Looking Into Buying First Car

zerocool84

Lifer
Nov 11, 2004
36,041
472
126
ok well i'm 20yrs old, no tickets/accidents, good driver on my mom's insurance but i've been driving since i was 15. i bought an old 1970 VW Beetle which ive been driving ever since but now i think it's time for a NEW car. the car i've really been eying is the Dodge Neon SRT-4. i really like that car and it's not really expensive and i think it's a great buy for the performance. well i don't know too much about buying new cars with dealerships and wutnot. i talked to some people and i am a member of a Credit Union and they were saying that i should get a loan from the credit union because it will be cheaper than getting one through chrysler or the dealership. and also i would get a discount because of where i work i would get a certain percentage off the car which i am going to look into more in-depth. if anyone has anything to help me out a little bit with cus i do not know much about buying cars from dealerships and dealing with loans. i looked into getting a used one but they arnt that much cheaper than a new one so i think it would be better to just get a new one and use my little special discount i would get. im a little scared to buying a new car because of the depreciation off the lot and im not too keen on buying at dealerships because of things ive seen friends have problems with. well if anyone has any input it would be greatly appreciated
 

thomsbrain

Lifer
Dec 4, 2001
18,148
1
0
just make sure you really have to money for it, that's all i've got to say. you should be on your own, supporting yourself, and making enough to afford the payments without putting yourself in the poor-house. if you're being supported by your parents still, then buying a new car isn't a very ethical thing to do with your own money, and if any of the above isn't being met, you probably shouldn't be buying a new car right now.

otherwise, go for it. it sounds like you're doing a good job of researching your options, and that is supposed to be a pretty fun car. the dealer will be slimey, but just make sure you read anything you're going to sign, and discuss the price before you discuss any financing (don't tell them you have your own through your credit union until AFTER you agree on a price, so they don't jack it up to "punish" you for not using theirs). if they ask, maybe say "i haven't decided on financing" or something like that. come in knowing the invoice price, prices for options packages, etc. the more you know, the less they can swindle.
 

dxkj

Lifer
Feb 17, 2001
11,772
2
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Originally posted by: minendo
Have fun paying the insurance on a brand new car at your age.

Nice response! Constructive, helpful, and witty! ;)


Now for my response... you want to pay HOW MUCH For a Neon?! OMGFT!#ZEFA

See minendo's post, your going to be paying out the ASS for a high horsepower car.....


Get something fun, sporty, and economical, like a 150-200 horsepower midsize
 

DT4K

Diamond Member
Jan 21, 2002
6,944
3
81
Kelly Blue Book will give you the invoice, msrp, and what they think you should be able to get the car for. Dealers will only sell a car if they make a profit. How small of a profit they will accept depends on a lot of factors. In other words, if you pay a couple hundred over invoice, you're doing pretty well. If you pay the full MSRP, you are getting screwed.
 

CrackRabbit

Lifer
Mar 30, 2001
16,641
58
91
Two reasons not to get an SRT-4.
1. Your insurance will be insanely high
2. Just remember the extra 4-5 bucks for premium gas every time you fill up.
 

zerocool84

Lifer
Nov 11, 2004
36,041
472
126
Originally posted by: CrackRabbit
Two reasons not to get an SRT-4.
1. Your insurance will be insanely high
2. Just remember the extra 4-5 bucks for premium gas every time you fill up.

yea i know about the insurance and of course that's been getting me but i'm used to the premium gas already
 

sciencewhiz

Diamond Member
Jun 30, 2000
5,885
8
81
You buy premimum for a 35 year old Beetle?

The credit union will likely give you the best financing rate, but not for sure. My credit union had 4.9%, which was better then my bank or a normal dealer's rate. If the dealer has a special financing deal, it will likely beat your credit union. I got my financing from the dealer for 1.9%.
 

zerocool84

Lifer
Nov 11, 2004
36,041
472
126
well i dont live with my mom but i called her and she is going to help me find some low rates on some loans. im NOT going to buy new because i just dont want to. that's interesting that your dealer gave u a much lower rate because i would have thought that it would have been higher. did u tell them about your credit union rate before hand??? i know im young and i barely have any credit. would it be wise to maybe get a co-signer on my loan because it would give me a lower rate? i was thinking maybe a 60 month loan because i know i will keep this car for as long as i can, hell ive had my 35 yr old bug for 4 years already but i wont get rid of it cus i love it too much. i dont really know too much about loans so im going to go to my credit union and see what kind of deal they can give me, and my job has a credit union so i will see what they can do for me also. also i saw it on carmax...are they any good? the thing is you can't haggle the price on anything
 

Zee

Diamond Member
Nov 27, 1999
5,171
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radioouman

Diamond Member
Nov 4, 2002
8,632
0
0
They don't even make the SRT-4 any more. Neon production stopped two months ago.
If you see one of those, snatch it up unless you are going to buy a used one.

 

zerocool84

Lifer
Nov 11, 2004
36,041
472
126
Originally posted by: radioouman
They don't even make the SRT-4 any more. Neon production stopped two months ago.
If you see one of those, snatch it up unless you are going to buy a used one.

yea i know that's why i want one even more now
 

MasterAndCommander

Diamond Member
Feb 1, 2004
3,656
0
71
Get you a nice, economical 4-banger. Now is a great time to get a Neon with the employee purchase plan and other incentives. I think a base model starts at around $11k?
 

mindmaniac

Senior member
Dec 30, 2003
915
1
81
:(My advice is to save as much money as possible and drive your current car into the grave. If that is even a year or two away you will have to take out much smaller of a loan. Sadly my Bonneville is going that route and I spent too much fixing it and have little money left for the down payment on a new used car.
 

Drakkon

Diamond Member
Aug 14, 2001
8,401
1
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new car insurance SUX...new car registeration SUX....those are the two biggest hits you can take on buying a new car...the tax/titile/licensing fees can be pushing $1000 depending on your state and then insurance fees if your driving a 10 yr old + car now expect it to go up by like $500...then every time car registration comes along you'll be ploppin down another $100-$300 just to have your car "registered".
only get a new car if its absolutely necessary or you have the extra dough to spend. In my case buying new was cheaper than buying the same truck at the "used" price, but a month later i find out I'm taking it up the ass for insurance :( but its still worth it to be dirving a shiney brand new truck :D
 

Koing

Elite Member <br> Super Moderator<br> Health and F
Oct 11, 2000
17,090
2
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I would get one a few years old. You save A LOT of money.

Don't finance on the car. Save the money up and pay it off. WHY pay interest on a car that depreciates like mad over the period you have it?!

I bought a cheap £600 car that I paid in full. My next car will be an M3 in 2yrs time. By then I'll have 2years no claims bonus (makes insurance cheaper) and I'm putting money away each month so I can get the car. Buying on finance for a car isn't a good idea imo.

But if you really want the car and don't mind paying the % then go for it. Remember the faster you pay it off the less you end up paying.

Koing