The Car Payment Thread Vol. Next time I'm buying Used..

[ooiron manoo]

Originally Posted by ksteezy

I get the feeling you dudes who say financing is for suckers or stupid, are just salty, broke and/or with unstable jobs to even think about comitting to monthly payments....how can you tell me a used car that can break down at any time (ive been there) beats financing a car...or even paying 10k cash for a used "newer" car is even smarter being that this car will no longer be under warranty and being that this car is newer, mechanics will have more reason to rip your pockets apart....

To each its own, but speaking from experience the only thing that can challenge financing a car is leasing...the fact that keeping up with these payments incredibly boosts your credit is reason enough to assume that financing >>>

You are generalizing.

Used cars have warranties.  It is possible to get certified used vehicles from very reputable dealers with excellent warranties without taking the biggest depreciation hit the car will take in it's short lifetime.  There are plenty of certified used dealers that offer the same warranties as new cars.  No one is saying go out and buy a used car with over 80k miles.  However a used car with 20-30k miles and a powertrain warranty up to 100k miles, or full warranty of 100k miles is a better choice.

Not every used car breaks down as soon as you leave the lot.  It really depends on where you buy your used car.  Shady "dealers" FTL.

It's also good to have a good relationship with a mechanic, it's not hard to either unless you're the type to take your car to the dealer for everything (another L).  There are plenty of reputable mechanics out there that will do minor maintenance at a fraction of the cost, and when %%$! hits the fan they will not "rip you off".  I know my way around my car, and everyone should.  The information is at your fingertips.  I do all the minor maintenance (oil changes, hoses, etc.), however I don't have the tools, time or space to do major work on my car.  I do know what I'm talking about when something goes wrong (I've had my '99 Eclipse since 2001, burned out my clutch twice, busted heads once, timing belt) and the general cost of fixing it.

All the major work done on my car is due to wear and tear, and the fact that it is currently sitting at 180k miles. 

I will just use your example.  You bought a Acura TL-Type S for $40k.  I just browsed autotrader.com and saw a 2008 with 15k miles for $30k and a 2008 with 10k miles for $30k...with full warranties.

Oh yeah... 50K for a "rainy day" fund

Like I said, 10k is a good amount (5k in cash, 5k in savings) the rest of your money should be growing in various accounts (Retirement, Investments, etc.).  50k just sitting there is pointless and counterproductive.  I know personally, if I ever catch myself between a rock and a hard place and have to save my assets in the present I can pull from my retirement fund.  It's a last resort, and it will get taxed like hell, but you got to save the present to have a future.

Luckily I have a steady income flow and have a very stable job

.

 

[ooiron manoo]

Originally Posted by ksteezy

I get the feeling you dudes who say financing is for suckers or stupid, are just salty, broke and/or with unstable jobs to even think about comitting to monthly payments....how can you tell me a used car that can break down at any time (ive been there) beats financing a car...or even paying 10k cash for a used "newer" car is even smarter being that this car will no longer be under warranty and being that this car is newer, mechanics will have more reason to rip your pockets apart....

To each its own, but speaking from experience the only thing that can challenge financing a car is leasing...the fact that keeping up with these payments incredibly boosts your credit is reason enough to assume that financing >>>

You are generalizing.

Used cars have warranties.  It is possible to get certified used vehicles from very reputable dealers with excellent warranties without taking the biggest depreciation hit the car will take in it's short lifetime.  There are plenty of certified used dealers that offer the same warranties as new cars.  No one is saying go out and buy a used car with over 80k miles.  However a used car with 20-30k miles and a powertrain warranty up to 100k miles, or full warranty of 100k miles is a better choice.

Not every used car breaks down as soon as you leave the lot.  It really depends on where you buy your used car.  Shady "dealers" FTL.

It's also good to have a good relationship with a mechanic, it's not hard to either unless you're the type to take your car to the dealer for everything (another L).  There are plenty of reputable mechanics out there that will do minor maintenance at a fraction of the cost, and when %%$! hits the fan they will not "rip you off".  I know my way around my car, and everyone should.  The information is at your fingertips.  I do all the minor maintenance (oil changes, hoses, etc.), however I don't have the tools, time or space to do major work on my car.  I do know what I'm talking about when something goes wrong (I've had my '99 Eclipse since 2001, burned out my clutch twice, busted heads once, timing belt) and the general cost of fixing it.

All the major work done on my car is due to wear and tear, and the fact that it is currently sitting at 180k miles. 

I will just use your example.  You bought a Acura TL-Type S for $40k.  I just browsed autotrader.com and saw a 2008 with 15k miles for $30k and a 2008 with 10k miles for $30k...with full warranties.

Oh yeah... 50K for a "rainy day" fund

Like I said, 10k is a good amount (5k in cash, 5k in savings) the rest of your money should be growing in various accounts (Retirement, Investments, etc.).  50k just sitting there is pointless and counterproductive.  I know personally, if I ever catch myself between a rock and a hard place and have to save my assets in the present I can pull from my retirement fund.  It's a last resort, and it will get taxed like hell, but you got to save the present to have a future.

Luckily I have a steady income flow and have a very stable job

.

 

[loveofthegame916]

Originally Posted by Al Audi

Wait, used car automatically means a bucket now??

this is Niketalk man everybody drives brand new off the lot bimmers, ferraris, lambos ect.

 

[loveofthegame916]

Originally Posted by Al Audi

Wait, used car automatically means a bucket now??

this is Niketalk man everybody drives brand new off the lot bimmers, ferraris, lambos ect.

 

[warren d]

bought a brand new 08 se altima

put down 5k

257 a month got 2.5 year left

 

[warren d]

bought a brand new 08 se altima

put down 5k

257 a month got 2.5 year left

 

[ksteezy]

Originally Posted by 3onPar5

Originally Posted by Al Audi

Wait, used car automatically means a bucket now??

Exactly. Like if I go get a 2010 with 20,000 miles on it and thats a "hooptie" Yeah I pulled an '80s term...lol

Heck most cars dont get "broke in" till 15,000 miles

ya reaching for reasons to justify a used car > a new car in your terms....
not every used car is a hooptie or a bucket or a lemon, you may get lucky and pay 5k for an amazing used car, just like you can invest 10k in a used bmw and that %$%@ ends up being the biggest headech of your life, its a bargain that i wouldnt recommend anyone takes, unless you or a friend of yours is a mechanic....now you get yourself a new car out the dealer you eliminate all those headechs....keep the payments and rate low, get something you can afford and you should be good while you build up your credit...the fact that i had been financing my car and my mothers car since 05 played a very important factor when i went to apply for a 100k loan for my apt in 08....banks wanna see that you can keep up with substantial responsabilities other than your cellphone bill, kiddies.

 

[ksteezy]

Originally Posted by 3onPar5

Originally Posted by Al Audi

Wait, used car automatically means a bucket now??

Exactly. Like if I go get a 2010 with 20,000 miles on it and thats a "hooptie" Yeah I pulled an '80s term...lol

Heck most cars dont get "broke in" till 15,000 miles

ya reaching for reasons to justify a used car > a new car in your terms....
not every used car is a hooptie or a bucket or a lemon, you may get lucky and pay 5k for an amazing used car, just like you can invest 10k in a used bmw and that %$%@ ends up being the biggest headech of your life, its a bargain that i wouldnt recommend anyone takes, unless you or a friend of yours is a mechanic....now you get yourself a new car out the dealer you eliminate all those headechs....keep the payments and rate low, get something you can afford and you should be good while you build up your credit...the fact that i had been financing my car and my mothers car since 05 played a very important factor when i went to apply for a 100k loan for my apt in 08....banks wanna see that you can keep up with substantial responsabilities other than your cellphone bill, kiddies.

 

[ooiron manoo]

Steezy, you need to broaden your perception of a used car.

 

[ooiron manoo]

Steezy, you need to broaden your perception of a used car.

 

[misterp0315]

420 a month for this **%%**$ Dodge Charger

THEN...178 for this **%%**$ insurance. It WAS at 260. Then 220. Now 178.

It's been a year so I got a ways to go. Hopefully, my insurance will continue to drop. This %%%$ is for the birds.

 

[misterp0315]

420 a month for this **%%**$ Dodge Charger

THEN...178 for this **%%**$ insurance. It WAS at 260. Then 220. Now 178.

It's been a year so I got a ways to go. Hopefully, my insurance will continue to drop. This %%%$ is for the birds.

 

[recycledpaper]

Originally Posted by MisterP0315

420 a month for this **%%**$ Dodge Charger

THEN...178 for this **%%**$ insurance. It WAS at 260. Then 220. Now 178.

It's been a year so I got a ways to go. Hopefully, my insurance will continue to drop. This %%%$ is for the birds.

insurance premiums drop significantly once you hit the age of 25, moreso for male drivers than female.

so if you're not 25 yet, there is hope for you

 

[recycledpaper]

Originally Posted by MisterP0315

420 a month for this **%%**$ Dodge Charger

THEN...178 for this **%%**$ insurance. It WAS at 260. Then 220. Now 178.

It's been a year so I got a ways to go. Hopefully, my insurance will continue to drop. This %%%$ is for the birds.

insurance premiums drop significantly once you hit the age of 25, moreso for male drivers than female.

so if you're not 25 yet, there is hope for you

 

[al audi]

I'm 25 but still under moms........5 speedin tickets on my record. I'm under her policy an I had her register my whip in her name. Go underneath grandma or moms u save madd money.

 

[al audi]

I'm 25 but still under moms........5 speedin tickets on my record. I'm under her policy an I had her register my whip in her name. Go underneath grandma or moms u save madd money.

 

[ksteezy]

Iron man - i had my share of used cars and bad experiences....the 94 corolla wasnt bad at all, but my #$*@!!$ totaled it...having owned 4 used cars and 3 new ones I can honestly say I much rather pay a constant month to month than having to dig into my backup money for some ##@%#**%.
Only way I'd concider a used car is if it's certified preowned with alot to go on it's warranty...which means the car will hve to be no older than 2 years, in which case I'd still have to pay over 10k for it, which I will never do for any car...if you know how to finance and budget accordingly, have a steady job, financing is not bad at all....obviously if you finance 50k ober 6 years with monthly quotes of 800$ when your monthly income is only 1400$ then you are a fool...my car payment is less than 10% of my income so it doesn't bother me at all.

 

[ksteezy]

Iron man - i had my share of used cars and bad experiences....the 94 corolla wasnt bad at all, but my #$*@!!$ totaled it...having owned 4 used cars and 3 new ones I can honestly say I much rather pay a constant month to month than having to dig into my backup money for some ##@%#**%.
Only way I'd concider a used car is if it's certified preowned with alot to go on it's warranty...which means the car will hve to be no older than 2 years, in which case I'd still have to pay over 10k for it, which I will never do for any car...if you know how to finance and budget accordingly, have a steady job, financing is not bad at all....obviously if you finance 50k ober 6 years with monthly quotes of 800$ when your monthly income is only 1400$ then you are a fool...my car payment is less than 10% of my income so it doesn't bother me at all.

 

[ksteezy]

Originally Posted by Al Audi

I'm 25 but still under moms........5 speedin tickets on my record. I'm under her policy an I had her register my whip in her name. Go underneath grandma or moms u save madd money.

same thing I had to do after my liscence was first revoked over a DWI and then 2 months after I got it back it was suspended for speeding, my insurance quote if they even decided to keep me was gonna be around 1500$ a month...so I had to sign everythig over, it's been like this for 5 years, i should be good to go by now though.

 

[ksteezy]

Originally Posted by Al Audi

I'm 25 but still under moms........5 speedin tickets on my record. I'm under her policy an I had her register my whip in her name. Go underneath grandma or moms u save madd money.

same thing I had to do after my liscence was first revoked over a DWI and then 2 months after I got it back it was suspended for speeding, my insurance quote if they even decided to keep me was gonna be around 1500$ a month...so I had to sign everythig over, it's been like this for 5 years, i should be good to go by now though.

 

[recycledpaper]

Originally Posted by ksteezy

Iron man - i had my share of used cars and bad experiences....the 94 corolla wasnt bad at all, but my #$*@!!$ totaled it...having owned 4 used cars and 3 new ones I can honestly say I much rather pay a constant month to month than having to dig into my backup money for some ##@%#**%.
Only way I'd concider a used car is if it's certified preowned with alot to go on it's warranty...which means the car will hve to be no older than 2 years, in which case I'd still have to pay over 10k for it, which I will never do for any car...if you know how to finance and budget accordingly, have a steady job, financing is not bad at all....obviously if you finance 50k ober 6 years with monthly quotes of 800$ when your monthly income is only 1400$ then you are a fool...my car payment is less than 10% of my income so it doesn't bother me at all.

... but you paid $40k for an acura...

 

[recycledpaper]

Originally Posted by ksteezy

Iron man - i had my share of used cars and bad experiences....the 94 corolla wasnt bad at all, but my #$*@!!$ totaled it...having owned 4 used cars and 3 new ones I can honestly say I much rather pay a constant month to month than having to dig into my backup money for some ##@%#**%.
Only way I'd concider a used car is if it's certified preowned with alot to go on it's warranty...which means the car will hve to be no older than 2 years, in which case I'd still have to pay over 10k for it, which I will never do for any car...if you know how to finance and budget accordingly, have a steady job, financing is not bad at all....obviously if you finance 50k ober 6 years with monthly quotes of 800$ when your monthly income is only 1400$ then you are a fool...my car payment is less than 10% of my income so it doesn't bother me at all.

... but you paid $40k for an acura...

 

[al audi]

Insurance companies are scam. Yea 5 years smh

 

[al audi]

Insurance companies are scam. Yea 5 years smh

 

[ksteezy]

Originally Posted by recycledpaper

Originally Posted by ksteezy

Originally Posted by Mark Antony

Damn $236 on a 07 TL-S? how much you put down?

now that i think about it, it was a very stupid move....i had an 07' TC that was upraised for 18K...I had paid it off pretty quick, so i used that 18k and put down an extra 10k and financed 12k over 5 years....i could have just stood with my Tc, loved that car, but i wanted a "big boy" car and got lost in the hype...im comfortable with my payments, but i could have been 10k richer with no car note....:kanye shrug:
Pic of the TC 

hold up, you put $28k down on an ACURA and still had to finance $12k? so your total costs were $40k, only $8k cheaper than my FULLY LOADED bimmer.

and you called me an idiot? 

Time out, but you making 700$ payments while im only making 230$....so unless you making 7k a month you remain an idiot in my book...you can jump out of moms basement into your fully loaded bimmer for the NeXT 5 years bro.