YACT: Car extremely close to selling, please advise on next steps.

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R

Red

Diamond Member
Aug 22, 2002
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Ok, so I had my third bite on my 2002 Civic for sale. I've lowered the price to $11,700. A woman in my neighborhood came down yesterday and was very impressed and is bringing her husband down to look at it tomorrow.

I sent an e-mail to my insurance company on about 10 cars. My current policy is $2,750 per year on the 02 Civic. Here is what my insurance said about the cars I sent them:

* 1998 Toyota Camry 4cyl 4door=$2035
* 1995 Toyota Camry V6 4dr=$1967
* 1995 Toyota Avalon=$2036
* 1995 Lexus ES300 4dr=$2097
* 1996 Nissan Maxima 4dr=$2151
* 1994 Infinity Q45 4dr=$2769
* 1995 Honda Civic DX Hatchback (3dr)=$1967
* 1993 Acura Legend 4door=$2185
* 1995 BMW 318ti hatchback 2dr=$2301

So, to me, it basically tells me that I can't go wrong as long as I stay away from a Q45 and 318ti.

MY Question: I have been advised that the best/only way to get a loan on cars this old (mid 90s) is to find a good price on one at a small dealership and get financing through them. A co-worker advised me that most retail banks will only loan on cars 97 and newer now and it would be even harder to get a loan on a private-party vehicle from mid-90s. My fico is around 675-700... I've been at my job for a year, I clear about $1000 / month. I'm going to need a car almost immediately when I sell the Civic, so what plan of action do you guys recommend? Thanks!
 
AMCRambler

AMCRambler

Diamond Member
Jan 23, 2001
7,714
31
91
You can go now and get preapproved for a loan if you have to wait till you sell your Civic before you buy a new car. Hopefully you've got an idea on how much you can spend.
 
waggy

waggy

No Lifer
Dec 14, 2000
68,143
10
81
ok why are you selling a 2002 civic for a older use car that is not as reliable? is the civic paid for? is there something wrong with it?

just seems silly to sale the civic and get a far older car. the odds on something going wrong with the civic is far less then some of the other ones.


 
DougK62

DougK62

Diamond Member
Mar 28, 2001
8,035
6
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Originally posted by: waggy
ok why are you selling a 2002 civic for a older use car that is not as reliable? is the civic paid for? is there something wrong with it?

just seems silly to sale the civic and get a far older car. the odds on something going wrong with the civic is far less then some of the other ones.
Click to expand...

Reliability is not the #1 factor for most people when it comes to cars.

 
R

Red

Diamond Member
Aug 22, 2002
3,704
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Originally posted by: DougK62
Originally posted by: waggy
ok why are you selling a 2002 civic for a older use car that is not as reliable? is the civic paid for? is there something wrong with it?

just seems silly to sale the civic and get a far older car. the odds on something going wrong with the civic is far less then some of the other ones.
Click to expand...

Reliability is not the #1 factor for most people when it comes to cars.
Click to expand...

Reliability is important, but I might $10.25/hr and I have credit card debt. Going from a $11,700 loan to a $5,000 or less loan (all of those cars listed) is dropping a lot of debt off my back.
 
StageLeft

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
I wouldn't touch that 318ti with a 50 foot pole. Repairs on bmw = bad. I also wouldn't buy the infiniti for the same reason. Probably dito for the acura, though their repairs may not be as bad. Obviously lexus also I wouldn't touch. You want reliable and with cheap repairs. The camry could work, and if you're in the mood for some extra power the avalon (since it will be pretty reliable and it is a toyota, so repairs won't be nasty) or maxima.

4 cylinder camrys are the slowest cars on the road. Slower even than fully laden dump trucks going up hills with clogged spark plugs. They also drive like ass IMO. The avalon is a sweet car though and of course so is the maxima :)
 
D

Dunbar

Platinum Member
Feb 19, 2001
2,041
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If I remember he is selling the Civic to come up with a few thousand bucks.

Those insurance rates seem expensive for cars worth maybe $6-7k? Have you shopped around or considered taking a higher deductible/less coverage? I would not want to spend more than about $700/yr on cars that old.
 
StageLeft

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
Originally posted by: Dunbar
If I remember he is selling the Civic to come up with a few thousand bucks.

Those insurance rates seem expensive for cars worth maybe $6-7k? Have you shopped around or considered taking a higher deductible/less coverage? I would not want to spend more than about $700/yr on cars that old.
Click to expand...
When you're young you have to pay for it.

 
C

CraigRT

Lifer
Jun 16, 2000
31,440
5
0
Originally posted by: Skoorb
I wouldn't touch that 318ti with a 50 foot pole. Repairs on bmw = bad. I also wouldn't buy the infiniti for the same reason. Probably dito for the acura, though their repairs may not be as bad. Obviously lexus also I wouldn't touch. You want reliable and with cheap repairs. The camry could work, and if you're in the mood for some extra power the avalon (since it will be pretty reliable and it is a toyota, so repairs won't be nasty) or maxima.

4 cylinder camrys are the slowest cars on the road. Slower even than fully laden dump trucks going up hills with clogged spark plugs. They also drive like ass IMO. The avalon is a sweet car though and of course so is the maxima :)
Click to expand...

got a friend with a 93 J30 Infiniti.. car has been completely problem free for over a yaer since he bought it in late 2002.. that is a great car!
the Q45 would probably be similar.. i don't know about the other cars.
guy at work has a 318i and he says he loves it, so who knows.
 
R

Red

Diamond Member
Aug 22, 2002
3,704
0
0
Originally posted by: Skoorb
Originally posted by: Dunbar
If I remember he is selling the Civic to come up with a few thousand bucks.

Those insurance rates seem expensive for cars worth maybe $6-7k? Have you shopped around or considered taking a higher deductible/less coverage? I would not want to spend more than about $700/yr on cars that old.
Click to expand...
When you're young you have to pay for it.
Click to expand...

Yeah. And Skoorb, great minds think alike. You know the Max is my #1 pick. The Avalon (honestly) is my #2 pick. I've found a couple decent 95-96 Maxes and Avalons, but of course they have over 100k miles. That doesn't worry me so much anymore however as long as it has been maintained.

This insurance is on my fathers insurance by the way, so if I were on my own I'm sure it would be double, as my places have quoted me upwards of $5,000 year to have full coverage on almost any automobile. I play to pay off the $4,000 - $5,000 car loan in about 1.5 years, then drop to liability insurance and drive the car into the ground.
 
RossMAN

RossMAN

Grand Nagus
Feb 24, 2000
78,868
368
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As I've said 10,000 times before in 10,000 other threads.

Apply for a used car loan with a local credit union first. It would help if you had a co-signer.
 
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