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OldSarg
Junior Member
USA
147 Posts |
 Posted - 07/29/2010 : 1:53:36 PM
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The new GM Volt is $41,000. You get a $7,500 tax rebate for buying one. That means you are only finaincing $33,500. If you finaince the Volt for 5 years at 6% your payment will be $380/month.
The max debt to income for a loan is around 42% including a house payment (PITI). Let's imagine you have a $1,000 house payment and want to buy a Volt at a payment of %380/month. You would need to make $39,428 a year to afford to buy one, that's if you had NO other credit card payments, loan payments or student loans. If you had one other payment of $100/month you would have to make $42,285/year to quailfy!
Oh, it will go 40 miles on acharge and takes 3 to 4 hours to recharge. If you go beyond a gas motor kicks in and you are right back burning fossil fuel.
I don't know. . .I'll keep driving my miata. Cheap car, good on gas. |
"My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength." - Michael Jordan |
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mom4kids
Junior Member
USA
172 Posts |
Posted - 07/29/2010 : 1:56:01 PM
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| You make new car buying un-fun! |
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slim
Junior Member
497 Posts |
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Posted - 07/29/2010 : 1:59:14 PM
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| Let me know what bank you are financing through so I can get a $33.5K loan for $380/month! And you will finance all $41K, no discount at time of purchase. |
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OldSarg
Junior Member
USA
147 Posts |
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Posted - 07/29/2010 : 2:01:45 PM
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slim~ I used 60 months @ 6%.
mom4kids~ what are you doing home? |
"My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength." - Michael Jordan |
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bobpreston
Junior Member
486 Posts |
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Posted - 07/29/2010 : 2:11:04 PM
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I dont buy union crap!
You would think with all the money they stoled from the tax payer the car would be a little cheaper. |
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John Beagle
Advanced Member
USA
10985 Posts |
Posted - 07/29/2010 : 2:23:49 PM
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| I would not buy a first generation car. Add new power train technology, the answer is a resounding no. |
MainStreetMonroe.com is news of, for and by the people of Monroe, Ohio. |
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slim
Junior Member
497 Posts |
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Posted - 07/29/2010 : 2:41:40 PM
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quote:
[i]Originally posted by OldSarg[/i]
[br]slim~ I used 60 months @ 6%.
mom4kids~ what are you doing home?
60 x $380 = $22,800 You're a couple of dollars short!  |
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OldSarg
Junior Member
USA
147 Posts |
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Posted - 07/29/2010 : 2:50:50 PM
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Damn Slim! YOu are RIGHT! I used a calculator on Bankrate.com. Wrong, wrong, wrong! $648/month!
I'll recalulate:
The new GM Volt is $41,000. You get a $7,500 tax rebate for buying one. That means you are only finaincing $33,500. If you finaince the Volt for 5 years at 6% your payment will be $648/month.
The max debt to income for a loan is around 42% including a house payment (PITI). Let's imagine you have a $1,000 house payment and want to buy a Volt at a payment of %380/month. You would need to make $47,085 a year to afford to buy one, that's if you had NO other credit card payments, loan payments or student loans. If you had one other payment of $100/month you would have to make $49,943/year to quailfy!
Oh, it will go 40 miles on acharge and takes 3 to 4 hours to recharge. If you go beyond a gas motor kicks in and you are right back burning fossil fuel.
I don't know. . .I'll keep driving my 1990 miata. Cheap car, good on gas.
Redone. I hope I didn't screw this up all over again. |
"My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength." - Michael Jordan |
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OldSarg
Junior Member
USA
147 Posts |
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Posted - 07/29/2010 : 2:51:54 PM
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| Oops. . .Let's imagine you have a $1,000 house payment and want to buy a Volt at a payment of $648/month. . . |
"My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength." - Michael Jordan |
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mom4kids
Junior Member
USA
172 Posts |
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Posted - 07/29/2010 : 7:15:56 PM
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| I think its funny that the car is called the "volt". 40 miles per charge would not get me to work and back. I need fossil fuel. |
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buck35
Senior Member
4158 Posts |
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Posted - 07/30/2010 : 12:33:43 AM
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Yes to your question. But why? Its a another GM piece of crap!  |
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cmsquare
Senior Member
USA
3106 Posts |
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Posted - 07/30/2010 : 04:04:05 AM
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| seriously, who would buy a GM? |
"I brought it back, not cm"
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Too Many Hobbies
Junior Member
283 Posts |
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Posted - 07/30/2010 : 06:36:41 AM
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quote:
[i]Originally posted by cmsquare[/i]
[br]seriously, who would buy a GM?
Why not? Are Toyotas or Hondas any better these days? |
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OldSarg
Junior Member
USA
147 Posts |
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mrschoeps
Junior Member
330 Posts |
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Posted - 07/30/2010 : 5:00:07 PM
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quote:
[i]Originally posted by OldSarg[/i]
I'll recalulate:
The new GM Volt is $41,000. You get a $7,500 tax rebate for buying one. That means you are only finaincing $33,500. ....
Sorry, Sarg, I'll reiterate a comment from before ... the rebate FOLLOWS a purchase, so you will be paying GM $41K. Refigure now based on financing $41K. (Of course this assumes no trade-in, etc) |
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itbedave
Senior Member
USA
1590 Posts |
Posted - 07/30/2010 : 5:32:46 PM
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| Anyone figure out the cost to recharge yet? |
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mom4kids
Junior Member
USA
172 Posts |
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Posted - 07/30/2010 : 6:03:59 PM
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| Hey Sarg - I want a Toyota FJ Cruiser. What will my payment be with that? Just so I go into the dealership in the "know". : ) |
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OldSarg
Junior Member
USA
147 Posts |
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Posted - 07/30/2010 : 6:33:43 PM
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| I'm not doing any more math. It's Friday. Time for a drink and Hamlet. I'll let you know how it goes. |
"My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength." - Michael Jordan |
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v.o.r
Junior Member
361 Posts |
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Posted - 08/03/2010 : 2:12:15 PM
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| I'm still trying to figure out how someone earning $42,285 annually can afford to purchase a $41,000 vehicle? I know that it happens regularly... which is partially why we are in such a mess these days. Perhaps I am missing the bigger picture? |
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cmsquare
Senior Member
USA
3106 Posts |
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Posted - 08/03/2010 : 2:39:08 PM
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quote:
[i]Originally posted by mom4kids[/i]
[br]Hey Sarg - I want a Toyota FJ Cruiser. What will my payment be with that? Just so I go into the dealership in the "know". : )
If you are going into the dealer with a monthly payment in mind then you aren't in the know. They will take you to the cleaners if you give them a monthly amount. Wrong way to negotiate a car. |
"I brought it back, not cm"
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cmsquare
Senior Member
USA
3106 Posts |
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Posted - 08/03/2010 : 2:40:04 PM
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quote:
[i]Originally posted by v.o.r[/i]
[br]I'm still trying to figure out how someone earning $42,285 annually can afford to purchase a $41,000 vehicle? I know that it happens regularly... which is partially why we are in such a mess these days. Perhaps I am missing the bigger picture?
Because most cars get paid over the course of 3-5 years. Who pays for a car all up front? Why would you ever do that when you can fiance it at pretty much 0-1%
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"I brought it back, not cm"
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v.o.r
Junior Member
361 Posts |
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Posted - 08/03/2010 : 3:10:03 PM
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quote:
[i]Originally posted by cmsquare[/i]
[br]quote:
[i]Originally posted by v.o.r[/i]
[br]I'm still trying to figure out how someone earning $42,285 annually can afford to purchase a $41,000 vehicle? I know that it happens regularly... which is partially why we are in such a mess these days. Perhaps I am missing the bigger picture?
Because most cars get paid over the course of 3-5 years. Who pays for a car all up front? Why would you ever do that when you can fiance it at pretty much 0-1%
I agree it is being paid for with borrowed money, which depending on credit rating can be at very little to no interest. Even with financing over 60 months, that is still $700/month. Again, I just don't see how someone making 42k per year can afford that. |
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cmsquare
Senior Member
USA
3106 Posts |
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Posted - 08/03/2010 : 3:23:43 PM
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they can't, that's why they don't buy 42,000 dollar cars. they would never get approved for that kind of loan to begin with.
They would need to make more money, or buy less car. Who would spend $42,000 on anything GM? I've got a bridge to sell them |
"I brought it back, not cm"
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mom4kids
Junior Member
USA
172 Posts |
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Posted - 08/03/2010 : 7:56:42 PM
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quote:
[i]Originally posted by cmsquare[/i]
[br]quote:
[i]Originally posted by mom4kids[/i]
[br]Hey Sarg - I want a Toyota FJ Cruiser. What will my payment be with that? Just so I go into the dealership in the "know". : )
If you are going into the dealer with a monthly payment in mind then you aren't in the know. They will take you to the cleaners if you give them a monthly amount. Wrong way to negotiate a car.
That was in jest Cm, I'm not a person who signs loans or encourages anyone to pay for anything (aside from their primary residence) by borrowing. I understand why they call them "dealers". |
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2dogsa
Senior Member
USA
2864 Posts |
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Posted - 08/04/2010 : 6:03:33 PM
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I think some are missing the point....I don't know to many people that can afford a new car nowadays but.....The statement that a Volt will go 40 miles on one charge but will then go to fossil fuel is correct but you have to add the mileages together estimates are 78-80+ miles per gallon (not bad in my book....and yes that beats any Prius).
How many people drive more than 40 miles to work??? If you drive 40 miles or less you would pay $1.50 per day in electricity to charge and drive. I think gas is around $2.60 per gallon so you would actually save $1500.00 a year versus the same gas engine if you drove 15,000 miles a year. Not bad in my book.....
Give GM their props...they have built the most sophisticated vehicle for the masses that has ever been built. The hybrid system they have developed is much more advanced that the Atkinson cycle used by Toyota and most of the other car manufacturers. Most car companies build a good vehicle today...except maybe Chrysler.
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bobpreston
Junior Member
486 Posts |
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Posted - 08/04/2010 : 7:22:59 PM
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quote:
[i]Originally posted by 2dogsa[/i]
[br]I think some are missing the point....I don't know to many people that can afford a new car nowadays but.....The statement that a Volt will go 40 miles on one charge but will then go to fossil fuel is correct but you have to add the mileages together estimates are 78-80+ miles per gallon (not bad in my book....and yes that beats any Prius).
Imagine what toyota and honda could do if they milked the tax payers for billions.
Before you buy this union built POS call GM and ask what a battery pack will cost when it goes bad. Add that into the cost and see if its cost effective or just another green FLOP! |
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wifostarz
Senior Member
USA
5254 Posts |
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Posted - 08/06/2010 : 8:59:30 PM
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I have not researched the GM Volt; however, a friend of mine has the Honda hybrid (cannot remember the name of it), but when he asked the dealership how much a new battery will run, they did not give him the price. I don't know if it was because it was the first month those cars came out and the did not have that information or if they just didn't want to tell him.
quote:
[i]Originally posted by bobpreston[/i]
[br]quote:
[i]Originally posted by 2dogsa[/i]
[br]I think some are missing the point....I don't know to many people that can afford a new car nowadays but.....The statement that a Volt will go 40 miles on one charge but will then go to fossil fuel is correct but you have to add the mileages together estimates are 78-80+ miles per gallon (not bad in my book....and yes that beats any Prius).
Imagine what toyota and honda could do if they milked the tax payers for billions.
Before you buy this union built POS call GM and ask what a battery pack will cost when it goes bad. Add that into the cost and see if its cost effective or just another green FLOP!
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bobpreston
Junior Member
486 Posts |
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Houndog
Senior Member
USA
2668 Posts |
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Posted - 08/06/2010 : 10:58:13 PM
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| If we could only figure a way to harness the shear blind rage of bobpreston all of our fuel worries would go out the window. The only thing you would have to do to 'recharge' your vehicle would be to say the word 'Union' or 'Democrat' and BAM! batteries back to 100%. |
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skydiver
Junior Member
200 Posts |
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Posted - 08/07/2010 : 10:46:47 AM
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quote:
[i]Originally posted by Houndog[/i]
[br]If we could only figure a way to harness the shear blind rage of bobpreston all of our fuel worries would go out the window. The only thing you would have to do to 'recharge' your vehicle would be to say the word 'Union' or 'Democrat' and BAM! batteries back to 100%.
LOL |
If you cant stand the heat, don't light the match |
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Can you afford the "new" GM Volt?
