|
Assuming you drive 120d, 5 days a week, buy a 35mpg car (and actually get that), and gas costs $3/gal, it will save you $3500. An extra car will come with an extra insurance payment (won't be double, but the lack of savings can be surprising). You'll probably lose some value in the car too as this will be 31,000mi or so. This could save money of you buy something that won't lose much value like a gen 2 Prius or something.
|
#
?
Apr 26, 2016 02:05
|
|
|
|
| # ? Apr 25, 2024 10:50 |
|
|
Hi thread. This is probably a dumb question but it keeps nagging at the back of my mind so I thought I'd ask . . . so a few months ago this thread helped me pick out a new car, a 2016 Mazda 3. I love the car and got a good deal/financing on it, so normally I'd be pretty happy with it. However, recently I lost my job and did some soul searching and I realized that I'm very interested in going back to school full-time for a master's. I haven't finalized these plans in any way yet, but I was thinking about my finances and the only real problem I'd have is this car and its payments. Maybe I'm wrong but I'm really doubtful I could swing a $300+ car payment (got a 60 month loan) each month on a master's student's stipend, or that it would be smart to do so even if I could. So, assuming that I at some point fully decide on going back to school in the next year or two, I'm trying to decide what to do with this car. Should I: a) Sell it as soon as I can while it's still new and has low miles, replacing it with something I can buy with cash? My concern here is that being unemployed has tapped my savings a bit so I wouldn't be able to buy as much of a car. b) Just drive it and keep paying it down until I actually go back to school, THEN replace it with something cheap I can buy with cash? My only concern here is that a lot of jobs I'm looking at right now have commutes, so I would rack up some mileage on it, unlike right now where it's sitting a lot. BUT, I'd have more time to save up some money and get something nicer with cash. c) Somehow keep making payments through grad school? I dunno how this would work but just putting it out there in case I'm missing something. Thank you goons for helping me address my poor life decisions.
|
|
#
?
Apr 27, 2016 21:45
|
|
|
This is a poor decision but pretty sure student loans can be used for housing transportation etc.. I mean there was that one goon thst lived in a poo poo hole and had his kid taken away due to it and had a baller $3000 pc because he rolled it into a student loan. Your issue is your value is going to be pretty low compared to what you paid unless you put a big rear end chunk down. So selling it will put you in a decent hole to crawl out of before you get a 10 Year old $3k car.
|
|
#
?
Apr 27, 2016 22:34
|
|
|
Are you getting a remotely lucrative masters or is this like I'm following my dream to get a MFA?
|
|
#
?
Apr 27, 2016 23:11
|
|
|
tater_salad posted:This is a poor decision but pretty sure student loans can be used for housing transportation etc.. I mean there was that one goon thst lived in a poo poo hole and had his kid taken away due to it and had a baller $3000 pc because he rolled it into a student loan. Hmm yeah, I like the car but not quite enough to be mega financially stupid over it. And I put a bit down, I had a trade in that was worth like $3K. Not sure if that counts as big rear end. I looked at KBB real quick and based on that and what I currently still owe on it, I'm about at parity. I don't know if that would hold if I kept driving it and paying it down though. KYOON GRIFFEY JR posted:Are you getting a remotely lucrative masters or is this like I'm following my dream to get a MFA? Haha! I'd be going for a MS in mechanical engineering so I think I'd pull through OK, and ideally I should be able to get it funded so I won't have giant student loans either.
|
|
#
?
Apr 27, 2016 23:27
|
|
|
HondaCivet posted:Hmm yeah, I like the car but not quite enough to be mega financially stupid over it. And I put a bit down, I had a trade in that was worth like $3K. Not sure if that counts as big rear end. I looked at KBB real quick and based on that and what I currently still owe on it, I'm about at parity. I don't know if that would hold if I kept driving it and paying it down though. You're currently depreciating the car as rapidly as it ever will barring some horrible surprise flaw across the board on your model. If you intend to drive it for 10+ years I would try to ride it out.
|
|
#
?
Apr 28, 2016 00:25
|
|
|
H110Hawk posted:You're currently depreciating the car as rapidly as it ever will barring some horrible surprise flaw across the board on your model. If you intend to drive it for 10+ years I would try to ride it out. So I should try to keep the car through grad school, even if I have to make payments with student loans?
|
|
#
?
Apr 28, 2016 00:54
|
|
|
TheReverend posted:So I may get a job that's a ~110-120 mile round trip commute for 12 months. (I'll move after that point for "reasons"). Find a carpool?
|
|
#
?
Apr 28, 2016 01:17
|
|
|
HondaCivet posted:So I should try to keep the car through grad school, even if I have to make payments with student loans? You're going to lose money either way. IF you can roll the car payments into a student loan and IF your masters will get you a well paying job, then you'd be in a better situation to stay with this until you get your new job and can re-evaluate your car situation at that time. Going halfway on a new car is a bad idea and you'll lose big. If you're looking at getting a well paying job in a few years, and only concerned about how much debt you'll take on before that time, then it's first world issues. Keep the car. But, if you have concerns that the car will bankrupt you before you get through school, well, then maybe you should sell it and take the loss. I guess the question is, what is the car, and its potential loss, worth to you? inkblottime fucked around with this message at 01:38 on Apr 28, 2016 |
|
#
?
Apr 28, 2016 01:29
|
|
|
HondaCivet posted:So I should try to keep the car through grad school, even if I have to make payments with student loans? Run the math on which is more expensive. You're going to be a masters in EE I assume you're good at math. I assume a masters is 2 years long, plus a year of job hunting, the time between now and the start of school, plus some time getting on your feet with the new paycheck is 3 total years? If I'm reading your earlier post correctly, selling it at the "ideal" price would net you $0 and no payment. This means throwing away any money you've paid into the car, plus the $3k down payment. Now you need to come up with another few grand to buy some kind of car to drive around for the next 2 years which hopefully won't have much in the way of repairs, but the insurance will be lower (maybe half) which probably makes minor maintenance a wash. Hand wavey math! For the next 3 years you're going to pay $300/month @ whatever interest rate with higher interest student loans (do not pay it off any faster than necessary, student loan debt is permanent for all intents and purposes.) Is the increased interest over the next 3 years more than the $3,000 you're throwing away? Can you be responsible enough to pay down your loans quickly? Heck maybe someone will just pay off your note and give you their current car in exchange for your new car.
|
|
#
?
Apr 28, 2016 01:30
|
|
|
Thanks, very good points. I will definitely not be doing anything rash at this time.
|
|
#
?
Apr 28, 2016 02:36
|
|
|
euphronius posted:Find a carpool? They don't exist because most people would never make this dumb trip (I am a dummy  ).But it will pay well!
|
|
#
?
Apr 28, 2016 06:21
|
|
|
HondaCivet posted:Haha! I'd be going for a MS in mechanical engineering so I think I'd pull through OK, and ideally I should be able to get it funded so I won't have giant student loans either. I don't think that it is very common for terminal master's degrees to be funded. If you get a new job, maybe your employer will pay for it.
|
|
#
?
Apr 28, 2016 06:45
|
|
|
Hey all, I am thinking about getting a car for my wife and I am pulled toward a new Honda CR-V. Do any of you have experience with the CR-V? Looks like we will qualify for a 1.2% interest rate or something close. An additional curveball to the situation is my rich grandfather who is bedridden and desperate to feel useful to society wants to pay cash for a car for me and let me pay him back cheaper than the dealer's financing. How can I use this to my advantage when negotiating the final price?
|
|
#
?
Apr 28, 2016 10:53
|
|
|
TheReverend posted:They don't exist because most people would never make this dumb trip (I am a dummy Are you sure. I make a dumb trip and it turned out there are tons of dumbs just like me.
|
|
#
?
Apr 28, 2016 13:58
|
|
|
Sailor Jim posted:Hey all, Negotiate the price then the payment method. warning borrowing money from family can be s a poo poo fest, document it and make sure there's a term to pay it back. I can imagibe sonething where family members trying to fight over the fact that you borrowed x and only paid back y but now 3 people need the extra 5k they'd get and you need to cough it up now.
|
|
#
?
Apr 28, 2016 14:05
|
|
|
tater_salad posted:Negotiate the price then the payment method. Don't take the cash unless there is enough liquid money in the estate for the balance of the heirs to get their full amount. Sign a note on it, at 0% if you can, and put it with his estate. Then in theory if everything is in order and you're all getting $X, you get ($X-Note) dollars and everyone is happy. Also if his estate isn't in order, get it in order with an attorney pronto. Probate is way more expensive than a will & trust package.
|
|
#
?
Apr 28, 2016 15:54
|
|
|
Hello thread, I am in a pickle with my current vehicle. My 08 WRX engine finally succumbed to oil starvation and I have spun a rod in the motor. I've had the car for less than three years and suffered more problems than most people see with in the lifetime of their Subarus. The car is in 100% perfect running condition otherwise, but this was after the Turbo was replaced twice. Just got 4 brand-new tires last year, new clutch assembly and under 70,000 miles; everything else is bone-stock. I've done enough research to know that this will continue to be an issue with the car, despite repairing or replacing the motor -- as it's something Subaru has refused to claim responsibility over but many forums show angry customers since '06 about this. I am hopeful to sell this back to the dealership and replace it with anything NOT Subaru. Here are my main concerns. - The ~30min inspection will determine something horribly wrong with the motor and they will offer me significantly less for the car than it's currently worth. - Outright explaining the issue to the dealership will not grant me any favors in getting a better trade-in price. - The required repairs would be significantly cheaper for a Subaru dealership to perform, but they will gouge me on the expected cost to fix. - Repairing the issue just to sell it to the dealership would eat a good chunk out of my available funds for a replacement car. I just need a daily driver to get me ~45miles each day. I'm confident enough to perform basic maintenance on a vehicle, but was thrown sideways with the amount of attention required to the WRX (and I babied it while driving). Am I better to return this to the shop and continue driving it? A re-manufactured motor starts at $3,500 and that doesn't account for the hours of labor required, or the additional parts necessary after an engine is swapped. I still owe something around $5,000 on the car and that's what really pushes me to just dump it and start over.
|
|
#
?
Apr 28, 2016 19:33
|
|
|
How did you manage to starve your WRX of oil if you are just commuting? Everything I've seen is that oil starvation is not really a problem - it was on the 2.0L early cars but yours is certainly not.
|
|
#
?
Apr 28, 2016 21:30
|
|
|
Sailor Jim posted:Hey all, I've got a 2013 CR-V, which is materially identical everywhere except the drivetrain and I think maybe the radio stack. It is a solid, reliable, and not-quite-painfully boring car. The 2015+ CR-Vs get the new direct injected engine and CVT, my 2013 has the old K24 and five-speed Hondamatic. Despite having only a modest peak power bump, the 2015+ model is very noticeably quicker. I've driven that same engine and transmission in a 2014 Accord and it is a night-and-day difference. Still not "quick" but vastly more responsive, even in eco-mode. I've had it for almost exactly three years / 75k miles and have only had one non-wear-item repair, the HVAC blower. The only one I seriously shopped it against (in 2013) was the Mazda CX-5, which felt "better" but was significantly more expensive once you actually matched options with the CR-V, and they wouldn't do a stick on anything but the stripper 2.0L model. If they'd done a manual 2.5L with a backup camera I might have one of those instead. The one caveat I will throw out with "negotiate price before payment method" is that when I bought my CR-V, there was an additional $750 rebate available only if you financed through Honda Financial. At the stupid-low interest rates they offer, you can effectively finance the car for free if they have something similar going on now.
|
|
#
?
Apr 28, 2016 21:48
|
|
|
KYOON GRIFFEY JR posted:How did you manage to starve your WRX of oil if you are just commuting? Everything I've seen is that oil starvation is not really a problem - it was on the 2.0L early cars but yours is certainly not. Probably a cracking oil pickup tube. That was not uncommon in 2008 ej25s. I think they'd done away with the banjo filter by 2008, but maybe not. And/or not checking oil regularly because the ej25 loves it some oil.
|
|
#
?
Apr 28, 2016 21:58
|
|
|
nm posted:Probably a cracking oil pickup tube. That was not uncommon in 2008 ej25s. I think they'd done away with the banjo filter by 2008, but maybe not.
|
|
#
?
Apr 28, 2016 22:29
|
|
|
My car is coming off lease in 4 months, with a residual value of $19,800 including a $300 "purchase fee." What factors will go into a negotiation on buying the car off the lease? How much can one reasonably expect to be able to negotiate off that price? The negotiation will be with the financing company I assume? What type of assumptions do they build in in terms of negotiations? Not sure if it matters, but it's a 2013 Altima 3.5 SL in great condition, and I plan to be just under the mileage number. And I haven't yet decided if it makes more sense to buy it off lease or go elsewhere. Just want to get an idea for what type of flexibility is in the purchase number. Arkane fucked around with this message at 23:20 on Apr 28, 2016 |
|
#
?
Apr 28, 2016 23:15
|
|
|
Arkane posted:Not sure if it matters That's all that matters. They don't want the car back. It costs them money to dispose of it. So figure out what it' realistically worth, knock off a grand and start from there with them for a buy out. I bought an explorer off lease in like '01 for somewhere at 66% of the buyout price because SURPRISE! they made a million of them and bad press on roll over with tire issues. I got it below market and I'm sure they still made out because of their costs of dealing with a turn-in.
|
|
#
?
Apr 28, 2016 23:55
|
|
|
IOwnCalculus posted:The one caveat I will throw out with "negotiate price before payment method" is that when I bought my CR-V, there was an additional $750 rebate available only if you financed through Honda Financial. At the stupid-low interest rates they offer, you can effectively finance the car for free if they have something similar going on now. Beware the $500 and $750 rebates dealers throw around. These are usually the kickbacks they get from the manufacturer. When you look at the invoice, subtract the 2-3% they get back from the manufacture, the $500 incentive they get back from the manufacture, plus a rebate for the $900 transport fee, AND any bonuses they get for selling a certain number of cars, which could tack another grand or so onto their profits. So even if you bargain them down to the invoice price, they'll still make some money. I got my car around $1000 over invoice and didn't feel bad since they probably made over $3000 on it. Where they get you is with the dealer financing. Always go with a bank you trust over dealer financing. Negotiate price, then payment. If they ask, tell them you're weighing your options. Once the price is settled, then you tell them your bank is financing and don't believe them when they try to tell you they could save you money by going with them. And don't get the extended warranty on a CR-V. We had one for 9 years and had exactly zero issues that weren't normal wear and tear maintenance. (Also, they usually charge double the invoice price they paid for the warranty) But don't tell them this until you get them to land on a price. inkblottime fucked around with this message at 04:32 on Apr 29, 2016 |
|
#
?
Apr 29, 2016 04:29
|
|
|
Bill NYSE posted:This was exactly it. My turbo blew out when I brought it in for service, that was the only major area they considered at fault. Brought it back in for Turbo round 2 and discovered the crack in my oil upline -- which starved a single area in the engine block and scorched the underneath of the piston. The motor hasn't fused together yet, so I know that repairs can be done, but would be better off replacing the entire motor at this point. Since I've gone through enough heartache already this year(I really loved this car), I don't want to sit in the car any longer to drag this experience out. Can you drive it at all? Take it to Carmax and see if you can get an offer.
|
|
#
?
Apr 29, 2016 04:55
|
|
|
Alright folks, I'm 30 and I've been able to remain steadily employed for the past decade with a successful IT Career. My college loans are nearly paid off and I've got more than my 6-months savings. I've given myself soft-budget of $35k/y and I've been eyeing the new Audi 3 2.0T Convertible or Audi TT Convertible. Granted, I want to wait until my loans are completely paid off but this is my tentative target. I'm well aware this would super totally cool but tell me goons why this a bad idea.
|
|
#
?
Apr 29, 2016 04:56
|
|
|
Arkane posted:My car is coming off lease in 4 months, with a residual value of $19,800 including a $300 "purchase fee." What factors will go into a negotiation on buying the car off the lease? How much can one reasonably expect to be able to negotiate off that price? The negotiation will be with the financing company I assume? What type of assumptions do they build in in terms of negotiations? Does that mean they'll let you buy it for over 20k? You know you could probably get a 2015 for around the same price with some negotiating. If they feel they can lock you in on this car, then you'll spend more. The 2013-2014 models appear to go for around 17-18k but you could probably negotiate down if you've got a tight budget. Treat it as a "new" car purchase and be prepared to walk away from it and you should get a good price. If not, go somewhere that will give you a good price. Just my two cents.
|
|
#
?
Apr 29, 2016 05:28
|
|
|
Tab8715 posted:Alright folks, Both of those cars are poo poo.
|
|
#
?
Apr 29, 2016 12:56
|
|
|
Bovril Delight posted:Can you drive it at all? Take it to Carmax and see if you can get an offer. I can definitely dump some 20w10 oil in it to soften the piston knock but I'm pretty certain that a Subaru dealership might get me a better trade-in value since the repairs would be relatively cheaper. Has Carmax gotten better with appraisals? The car is still worth at least $11k
|
|
#
?
Apr 29, 2016 13:37
|
|
|
You have a spun rod and maybe worse, your car is not worth anywhere near 11k, and even if it's fixed "WRX with new engine internals" is not exactly the strongest selling point of all time.
|
|
#
?
Apr 29, 2016 15:06
|
|
|
Bill NYSE posted:I can definitely dump some 20w10 oil in it to soften the piston knock but I'm pretty certain that a Subaru dealership might get me a better trade-in value since the repairs would be relatively cheaper. Has Carmax gotten better with appraisals? The car is still worth at least $11k Maybe with a new engine. If carmax offers you $9k, take it and loving run. New motor, assuming bottom end only is at least $3k, probably more. A junkyard longblock is at least $3k plus install.
|
|
#
?
Apr 29, 2016 19:54
|
|
|
Thanks everyone! I was under the impression that a Subaru-oriented mechanic would provide a fair diagnosis (knowing more about its root cause) and maybe the dealership would have an easier time salvaging the car to re-sell it but ultimately I'd wind up with the same results no matter where I took it. I was mostly worried that Carmax would under-value the car by comparison.
|
|
#
?
Apr 29, 2016 20:09
|
|
|
Mazda3 question: I'd like to test drive both the S and I trim levels to see how much difference the bigger engine makes, but in my area (LA) there are very few S models available at all. Those that I have found within my budget are older and higher mileage so I'm curious about any major revisions in newer years. Anything to look out for reliability wise? How does the 2012 revision influence things? How about 2014? Technology wise, I've replaced every head unit myself with past cars so if necessary I could probably hook up my own aftermarket display and rear view camera. I'm mostly curious about various engines, drivetrain, and overall reliability to choose between a newer I Touring or older S Touring given a similar price between the two.
|
|
#
?
Apr 29, 2016 20:29
|
|
|
Teeter posted:Mazda3 question: Every incarnation of the Mazda3 is a good car. The 2012 revision (Skyactiv motor) made the fuel economy go to good from below average. The 2014 revision made it the best car in it's class.
|
|
#
?
Apr 29, 2016 20:40
|
|
|
Ok so my scenario (possibly) now is: -Drive paid for 2004 Avalanche 120 miles a day @ 15 mpg. (150k miles) -Buy a 2011 Jetta TDI for 10k @ 45 mpg? (50k miles) The differential in fuel should pay for the Jetta. The Jetta should also be able to handle the stress better with it's lower miles and be more reliable (important). What do you guys think? This would be for 12 months. After that point we'd move closer possibly (about 60 mi a day). Truck probably stays either way because I used it to pull a trailer on the side.
|
|
#
?
May 1, 2016 00:34
|
|
|
When I think reliable, 5 year old Volkswagen isn't high on my list.
|
|
#
?
May 1, 2016 02:16
|
|
|
If you end up being required to get the emissions fixed on that TDI, it'll likely cost you a few MPG; so whatever calculation you're making should take that into consideration, as well.
|
|
#
?
May 1, 2016 02:28
|
|
|
Alright I'll look for some sorta Japanese thing then.
|
|
#
?
May 1, 2016 04:33
|
|
|
|
| # ? Apr 25, 2024 10:50 |
|
|
If you want a $10,000 reliable, high-fuel economy car that holds its value, you want a gen 2 prius. Maybe even gen 3 at this point.
|
|
#
?
May 1, 2016 04:50
|
|