Car decision.....need some help guys !

[compguy786]

Ok, So in the past, i have contemplated about getting different cars, 09 accord, 09 civic si, 04 TL and what not.

I have conferred on a decision....to get a 2001 Lexus IS300. I currently have a 93 accord, that i posted up for sale, and got many offers for. I am a college student, and am currently working full time for the summer only.

I want to know if you guys think this is a wise decision. Sell my car, for about 3500, save up to $3k ( i am 1500 away from hitting $3k) and get a $2-2.5k loan. I have seen some IS300s going for 8-9k...which is what i am trying to spend.

getting a $5k loan is ridiculous i think...id say that $2k is more manageable, and less $$ over time, compared to getting a bigger loan.

Any of you guys purchase your own car as a college student...what car, and how ?

Thanks !

 

[Howard]

Keep your car.

 

[RedArmy]

Originally posted by: Howard
Keep your car.

^^^^^

If there's nothing wrong with the car you have now, keep it.

 

[zoiks]

Sell your car as its getting old. Better to get a new one but I wouldn't take a loan out if you're a college student.

 

[DivideBYZero]

If there is nothing wrong with the current car, keep it. No reason to upscale as a student. You'll have plenty of time to do that when you're working.

 

[chin311]

i like the is300's. very reliable too.

 

[Gibson486]

$5k is not a very high loan amount....if you think it is, you should just keep your car.

 

[Bignate603]

Keep your car. If its running well that's all you need. As a college student there's emergencies that will require some cash. Also, when you graduate you may need quite a bit of cash to last you over until you get a job and/or money to move.

If you are set on getting a new car, especially a used one with no warranty, make sure you'll have enough money to cover the maintenance and insurance. Buying a used car, even a low mileage one that is from a reliable brand, is always a gamble. You need to have some money stashed away in case something isn't right.

 

[exar333]

If you really want a new car for around 8K, save up until you have around 5K, sell your car, and then buy a new one with cash. That's what I would do in your situation...

 

[lastig21]

I owned a 2005 IS300 for awhile, and really liked the car. I'm sure you know all of the pros/cons, but the car's interior/exterior styling is beginning to show its age.

You are still buying a car that is 8 or 9 years old. You likely will not have the maintenance records, and even if you do, a major repair could be right around the corner. It would not be fun to spend $9k and then have a major repair within the first year.

If you need a car, I would look for something new/newer. There are great incentives on domestics, that might be more affordable then you think. They won't be flashy or come with leather, but they will be reliable and have a warranty.

If you don't need a car, its probably best to keep saving until you can pay with cash and have a "repair" fund sitting in the bank.

 

[compguy786]

I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k. Its a great car, but i have to spend $100
every other month on something, especially oil, since it drinks it like water. It pisses me off all the time, especially after a
mexican stole my cat, which makes my car sound like hell now...it rattles, and overall, i can get good money for it now.

Im only planning to get a $2k loan, im saving up 3-4k, then going to get the car. I am fed up with spending money on my car,
and want to upscale to a bit more newer and modern car.

IS300s got some power too......

 

[Bignate603]

Originally posted by: compguy786
I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k.

Sell my car, for about 3500

There's no way you'll get $3500 for a car with 209k that drinks oil and needs $100 in maintenance every month.

Edmunds is saying a private party sale for an accord coupe SE (the one they listed as the most expensive for '93) in average condition with 209k is worth less than $1000.

 

[compguy786]

Originally posted by: Bignate603

Originally posted by: compguy786
I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k.

Sell my car, for about 3500

There's no way you'll get $3500 for a car with 209k that drinks oil and needs $100 in maintenance every month.

Edmunds is saying a private party sale for an accord coupe SE (the one they listed as the most expensive for '93) in average condition with 209k is worth less than $1000.

Suggested retail for a Accord EX on KBB is $3990. My cars exterior is immaculate, and so is the interior. Just the little oil issue is really the main issue, but again, all hondas apparently do when they get old. Id get it fixed, but its expensive as crap.

ill post up pics of my car if you want, my car has been the cleanest accord in charlotte...and thats for real.

 

[Kirby]

Keep the car, spend your savings on alcohol and condoms.

 

[zerocool84]

Originally posted by: compguy786

Originally posted by: Bignate603

Originally posted by: compguy786
I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k.

Sell my car, for about 3500

There's no way you'll get $3500 for a car with 209k that drinks oil and needs $100 in maintenance every month.

Edmunds is saying a private party sale for an accord coupe SE (the one they listed as the most expensive for '93) in average condition with 209k is worth less than $1000.

Suggested retail for a Accord EX on KBB is $3990. My cars exterior is immaculate, and so is the interior. Just the little oil issue is really the main issue, but again, all hondas apparently do when they get old. Id get it fixed, but its expensive as crap.

ill post up pics of my car if you want, my car has been the cleanest accord in charlotte...and thats for real.

No way anybody would pay that much for an accord that old.

You're in college so I would wait until after you get out to get a car. No need for another loan.

 

[Throwmeabone]

If you can get a newer car for the same money by going domestic, I would do that. It should be just as or more reliable than an older Lexus and more of an upgrade.

 

[KIAman]

I was in a similar situation when I was a senior in high school... ended up keeping my KIA for the next 10 years (thus my name) and I'm so glad I waited. Upgraded to a BMW E90 330i sedan and paid cash. Patience, grasshopper!

 

[Gibson486]

3990 is REALLLLY optimistic, not impossible, though. You would need to find some very dumb person to buy that. Just to let you know, you could by a 97-99 corolla (maybe even a camry) with 100K on the od for that price.

 

[Zenmervolt]

Originally posted by: compguy786
I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k. Its a great car, but i have to spend $100
every other month on something, especially oil, since it drinks it like water. It pisses me off all the time, especially after a
mexican stole my cat, which makes my car sound like hell now...it rattles, and overall, i can get good money for it now.

Im only planning to get a $2k loan, im saving up 3-4k, then going to get the car. I am fed up with spending money on my car,
and want to upscale to a bit more newer and modern car.

IS300s got some power too......

Just pointing out that $100 every other month ($50 every month) is still a lot less than a car payment.

ZV

 

[JulesMaximus]

Originally posted by: lastig21
I owned a 2005 IS300 for awhile, and really liked the car. I'm sure you know all of the pros/cons, but the car's interior/exterior styling is beginning to show its age.

You are still buying a car that is 8 or 9 years old. You likely will not have the maintenance records, and even if you do, a major repair could be right around the corner. It would not be fun to spend $9k and then have a major repair within the first year.

If you need a car, I would look for something new/newer. There are great incentives on domestics, that might be more affordable then you think. They won't be flashy or come with leather, but they will be reliable and have a warranty.

If you don't need a car, its probably best to keep saving until you can pay with cash and have a "repair" fund sitting in the bank.

I think they still look good. Not your typical quirky designs that seem to be common to many Japanese sedans (Accord, Camry, etc).

A '93 Accord no matter how good and reliable it may be is a pretty old car and high mileage cars, even Hondas, will cost you money to keep running.

 

[JulesMaximus]

Originally posted by: nkgreen
Keep the car, spend your savings on alcohol and condoms.

:laugh: Is that the poor man's version of hookers and blow?

 

[thegimp03]

Originally posted by: JulesMaximus

Originally posted by: nkgreen
Keep the car, spend your savings on alcohol and condoms.

:laugh: Is that the poor man's version of hookers and blow?

Student version, I would think.

As for the situation, save your money, keep your car and run it into the ground. How much do you actually drive it in college anyways - like 6-8k miles a year? As a student, there's no real need for you to have a car payment on something that's going to be sitting in a parking lot more than half the time and you're not driving that much.

A 2001 IS 300 is already an old car. Why not wait until after you graduate from college, get a full-time job and a paycheck, and buy a newer car with a warranty attached to it? Most 2001 IS 300s would probably already have 90-120k miles on them and that's with fairly light driving. You'd be better off waiting.

 

[Arkaign]

Originally posted by: compguy786
I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k. Its a great car, but i have to spend $100
every other month on something, especially oil, since it drinks it like water. It pisses me off all the time, especially after a
mexican stole my cat, which makes my car sound like hell now...it rattles, and overall, i can get good money for it now.

Im only planning to get a $2k loan, im saving up 3-4k, then going to get the car. I am fed up with spending money on my car,
and want to upscale to a bit more newer and modern car.

IS300s got some power too......

IS300 maintenance is a bit pricey. Brakes, starters, alternators, etc, are a bit more than most Japanese. The timing belt (this is an interference motor, so this is CRITICAL!) is also a bitch, requiring the removal of the radiator, airbox & intake assembly, ignitors/spark plugs, etc. Details here :

Timing Belt Guide 1">http://www.rx7t2.com/is300_timing_belt/</a>

and

Timing Belt Guide 2">http://my.is/forums/f87/diy-ti...elt-water-pump-348511/</a>

A better alternative for a nice RWD 4-Door : '01 330i Sport, 5spd, 86k Miles, Moonroof, Xenons, Spoiler, Premium Sound, Leather, All Power, $9995

You'd have a classier ride than the IS (IS = more of a rice upgrade for Civic/Integra types), and you'd have these specs :

3300lbs, 3.0L I6, 225HP/214TQ, 0-60 in 6.1, 1/4 in 14.8 @ 95mgh, .89g lateral grip (sport package) 21/30mpg, etc.

Maintenance will still be higher than average, but the service is actually simpler than the IS, particularly for the timing setup, as it uses a timing chain

 

[compguy786]

Originally posted by: zerocool84

Originally posted by: compguy786

Originally posted by: Bignate603

Originally posted by: compguy786
I understand everyones points. My car is getting old, and the older it gets, the lower the value will go.

I currently pay for insurance and gas on my car, and things are getting weird at 209k.

Sell my car, for about 3500

There's no way you'll get $3500 for a car with 209k that drinks oil and needs $100 in maintenance every month.

Edmunds is saying a private party sale for an accord coupe SE (the one they listed as the most expensive for '93) in average condition with 209k is worth less than $1000.

Suggested retail for a Accord EX on KBB is $3990. My cars exterior is immaculate, and so is the interior. Just the little oil issue is really the main issue, but again, all hondas apparently do when they get old. Id get it fixed, but its expensive as crap.

ill post up pics of my car if you want, my car has been the cleanest accord in charlotte...and thats for real.

No way anybody would pay that much for an accord that old.

You're in college so I would wait until after you get out to get a car. No need for another loan.

Apparently in Charlotte, people are. Im trying to get $3500...the car has alot of new parts, and always genuine honda.

 

[compguy786]

Originally posted by: thegimp03

Originally posted by: JulesMaximus

Originally posted by: nkgreen
Keep the car, spend your savings on alcohol and condoms.

:laugh: Is that the poor man's version of hookers and blow?

Student version, I would think.

As for the situation, save your money, keep your car and run it into the ground. How much do you actually drive it in college anyways - like 6-8k miles a year? As a student, there's no real need for you to have a car payment on something that's going to be sitting in a parking lot more than half the time and you're not driving that much.

A 2001 IS 300 is already an old car. Why not wait until after you graduate from college, get a full-time job and a paycheck, and buy a newer car with a warranty attached to it? Most 2001 IS 300s would probably already have 90-120k miles on them and that's with fairly light driving. You'd be better off waiting.

Well, i drive about 50-60 miles daily because of work and school. I drive about 15-18,000 miles a year. I bought the car in 07/07 at 173k. It now has 209k on 06/15.

I drive alot, i work at the IT department at my school as well, and im actually working full time in the summer...to save up $$$$ to buy car or w/e.

I agree with what you say, i might run it into the ground, but its a pain in the a$$$ every day now !