Is 70k enough to put down towards a Gallardo?

you will have a PM shortly..

 

Piece of cake on the monthly, especially with that sort of down...if you're talking in 2-3 years, pricing could take another turn and you might end up paying less than your anticipated budget...time will tell...right now the Gallardo's are holding firm in the 140k range...very few dropping under 140k, even the early 04's. That's not to say there aren't any out there, just the number of Gallardo's under 140k seems to be decreasing quickly.

Kevin

 

Why don't you start with something less exotic and work your way up? That way you can get used to what it's like and you won't have to worry about financing as much. Maybe a Z06 or Viper to start out with? That's what I would do.

 

How about a cheaper Ferrari, like an F355? You could get one for around $70k

Well whatever, if it is enough to finance a Gallardo, I wouldn't know, but if it is then good for you and definitely get that. I'm just giving suggestions but it's your money. Either way good luck and you are lucky to even be thinking about getting an exotic when you are so young.

 

Why wait if you have the 70gs now?

If your putting down 70k, a small insurance premium shouldnt be an issue.

I am 23, my insurance on a 95 355b is only 1362.00 every 6 months. Thats full coverage with high limits.

 

Just out of curiosity (because it's a very generous gift), how did the benefactor earn it and what might they have done at a similar age with similar choices?

 

damn... my cat just died and didnt leave me **** !!!!!!

 

Daniel's advice/implication is good -- you should pay close attention to it.

If you've been given $70k at the age of 25, buying a Ferrari or Lambo as your first car is not the wisest move. I don't know how much you've been left, so maybe I'm out of line here....i.e. if you've been left $5M and you're spending $70k on a car downpayment, fine, but I'm guessing it's less than that.

I'd seriously consider a better investment. Why not turn the $70k into $700k and THEN buy a car? Then you've got your Ferrari and $630k left to invest and turn into $6M! See where I'm heading with this....

nlh

 

troll alert!

 

Just by saying that I am confident you will be broke by 32.

 

I bet 27 or 28 tops.

 

Are you serious?

 

That's too smart, come on!!!

 

Just out of curiousity, do you see any of ferrari's or lambo's in Piscataway?

 

No you're not!

BTW...buying it is one thing. Paying for it is another. Properly maintaining it...

 

I think what the good doctor is trying to convey is that the money seems to be burning a hole in your pocket now, and you don't even have it yet.

To answer your original question, it is hard to get a feel for your particular situation. Everyone is at a different point in their life. You have a Merc and a BMW, but you say that you never financed a car before. Were these cars paid for in cash? If they were, do you have any other credit records that could help you in your quest for a loan on a specialty automobile?

Without an established credit line you are going to be in for a long ride at the bank or finance office of the dealership. Interest rates can get as high as your state's usery laws will allow. Putting down 50% of the purchase price will help you but if the rate is at 18% for 60 months with $70,000 down on a $140,000 purchase price your payments will be a little over $2,000 a month. Now if you get a more reasonable rate say at about 6% the payments would hit you at about $1,500 or so. To get these numbers I took the $140,000 price of the car, added the 7% New Jersey sales tax (this is how it's done in Michigan, not sure about NJ) and came up with a figure of $149,800.00, I took out the down stroke of $70,000 and came up with an amount to finance of $79,800. Pop that number into any of the online payment calculators and Voila....there you go.

If you care to use the search feature here you will find that most of the folks here who are owners (btw I am not an owner) paid for their cars when they picked them up, not over time.

 

What Buzz said!

And this is my point Bruce. If you have those two things then you should be well on your way to answering your own questions.

If you have stars in your eyes for a lambo in 2 years and have 70k to throw at it you should know from your experience with the other two cars what you will need to do.

However if you are being given JUST $70k, or even JUST $200k, and send $70k at the car, you've lost your mind. Maintaining it will break you in the short run and you'll likely be forced to sell it for a discount unless you spend all your money maintaining it.

Also if you went to college how come you don’t say you ever graduated from one on your my space page? And it looks like you are driving a honda there. No Benz, no BMW. Also I would think you would type / spell / use grammar (Heck, use ANY grammar.) better. That’s a big thing in college these days.