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I'm looking at buying a new car, namely the Honda Civic Sedan LX-S. According to Overstock.com, it runs $17,206. Taking a look around the area, most of the used Civics in the current gen are at asking prices ~$18K and in the EX trim. Currently, my day job makes me an average of $220/week. Not much, but I live in an area where my rent is $120/month for a decent place and my expenses are really low. My other work, which includes referral fees and freelance writing, make above and beyond that--but that's entirely variable on a month to month basis. After tax and title, I'm looking at probably around $19K, of which I have $10K set aside to put down on it. Also notable, my credit score (due to lack of credit card until Jan '10) is in the range of 660-680. I'm looking to take out an auto loan for 48 months, paying more than the minimum on months I have a significant surplus of cash. Any opinions? Am I completely off-base in what I should be pursuing? Matlock fucked around with this message at 18:39 on Apr 17, 2010 |
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Apr 17, 2010 18:35
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| # ¿ Apr 26, 2024 20:46 |
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Not to say that's bad advice, but you've ignored about 75% of my post. I cleared $30K last year, but the month-to-month income is by no means consistent. Also, in the area, used anything that isn't a Cavalier/Cobalt/Focus and that isn't in rotten condition easily surpasses $10K. Rust is also an issue in Northeast Ohio, hence my avoidance of used cars. Matlock fucked around with this message at 19:09 on Apr 17, 2010 |
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Apr 17, 2010 19:02
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Actually, strangely enough I was looking at a Matrix while walking out of the day job. The thing is, I had initially planned on getting a new Camaro LS, but decided that it would be a rotten daily driver (especially in the winters) and I guess talked myself into the Honda Civic LX-S as it was new and sporty and reliable and...yeah. Last year, btw, I made a hair under $12K from Amazon referrals from SA alone. I keep getting run further and further out of business by people who have better bots than I, but business has kept steady enough and my freelance writing is taking off this year. I'd be surprised if some of the guys in the Coupons forum didn't make $30K+ from that alone. I should also note that I have no debt. Matlock fucked around with this message at 07:04 on Apr 18, 2010 |
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Apr 18, 2010 03:01
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Going by the advice, taking it to used and all that, this looks like a good path to take: http://bit.ly/cOOkM2 As it stands, to reiterate, I have $10K on-hand to put down on it. I have enough in my monthly budget to pay it off (with this, like $5K, which I'd take in a 24 month), and $5K in cash reserves past the $10K to put down with no other debts on hand.
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Apr 20, 2010 23:17
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Given that the BIN is $13,9, probably that.
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Apr 21, 2010 01:09
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skipdogg posted:Depends on how well you negotiate. If your a Costco member, I suggest going through the Costco Auto program. They go through the same process as cars.overstock.com, I believe.
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May 29, 2010 19:39
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| # ¿ Apr 26, 2024 20:46 |
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I'm looking at a car, roughly $15K after tax and title. Fairly confident in the car, it's 2 years old with 30K on the clock. What I'm considering doing is taking out the minimum auto loan from the bank ($8K) and putting in the rest in cash. That would leave me, at this point, with a cash reserve of $9.5K. Minus insurance expenses and whatnot, probably closer to $8K. I'd be taking out a longer loan (48mo) to keep the initial payments low, but would pay it off really early--as in, after tax time as I should be able to have enough cash on hand at that point to pay it off and keep a healthy reserve. Bad idea?
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Jun 15, 2010 15:13
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