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MrKatharsis
Nov 29, 2003

feel the bern


Bovril Delight posted:

I'm currently dropping around $1200 a month into my Golf TDI to pay it off by the end of the year. I eventually want to upgrade to an S5 or something in the same approximate price point. Would it be best to finish paying off the TDI, buy the S5, then sell the TDI and put the money from it into the S5? The other option would be sell/trade the TDI now, but I imagine this is the worst of the two options.

Won't the TDI depreciate over the course of the year? If you're planning on selling anyway, why dump money into a depreciating asset?

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MrKatharsis
Nov 29, 2003

feel the bern


Theler posted:

Looking at edmunds both manufacturers have a special lease offering.
Accent '12: 1500 down - 169/mo
Corolla '11: 2500 down - 159/mo

Both are for 36 months. The buyback price on the Corolla is slightly less than 10k. Since its a manufacturer deal is that still negotiable?

Yes of course buying used is better.

Downpayment + payments for the Corolla = $8224. Plus the buyback = $18,224. That's a new car price for a used car.

MrKatharsis
Nov 29, 2003

feel the bern


If I could go back in time and trade my parents' crappy station wagon for a modern Dodge Caravan with dual DVD players, I would do it in a second. Childhood road trips in lovely cars were anything but glorious.

MrKatharsis
Nov 29, 2003

feel the bern


There's always the old Dave Ramsey question of "If you had $5000 of equity in your car, would you borrow against it at 3.5% just to have the cash in your bank account?"

MrKatharsis
Nov 29, 2003

feel the bern


Silver Nitrate posted:

I look like a boss driving my pearl white, black carriage top, chromed out Lincoln.

This is the correct reason to buy a Lincoln.

Silver Nitrate posted:

16 years old

$6000

the mileage sucks

I am a delivery driver

air ride

These are reasons NOT to buy a Lincoln.

MrKatharsis
Nov 29, 2003

feel the bern


Nocheez posted:

My wife's 2001 Saturn SL-2 is for sale :v:
Seriously, if a goon wants it, I'll sell it for $1,500. Right at 125k miles, automatic and air, but nothing else. Crank windows, manual locks, no cruise. Located in Charlotte, NC.

Holy poo poo, my wife is selling an identical SL-2.

Make sure you put "Dave Ramsey Special" in the craigslist ad.

MrKatharsis
Nov 29, 2003

feel the bern


Doesn't a lease lock you in to a 2-4 year commitment? It's just a rental. Do the math out and see if you're OK with spending $10,000 to borrow a car for a few years.

MrKatharsis
Nov 29, 2003

feel the bern


Quixotic1 posted:

Providence has now forced my hand and I need one suddenly.

Everyone I know also seems to be insane about car advice; saying never buy used even though this thread says otherwise and they always seem to have regrets with their purchases so I will probably discount their advice.

I have no idea where to start. I've never having made a loan/credit card I don't know any of the processes.

I need a car soon

http://tiny.cc/85khbw would this be a good car for example? I can afford to put 7k upfront.

If you buy used, you're getting into a car you know nothing about. If you buy new, you're also getting into something you know nothing about (financing).

Since you're not familiar with the process, and you are now desperate, your odds of getting screwed by the finance guy at the dealership are 100%.

Your odds of getting a total lemon if you pay $7000 cash for a craigslist Honda Civic are very low, especially if you pay a mechanic to inspect it. Start with this guy: http://miami.craigslist.org/brw/cto/2888627277.html If you drive it for a while and don't like it, sell it for the same price you paid and go buy another car.

MrKatharsis fucked around with this message at 21:39 on Mar 20, 2012

MrKatharsis
Nov 29, 2003

feel the bern


^^^That's about to happen again. The stealership can offer you an extra $2000 on the "trade-in" because they're really just taking $2000 off the markup on the Focus. What you should be asking yourself is: "Is owning a Focus vs. a Corolla really worth an extra $10,000 in debt?"

Life without car payments is awesome. I think everyone should try it at least once.

MrKatharsis
Nov 29, 2003

feel the bern


No 25 year old RN should be buying a car in the "<40,000" range.

MrKatharsis
Nov 29, 2003

feel the bern


If you're paying cash for a car and you're not applying for a mortgage, you don't need a credit score. Your instincts are right.

MrKatharsis
Nov 29, 2003

feel the bern


KYOON GRIFFEY JR posted:

You will also be able to avoid compact SUVs as I believe that the only small AWD sedan currently being manufactured is the Subaru Impreza, which kind of has a face for radio.

Suzuki is still selling off their stock. If you're willing to gamble on long-term parts availability, you can save a few grand over an Impreza.

MrKatharsis
Nov 29, 2003

feel the bern


Kenny Rogers posted:

OPTION A) 0 Down, 15k miles/year, $448/mo. for 36 months.
$448 first month's payment due up front, which is normal and expected.
Probably a security deposit (A second full month's payment as SD is reasonable, and I should negotiate or walk away if they want more, yes?)
Acquisition fee of probably $700ish.
$348 dealer handling and "additional profit fee" (at least they're up front about it - it doesn't make me begrudge it any less)
So, if I'm figuring that correctly, that's $1944 up front, some of which could potentially be rolled into the lease with a modest increase in the monthly payment.
I don't know what the MF is, I'm calculating the residual at .59 or .60 ($17600 to $17900 ballbark).

OPTION B) Same deal, but trade in my 195,750 mile E36 M3 for ~2500 as cash down. I know that I can get (some) more for it in a private sale, so I'm not inclined to use it as a trade. This is a low risk option that does not maximize the value of an existing asset.
Payment of (N<$448)/mo. for 36 mo. 15,000 miles/year.
The deal would be similar to the last, but the upfront would be my trade-in, which would (in theory?) pay for the security deposit, ACQ, Handling/Profit, 1st month's payment, and have $550 available for Cap Cost Reduction. Am I correct there?

OPTION C) Put $2500 or $3000 down (temporarily) on my lovely high-interest rate credit card. Sell the M3 or my DRZ400 in a private sale. Pay the balance with the proceeds.
It's a more efficient conversion of my existing assets to cash. It's higher risk predicated on neither one selling, but not that much higher risk and I think the likelihood that NEITHER one would sell for $3000ish is fairly low.
This seems like the best option of the three Lease options to me.

You already own a car and a motorcycle, you're trying to lease a brand new car, and don't have $3000 cash already budgeted? This screams emotional purchase. Why would you put a down payment on a rental car anyway? If you crash it in the second month and insurance pays out, will you get the $2000 back?

It has been a while since anybody talked about the second half of this thread title. I know some car salesman came in here and talked a good game but

MrKatharsis
Nov 29, 2003

feel the bern


metasynthetic posted:

Reliability is #1

Throatwarbler posted:

You can get a 2012 Jetta with the 2.5l for about $10k

Don't be an rear end in a top hat. Even if this car were reliable, it still has a horrible slow thirsty engine.

MrKatharsis
Nov 29, 2003

feel the bern


The 2.5 Jetta is cheap because it's undesirable. What he saves up front will be lost at the gas pump or in repairs. This is a bad recommendation, especially for a buyer who admits that they are not very mindful of maintenance.

MrKatharsis
Nov 29, 2003

feel the bern


sfmarine7 posted:

Location: Portland, OR
Proposed Budget: I can afford MAX $200/mo, and I could scrape together maybe 1k deposit. Very small budget.
New or Used: Either, but I assume used is the only thing in my budget.
Body Style: No preference.
How will you be using the car?: I often drive ~60mi round trips, some longer road trips about once/yr. Otherwise daily 5min commute. Rain/sleet
What aspects are most important to you? Reliability, good mpg, Cost!, I need to find something ASAP.

I'm in a 2003 hyundai elantra manual transmission, and it's nearing 114k miles. The clutch is going out on it and I'm overdue for a timing belt/water pump replacement. It also needs a new set of tires. I own the car, but to afford those repairs (~$2000 total) I will need to begin making payments anyways so I thought I may as well get into something new. Especially because at this point anything else could go on it at any time.

I've never purchased a car and I know very little about cars in general. At this point, in addition to seeking some info from this thread, I'm trying to get some advice from car savvy friends and family on the process of buying and what to look for. In my imagination, my best options for my budget are finding something on craigslist or going through a used car dealership? I do not have the luxury of time on this, and need to get a different car or have my current one repaired soon.

If you're paying cash, any car in that price range is a huge gamble, and unlikely to be much better than what you have. Repairing the clutch and selling it could net you some more cash but you'd still be in risky territory. Also, I suspect you could get the clutch and timing belt done for around $1000 with an honest mechanic. This is the route that I would personally take. It buys time and gets your head out from under the axe so you can make an intelligent, unemotional decision.

If you absolutely have to get rid of this car and are going to finance, buy an older Corolla or Civic from a used car lot and negotiate like a fiend. Only discuss the "out the door" price and don't let them tack on one penny more. Some dealerships may be able to meet your monthly budget but if you can only spare $200/mo, you really can't afford even a new-ish car. Desperation can really hurt you, unfortunately.

MrKatharsis
Nov 29, 2003

feel the bern


This poor goon can barely scrape together $1000 and has a hard limit of $200/mo. New cars and $10,000 loans should be out of the question. What happens when a tire blows?

MrKatharsis
Nov 29, 2003

feel the bern


That's a common dealer scam to get you in the door. Civic owners aren't being given any special treatment and you should keep your car.

MrKatharsis
Nov 29, 2003

feel the bern


Ultimate Mango posted:

The Car Max discussion earlier in this thread was interesting. Turns out there is a '13 BMW M5 with 8k miles for $80k. Should I look at that and take the CarMax warranty and abuse the hell out of it?

gently caress yes you should.

MrKatharsis
Nov 29, 2003

feel the bern


Pretty Boy Floyd posted:

I'm trying to figure out if I can afford to spend $9k~ on a car. I've had my eye on getting an e46 bmw wagon for a while now, and one popped up in my area. The market for these is pretty whacky, so I probably won't be able to negotiate very far down from the $9k asking price. I'm not attached to this particular car, but they don't come up often in the configuration I like and its mileage is <100k.

I've got a 03 Nissan Altima that could probably fetch 2-3k on trade in, around 10k in cash, and I'm wondering if it's feasible to buy a car right now. Chime in, goons.

You haven't posted anything about your income, savings, or anticipated method of payment so it's impossible to give you a meaningful answer. How is the trade in value of your car less than half the cash value?

Speaking entirely in generalities here: if you want a particular uncommon car, it would be better to plan for it, save up, and shop smart online than impulse buy the first one that pops up at Stan's Pre-Owned Sketch-O-Rama.

MrKatharsis
Nov 29, 2003

feel the bern


The V6 in the new Mustang is 300hp, way more than the Crown Vic. It gets better mileage too. Not every v8 > v6.

I would highly recommend renting a V6 Mustang for a weekend before you buy one. I had one last month and while fun, it wasn't something I'd really care to live with. Needlessly cramped interior, typical modern car poor visibility, seats not really suitable for a road trip.

MrKatharsis
Nov 29, 2003

feel the bern


If you're serious about buying one, spend $100 for a weekend rental and try it out first. You may find that you'll want a model with better seats or other features. I took a 3 hour trip and was getting pretty uncomfortable by the end. Test drives don't reveal that kind of stuff, especially with the salesman/owner blabbing away.

MrKatharsis
Nov 29, 2003

feel the bern


Why not the 6-series? I'd imagine those depreciate way faster than an M3.

MrKatharsis
Nov 29, 2003

feel the bern


Care to explain why someone in Oklahoma City needs 4wd?

MrKatharsis
Nov 29, 2003

feel the bern


Bullshit. If you sell a Camry south of 200K, then you're a wasteful spendthrift who will never retire.

MrKatharsis
Nov 29, 2003

feel the bern


EugeneJ posted:

I think this site is more accurate for repairs/long-term reliability:
http://www.tradeinqualityindex.com/

This manufacturer chart they made is about right:


I completely forgot about Geo cars and would totally grab one off craigslist if I could drive stick. They seem pretty drat reliable.

Depends on the Geo. The Prizm is straight out of the Toyota factory. Don't let anybody you like ride in a metro or Storm.

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MrKatharsis
Nov 29, 2003

feel the bern


If you liked the RSX, the Civic SI is nearly the same car and still in production. Even as a 4-door I believe. Good luck finding one that hasn't been thrashed though.

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