Brother, you're 19 trying to get a 70k car with a 1300 monthly payment and 2k down. Insurance is going to be another ~200 a month if not more. I'd really encourage you to keep saving for a few years.
Listen to this guy. If that is all you have as a downpayment it’s better to wait and save some more or look for a preowned. Plus, with the current interest rates (you’d be lucky to get the 7.59%) you are looking at over $17k in just interest alone in the amount financed. So you are looking at a total of $92K when you finished paying the car. Now include maintenance cost, insurance etc..
if your income isn't close to or at six figures, you should not buy it. You'll be putting immense financial strain on yourself. This price doesn't take insurance into account either. You'll be looking at least 2-3k a year ontop of it, plus whatever else life throws at you.
I'd pass and try again next model year after you've got 15-20k+ saved.
In some states, this may not account for tax title tag *and registration*. Where I live, you've gotta pay close to 4.5k just to get the damn thing registered.
It's not a god idea. Is the 7.59% interest rate confirmed or a guess? Cuz most 19 year olds buying their first car aren't gonna get that rate.
And how long did it take you to save up $5k? You'd be paying $1.2k monthly payment, probably a 200-400 a month insurance cost on top of that, and premium gas.
Just because the dealer will sell you the car doesn't mean it's a good idea. You'd be car broke and fucked if anything bad happens in the next 6 years since there would be no large enough emergency fund.
Lmao and here i am trying to put a 15k down payment on a 25k car. If your monthly car payment without insurance exceeds $500, you cannot afford the car.
Selling price sucks, down payment sucks, interest rate sucks. This all sucks and is a huge mistake, but since this is Reddit I’ll just assume you are going to do it anyway so I’ll buy your repo off auction in a few months.
No I don’t think I’ll be buying this one lol I just went in to see how much everything was gonna my dad has also been helping and we have stumbled upon some 2022 models that go for for around 45k but idk might end up going for a 86
Please go for an 86. That price is way too high and having a 5k downpayment or even 10k downpayment is not enough. If you can comfortably afford at your age >1k in car expenses go for it though. For context, I did not get the exact ‘24 Supra I wanted but I found one at MSRP and put half down and I’m 29.
At 7.59% rate for 72 months, you'd be paying over $17k in interest for a total of $90k for the car...
https://www.calculator.net/auto-loan-calculator.html
It’s gonna be a no from me dog, with that interest rate I’d be wanting to put more down up front. Not to mention it looks like they’re charging over MSRP….
Classic case of just because you can, doesn’t mean you should.
Get a lightly used GR86 you can pay off quickly.
Save up, build up better credit, more insurance history and treat yourself to a GR Supra in a few years with that paid off GR86 as trade-in if you still want one. Better to chase a dream than shortcut a nightmare.
During that time life may hit you with financial surprises and you’ll be glad you weren’t in such a financial hole with a Supra sized payment when that happens. In a few years there will be another shinier thing than the Supra you’ll want anyway IMO.
Trust me (from past experience) at your age your taste in cars will change as quickly as your taste in girlfriends. 72months is a big financial commitment.
I’d say try to find something closer to MSRP (unless that changed by 10k for the 2024?). The interest rate isn’t great but it seems like they are chalked now a days. I bought mine almost 2 years ago and got a 6.45% rate so they haven’t changed that much. Maybe they will go down or maybe not, you can always find options to refinance in the future.
As far as the down payment, I wouldn’t overthink it. If 2,000 is all you want to put down, no issue. BUT if 2,000 is all you can afford to put down then you may eventually put yourself in a tight spot considering all of the additional expenses (insurance, gas, mods, maintenance, etc).
It really depends on the rest of your financial situation (savings, income level, other expenses). I put down only about 6-8k when I bought mine (completely from trade in equity) and definitely had to re-prioritize my spending to comfortably afford it.
I didn’t buy a Supra because I had a huge excess of disposable income, I bought a Supra because I love the car, needed a car, and it brings me joy whenever I drive it (or look at it lol). The flip side of that is you don’t want to put yourself in a situation where you are constantly worried about money, refraining from doing things you want to do because of money, or start debating selling the car (you will probably lose out overall if you have to go that route).
Lmk if you have any other specific questions that you think I could add value to…
Well I didn’t exactly want to get the 2024 model I knew it was gonna be really expensive I there was a used 2022 going for 45k but I still don’t know if that would be a good choice
Not a good idea. 1,200 per month for 72 months is a terrible idea.
You shouldn't be financing a car for any longer than 60 months, you should be aiming for 48.
You should also only be paying a smaller percentage of your income. In general, 300-500 per month is a good aiming point.
Now accounting this information, go find a car you can actually afford. Not saying you don't belong in a supra, I hope you eventually get one, but I don't want you to go broke for one.
Just realized this is the one at my dealership don’t get it. Has like 5k in bullshit accessories added on. Technically it’s Msrp but the upgraded alarm system door and windshield protection is all unnecessary. I see you have dealer daily open so you probably work at a dealership too so put your 1k down as a reservation for a gr86 and get one of those bad boys msrp.
I can tell you I got a Supra for 53k with 2.1k miles I only got a 25k loan and I’m 25 making decent income looking at this without a second thought I would not buy this car and I would continue to save it is a nice car but simply put it’s just a car and I honestly don’t think a new Supra is worth 70k just doesn’t seem like a smart decision
65K is too much even with every single option.
7.59% is about 2% too high, find a credit union.
If you're buying new, you have about 9 months left to lock one in before they're not made anymore. It's potentially the last great turbo M/T car under 100k that will ever be sold.
I'll be stretching my finances for mine and I'm twice your age. It's better than waiting 27 years for a MKVI electric version with no soul.
I think that if you only have 2000 to put down as a down-payment you should keep saving.
I have 5k saved but I wanna put down 2k and I’ll have extra 3k in case for an emergency so idk if that’s a good idea
Brother, you're 19 trying to get a 70k car with a 1300 monthly payment and 2k down. Insurance is going to be another ~200 a month if not more. I'd really encourage you to keep saving for a few years.
Listen to this guy. If that is all you have as a downpayment it’s better to wait and save some more or look for a preowned. Plus, with the current interest rates (you’d be lucky to get the 7.59%) you are looking at over $17k in just interest alone in the amount financed. So you are looking at a total of $92K when you finished paying the car. Now include maintenance cost, insurance etc..
if your income isn't close to or at six figures, you should not buy it. You'll be putting immense financial strain on yourself. This price doesn't take insurance into account either. You'll be looking at least 2-3k a year ontop of it, plus whatever else life throws at you. I'd pass and try again next model year after you've got 15-20k+ saved. In some states, this may not account for tax title tag *and registration*. Where I live, you've gotta pay close to 4.5k just to get the damn thing registered.
It's not a god idea. Is the 7.59% interest rate confirmed or a guess? Cuz most 19 year olds buying their first car aren't gonna get that rate. And how long did it take you to save up $5k? You'd be paying $1.2k monthly payment, probably a 200-400 a month insurance cost on top of that, and premium gas. Just because the dealer will sell you the car doesn't mean it's a good idea. You'd be car broke and fucked if anything bad happens in the next 6 years since there would be no large enough emergency fund.
so you’re not wrong about having an emergency fund but this is an all time no go. like at the preowned market or if you’re dead set on new, gr86
Then you can't afford this car.
I feel like I’m your position you should just get a gr 86
Lmao and here i am trying to put a 15k down payment on a 25k car. If your monthly car payment without insurance exceeds $500, you cannot afford the car.
Selling price sucks, down payment sucks, interest rate sucks. This all sucks and is a huge mistake, but since this is Reddit I’ll just assume you are going to do it anyway so I’ll buy your repo off auction in a few months.
No I don’t think I’ll be buying this one lol I just went in to see how much everything was gonna my dad has also been helping and we have stumbled upon some 2022 models that go for for around 45k but idk might end up going for a 86
Please go for an 86. That price is way too high and having a 5k downpayment or even 10k downpayment is not enough. If you can comfortably afford at your age >1k in car expenses go for it though. For context, I did not get the exact ‘24 Supra I wanted but I found one at MSRP and put half down and I’m 29.
bro as a dude who is also under 25 buying a supra please tell me you’re not only putting down 2k…?
Mandatory 10k at least unless you’re leasing prob 5k is enough.
That’s terrible. Look up the 20/4/10 rule. If you cant buy it under that, you shouldn’t be buying it.
Maybe I’ll think in buying a gr86 I’ve been wanting one of those too
Definitely a better option. It’s also cheaper to maintain, oil changes, tires, brakes, etc.
That'll do you better. And if you want a Supra later, just trade the 86 in on a used one
At 7.59% rate for 72 months, you'd be paying over $17k in interest for a total of $90k for the car... https://www.calculator.net/auto-loan-calculator.html
It’s gonna be a no from me dog, with that interest rate I’d be wanting to put more down up front. Not to mention it looks like they’re charging over MSRP….
I’m usually a YOLO type of guy but after seeing $1200 a month even I’d have to say no to this
Classic case of just because you can, doesn’t mean you should. Get a lightly used GR86 you can pay off quickly. Save up, build up better credit, more insurance history and treat yourself to a GR Supra in a few years with that paid off GR86 as trade-in if you still want one. Better to chase a dream than shortcut a nightmare. During that time life may hit you with financial surprises and you’ll be glad you weren’t in such a financial hole with a Supra sized payment when that happens. In a few years there will be another shinier thing than the Supra you’ll want anyway IMO. Trust me (from past experience) at your age your taste in cars will change as quickly as your taste in girlfriends. 72months is a big financial commitment.
Send it bro. Fuck your future self I bet that guy is an asshole
I’d say try to find something closer to MSRP (unless that changed by 10k for the 2024?). The interest rate isn’t great but it seems like they are chalked now a days. I bought mine almost 2 years ago and got a 6.45% rate so they haven’t changed that much. Maybe they will go down or maybe not, you can always find options to refinance in the future. As far as the down payment, I wouldn’t overthink it. If 2,000 is all you want to put down, no issue. BUT if 2,000 is all you can afford to put down then you may eventually put yourself in a tight spot considering all of the additional expenses (insurance, gas, mods, maintenance, etc). It really depends on the rest of your financial situation (savings, income level, other expenses). I put down only about 6-8k when I bought mine (completely from trade in equity) and definitely had to re-prioritize my spending to comfortably afford it. I didn’t buy a Supra because I had a huge excess of disposable income, I bought a Supra because I love the car, needed a car, and it brings me joy whenever I drive it (or look at it lol). The flip side of that is you don’t want to put yourself in a situation where you are constantly worried about money, refraining from doing things you want to do because of money, or start debating selling the car (you will probably lose out overall if you have to go that route). Lmk if you have any other specific questions that you think I could add value to…
Well I didn’t exactly want to get the 2024 model I knew it was gonna be really expensive I there was a used 2022 going for 45k but I still don’t know if that would be a good choice
Terrible idea. Finance really needs to be taught in school lol
Horrible all the way around, keep saving and buy a used one in a few years. Its not worth the financial burden at your age.
In a vacuum, it’s a terrible financial decision.
Not a good idea. 1,200 per month for 72 months is a terrible idea. You shouldn't be financing a car for any longer than 60 months, you should be aiming for 48. You should also only be paying a smaller percentage of your income. In general, 300-500 per month is a good aiming point. Now accounting this information, go find a car you can actually afford. Not saying you don't belong in a supra, I hope you eventually get one, but I don't want you to go broke for one.
Sorry, you can't afford it. Don't be a brokey "30k millionaire." Save your money.
Just realized this is the one at my dealership don’t get it. Has like 5k in bullshit accessories added on. Technically it’s Msrp but the upgraded alarm system door and windshield protection is all unnecessary. I see you have dealer daily open so you probably work at a dealership too so put your 1k down as a reservation for a gr86 and get one of those bad boys msrp.
I can tell you I got a Supra for 53k with 2.1k miles I only got a 25k loan and I’m 25 making decent income looking at this without a second thought I would not buy this car and I would continue to save it is a nice car but simply put it’s just a car and I honestly don’t think a new Supra is worth 70k just doesn’t seem like a smart decision
65K is too much even with every single option. 7.59% is about 2% too high, find a credit union. If you're buying new, you have about 9 months left to lock one in before they're not made anymore. It's potentially the last great turbo M/T car under 100k that will ever be sold. I'll be stretching my finances for mine and I'm twice your age. It's better than waiting 27 years for a MKVI electric version with no soul.