YACT: Buying my first car: Help!

[fenrir]

Originally posted by: flyboy84
I'll be graduating June '06, and have not decided if I'll be working or going to grad school (studying EE and doing a good job of it ). Regardless, I think I can throw together my resources to just make ends meet on a new car.

The bolded statement above should tell you that a new car is not in your best interest. Yes, new cars are nice for a couple of months, but they are still only a vehicle to get you from point A to point B. A used vehicle will not stretch your finances thin and it will allow you to use that extra money for fun and exciting things that happen without your car.

I have had the new car itch before and it will go away. It is much easier to justify a used car if you figure out what you can do with the money you will save from buying used. How much time are you going to spend in this car? Maybe 30 minutes a day on average? Just some things to think about...

Matt

 

[flyboy84]

Originally posted by: fenrir

Originally posted by: flyboy84
I'll be graduating June '06, and have not decided if I'll be working or going to grad school (studying EE and doing a good job of it ). Regardless, I think I can throw together my resources to just make ends meet on a new car.

The bolded statement above should tell you that a new car is not in your best interest. Yes, new cars are nice for a couple of months, but they are still only a vehicle to get you from point A to point B. A used vehicle will not stretch your finances thin and it will allow you to use that extra money for fun and exciting things that happen without your car.

I have had the new car itch before and it will go away. It is much easier to justify a used car if you figure out what you can do with the money you will save from buying used. How much time are you going to spend in this car? Maybe 30 minutes a day on average? Just some things to think about...

Matt

Wow you put that really well. Alot of people have been bearing down on me to get a used car. I just found out that a local dealer near me is offering 1.9 APR for up to 60 months on CPO hondas, so maybe they will get something in that will pique my interest. Thanks for the advice everyone

Robin

 

[DaWhim]

buying a new car is stupid, esp you are a student. get the new car only if you can afford it as well as eating the depreication on it.

 

[Thegonagle]

Originally posted by: MaverickBP
civic coupes are small as hell..the girl im seeing has one and i gotta basically duck in it...THE FRONT SEAT

That's true of the 2000 and earlier, but the 2001+ is actually relatively roomy for a conventional (non-hybrid) car that can get almost 40 MPG.

 

[miri]

Originally posted by: Thegonagle

Originally posted by: MaverickBP
civic coupes are small as hell..the girl im seeing has one and i gotta basically duck in it...THE FRONT SEAT

That's true of the 2000 and earlier, but the 2001+ is actually relatively roomy for a conventional (non-hybrid) car that can get almost 40 MPG.

Yeah I feel small when im in the civic, 5'9, theres plenty of room, but when im in the Scion TC I feel tall, probably because the Scion TC has height adjustable seat that i put on the highest setting.

Actually gotten 44 mpg cruising at 65-70mph before.

 

[TheLonelyPhoenix]

Get a Mazda3.

 

[miri]

Originally posted by: DaWhim
buying a new car is stupid, esp you are a student. get the new car only if you can afford it as well as eating the depreication on it.

Nah, what I would do is this. Put the $7500 in the bank. At 1.9% the interest will be less than the rate of inflation. Just get a 4 year loan and pay about $375 a month with 0 down, or 5 year loan with $0 down and $300 a month.

 

[Mr N8]

Get together $7500, buy an '01 Ford Foucs. You'll thank yourself in the long run.

 

[miri]

Originally posted by: Mr N8
Get together $7500, buy an '01 Ford Foucs. You'll thank yourself in the long run.

Id rather put the $7500 in the bank, by a brand new Civic with warranty for $300 a month over 5 years then,

Pay $7500 for a Focus and have nothing in the bank and have to worry about the Focus breaking down.

 

[Budmantom]

Originally posted by: woowoo

Originally posted by: preslove
You should get a $7.5k used car.

Winner!!!!!

After a few months you will be wishing that you bought an older car and you didn't have payments.

Buy something that appreciates and doesn't lose 20% as soon as you sign the papers.




Tom

 

[miri]

Originally posted by: Budmantom

Originally posted by: woowoo

Originally posted by: preslove
You should get a $7.5k used car.

Winner!!!!!

After a few months you will be wishing that you bought an older car and you didn't have payments.

Buy something that appreciates and doesn't lose 20% as soon as you sign the papers.




Tom

Not everything depreciates 20%. I purchased a brand new Mazda pickup truck for $8900. 3 years later and with 31,000 miles on it, I sold it for $8200.

 

[Mr N8]

Originally posted by: miri

Originally posted by: Mr N8
Get together $7500, buy an '01 Ford Foucs. You'll thank yourself in the long run.

Id rather put the $7500 in the bank, by a brand new Civic with warranty for $300 a month over 5 years then,

Pay $7500 for a Focus and have nothing in the bank and have to worry about the Focus breaking down.

Your Focus won't cost you $200+ per month for 3-4 years to maintain. They have proven to be very reliable vehicles. Whereas you will be making car payments for a long time on the Civic. If you have debt, that money in the bank doesn't mean squat.

 

[mooncancook]

I like the styling of the '01-'05 civic

Bad taste, unless you modify it beyond recognition. though taste is subjective, but the value of an outdated design at the end of its life-span is not worth 17k. If you really want it, get it for at least several hundred under invoice price (not MSRP) before applying any dealer incentive. You better learn the art of negotiation without hasseling with car salesman (well unless you are rich and don't care about saving a few hundred).

Cars i would consider before the Civic:
Scion tC (update styling and better value)
Mazda 3s HB (update styling and better value)
Mini Cooper (ageless styling and fun factor)

better let your dealers know you are considering these other competing cars as well

 

[Night201]

Originally posted by: miri

Originally posted by: DaWhim
buying a new car is stupid, esp you are a student. get the new car only if you can afford it as well as eating the depreication on it.

Nah, what I would do is this. Put the $7500 in the bank. At 1.9% the interest will be less than the rate of inflation. Just get a 4 year loan and pay about $375 a month with 0 down, or 5 year loan with $0 down and $300 a month.

With ING at 3.0%, he'd actually be making money - that is assuming that the rate doesn't go below 2.9% (his car interest rate).

My car is being financed now at 2.9% interest. My payment is $260/month. I had been paying $300/month, but now that ING is up to 3%, I'm going to keep the extra $40/month in my savings and make that extra 0.1% of interest on my 40/month each month.

 

[CRXican]

Originally posted by: preslove
You should get a $7.5k used car.

i concur

 

[MetalMat]

You are 1 and just now getting a car

 

[Jeff7181]

You might have better luck getting him to throw in some features... maybe tinted windows or an upgraded sound system or something like that. I dunno what's available for that car. But I do know that they'd rather sell you more at a discount than just cut the price. So maybe you can't get him to go from 17k to 16k, but maybe you can get 19k worth of extras for 18k which could help the resale value when you get rid of it. When you've got him as low as you think you can get him, tell him if you get a free year of oil changes, it's a deal.

 

[austin316]

Originally posted by: miri

Originally posted by: Mr N8
Get together $7500, buy an '01 Ford Foucs. You'll thank yourself in the long run.

Id rather put the $7500 in the bank, by a brand new Civic with warranty for $300 a month over 5 years then,

Pay $7500 for a Focus and have nothing in the bank and have to worry about the Focus breaking down.

you do understand that you can take out a car loan right? and then pay monthly on the loan. just cuz you are buying used doesn't mean you can't finance it.

 

[miri]

Originally posted by: austin316

Originally posted by: miri

Originally posted by: Mr N8
Get together $7500, buy an '01 Ford Foucs. You'll thank yourself in the long run.

Id rather put the $7500 in the bank, by a brand new Civic with warranty for $300 a month over 5 years then,

Pay $7500 for a Focus and have nothing in the bank and have to worry about the Focus breaking down.

you do understand that you can take out a car loan right? and then pay monthly on the loan. just cuz you are buying used doesn't mean you can't finance it.

Finance a 5 year old focus? Finance rates on used cars are generally much much higher than 1.9%

 

[DaWhim]

Originally posted by: Night201

Originally posted by: miri

Originally posted by: DaWhim
buying a new car is stupid, esp you are a student. get the new car only if you can afford it as well as eating the depreication on it.

Nah, what I would do is this. Put the $7500 in the bank. At 1.9% the interest will be less than the rate of inflation. Just get a 4 year loan and pay about $375 a month with 0 down, or 5 year loan with $0 down and $300 a month.

With ING at 3.0%, he'd actually be making money - that is assuming that the rate doesn't go below 2.9% (his car interest rate).

My car is being financed now at 2.9% interest. My payment is $260/month. I had been paying $300/month, but now that ING is up to 3%, I'm going to keep the extra $40/month in my savings and make that extra 0.1% of interest on my 40/month each month.

sadly, $40 each month is not enough to cover the full coverage insurance.

OP is in NYC, that's another reason he shouldn't get a new car. just go witha junkie with the road condition like that.

 

[mooncancook]

tell him if you get a free year of oil changes,

if you love your car do the oil change yourself with better oil and filter and keep it clean. plus you'll have to take it to the dealer to get it free which sux.

if you decided on a new civic, search for all honda dealers around your area within a cirtain radius (150 mi maybe). you'll have a better chance of getting a better deal if there are more dealers. treat saleman like enemy. in fact, don't talk to a sales person, ask for the sale manager or fleet manager directly beucase sales person would give you any offer to keep you stay but they have no power to strike a deal so it's a waste of time. If they refuse your request then walk out. don't ever give them info to check your credit or let them have your driver license until a deal is finalized and approved by manager. they have all kind of tricks and don't fall for it. last but not least, don't under estimate the power of a fax machine.

damn make me feel like going to a dealer again... it's amusing to see how their tricks and schemes unfold...

 

[bondboy]

Go for the used mazda3 or protege. Much cheaper with good reliability too.

 

[cressida]

Corolla XRS - 160 hp for $16k USD

 

[Budmantom]

Originally posted by: miri

Originally posted by: Budmantom

Originally posted by: woowoo

Originally posted by: preslove
You should get a $7.5k used car.

Winner!!!!!

After a few months you will be wishing that you bought an older car and you didn't have payments.

Buy something that appreciates and doesn't lose 20% as soon as you sign the papers.




Tom

Not everything depreciates 20%. I purchased a brand new Mazda pickup truck for $8900. 3 years later and with 31,000 miles on it, I sold it for $8200.

Most depreciate more than 20%. I have bought and sold vehicles for a profit however that doesn't mean that they appreciated.


Tom

 

[Svnla]

Hey OP, here is what you need:

Get the INVOICE price (the cost the dealer paid for the car), ignore everything the saleperson told you.

2005 Civic EX 2DR Auto Invoice price: $16,368
2005 Civic EX 2DR Auto with Front side airbags Invoice price: $16,596

These prices are WITHOUT options. If you need options, PM me and I will get you the numbers.

Use these invoice prices and negotiate up, never negotiate down from the sticker price. If you have several Honda dealers around, shop around and don't feel guilty because the saleperson spent time with you. If you can get the EX Coupe for around 16.5K, you done well.

Treat buy the car, finance, trade (if you need to finance and have an old car) as THREE separate transactions. Be prepare to walk away. PM me if you need some help.

<<--------- Paid a brand new SUV in cash and $50 over invoice price