Edmunds Answers



  • Stever@Edmunds 02/17/12 10:01 pm PST

    Not that I know of, unless someone is running a weird special, or if you are buying used.

    The cheapest car in the US right now is a 2012 Nissan Versa Sedan 1.6 S manual transmission. TMV for my zip code is $11,585.

    Assuming you pay the taxes and registration and doc fees yourself and have no trade and no down payment, your payment would be $161 a month for 72 months.

    That's a "gold tier" market rate; if you don't qualify for the best rates, then the monthly payment would go up. For example, a 5% loan for 72 months would bump the payment to $187.

    You might find an 84 month loan but my calculator doesn't go out that far.

    I don't follow leasing very closely. A couple of years ago Toyota was doing a $99 a month deal on a 2010 Corolla, but that was tied to the $4,500 Cash for Clunkers program and you had to cough up $999 at signing.

    Check out the loan calculator here for penciling out the numbers.


  • texases 02/17/12 10:38 pm PST

    Think of it this way - don't get a loan for more than 36 months, so $99 X 36 is about $3600. Not much of a car can you buy for $3600. Save up your money, buy what you can afford.

  • morin2 02/18/12 11:31 am PST

    Two perfect answers above. Texases advice about a 36 month max loan sometimes gets a thumb-down because people are unwilling to defer gratification, but it deserves a big thumbs-up. If you cannot afford the monthly payments on a 36 month car loan, then you simply cannot afford that car. There is nothing wrong with owning a cheaper used car, learning to maintain it yourself, and saving money until you can buy that new car.


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