Interest Rates - Share your experiences!
Lead Lap
Joined: Oct 2014
Posts: 4,773
Likes: 4,812
From: ON
That is wise advice right there - I took a similar path in life and where I am about to retire extremely comfortably and without worries, going the 500 route was a way to reward myself although I realize the 500 is not a McLaren and such but you know what I mean 
Pole Position
Joined: Dec 2010
Posts: 2,799
Likes: 1,985
From: SoCal
I don't know you, but I think your boss is right on this one. Changing from the 350 to the 500 is not a big enough leap to justify the opportunity costs. Given your age, you should probably focus on how you can generate more $$$ during the next decade, by developing streams of income that will continue to grow as you age. Some people get more education and upgrade their career path, some people buy rental properties, a combo, etc. Then, after you've got your finances running like a Swiss watch you can make a real leap. That was my route, and it paid off bigly. I sacrificed until I was 40 (living in a cheap rental, driving a Honda, wearing stuff my wife would buy at TJMaxx and Marshalls, on sale) and probably focused too much on work, but by doing that I was eventually able to buy a nice house once the market crashed in 2009, and a McLaren. The McLaren effect was surprising to me. Of course I loved driving it, but I didn't anticipate the effect it would have on others. I would take prospective clients out in it, and let them drive it if they wanted. Even the non-gearheads and the women were just blown away. That car paid for itself many times over just from the contracts I snagged by closing with the McLaren. Just food for thought. Go big, but not until you're well able.
This is why I love ClubLexus. $$$$$$$$$$$$$$$$$$$$$$$$
Pit Crew
Joined: Jul 2014
Posts: 203
Likes: 431
From: CO
I bought the IS 500 within one month of taking my family of 4 to Disney.
Unfortunately I’ve ruled out starting an OnlyFans, as a 39-year old man with Hobbit feet looking like Jason Statham …if he skipped the gym and lived on a diet consisting of mostly red meat and craft beers. I’m really hoping one of these scratch-offs will pay out.
Unfortunately I’ve ruled out starting an OnlyFans, as a 39-year old man with Hobbit feet looking like Jason Statham …if he skipped the gym and lived on a diet consisting of mostly red meat and craft beers. I’m really hoping one of these scratch-offs will pay out.
Thread Starter
Racer
Joined: Jun 2021
Posts: 1,869
Likes: 2,331
From: Florida
Moderator
Joined: Nov 2016
Posts: 9,612
Likes: 4,800
From: GA
Driver
Joined: May 2022
Posts: 56
Likes: 55
From: NYC
LF quoted me at 4.49% for 72 months after my CU quoted me at 4.8% for 72 and showed it to them. My car is finally at the port, but idk how long It’s going to take from there. I have enough cash to pay at most half of it, but I plan on taking @macmaster ’s advice and putting down just enough to where it makes sense and then the rest will go towards a HYSA. Then when interest rates come back down to earth, I’ll refinance to something lower with a shorter term + another large down payment. Hopefully by the first half of Q4 2024 it should be fully or mostly paid off.
Pole Position
Joined: Dec 2010
Posts: 2,799
Likes: 1,985
From: SoCal
LF quoted me at 4.49% for 72 months after my CU quoted me at 4.8% for 72 and showed it to them. My car is finally at the port, but idk how long It’s going to take from there. I have enough cash to pay at most half of it, but I plan on taking @macmaster ’s advice and putting down just enough to where it makes sense and then the rest will go towards a HYSA. Then when interest rates come back down to earth, I’ll refinance to something lower with a shorter term + another large down payment. Hopefully by the first half of Q4 2024 it should be fully or mostly paid off.
I think I put down $30k in Jan 22 with 2.99% for 48 months. Threw another $40k in the stock market around the same time thinking I would easily beat 2.99% (that hasn’t turned out well). Started paying the monthly payment and didnt like that I’d have a car payment for 4 years or have $3000+ total spent on interest. So 3 months later I paid the bank another $20k to shorten my loan term by 2 years. The remaining $20k I “owe” on the car I put into a HYSA and yeah it’s beating 2.99%. Had I known that rates would go up that much I might not have paid the bank the other 20k although I do like that I’ll be done paying it off early. Also rates may drop within those 3 years.
Instructor
Joined: Jan 2023
Posts: 1,041
Likes: 1,393
From: TX
I don't see anything from Lexus Finance better than 4.99% at 48 months for the IS but that excludes the IS 500. This is the same as when I picked up mine in February. I went to the local credit union and got 4.74% @ 66 months. At the time nothing national or local was as good or better and my Lexus dealer who would normally be able to meet or beat something could not come close.
Driver
Joined: Aug 2021
Posts: 72
Likes: 98
From: CA
LF quoted me at 4.49% for 72 months after my CU quoted me at 4.8% for 72 and showed it to them. My car is finally at the port, but idk how long It’s going to take from there. I have enough cash to pay at most half of it, but I plan on taking @macmaster ’s advice and putting down just enough to where it makes sense and then the rest will go towards a HYSA. Then when interest rates come back down to earth, I’ll refinance to something lower with a shorter term + another large down payment. Hopefully by the first half of Q4 2024 it should be fully or mostly paid off.
Pit Crew
Joined: Jul 2022
Posts: 144
Likes: 157
From: CA
I have enough cash to pay at most half of it, but I plan on taking @macmaster ’s advice and putting down just enough to where it makes sense and then the rest will go towards a HYSA. Then when interest rates come back down to earth, I’ll refinance to something lower with a shorter term + another large down payment. Hopefully by the first half of Q4 2024 it should be fully or mostly paid off.
Moderator
Joined: Nov 2016
Posts: 9,612
Likes: 4,800
From: GA
Just to give some outside perpsective, my wife and I went to BMW today and were offered two different lease rates on a 2023 X3. The first money factor we got was 0.00205 for 36 months. Yikes! But, they also had a loyalty program with 39 months, and that was a much more palatable 0.00145. It's not amazing, but it's great for the current car-buying climate we're in.
Rookie
Joined: Feb 2023
Posts: 34
Likes: 26
From: WA
Just to give some outside perpsective, my wife and I went to BMW today and were offered two different lease rates on a 2023 X3. The first money factor we got was 0.00205 for 36 months. Yikes! But, they also had a loyalty program with 39 months, and that was a much more palatable 0.00145. It's not amazing, but it's great for the current car-buying climate we're in.
Originally Posted by Edmunds
39/10
.00125 MF and 56% RV
$1500 loyalty
.00125 MF and 56% RV
$1500 loyalty