Ok ok, I feel like some of you might kill me for this, but I took the plunge. Today I bought a new, black Toyota Yaris! It’s got everything I wanted in a car- air conditioning, power everything, cruise control, fold-down seats and a spoiler. I took advantage of the government CARS program, and got an amazing deal on it. With all of the rebates and everything, my car payment will only be $148 a month with NO INTEREST. Hellz yeah!
Here’s the breakdown:
Car Price: $16,500
Clunker Program: -$4,500
Grad School Rebate: -$1,000
Price I Paid: $11,870 (w/ tax and tags)
Down Payment: $3,000
Financed: $8,870 for 60 months with 0% APR
For my down payment, I took all the money out of my New Car Fund, and $1,550 out of my Travel Fund. I have bonds from when I was little that are worth about $1,200 now. I was going to use them for the car, but because they get a higher interest rate (4%) than my money in the bank (1.4%), I’m just going to let them stew for a bit. I'll wait to cash them out until I need them for a trip or something.
I still have my $2,500 EF and $2,300 in the Travel Fund, so I am far from cleaned out. I feel really good about this, and it will be so nice to have a car that will be reliable and in good shape for the next few years . AND I think it’s pretty much a dream come true to get a brand new Toyota for a used-car price!! Not to mention it’s my dream car (the one that’s actually attainable of course). I can't wait to start driving it around!
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Warning: Living out the glamorous life on a grad student's budget can endanger your financial well-being.
8 comments:
Congratulations!!
Right now is a fantastic time to buy a new car. I hope you really enjoy it!
Congratulations! What an awesome deal!! No interest is amazing! My last car payments was $320, so $148 is incredible. And nice work on the Toyota, it will last forever of course. :)
You got an amazing deal! I love it! And, I had a toyota for two years that was a 98 and it basically broke because of my fault. With maintance, these cars last FOREVER!
Enjoy your new car!! That is definitely a very manageable payment :-)
The best deal is always 0% interest... I probably wouldn't even have put a down payment since your $$ could have earned money in the bank instead.....
Awesome! Looks like you got a great deal. That 0% financing deal on the Yaris and Matrix is awesome! Congratulations!
Congrats!
I just bought one at the end of june. I LOVE IT too! so good on gas, and so much fun/easy to drive. You can fit in virtually any parking spot with no worries. But I definately pay more than you up here in Canada!
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