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I can get a 36 month lease on a new Impreza for $0 down and $180 a month (12k miles a year allowed). I don't drive for my job but do enough driving in general that I think I'm justified in the premium of a new car for the comfort/reliability. My after-tax income is about $4000 a month. That's a pretty reasonable expense, right? It's a small percentage of my income but with so many people giving out universal NEVER LEASE A CAR EVER statements I'm just wondering why this wouldn't be a good idea. ~$6500 of lease payments spread out over 3 years to drive a new car seems pretty decent to me... My alternative is to spend $5000-$6000 on a late 90's Legacy but I don't have enough cash right now to buy one outright and would have to take out a loan, and I don't like the idea of having a loan on a vehicle with 100k+ miles and isn't under warranty. edit: lease, not loan artard fucked around with this message at 04:59 on Jun 12, 2010 |
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Jun 12, 2010 04:36
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I suppose I could buy a $1000 shitbox in the short term while I save for a nicer car, but I'm planning on doing some road trips this summer and want something that isn't going to leave me stranded. I live well under my means but don't have much savings at the moment because I recently finished paying off my credit card and student loan debt. I'm stuck on subarus because my family and I have driven many of them and they've always been great, and I think an Impreza is the nicest (new) car you can buy for under 20k (especially when you need a car that can handle adverse weather). artard fucked around with this message at 05:08 on Jun 12, 2010 |
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Jun 12, 2010 05:04
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So the huge debate that happened as a result of my previous question was excellent, sorry I didn't reply again but I didn't want to interrupt it. One thing that stuck out though is the assumption that I have 0 cash savings, which isn't actually true. I have an "emergency fund" ie enough money in the bank to live for at least 3 months or so and when I said I had "no money" it was in regards to money I could spend on a car. Also in my current living situation I am spending a ton of money on what would probably be considered "blow" in this forum but am saving at least $1000 a month. I agree with the people who said it would be much better to save for a year and then buy a 10-12k car with cash but what do I do in the meantime, buy a $2000 car and hope it doesn't break down? I think I'm fairly mechanically savvy and can do things beyond basic oil changes but to me the prospect of being left stranded somewhere by a broken car is far worse than having to deal with actually repairing anything. So to take this back full circle I present an new situation: my dad's car lease on a 2007 Impreza is expiring at the beginning of august and I have the opportunity to buy it out for $11,500. It has 13,000 miles and is in perfect condition basically. Also my parents offered to give me $1000 for the down payment and cosign on a loan if it gets me a better interest rate than what I can get myself (they can get 5% I think at the credit union). So figuring the $1000 of my own money I'd also put down will about cancel out the taxes and registration fees, my loan amount would be about $10,500 and my monthly payments on a 36 month loan would be about $315. I would plan on basically driving this car into the ground and hopefully keeping it for a decade or longer. To me, it seems the downside is "what if you lose your job and can't make payments" and yeah, there is always that risk, but I am saving money every month and feel that I'm a pretty employable person at the moment. If I came to a worst case scenario where I couldn't afford the car I would just sell it. Looking at craigslist right now I see 3 Imprezas exactly like this one for 13-15k and they have 30-50k miles on them. Tell me why I'm retarded for wanting to buy this car.
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Jun 30, 2010 02:50
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Bob Log posted:I'm basically looking to get a loan for 10k (I've understood this is the minimum, don't need more than 7.5k) ?? No bank that I've ever used has a minimum for a car loan.
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Oct 8, 2010 22:07
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Find a credit union that will let you join, they are always the most accommodating for these sorts of situations
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Oct 9, 2010 00:05
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