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Borrowing Money from Parents
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My mother actually drives an IS300. She offered to sell me her car but the maintenance costs (Tires,etc) are astronomical. As well as the insurance.
I want the sedan because that's my style. I'm an old fart trapped in a young body. After research, the I30 was the bang for the buck, reliability, performance, features.
RMSistight
Golden Member
Co-signing is the worst thing to do especially if it's with your parents. The moment you can't make that monthly payment, you're screwed, you're credit is screwed AND your parent's are screwed along for the ride. I think it's best if you handle things yourself. My parents always knew me as a person who rejected any outside help. Every since I started college, I have never asked my parents for money and I still don't. Although they paid for my car (I thank them for that), I simply refuse to ask for money UNLESS it's like a serious situation. But other than that, I'm sure most of you will agree that paying things on yourself is more self-assuring and can tell people that you're your own man. It's funny how I see this rich kids (my roommate in fact) and everything is provided for them. They have nice cars, a nice computer, rent and tuition is paid for them. But when I find out that my roommate has little or no spending money, I'm like WTF. He barely has any money in his account. Sometimes having rich parents is good, but when they have everything and you have nothing, THEY control your life. Often times they tell you what school to go to or try to go to, how to study, etc. If you don't do what they want you to do (oftens times they tell you to do things that essentially good for you), you're stuck. What money do you have? What can you do? That is the situation my roommate is in and I'm glad I'm my own person and I pay for everything I buy. I'm financing this laptop interest free for 1 year I'm typing on right now. My parents don't even know about it. It's feels really good that I'm paying this myself and I'm doing this on my own.
RMSistight
Golden Member
What maintanance parts? You can fix your car up fine. There are just some things that people should know how to fix and that's preventative maintainance. You should be able to do the following (it's not hard, but some people are just too lazy and ignorant to learn for themselves):
oil change every 3,000 and AT 3,000 miles(dear God you better know how to do this)
fuel filter change
change your brakes
rotate your tires
flush and clean your radiator
check and change all of your fluids (manual transmission, automatc, brake, power steering)
change your spark plugs
changing of radiator hoses in the event of a leak
air filter change (you should know how to do this too)
changing of your battery
Hmmm..I think that's it. If you know how to do this to your own car, congrats and you saved a buttload of money. As for any other maintanace procedures, that is where the mechanic comes in. (I.E. timing belt, engine swap, etc) There are many websites out there that specialize in specific cars, (Integras forums, Camaro forums, etc) that contain loads of knowledgable people. That bad thing is the most people don't learn how to do the above and just drive their cars. They don't even read the dam owner's manual which contains A LOT of valuable information. They don't take the time to learn about their cars. They just run their cars into the ground. I guess being lazy becomes a cost in itself.
Thanks for all the opinions here guys. I'm really looking at this from many different perspectives.
I understand that it is foolish to run out and buy a new car right now.. it's all an issue of me "wanting" a new car. It's all want, not need.
I talked to my mom again and she says it's up to me if I want to borrow some and finance some. I would save some money this way and get the credit benefit. Now get this.
My family (not sure if it's a "Chinese" thing) has a stigma against buying 'used' cars. My mom doesn't want me picking up someone's "lemonade" 🙂. I know that it makes more financial sense to buy a used car but my mom would pay to have an untouched car. Thusly.. she has offered to GIFT me $8-$10k for a new car and I would finance the rest. Catch is, must be NEW.
So there's the other twist on it. I don't really know of any new cars I'd want besides the Altima 3.5 SE. That's not the point really, though.
I understand that it is foolish to run out and buy a new car right now.. it's all an issue of me "wanting" a new car. It's all want, not need.
I talked to my mom again and she says it's up to me if I want to borrow some and finance some. I would save some money this way and get the credit benefit. Now get this.
My family (not sure if it's a "Chinese" thing) has a stigma against buying 'used' cars. My mom doesn't want me picking up someone's "lemonade" 🙂. I know that it makes more financial sense to buy a used car but my mom would pay to have an untouched car. Thusly.. she has offered to GIFT me $8-$10k for a new car and I would finance the rest. Catch is, must be NEW.
So there's the other twist on it. I don't really know of any new cars I'd want besides the Altima 3.5 SE. That's not the point really, though.
RMSistight
Golden Member
I don't know and your insurance costs though. I pay about $880 a year for my 94 Acura Integra coupe which contains full coverage. I know my friend who has a 96 Intrega coupe that pays about $2300 a year for full coverage. That's a lot.
RMSistight
Golden Member
Nissans are known for their power, but they heavy too. Kevin, I think you should stick with a Honda (Acura) or Toyota (Lexus). It really depends on what you're looking for. A nice ride? Smooth one? Dependable car? Long lasting one? What are your tastes? Maybe I can help you find something.
RMSistight
Golden Member
My parents are Chinese too. Some of them are like that about cars, but we buy used cars from other Chinese people (that we know) if you catch my drift. My Integra was purchased from my cousin who was going back to Sweden so my parents bought it for me. We got it for $4,000 at that time when it was well worth over $6,000. At 168,000 miles, the car is still in great condition. Then again, you can always try Carfax.
alkemyst
No Lifer
I think it's the whole asian culture 🙂 they think used cars are trouble.
However I will say that starting off a nice car and a reliable one is important. You may have opportunities to drive the boss to lunch or run errands (not like coffee, but like drive these documents in person).
I know many people that in attempts to save themselves a carpayment are pouring more into their cars each month to keep them running (and I used do their labor free until it became too much for me to handle).
I am in that boat now....I have a 100k mile car that I have had for the last 60k....only routine maintenance it cost me really....but clutch, engine rebuild and a little int/exterior refreshment is needed if I want to keep it another 100k....about $5000-6000 to do it right ($3-4k to do it back to just factory). Not much you can buy for $6k without getting a few headaches....but is it worth it?
I had a couple new/almost new cars that were reasonable and I was making nice money, but I still hated writing that check out each month....I hate bills (well mostly the wasted interest you are just paying to play with someone else's money).....
My goal is to become debt free in the next 15 years including owning my own home free and clear.
That in and of itself gives one major freedom.
Tell her that you you would like to finance the car to build your credit rating. Finance it for 3 years, this way you do not wind up upside down on the note.
ask her if she would give you enough of a down payment as a gift to help you achive this goal.
ask her if she would give you enough of a down payment as a gift to help you achive this goal.
I've added the new 2k3-2k4 Accord coupe to my list as well. Perhaps I can take advantage of low dealer financing right now to finance 10k after accepting the 10k gift from my mom as down payment.
If it is gifted then I understand she won't be taxed on that 10k. If I can get a low rate then the interest will be less of an issue. I would just be accepting a gift of the downpayment on the car but still making (recorded) payments.
It might be helpful to note that although nothing is certain... I am afforded a degree of job security because of the sector in which I work.
So.. New accord coupe? Hmm.
If it is gifted then I understand she won't be taxed on that 10k. If I can get a low rate then the interest will be less of an issue. I would just be accepting a gift of the downpayment on the car but still making (recorded) payments.
It might be helpful to note that although nothing is certain... I am afforded a degree of job security because of the sector in which I work.
So.. New accord coupe? Hmm.
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