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signalnoise posted:This would be with a 48 month loan probably. So on the BFC part of this thread: it still doesn't sound like you can afford this car. How much are you putting down?
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Feb 10, 2017 21:51
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Motronic posted:So on the BFC part of this thread: it still doesn't sound like you can afford this car. That would be with 0 down, but I could afford to drop a few grand. I dunno, what's normal?
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Feb 10, 2017 21:59
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signalnoise posted:Well, one of the dealers I was talking to knew I was interested in entry level sporty cars, and just got a 2013 mx-5 with a bit under 30k miles on it. Pretty much exactly the same conditions as my last car when I bought it. Hard to argue with that at 15.5k instead of looking at stuff that I just shouldn't buy in my situation. I mean, I could pay a 84 month loan and have what I really want, or I could pay less per month for 3 years less time and be merely satisfied. So tonight I choose between a new Veloster Turbo and a 2013 Miata. Have your insurance quote both of those vehicles for you at 100/300/100 comp & coll w/ $500 deductible and uninsured protection. You might be surprised at how high of a tax you pay for a new car. With cars normal and what you should do are pretty different things. It is shockingly normal for people to finance big beasts of cars they can't afford and roll negative equitiy into a beater when the first real bill comes in or their delicate house of cards that is their "budget" comes tumbling down. I would save your nickels and put 30% down on a Miata w/ a <3% 36 or 48 month loan.
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Feb 10, 2017 22:26
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H110Hawk posted:Have your insurance quote both of those vehicles for you at 100/300/100 comp & coll w/ $500 deductible and uninsured protection. You might be surprised at how high of a tax you pay for a new car. I have that already actually. The difference coming from my Mazda3 to a Veloster Turbo is a 2 dollar increase every 6 months. If I get the Miata it goes down 5 dollars over 6 months.
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Feb 10, 2017 22:35
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signalnoise posted:That would be with 0 down, but I could afford to drop a few grand. I dunno, what's normal? 30% At least. Unless you want to find yourself upside down. 48 months is also too long. If you can't put down 30% and pay in 36 months you can't afford the car. After you put that 30% down you should have a few grand accessible as a maintenance fund "just in case", of course you would totally have a couple grand for that eventuality because surely you aren't buying a car without already have at least 3 months of income in savings as an emergency fund. Or ignore this and fall into the poor person trap so many of us have, where you run the ragged edge in hopes that everything in your life will stay the same or get better, but one bad situation triggers a snowball of financial problems.
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Feb 10, 2017 23:00
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Motronic posted:30% At least. Unless you want to find yourself upside down. OK, so pay whatever down that brings my monthly payments down to 36 months at an affordable rate, and don't touch the money I have in the bank. I believe I can do that.
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Feb 10, 2017 23:18
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signalnoise posted:If I absolutely love a car and intend to keep it for at least a decade with TLC, is an 84 month loan still stupid? Edmunds TCO isn't too terrible as a ballpark for lifetime ownership costs. Your idea is really bad, though. I would especially not get a 84 mo loan on a used car. I really wouldn't go more than 36mo on a used car unless I absolutely had to for some extremely strange reason.
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Feb 10, 2017 23:41
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I'm not planning on a 84 mo for a used car, though? Anyways I'm at the dealer now waiting for him to return, prolly gonna buy this Miata.
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Feb 11, 2017 01:33
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signalnoise posted:I'm not planning on a 84 mo for a used car, though? Anyways I'm at the dealer now waiting for him to return, prolly gonna buy this Miata. You're not going to listen to our advice are you? Well, enjoy the car (seriously )
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Feb 11, 2017 01:52
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I did listen. I'm getting a 36 month loan with 30% down and enough money in the bank to cover poo poo to fan incidents. I was going to get an 84 month loan on a car nearly twice as expensive.
signalnoise fucked around with this message at 02:13 on Feb 11, 2017 |
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Feb 11, 2017 01:59
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At least you've gone from 'are you loving retarded? ' to 'are you sure about that? ' so I should give you credit for that.
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Feb 11, 2017 02:06
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Could be worse
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Feb 11, 2017 02:24
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He seems to be listening just fine.
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Feb 11, 2017 02:28
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signalnoise posted:I did listen. I'm getting a 36 month loan with 30% down and enough money in the bank to cover poo poo to fan incidents. I was going to get an 84 month loan on a car nearly twice as expensive. Enjoy the miata!
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Feb 11, 2017 02:47
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Motronic posted:30% At least. Unless you want to find yourself upside down. Not to defend buying a sportscar without some kind of safe finances but drat man not all of us make that kind of money.
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Feb 11, 2017 03:43
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IRQ posted:Not to defend buying a sportscar without some kind of safe finances but drat man not all of us make that kind of money. Yeah, that's proper advice for people who plan to trade in or sell their car every two or three years. If you plan to keep it for 10, there's nothing wrong with a 5-year loan (provided you do actually then keep the car for 10 years).
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Feb 11, 2017 03:59
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IRQ posted:Not to defend buying a sportscar without some kind of safe finances but drat man not all of us make that kind of money. I would argue "don't buy cars where you couldn't cover a call on the lien" is a more flexible way to look at it. There is a reason they play four-square game with you and try to focus you in on the payment amount, not the total amount. At least in California now they have to show you the total amount of interest paid before you are committed to anything. (Until you sign the "long form" in the finance room you can walk away from a car without a penny out of pocket.) 30% down @ 36 months @ reasonable rates is an otherwise sane way to look at it for someone with a stable income who doesn't have a lump sum to buy it outright. This is prudent leveraging of your capital. You can buy an older car for a lot less money. A $5000 0-accident civic will drive you to work just as well as a $15,000 civic with a $286 payment. It won't have blue teeth or a backup camera, but you'll live. Somehow.
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Feb 11, 2017 04:49
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H110Hawk posted:I would argue "don't buy cars where you couldn't cover a call on the lien" is a more flexible way to look at it. There is a reason they play four-square game with you and try to focus you in on the payment amount, not the total amount. At least in California now they have to show you the total amount of interest paid before you are committed to anything. (Until you sign the "long form" in the finance room you can walk away from a car without a penny out of pocket.) There's more to owning a car than cold financial analysis. Intangibles like the amount of pleasure you derive from it are have value, as well - although they are not as amenable to bookkeeping since they are highly individual. Maximizing financial return is not always the point. Paying more for a car you love is a far better investment than paying less for one you hate. The key is to go in clear-eyed as to just what you value, and what you can afford. People get into trouble trying to buy more car than they can actually pay for. Tabulate what you absolutely need, then what you want, then compare that with what you have to spend and make smart compromises.
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Feb 11, 2017 05:01
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Deteriorata posted:There's more to owning a car than cold financial analysis. Intangibles like the amount of pleasure you derive from it are have value, as well - although they are not as amenable to bookkeeping since they are highly individual. Maximizing financial return is not always the point. Paying more for a car you love is a far better investment than paying less for one you hate. Clearly you don't ride. I agree to a point. People in general are terrible at separating need from want, afford from make payments on, and easy access to credit doesn't help that. I feel that cold financial analysis is an attempt to put clear eyes onto a potentially emotional situation. You will note above I wasn't trying to get the poster out of the Miata, one of the least practical cars around, just not be drowning in debt to get it. (84 months on the twice as expensive car is a bad idea.)
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Feb 11, 2017 05:26
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I think you guys just talked me into putting another year or two into my CR-V.
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Feb 11, 2017 07:59
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The best deal ever (at least for my amusement) was the goon who leased a 2007 Altima for like $40k. Assuming that story was real. Either way it was a blast to read.
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Feb 11, 2017 09:44
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H110Hawk posted:I agree to a point. People in general are terrible at separating need from want, afford from make payments on, and easy access to credit doesn't help that. I feel that cold financial analysis is an attempt to put clear eyes onto a potentially emotional situation. You will note above I wasn't trying to get the poster out of the Miata, one of the least practical cars around, just not be drowning in debt to get it. (84 months on the twice as expensive car is a bad idea.) This is why I just have no shame about asking if I shouldn't do something. I asked about the 84 month loan expecting to be told it's a bad idea, but it is worth hearing it if it knocks sense into you. At the end of the day, 5 years ago I could afford a Mazda 3 with a 60 month loan. Last night I could afford a Miata in roughly the same shame as the Mazda 3 was, but with a 36 month loan, and I am absolutely satisfied with the driving experience. In another 5 years, who knows? But now just wasn't the time for a 25-30k car. I think I'm on track to have my mid-life crisis car during my mid-life.
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Feb 11, 2017 11:20
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signalnoise posted:This is why I just have no shame about asking if I shouldn't do something. I asked about the 84 month loan expecting to be told it's a bad idea, but it is worth hearing it if it knocks sense into you. At the end of the day, 5 years ago I could afford a Mazda 3 with a 60 month loan. Last night I could afford a Miata in roughly the same shame as the Mazda 3 was, but with a 36 month loan, and I am absolutely satisfied with the driving experience. In another 5 years, who knows? But now just wasn't the time for a 25-30k car. I think I'm on track to have my mid-life crisis car during my mid-life. In my case, I had to wait to my 50s to get the car I'd wanted since I was 10, so it just looks like a mid-life crisis. Either finances or family were in the way for about 45 years, then the opportunity finally arrived and it's been very worth it. Delayed gratification is still gratification.
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Feb 11, 2017 15:45
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powderific posted:It's not a dick move to test drive a bunch of things. You're in the market for a car and not just joyriding or something so definitely don't feel bad about it. Be ready to fend off the salespeople though. Even if you are just joyriding it's not really something to feel bad about. Car salesmen spend a significant portion of their time standing around smoking cigarettes or masturbating in the bathroom and as enjoyable as those things are it's nice to take a break from them occasionally and go for a nice drive.
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Feb 11, 2017 16:41
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signalnoise posted:This is why I just have no shame about asking if I shouldn't do something. I asked about the 84 month loan expecting to be told it's a bad idea, but it is worth hearing it if it knocks sense into you. At the end of the day, 5 years ago I could afford a Mazda 3 with a 60 month loan. Last night I could afford a Miata in roughly the same shame as the Mazda 3 was, but with a 36 month loan, and I am absolutely satisfied with the driving experience. In another 5 years, who knows? But now just wasn't the time for a 25-30k car. I think I'm on track to have my mid-life crisis car during my mid-life. If you treat this car like a mid-life crisis car you will have more fun.  (Never sell it. Just buy a minivan/priusv when the time is right. Look smugly at your friends who are trading their dreams for a minivan.)prom candy posted:I think you guys just talked me into putting another year or two into my CR-V. Here is me being BWM: I am in the process of selling my PriusV for the remainder $20,500 on the note, turning it into a horribly priced lease. A 72? month 1.99% note where I financed the whole shebang to keep myself more liquid. (See above about the note being covered in my bank account at 1% making it a 0.99% loan to me.) I'm looking at used CR-V's to replace it around ~$12k cash. It has everything to do with the horrible neck pain the car has wound up causing me and nothing to do with faults on the vehicle. H110Hawk fucked around with this message at 16:58 on Feb 11, 2017 |
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Feb 11, 2017 16:51
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Number_6 posted:The best deal ever (at least for my amusement) was the goon who leased a 2007 Altima for like $40k. Assuming that story was real. Either way it was a blast to read. It was definitely real, and it was hilarious to read. Similar thing happened to a girl I was dating when I was 19 or 20. She went into a dealership and was looking at a 1 year old base (I'm not even sure if it had air conditioning) 2WD regular cab ranger. You could buy these things for like 10 or 11 grand brand new at the time. She stupidly told them she could afford $300/month payment, so they made goddamn sure that her payment ended up at $317 or something, despite the fact that financing 11 grand for 60 months at 8% would have only added up to $223. They just kept adding poo poo to the deal until the payment came out where they wanted it. $2000 extended warranty. $595 undercoating. $800 bedliner. And it still wasn't enough so they added $1300 for literally nothing. There was just a line on the form that had $1300 on it with absolutely nothing next to it explaining what it was. Luckily this dealership flew a little too close to the sun and (of course) the banks and told them to gently caress off when they tried to get them to finance a 19 year old for 15,000 dollars on a truck that was probably worth about 8,000. So they tried to get her to come back in and sign up again on a lower amount which she refused after I explained to her why she was a retard.
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Feb 11, 2017 17:04
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Motronic posted:If you can't put down 30% and pay in 36 months you can't afford the car. After you put that 30% down you should have a few grand accessible as a maintenance fund "just in case" This seems like it would result in something ridiculous, like you have to make at least 100k a year to afford a new Accord.
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Feb 11, 2017 17:07
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scrubs season six posted:This seems like it would result in something ridiculous, like you have to make at least 100k a year to afford a new Accord. Or save your money with a goal in mind.
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Feb 11, 2017 17:13
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H110Hawk posted:You can buy an older car for a lot less money. A $5000 0-accident civic will drive you to work just as well as a $15,000 civic with a $286 payment. It won't have blue teeth or a backup camera, but you'll live. Somehow. The type of Civic you can get for 5 grand is, despite how reliable Hondas are, also the type of Civic that could have the tranny take a poo poo on you within a year. And even barring major mechanical disaster, maintenance, repairs, and fuel costs all go up. Things like that not only need to be factored into the cost of ownership, they also can cause issues because it's more difficult to budget for a random $2000 repair than a $286 payment. You don't need to have 3 grand in a car repair emergency fund if you're driving a Civic with a bumper to bumper warranty. You also generally don't have to worry about what you're going to do if your car ends up in the shop for days at a time. And as has been mentioned, there's more to a car purchase than pure financials. For nearly everyone driving a brand new or nearly new Civic has some (non-monetary) value over driving a 10-15 year old one.
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Feb 11, 2017 17:57
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scrubs season six posted:The type of Civic you can get for 5 grand is, despite how reliable Hondas are, also the type of Civic that could have the tranny take a poo poo on you within a year. And even barring major mechanical disaster, maintenance, repairs, and fuel costs all go up. Things like that not only need to be factored into the cost of ownership, they also can cause issues because it's more difficult to budget for a random $2000 repair than a $286 payment. You don't need to have 3 grand in a car repair emergency fund if you're driving a Civic with a bumper to bumper warranty. You also generally don't have to worry about what you're going to do if your car ends up in the shop for days at a time. Also, reliable used cars are rare and valuable. Everybody wants a Honda, no one wants a FIAT. You pay through the nose for brand reputation. You can often save a lot up front if you're willing to assume a bit of repair risk - particularly if you're even slightly competent with a wrench and can tolerate occasional annoyances. The difference between the most and least in reliability isn't that great anymore.
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Feb 11, 2017 18:20
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Well, now that I have a car, I also have a broken car that I fully own, and I need to get top dollar for the salvage. It is in perfectly fine condition other than a completely broken transaxle or clutch or something. But if it was fixed the internet tells me it would be worth about 4500. I am unwilling to gamble on that, I'd rather have someone just take it from me for a decent price. Any threads on that? Can someone answer in here?
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Feb 11, 2017 18:35
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^^^^^ You can sell it on CL for a discount. Don't expect or even ask for cost of repair - value of intact car. It should be above salvage as long as the cost of repair v. Value working isn't that close. Deteriorata posted:Also, reliable used cars are rare and valuable. Everybody wants a Honda, no one wants a FIAT. You pay through the nose for brand reputation. You can often save a lot up front if you're willing to assume a bit of repair risk - particularly if you're even slightly competent with a wrench and can tolerate occasional annoyances. The difference between the most and least in reliability isn't that great anymore. Unless you buy an FCA product. (Please, just don't.) Also, there are cars that are unreliable that will cost not that much to fix and cars that will kill you if the break. For example, subarus tend to be reasonable reliable (turbos excepted), but when they break you'll think you bought an s-class. Meanwhile, like a ford taurus will break transmissions every week, but they only cost like $500 to fix.
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Feb 11, 2017 18:36
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Well gently caress, so I decided to get the noise my brakes were making checked into since my plan is now to save some money and do the 30% down/36 mo. finance plan and got quoted like $900 for a front and rear brake job. I'm going to get a second opinion but I feel like if I'm going to be throwing money into a car I'd at least like to like it. If I get the job done at this rate I'll have put like $2200 into this car in the past 12 months (two new seats of tires  ), probably more than its trade-in value. Part of me says okay yeah, it's a Honda with 215k km on it, drop a few hundred in and it'll probably go another 75k easy, the other part says I can easily afford a payment on a car that's at least ten years newer than my current one.
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Feb 11, 2017 23:07
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IRQ posted:Not to defend buying a sportscar without some kind of safe finances but drat man not all of us make that kind of money. Here's the thing: I didn't used to make the kind of money you probably think is necessary for this either. In fact, I used to make jack poo poo. You know how I stayed on track once I ignorantly did what most other people seem to do? I drove a piece of poo poo that I owned. I saved. I paid a car payment TO MYSELF every month which covered maintenance and then some. When it got big enough I bought a slightly nicer used car. Repeat. Now I haven't had a car payment in 17 years, and with very few exceptions I've kept up on the emergency fund which has allowed me to not fall into a pit of despair that would take another few years to climb out of. Don't look at this as "I need to magically make a bunch of money". I bet your 3 month emergency fund would be a lot less than mine because you likely have lower "regular" expenses than I do based on your reaction. And that's fine....it doesn't matter. This type of financial security scales 100% linearly with your appropriate-to-income-expenses. The most magic thing about it is that you end up with MORE MONEY TO SPEND at the end of it. It just takes some poo poo eating and discipline (and ramen eating in my case) to get on track to do it. Deteriorata posted:Yeah, that's proper advice for people who plan to trade in or sell their car every two or three years. If you plan to keep it for 10, there's nothing wrong with a 5-year loan (provided you do actually then keep the car for 10 years). That is absolutely untrue. Even if you really, really like paying finance charges you are likely to be upside down on that loan during most of it, which means getting pretty screwed if you total the thing and were counting on an insurance payout to make you whole. H110Hawk posted:You can buy an older car for a lot less money. A $5000 0-accident civic will drive you to work just as well as a $15,000 civic with a $286 payment. It won't have blue teeth or a backup camera, but you'll live. Somehow. This right here is an important part of what I'm trying to convey. And if you paid cash for it and are paying yourself a car payment (i.e. saving and budgeting) you will have money for maintenance and repairs. Yes, all used cars are a gamble, but for the most part if you buy properly (get a pre purchase inspection from a trusted indie source) and do your drat maintenance you will come out fine.
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Feb 12, 2017 00:29
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Motronic posted:That is absolutely untrue. Even if you really, really like paying finance charges you are likely to be upside down on that loan during most of it, which means getting pretty screwed if you total the thing and were counting on an insurance payout to make you whole. And the odds of that happening are quite small. Beyond that, your actual loss will only be a few grand, at most. It would suck but it isn't catastrophic. If your finances are so tight that that is an unacceptable risk, you're buying more car than you can afford in the first place. With interest rates as low has they have been for the last decade, the difference in finance charges between three and five years is almost nil. With the durability of modern cars, five years is quite reasonable as a financing term.
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Feb 12, 2017 04:20
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H110Hawk posted:It won't have blue teeth or a backup camera, but you'll live. Somehow. And fortunately adding Bluetooth to most cars is trivial and cheap. Plus who needs a back up camera for a Civic? It's a relatively small car, just turn your head. But you can add aftermarket backup cameras, too, if you really really gotta have it.
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Feb 12, 2017 05:17
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Deteriorata posted:And the odds of that happening are quite small. Beyond that, your actual loss will only be a few grand, at most. It would suck but it isn't catastrophic. If your finances are so tight that that is an unacceptable risk, you're buying more car than you can afford in the first place. Plus you can always buy gap insurance if that's a concern. Just don't buy it from the dealership at their market up prices. Check with your insurance company, you can usually get it for at least half, most of the time 20-30%, of what you would at the dealer.
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Feb 12, 2017 05:35
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Yeah, gap insurance from my insurance company was cheap as hell.
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Feb 12, 2017 05:37
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Hey dudes, I never post in AI but I got here from the link in one of the stickies. I read the last few pages and the OP but sorry if this post is deficient in some way! The time has come when my 2004 Mazda 3 is more trouble/cost than its worth and I need a new ride. I want to spend about 15k - I have a little flexibility but on the other hand the less the better really because I am not a huge car guy. I don't give a poo poo about new or used, body style, even cargo space etc is not very important. I'm mostly just using the car as a daily driver and am not a big car enthusiast or anything. But I do want something that is at least as good as the 3 in terms of zip and agility, and ideally it would be quieter inside than the 3 is; my main complaint with it is that it is a bit noisy on highways and so on. Also reliability is a plus. So what should I be looking at? I was kinda thinking about a used Volt because the 2-3 year old ones seem to sink in value despite being decent cars, and saving a bit on gas would be nice, but maybe there is some good reason that they fall off so bad that I don't know of! Any suggestions are welcome, thanks for your time and advice AI. Oh wow now I realize this thread is in Ask/Tell and not AI, boy is there egg on my face! breaks fucked around with this message at 07:30 on Feb 12, 2017 |
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Feb 12, 2017 07:20
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Sounds like you like the way the Mazda 3 drives. It is at a pretty good sweet spot as far as price, reliability, and how fun it is to drive. Have you considered looking at a slightly used newer model? Should be able to get something nice in your price range. The other recommendation for "not a car guy, want something reliable" in your price range is the Prius, but it is no where near as fun to drive. Can you drive a stick? The Mazda 3 is a lot more fun to drive in a stick.
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Feb 12, 2017 15:21
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