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Advice on purchasing vehicle

BerettafanBerettafan Member Posts: 592 ✭✭✭✭
edited May 2004 in General Discussion
I have the opportunity to purchase a 2000 Tahoe Z71, that is loaded, and only has 55,000 miles. If the loan is approved, which is likely, I would get the vehicle for $20,700 out the door. My monthly payment would be about $400/month for the truck, and insurance would be $129/month. It's a good deal, and I am sure that I could make it work, but do you think it's a good idea. I would only have about 5 months that I would have to worry about working to meet the payments, because I go to the police academy in September, and I receive a nice stipend there that would more than cover my payments. Thoughts, opinions?

All it takes for evil to prevail is that good men do nothing.

For the first time a civilized nation has full gun registration; the streets are safer, the police are more effective, and the rest of the world will follow us into history--Hitler 1937

Comments

  • Henry0ReillyHenry0Reilly Member Posts: 10,829 ✭✭✭
    edited November -1
    Wait for a deal on a Ford.

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    Semper Fi

    Remember Ruby Ridge.

    Experience is the best teacher and usually charges accordingly.

    lafayette.gif
    I used to recruit for the NRA until they sold us down the river (again!) in Heller v. DC. See my auctions (if any) under username henryreilly
  • deerhntrdeerhntr Member Posts: 1,853 ✭✭✭✭✭
    edited November -1
    BUY A FORD They are far better trucks.
    ford.jpg

    use_deer.jpgnysrpa.jpgtnusa.gifNoPETA.jpg
    "NOW GO HOME AND GET YOUR BLANKIN SHINE BOX!"
    (Billy Batts in Goodfellas)
  • gap1916gap1916 Member Posts: 4,977
    edited November -1
    What is the interest rate?

    Greg
    Former Marine
    A N G L I C O
  • RembrandtRembrandt Member Posts: 5,012
    edited November -1
    Use caution when buying older vehicles with lots of miles....try to pay it off as quickly as possible. Many a buyer discovered too late the vehicle value depreciated faster than the remaining loan balance. If that happens, and (God forbid) you should total it out...you'll end up owing the bank more money than the Insurance company will pay off.
  • nunnnunn Forums Admins, Member, Moderator Posts: 35,712 ******
    edited November -1
    In 2000 I bought a loaded out Silverado for about that same money.

    NEW.

    SIG pistol armorer/FFL Dealer/Full time Peace Officer, Moderator of General Discussion Board on Gunbroker. Visit www.gunbroker.com the best gun auction site on the Net! Email [email protected]
  • boogerbooger Member Posts: 1,417 ✭✭✭
    edited November -1
    I am the resident vehicle loan basher, so I must bash this idea.[}:)]

    Keep driving whatever you're driving and put the $529 in the bank. You do have an $529 extra just laying around each month correct? In twelve months and after you graduate you'll have $6,348 in the bank, heck by that time the very same vehicle can probably be bought for $6,348 (since it'll depreciate so much in one year). Well maybe not, but at least a dang good one and you'll never owe anyone a dime!!!

    The only reason people get a loan is because they are broke.

    Them ducks is wary.
  • SuspensionSuspension Member Posts: 4,783
    edited November -1
    I sure wouldn't wait for a deal on a ford[:0][^], but 4 years old, $20,700? How much are they brand new 2004 or 2005?
    That seems high to me for a SUV that is 4 years old.

    If I had the slightest thought that I may be strapped making a payment for something then there is no way I'm signing that loan. That's just me though, my brother....totally opposite completely...where's the pen[?] [:D][:D][:D]

    NRA Life Member ---"A pocket knife, a clean hankey, and a pistol... things I can use." - Ted Nugent
  • LightningLightning Member Posts: 945 ✭✭✭✭
    edited November -1
    A 4 1/2 year old truck with 55k on it dosent sound like much of a deal for 20,700. Add interest to that and you will easily have 25k invested in it unless you are getting a great interest rate.
    I would keep looking.

    FUNCTION BEFORE STYLE
  • JackBwrJackBwr Member Posts: 1,756 ✭✭✭
    edited November -1
    Hey. I'm not trying to insult your intelligence or claim that I'm an expert at my finances. Actually far from it. But I would like to offer you some advice from experience. As soon as I got out of college and started my career, before I had even showed up for my first day at work, I decided I HAD TO buy me a 2000 Z71 Silverado LS....because I knew what I was going to make and because I could, living at home. So I happily traded in my payed off, modified, 87 chevy for 3000. The truck was $26,000 with 4 miles on it in 2000. I thought it was worth the 470 a month payment, 140 a month insurance (I was 19 at the time) and who cares about gas mileage or how hot trucks were selling at the time, yielding me a 9.6% interest rate through GMAC? I sure didn't. Well, after 2 years and 36,000 miles I decided enough was enough and traded it in on a small sports car. After pouring over 15 grand into it, not including gas over this time span, I had no equity in it and the dealership payed the rest off on the trade in and I started a new car loan. Moral of the story is, I wasted 2 years of my life paying for a truck that I no longer own and got nothing for it when I got rid of it. Don't make the same mistake I did man. Especially 20 grand for 55,000 miles. I know the feeling you have now, but you'll be kicking yourself 2-3 years down the road. Keep driving what you've got.
  • BerettafanBerettafan Member Posts: 592 ✭✭✭✭
    edited November -1
    It would be 20,700 out the door, no tax. This vehicle is top model, and goes for 43,000+ new. All leather, power everything, captain's chairs, the whole nine yards. It's a good buy, but I'm wondering if I should wait until things are a little more definite.

    All it takes for evil to prevail is that good men do nothing.

    For the first time a civilized nation has full gun registration; the streets are safer, the police are more effective, and the rest of the world will follow us into history--Hitler 1937
  • Henry0ReillyHenry0Reilly Member Posts: 10,829 ✭✭✭
    edited November -1
    quote:Originally posted by Berettafan
    I'm wondering if I should wait until things are a little more definite.

    Yes, hold off. There will always be deals to be found.

    avitar.jpg
    Semper Fi

    Remember Ruby Ridge.

    Experience is the best teacher and usually charges accordingly.

    lafayette.gif
    I used to recruit for the NRA until they sold us down the river (again!) in Heller v. DC. See my auctions (if any) under username henryreilly
  • competentonecompetentone Member Posts: 4,698 ✭✭✭
    edited November -1
    At: http://www.kbb.com/

    Trade-in value: $14,700

    Private party sale value: $17,000

    $20,700 sounds waaay to high--you'll be "upside down" (ie. owe more than it's worth) the moment you sign the papers.

    Listen to what everyone else is saying; drive a "junker" till you've saved enough to pay cash for what you want.
  • ZERODINZERODIN Member Posts: 6,338
    edited November -1
    I got a 2002 half-ton Silverado 4x4 with 29,000 easy (school-teacher driving 2 blocks to work and back) miles on it (after test-driving and rejecting the idea of a Tahoe - I'm just not an SUV person) in October of 2003 for $20,000. I work for the bank that I got the $10k loan I needed for it, so I can't make a fair comparison on payments, but you would definitely be wise to shop around.

    It breaks me to owe people money, so the loan wasn't easy to swallow, but with interest rates as low as they are, if you locked in a low rate you won't be bleeding nearly as bad.
  • BerettafanBerettafan Member Posts: 592 ✭✭✭✭
    edited November -1
    Thank you to everyone who chipped in. I was fairly confident about it until earlier tonight, and I started having some serious reconsiderations and an uneasiness about it, so I thought I would ask the people here for their ideas. You all confirmed my reservations, so I'm going to pass on it for now. Thanks again!

    All it takes for evil to prevail is that good men do nothing.

    For the first time a civilized nation has full gun registration; the streets are safer, the police are more effective, and the rest of the world will follow us into history--Hitler 1937
  • kimberkidkimberkid Member Posts: 8,857 ✭✭✭
    edited November -1
    I have a little experiance here ... that's an ok price but nothing to rave about ... I'm guessing 0 down and about a 6% intrest rate over 60 months ... which is almost a $400 payment ... so in your 4th year of the loan, when the vehicle is eight years old, you'll still be paying $400 a month for it for abnther year [:(]

    With the current rebates and cash bonuses avaiable from GM, a brand new 2004 Tahoe Z71 loaded can easily be had for about $33,000 ... with no miles and a 3/36 warranty ...

    or a brand new Tahoe LS for about $29400(invoice-rebates and bonus cash) 5% intrest (lower rate because its newer vehicle) finance for 72 months (you could strech it out for 84, but I don't even like 72) your payment is $473 and only 6 years old when its paid off!

    My advise is to save your money ... when buying a car, truck or SUV, buy 1 year old program vehicle, thats already taken the "hit" ... pay cash or finance as little as possiable ... intrest never works in your favor, no matter how low it is.

    BTW - my family owns 4 Chevrolet dealerships, I work the internet sales so I know a bit of what I'm talking about!
    .
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    If you really want to do something, you'll find a way ...
    ... If you don't, you'll find any excuse.
    If you really desire something, you'll find a way ?
    ? otherwise, you'll find an excuse.
  • Red223Red223 Member Posts: 7,946
    edited November -1
    Pull the dipstick out....if the end of it has changed color don't buy that used vehicle.


    When a vehicle is ran without antifreeze or oil such as when a headgasket blows or water pump leaks all the fluid out the engine will overheat if they keep driving it. One tell tale sign of internal damage is when the dipstick looks like somebody heated it up with a torch and changed the metal's color.

    kabalogoshadowed.gif
  • BOBBYWINSBOBBYWINS Member Posts: 7,810
    edited November -1
    Way too high!!!

    Check it out.

    http://www.nada.com/

    Also,the fuel pumps are notoriously short-lived and are several hundred bucks to replace.

    BW

    IT'S WHAT PEOPLE KNOW ABOUT THEMSELVES THAT MAKES THEM AFRAID.
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