Problemless with Problems
Diary Entry 482: New car (5/7/2008)
by, 07-23-2012 at 12:03 PM (94 Views)
So I finally got a car. I was looking at the Pontiac G6, but the dealership said that my credit is a little light and they doubt anyone would finance me. They suggested a 2005 Pontiac Grand Am for $8,995. I checked around everywhere and couldn't find anything that good for that price. I test drove it and loved it.
Here are the specs:
Model: Grand Am
Trim: GT FWD V6
Standard Engine: 3.4L V6
Horsepower: 175 @ 4800 RPM
Torque: 205 @ 4000 RPM
City (mpg): 20
Highway (mpg): 26
I looked in the system (since I'm tech support there) and saw that the market price is $11,998. Employee discount is 10% above cost and I'm even getting it below that. I also saw that the salesman is making $25 commission off it.
The finance guy got me an APR of 12.95%, but then said another place would do it for 8.24%. I got a 4-year warranty on it, GAP (which will pay the remaining balance that my insurance won't pay in the case of an accident), and theft protection. All in all, my payments are $213 for 60 months.
I had to get full coverage on it of course. Right now we only have Nichole's 1995 Toyota T100 on liability only. I'm having it go in my name because I can get a better rate than Nichole. It is $30 a month and we are both listed as drivers. I called them and wanted them to put the 2005 Grand Am on for full coverage. He said there are 4 different deductibles (amount I have to pay before insurance will cover the rest). Here's the convo:
Him: $100, $200, $500, and $1,000 deductibles. Which one do you want?
Me: What are the rates for those?
Him: Well, it is going to be more for the $100 and less for the $1,000.
Me: ...by how much?
Him: Which one do you want a quote on?
Me: (fuck, dude, all of them) The most expensive and least expensive.
Him: With a $1,000 deductable, your total monthy payments will be $96.
Me: That's including the Toyota?
Him: Yes. For a $100 deductable, the payment will be $107.
Me: Heh, go with the $100 one.
Him: That's the one I usually recommend.
Me: I can much more easily come up with $100 than $1,000.
So, minus the $30 for Nichole's truck (since she is paying me for it), full coverage on my car is $77 a month. Not bad.
And here is a picture: