use you to finance the car. Those things can be done separately.

 

[bruceb]

All depends. When i bought my 1999 brand new, I paid $24K cash. A lot depends on dealer finance or rebate incentives. If they offer 0% why put a down payment unless they insist on it ? ? You can always pay it off early, if you have extra cash.

 

[blackdogdeek]

nothing for the last two cars i think.

edit: we got 0.9% over 3 years on one and 0% on the other (i forgot how long)

 

[Apple Of Sodom]

Depends on the interest.

I bought two vehicles last year.

One was 50K and got a 15K down payment. Interest was 6% or so. Paid car off within a year, which was my original plan.

Second vehicle for wife was 70K. Put only 15K down on it because interest was 1.9%, and I can do better with my cash than 1.9%.

 

[amdhunter]

I dunno, but typically I'd put $5000 + whatever tax is additional - on a lease, which is probably stupid since you could lose all that money in a total.

 

[ElFenix]

Smart people do. The folks buying those 40-50K cars had better be making over 150K because otherwise that's way too much car for them.

I prefer to lease depreciating assets and not finance them.

so you like to pay over and over again for the highest depreciating period of the car? how is that smarter?

 

[Chrono]

I paid 0 down for a car that cost almost 40k. 0% interest for 5 years.

 

[SearchMaster]

100%. I'll never have a car payment again.

 

[dullard]

Paid in full for my Acura TL. Not worth paying interest on something that depreciates in value instead of increases.

Ditto. Except, it is the Acura TL that I will be buying in cash. As soon as my 10 year limit has passed on my previous car. I'm 8.5 years into it. I want to keep getting a new car every 10 years if possible.

 

[JS80]

0. And I never buy new.