Overhaulin'

If i had Geico Car Insurance and i bought a BMW M6 for $51,000 in cash,what would my monthly payment be?

i want to find out what my monthly payment would be if i bought a BMW M6 in CASH with Geico insurance... i would give $40,000 down payment first... would that be good or should i skip the down payment?

Public Comments

1. Depends on your age, your credit score, which coverages you want, and where you live. If you're 20, in Houston, for minimum liability only (no coverage on the car itself) it's going to cost you around $3,000. But if you have the assets to cough up $51K cash for a car, you're probably going to need much, much higher limits of liability. And . . . calculating the COST of something, by using the "monthly payment", is a recipe for slavery. Never, ever use "monthly payment" to compare costs, because it's extremely deceptive and unprecise.
2. I think you are asking about what your car payment will be, not your insurance payment. Is this correct? If so, then your insurance has no bearing on your car payment, except in an area called Gap Coverage. This is insurance that covers the difference between what you owe on your loan and the fair market replacement value of the car at the time of a total loss (e.g. you owe $30k and you can buy the same car in your market for $20k, then the insurance will only pay the bank the replacement value and you owe the bank the $10k difference). With Gap Coverage, that $10k is paid for you. So, you can include this coverage through Geico or through the car loan, and that decision will impact your car payment. To find out what your payment will be, you're going to have to shop for loans and find out where you can get the best rate. I always start with my Credit Union, but you can do it online, at the dealer, with a private lender (this is much more common these days), etc. Regarding whether you should put so much money as a down payment on a car...consider what you could earn on that money if you put it in an IRA or something - what can it earn for you? Then compare that to the interest rate you'll be paying on the loan. If it can earn you more, then you should invest it. And remember a car is an expense, not an investment. Invest and save, plus then you can potentially liquidate your investment and have ready access to your funds in an emergency, whereas if you've given it all to the bank for the car, you don't have that resource should you need it. Good luck!