Is 70k enough to put down towards a Gallardo? | LamborghiniChat
News

Is 70k enough to put down towards a Gallardo?

Discussion in 'Lamborghini Discussion (not model specific)' started by BMoney5327, Oct 8, 2006.

  1. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce
    I've always wanted to own a lambo just have to figure out somethings(my dream car i love it)...Im thinkin of a used 02-04 gallardo Manual between $130-140k...Now im doin my researchin now..cuz in 2 years thats when i want to buy...any help would be very greatful guys...also i dont want my monthly payments to be like 1500 a month if im puttin that much down...any guys on here finacnce or whatever their lambo and have payments etc??
     
  2. AntonioDestiny

    BANNED

    Oct 5, 2005
    20
    Full Name:
    Antonio
    you will have a PM shortly..
     
  3. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce
    I meant 2004 im lookin for....
     
  4. kaoss

    kaoss Formula Junior

    Jul 29, 2006
    509
    Portland, Oregon
    Full Name:
    KAOSS
    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
     
  5. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce

    yeah 2 years...my insurance will be way down by then..ill be 25..thats a perfect age to buy my 1st exotic..but i neva financed a car b4 so hmm
     
  6. Webby

    Webby Formula Junior

    Sep 12, 2004
    479
    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.
     
  7. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce
    no way not my style...ferrari or lambo is where im starting at
     
  8. Webby

    Webby Formula Junior

    Sep 12, 2004
    479
    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.
     
  9. 95Black355

    95Black355 Rookie

    Jul 27, 2005
    42
    Tampa
    Full Name:
    Sean
    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.
     
  10. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce
    im waiting becuase at 25 thats when im able 2 get my trust fund money that was left to me..but iam not using it all towards a car so im setting aside a limit and the rest goes towards business and other stuff...then another 5 years after that i get the other half of my trust fund..it sucks knowin u got money in the bank to buy whatever you pretty much want but have to wait to a certain age to touch it..but 2 more years should come fast
     
  11. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce
    yeah 95 f355 ber. i was lookin at and wanted..sense it is more my range..but damn lambo just gets to me haha...still number 1 on my list...but thanks man whateva i decide you'll know
     
  12. Ricambi America

    Sponsor

    Dec 7, 2003
    10
    Winston Salem, NC
    Full Name:
    Daniel

    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?
     
  13. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce

    dont know...my grandparents left it to me when they past..i was about 7years old...left it for college purposes..im done with college already so now just waiting
     
  14. BAM

    BAM Rookie

    Dec 7, 2004
    23
    MN
    Full Name:
    Jeremy
    damn... my cat just died and didnt leave me **** !!!!!!
     
  15. noahlh

    noahlh Karting

    Aug 28, 2003
    62
    NYC, NY
    Full Name:
    Noah
    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
     
  16. GordonF355

    GordonF355 Rookie

    Aug 13, 2005
    21
    Cincinnati, Ohio
    Full Name:
    Gordon
    troll alert!
     
  17. DrStranglove

    DrStranglove Rookie
    Giallo Subscribed

    Oct 31, 2003
    0
    Lost.....
    Full Name:
    DrS
    Just by saying that I am confident you will be broke by 32.
     
  18. f355spider

    f355spider Formula 3
    Giallo Subscribed

    May 29, 2001
    2,230
    Seattle, WA USA
    Full Name:
    Hugh G. Rection
    I bet 27 or 28 tops. ;)
     
  19. drgek

    drgek Karting

    Jun 21, 2004
    127
    Full Name:
    Gary
    Are you serious?
     
  20. snowmann

    snowmann Rookie

    Dec 4, 2004
    17
    That's too smart, come on!!!
     
  21. BMoney5327

    BMoney5327 Karting

    Mar 15, 2006
    73
    Piscataway,NJ
    Full Name:
    Bruce
    wow thanks guys...i dont come out to you'll saying your going to be broke by a certain age do i?..I didnt say i do not work and have a good paying job,a degree,etc..Right now i own a benz and bmw and live on my own..at the age of only 23..I say that im doing pretty damn good for myself.I've worked my ass off these last couple of years..so yea im gettin money soon..WooWee!..I'll like to treat myself to an exotic at a certain age i can REALLY enjoy it...nothin wrong with that at all.
     
  22. Blackbird4life

    Blackbird4life Karting

    Jul 8, 2005
    104
    Just out of curiousity, do you see any of ferrari's or lambo's in Piscataway?
     
  23. bernardo66

    bernardo66 The BRL Guru
    Moderator

    Dec 14, 2003
    0
    Montreal Canada
    Full Name:
    Bernie
    No you're not!

    BTW...buying it is one thing. Paying for it is another. Properly maintaining it...
     
  24. Buzz48317

    Buzz48317 Formula Junior

    Dec 5, 2005
    503
    Shelby Twp., MI
    Full Name:
    Michael
    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.
     
  25. DrStranglove

    DrStranglove Rookie
    Giallo Subscribed

    Oct 31, 2003
    0
    Lost.....
    Full Name:
    DrS
    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.
     

Share This Page