strategies for buying/financing a new car

[RossMAN]

Originally posted by: MercenaryForHire

Originally posted by: ElFenix

Originally posted by: MercenaryForHire
You're making $60K and you're buying a Civic? Come on. 😛

- M4H

what do you have against civics?

*taps sarcasm detector*

Surely you didn't think I have something against Civics, or Honda in general.

re: Used - Some people just like the "new car comfort" of having the full warranty coverage, the smell, and the knowledge that it's "their car" and they can baby it how they like.

And it's actually not a bad selection for $60K/yr. What's the adage, 1/3 of your income or less?

- M4H

ElFenix - are you forgetting something?

M4H is our resident HONDA Whore (along with RagingBITCH they alternate every other day).

 

[archcommus]

Lease. 🙂

Oh I forgot, that's just me. :disgust:

 

[gluck]

I think getting a new or used car is more of a personal preference. Now a days the difference between the used and new cars is too little. I got my Civic last year with some great inputs by Rossman. If you want a civic get it brand new coz civics hold their value and a used civic will be near a about the same price. In LA prices are really high, I got mine in TX but now have moved here. I will be getting an Accord pretty soon, one of the dealers offered me $700 off invoice so check it out on the internet before dropping in the dealer.

 

[radioouman]

Originally posted by: Jumpem

Originally posted by: Viper GTS
Funny, I intended to argue for buying a decent used car.

There's no need to spend that kind of money on a car, especially right out of college.

Viper GTS

DO THIS!

Viper GTS told me the same thing when I was getting my car. Sure a new car is great, but after a few months you get over it. I wish I didn't have the $300 payment. If I were to do it over I would have bought a $5k car.

True. I bought (with cash) a $3500 truck one year after I got out of college. Currently, I make almost $54k. I love my truck and love not having a car payment.


And really, if you are dead set on a new Civic, can't you wait until the 2006's come out? Then you can plop down cash for the car and it will be a new model.

 

[thomsbrain]

I'd spend that money on a 3-4 year old car. you'll end up with a much nicer ride. you could get a Honda-certified loaded Accord V6 for that kind of money, with plenty of miles left on the 100,000 mile warrenty. I've driven new Civics and 4 year old Accords, and a loaded Accord is so much nicer I don't even know where to start.

 

[MercenaryForHire]

Originally posted by: RossMAN

Originally posted by: MercenaryForHire

Originally posted by: ElFenix

Originally posted by: MercenaryForHire
You're making $60K and you're buying a Civic? Come on. 😛

- M4H

what do you have against civics?

*taps sarcasm detector*

Surely you didn't think I have something against Civics, or Honda in general.

re: Used - Some people just like the "new car comfort" of having the full warranty coverage, the smell, and the knowledge that it's "their car" and they can baby it how they like.

And it's actually not a bad selection for $60K/yr. What's the adage, 1/3 of your income or less?

- M4H

ElFenix - are you forgetting something?

M4H is our resident HONDA Whore (along with RagingBITCH they alternate every other day).

😀

I just converted my fiancée's mother - a diehard Dodge family - to a cute little 05 Civic SE. Got in on the last day of the good financing too before Honda Canada jacked the rates. 🙂

- M4H

 

[Dunbar]

I just bought a 2003 Accord Coupe V6, saved about $4k versus a 2004 and avoided the annoyance of a car dealer. I had a 2003 Civic as a rental for two weeks and hated it. I'd look at the Corolla or Mazda 3 in range. Or go used and get something nicer.

Registration will be about $150 in this price range, doc and other bogus fees depend on the dealer.

 

[Freejack2]

Run your credit. I forget the exact fico score for tier1 but I think it's around 740. Not sure on this but it might not hurt to let the dealer know which credit scoring company has the highest score for you.

 

[NutBucket]

Yeesh. I'm shocked that '81 is still on the road. I have a friend who's family has one and he's constantly got it apart for something or other.

At any rate, I suppose if it were me I'd get some used for now and save for something nicer. I mean, for $17.5 you should really get an Accord LX. The Accord is just worlds better the Civic in every aspect.

<-- Also a Honda fanboi but slowly turning towards Subaru.

 

[JulesMaximus]

You make $60k a year and you want to buy a Civic? You can do better than that. :roll:

Edit-I vote Subaru WRX over Civic. Fvck depreciation, the WRX would kick the crap out a Civic and be much more fun to drive!

 

[gutharius]

Originally posted by: sciencewhiz
The new civic is the compromise between my gut that tells me to get a used car and my heart that says to get a new 325i or a Vette like my coworkers.

I've looked at the $5k to 6k used car market in LA, and it's not that great. I'm looking at more like $7k to 8k for a decent to nice one.

Bravo on this mentality! I myself wish that when I was in your poisition had made a similar decision and saved the extra money, invested it, and tried to retire early. But alas, I was stupid and went crazy giving myself a $400 per paycheck allowance that I just blew on this or that for no reason at all.

As for the credit report take that amex use it at www.myfico.com and get your credit score. that website can also tell you what interest rates to be prepared for based on your credit score. Really top notch I must say. Ask Mill s/he might be able to give you a discount code for it. As far as the job history goes, don't sweat it they don't check that stuff. Just be honest and put down your true salary and there really should be no problems once they see all those zeros.

EDIT: Oh and BTW do your own financing to avoid them jacking with you. Try lendingtree.com. And don't let them check your credit unless you are really set on a specific car. Your fico score is programmed to allow for up to 5 credit inquiries in (i think) a 5 day period before it starts to affect your score. Search for "credit" on the ATOT forums and a wealth of credit information will be given hand over fist.

 

[snowdogg187]

hondas and toyotas are nice, I would buy used myself.

I had an audi a4 but the upkeep was a lot, gas extra(for premium), insurance outrageous and the payment sucked.

Plus It's great not have to worry about someone screwing up my nice car with a cart. If I see someone ding mine I just ding theirs 🙂

 

[Jzero]

I bought a new Civic a couple years ago. It's a nice change from my old cars where you always wondered whether they were going to start up every time you got in. It's nice knowing that no one has ever driven it like a maniac, or tried to make "performance modifications" to it. It's nice knowing that all the regular maintenance has been done - because you did it all.

The Civic is, indeed, a pretty good compromise for satisfying the "new car bug" without blowing all of the cash you should be saving for that down payment on your first house.

 

[OS]

15K invoice for auto. Optional AC less than 1k so 16K total. Most of the other differences in equipment between LX/DX can be easily added in yourself for cheap if you're a little mechanically inclined. Power locks, more speakers, rear sway bar, wider wheels you can add in for a couple hundred. Powertrain is the same, both have power windows. Also consider a TC.

Don't let used car whores unnecessarily scare you off. Financing is generally worse on used cars. Used cars means unknown past. How will you know if the previous owner never changed oil for 10K, 15K miles? Accidents where the car is not scrapped by the owner won't show up on the title, which can include serious accidents involving frame/powertrain damage. Unexpected problems can mean you can't get to work and if you're making 60K+ a year, time is money.

When I was little, my dad used to buy mostly used cars, but now that he makes good money and works 60+ hrs a week, he only buys new cars. In an attempt to save one or two thousand dollars, you may give yourself lots of extra headaches. You know the saying cheap people pay twice? Make sure you know what you're getting yourself into if you buy used.

BTW, my family has bought 4 new hondas in the past 3 years and we got them all from Riverside Honda cause their pricing was better than everyone else. Ask them for a qoute. Last time I was there their facilities were pretty ghetto but that probably means they pay less overhead. 😛