Monthly car payments for BMW or Audi (Cambridge: appointed, leasing)

[bosyork]

was considering buying BMW X3 or Audi Q5

wanted to know what would be the monthly installment in Cambridge, MA

[miu]

This is a question for a BMW or Audi dealer only!! Will you be buying or leasing the car? How much can you pay upfront? And much will depend on your credit rating.

[bosyork]

have excellent rating
and will be buying the car

just want to know if I can afford it.. let's see the final cost is $50k and I put $10k down

[e30is]

You would have to consult your local dealer or whoever is in charge of the financing dept (which most dealers should have).

[bosyork]

just give me some idea.. is it $500 a month or $1500 a month

[miu]

Just go into a dealership already! And wouldn't you want to test drive both of them before crunching the numbers? Are you afraid of talking to a car salesperson?

Otherwise, consider that gas prices are going up plus those vehicles are expensive to maintain. Anyway, personally I'd never want to own either of those vehicles which is why I don't know their ownership costs. And once they are out of their factory warranty, they are close to worthless because most people would be afraid to own one out of warranty.

[dravogadro]

You can get a nice beemer from the 90s for $3000. Save your $$ and do some traveling.

[brent s]

certainly don't search online for an auto payment calculator.

[jayrandom]

Originally Posted by bosyork

just give me some idea.. is it $500 a month or $1500 a month

The people here try to be helpful, but this is not google. This is information that is:

1) easy to find
2) not apropos to Massachusetts in any specific way

Auto loan calculator - Bankrate.com.

Frankly, I'm a little disappointed in our educational system that someone who is considering a $50000 car can't calculate this to that order of magnitude by his or herself.

Assume a 4 year term = 48 months
Assume a 5% interest rate (you can probably do better if you try, but maybe not)

40000 / 48 = $833.33 (no interest loan, the most basic calculation you can do)

(40000 * 0.05 /12) / 48 = 166.67 (the interest if you paid off no principle, but this is a simple overestimate)

(40000/2 * (0.05 / 12)) / 48 = $83.33 (the interest if you paid off the principle uniformly, but this is a simple underestimate).

If you have good credit, get a bank (or credit union) loan, bargain on price, and only take their financing if it's 1) better than what you could get elsewhere and 2) doesn't change the good price you already negotiated.

[miu]

^^^ Nice post! But I'm betting that the OP hates math with a passion...