so im in the process of getting an AP1. my payments work out to 370 a month and insurance comes to about 370 also. the car is 21,900 with 5500 down and a 5.9% its an 02 with 35k on the odo. is this too much money for this car? and am i getting killed on the payments and isurance? i have 100/300 insurance and its listed as a daily driver but not for work. what are some of your payments so i have something to compare to. thanx fellas.


oh BTW. im 25 and have no tickets and 1 accident 2 yrs ago 10% my fault. thanx again

 

As far as your insurance premium is concerned, sfactor, it is largely dependent upon one's coverage; is it the state-mandated minimum (usually, 15k medical, and 30k property or "15/30"), or is it something more than this? By way of comparison, I have a "multi vehichle discount" policy for which I pay - for my S - $159 per month for "30/60" w/full uninsured motorist and rental-car coverage. And this is based on my having totalled my first S while under the influence of alcohol (09/06/04), as well as the fact that I am 47-years-old.) It is all relative.

 

I bought an '02 in June that had 4,000 miles on it. I payed 26K for it. Probably a bit high, but it was basically brand new. It was a weekend toy, driven conservatively. That averages out to 4.5 fillups per year for three years

I did not put any money down, and needless to say, my payments are a lot higher than yours.

I am 22 and I have full USAA auto insurance. If it can be covered, it is, and to the maximum amount. I pay a little over 200 a month for the insurance. No tickets or accidents on record.

 

Your payments are entirely a function of your loan terms so it's going to be tough to make any relevant comparisons to what someone else is paying. A 5.9% interest rate is decent, though, so you're probably doing fine as far as the loan is concerned.

Insurance is also going to vary a lot from region to region and person to person, but generally speaking, yours sounds pretty high. Where do you live?

I live in San Jose and was 23 years old when I bought my '02 S2000. At the time, it was the only car on the policy with only 50/100/50 coverage. Deductibles were $500 collision and $100 comprehensive. I had no points and was paying around $140/month. The car was listed as a daily driver of 25k annual miles.

I'm now 27 years old and have added an extra car to my policy, as well as increased my coverage to 100/300/100. All else is the same -- same deductibles, still no points, car is still listed for 25k miles a year. I now pay around $100/month. My rates went down shortly after I turned 25 because that marked completion of 9 years driving experience.

This is through Mercury Insurance. Granted, there's a lot of variables to factor in, but $370/month sounds pretty steep to me.

 

EDIT:
I should add that the only discount applied to my insurance policy is a Scientist's Discount, which Mercury offers to people with science degrees.

 

i just turned 20 with no accidents, no tickets, got my s2k 1 week ago, its a 2000 with 23,000 miles. it was 18,000, my insurance is 250 a month with full coverage and my payments are 340 a month.

 

[QUOTE=BlackNightmare,Oct 5 2005, 08:58 AM] i just turned 20 with no accidents, no tickets, got my s2k 1 week ago, its a 2000 with 23,000 miles.

 

well i was a bit mistaken...i put 370 down and i have to pay 3 more payments of 370 so thats everyother month....but thats pretty good. what about the car itself? is 21,900 too much for a white 02 with 36k

i forgot to add im in long island NY

 

Access Kelly Blue Book's website and find out for yourself.

 

375 a month car payment, 175 a month insurance payment... 1 accident on my record...