In the market for a new car.

2004 Focus and it is already breaking down? That does sound kinda like a lemon and I can understand why you are put off on the Fords after hearing that.

Kelly Blue Book is not too official, more of a rough gusstimate. Cars that value in at 22000 can be found at dealerships for 5-6000 less than that.

Your best bet would be to try and sell it with a for sale sign. You could probably get a little more for it that way. Not sure how much of a hurry your in though.

I get a little pissy with the government aid issue. I know a guy that is in better shape than I am probably, but is considered 100% disabled. Bastard is GIVEN like 35,000 dollars a year to sit on his ass, yet he still does not pay his bills nor does he pay child support for his 3 kids.

No offense to you man. I know not all are like that, but that guy really irritates me a lot.

Good luck on selling that car.
 
[quote name='Rusty Ghia']I still don't understand the fascination with new cars. I also have no clue why people would even think of putting themself into debt for something so pissant as a car.

I drive a 1964 Volkswagen Karmann-Ghia. It's cheap, it's very reliable, it's good on gas, it turns heads, and very cheap/quick to repair should it fail. Of course, if you wanted something that was even easier on the wallet, you could go for an old air-cooled VW Bug. They are proven to be reliable and are very cheap. Keep your new fangled cars designed to fail in less than a decade, what with their electronic this, and power that just waiting to die on you.[/QUOTE]


I know what you mean by this, those older cars drive for like 300,000 miles no problem. The more advanced the stuff gets with computers and junk the more expensive it is, and there are more things that can break.
 
[quote name='Rusty Ghia']I still don't understand the fascination with new cars. I also have no clue why people would even think of putting themself into debt for something so pissant as a car.

I drive a 1964 Volkswagen Karmann-Ghia. It's cheap, it's very reliable, it's good on gas, it turns heads, and very cheap/quick to repair should it fail. Of course, if you wanted something that was even easier on the wallet, you could go for an old air-cooled VW Bug. They are proven to be reliable and are very cheap. Keep your new fangled cars designed to fail in less than a decade, what with their electronic this, and power that just waiting to die on you.[/QUOTE]

Who the hell keeps a car for 10 years? I'm sure as hell not. As my life progresses, i'll get a better and better car each time.
 
[quote name='Rags']I know what you mean by this, those older cars drive for like 300,000 miles no problem. The more advanced the stuff gets with computers and junk the more expensive it is, and there are more things that can break.[/QUOTE]

Agreed, and personally I have no problem buying an older car. My only thing would be worry over getting a lemon, when you buy a car from some random person you could be buying a car that they drove into a tree or a lake and are getting rid of because its now problematic.

Id still be more then happy to consider it though. THing is I gurantee my fiancee wont be ;)
 
I have to agree that going with buying a slightly used vehicle is the best approach. As someone else already mentioned, depreciation on vehicles is the highest the first year, so going with slightly used will often save you a good deal and you don't have to worry about losing so much value off the car. Plus, going used allows you to read up on more long time reviews of how reliable the car has been overtime. You may want to check out Consumer Reports in addition to KBB and Edmunds which were already mentioned.
 
[quote name='jPoD']Who the hell keeps a car for 10 years? I'm sure as hell not. As my life progresses, i'll get a better and better car each time.[/QUOTE]

Spoken like a through-and-through capitalist. Enjoy being in debt for life.
 
[quote name='Rusty Ghia']Spoken like a through-and-through capitalist. Enjoy being in debt for life.[/QUOTE]

Capitalism makes the world go 'round and 'round. Let's just say I wont have to worry about being in debt my friend ;) I'm pretty secure as it is.
 
[quote name='jPoD']Capitalism makes the world go 'round and 'round. Let's just say I wont have to worry about being in debt my friend ;) I'm pretty secure as it is.[/QUOTE]

Problem with that view is then you usually become desensitized to the world around you and its needs. You become just another asshole out for yourself and your possesions alone. Eventually that even seeps into your personal life and leaves you a shell of a person enslaved to your car and your fancy home....which you then loose because your wife who you married for being better looking has divorced you for a guy with a bigger penis and better looks...since she now has your money anyways.

Heh ok maybe I took that just a little to far, but the truth is taking the view that you always have to have the best does in the end lead to most people becoming uncaring jerks who dont deserve to live.
 
1. Right now I'm driving a '97 Honda Civic (bought if off my sis for like $2K 3 years ago) and while I like it, it's getting up there in age. I REALLY like the look of the new Civics so when I do get a new car it'll probably be a Civic, a Mazda 3, or if I can swing it, a Nissan Maxima.

2. I've never actually leased but I know people who have and they all agree that it's better to buy if you can. As I understand it, a lease is both by the mile and by the year so to speak. As in you sign a lease for X amount of years, but you also agree not to drive over a certain amount of miles a year. On top of that, once the lease is over there is a balloon payment amount left over that's usually about 1/3rd to 1/4th the total cost of the car which has to be financed normally or you forfeit everything you've paid into the car so far and end up with no trade in value. I suppose a lease can work for you if you are going to upgrade cars every couple of years.

3. My mom just bought one of the new Prius' and those things are definitely mo' hot shit. I love driving it. It's quite roomy for a small car and I love the touch screen that controls radio/cd/air conditioning and shows a bunch of other stuff like gas comsumption and what your MPG is during a trip (i.e. 30 minutes at 50MPG, 1 hour at 40MPG, ect.). Plus those engines are seriously fucking silent. Whenever I get to drive my mom's Prius (read: pretty much never) I always yell "Sneak attack motherfucker!" as I pull into the driveway. Its just a neat little car and if I could afford one myself I would get one.
 
[quote name='MSI Magus']Problem with that view is then you usually become desensitized to the world around you and its needs. You become just another asshole out for yourself and your possesions alone. Eventually that even seeps into your personal life and leaves you a shell of a person enslaved to your car and your fancy home....which you then loose because your wife who you married for being better looking has divorced you for a guy with a bigger penis and better looks...since she now has your money anyways.

Heh ok maybe I took that just a little to far, but the truth is taking the view that you always have to have the best does in the end lead to most people becoming uncaring jerks who dont deserve to live.[/QUOTE]

I'm not like that at all bro. I'm just financially secure. I dont give a crap about perception, having a ferrari, largest mansion, yacht, all that crap. The car I want isnt even that horribly expensive by todays' means. As for the female persuasion, i'm not remotely shallow.
 
[quote name='graf1k']1. Right now I'm driving a '97 Honda Civic (bought if off my sis for like $2K 3 years ago) and while I like it, it's getting up there in age. I REALLY like the look of the new Civics so when I do get a new car it'll probably be a Civic, a Mazda 3, or if I can swing it, a Nissan Maxima.

2. I've never actually leased but I know people who have and they all agree that it's better to buy if you can. As I understand it, a lease is both by the mile and by the year so to speak. As in you sign a lease for X amount of years, but you also agree not to drive over a certain amount of miles a year. On top of that, once the lease is over there is a balloon payment amount left over that's usually about 1/3rd to 1/4th the total cost of the car which has to be financed normally or you forfeit everything you've paid into the car so far and end up with no trade in value. I suppose a lease can work for you if you are going to upgrade cars every couple of years.

3. My mom just bought one of the new Prius' and those things are definitely mo' hot shit. I love driving it. It's quite roomy for a small car and I love the touch screen that controls radio/cd/air conditioning and shows a bunch of other stuff like gas comsumption and what your MPG is during a trip (i.e. 30 minutes at 50MPG, 1 hour at 40MPG, ect.). Plus those engines are seriously fucking silent. Whenever I get to drive my mom's Prius (read: pretty much never) I always yell "Sneak attack motherfucker!" as I pull into the driveway. Its just a neat little car and if I could afford one myself I would get one.[/QUOTE]

The Altima drives MUCH better and smoother compared to the Maxima.
 
[quote name='jPoD']The Altima drives MUCH better and smoother compared to the Maxima.[/quote]
Really? I had never heard that. I have a couple friends with a Maxima and they love them. Although I won't really argue with you if you are right about that as the Altima is cheaper if I remember right. Anyway, I'm probably a year off from upgrading so I'll do plenty more research in the mean time.

EDIT: Oh, one more thing I forgot to mention about the Prius. Again, nothing to really base a car purchase off of but just a feature I thought was very cool. The key is the keyless entry thing. There is no actual key, you just plug that into the dash as if it was a USB thumb drive and then hit the on button. Only other car I can remember seeing the On/Off button on is the new Lexus IS series.
 
[quote name='graf1k']Really? I had never heard that. I have a couple friends with a Maxima and they love them. Although I won't really argue with you if you are right about that as the Altima is cheaper if I remember right. Anyway, I'm probably a year off from upgrading so I'll do plenty more research in the mean time.

EDIT: Oh, one more thing I forgot to mention about the Prius. Again, nothing to really base a car purchase off of but just a feature I thought was very cool. The key is the keyless entry thing. There is no actual key, you just plug that into the dash as if it was a USB thumb drive and then hit the on button. Only other car I can remember seeing the On/Off button on is the new Lexus IS series.[/QUOTE]

Before I got my Altima last year, my dad test drove both of them with me in the car. It wasnt even close how much better the Altima drove. My car is essentially An Altima body, with an Altima engine and a Maxima interior :)
Yeah, I think all the Lexus' do that. I think my dad might get the new Lexus LS.
 
[quote name='graf1k']EDIT: Oh, one more thing I forgot to mention about the Prius. Again, nothing to really base a car purchase off of but just a feature I thought was very cool. The key is the keyless entry thing. There is no actual key, you just plug that into the dash as if it was a USB thumb drive and then hit the on button. Only other car I can remember seeing the On/Off button on is the new Lexus IS series.[/QUOTE]If you've got the Smart Key System, you don't even need to plug it in. The car will turn on even if the key is in your pocket or purse. I always thought that was neat.
 
Oh snap. I remember hearing about something like that for cetrain types of Mercs. Guess my mom didn't opt for that option on her Prius though.
 
Whats everyone think of Toyoto. The fiancee has fallen in love with the Toyota Yaris and so fa from what iv seen it has good gas milleage customer reviews on websites and is pretty cheap(even if it is ugly as sin).

Anyone with good/bad views on Toyota?

P.S Just incase, any views on Pontiac.
 
I don't care what anyone says, if you're looking for a reliable, inexpensive car you gotta get a Toyota or a Honda, they are rated the best by mechanical breakdown insurance companies and I've always had good experiences with them. Since the Japanese don't have to pay really high labor costs they don't have to cut prices on quality (i.e. American cars) and definitely don't bother with BMW, or Mercedes (even though I don't think that's your market anyway) Toyota Corolla's and Camry's are very nice cars, the Yaris's seem good too, if not a bit funny looking!

On the other side I've NEVER had good experiences with Ford's, I did have an S-10 that had high miles and ran like a charm until I destroyed it. I still prefer Toyota engines.

There's my advice take it if you want it!
 
[quote name='bil4ltool']I don't care what anyone says, if you're looking for a reliable, inexpensive car you gotta get a Toyota or a Honda, they are rated the best by mechanical breakdown insurance companies and I've always had good experiences with them. Since the Japanese don't have to pay really high labor costs they don't have to cut prices on quality (i.e. American cars) and definitely don't bother with BMW, or Mercedes (even though I don't think that's your market anyway) Toyota Corolla's and Camry's are very nice cars, the Yaris's seem good too, if not a bit funny looking!

On the other side I've NEVER had good experiences with Ford's, I did have an S-10 that had high miles and ran like a charm until I destroyed it. I still prefer Toyota engines.

There's my advice take it if you want it![/QUOTE]

Thanks for the advice. Good to hear ya say you like Toyota. And ya I said the Yaris looked stupid as hell too...but hey she loves it. As iv said a thousand times in this topic I personally dont care what a car looks like if its cheap, has good mileage and is reliable.
 
I have been thinking of getting a Toyota or a Honda. My brother just bought a2006 Accord and its a pretty straight ride. My uncle is a Car Buff. He still has his 1997 Camry and never had to do anythign with it besides change the Oil. I'm pretty sure my next car will be Toyota or Honda just from hearing people's experiences with them.
 
[quote name='MSI Magus']Id never in a million years buy a Jeep. I think Jeeps and SUVs are Satan in car form. Honestly their horrible on the road, the enviournment and wallet.[/QUOTE]


I drove a Wrangler in an area where it was absolutely necessary that I needed it. Average priced car, that definitely keeps its resale value. However, the MPG is horrendous, at best I got 20mpg and around 150k I was averaging around 12-14mpg. It is an obnoxiously expensive car with the culmination of its purchase price, gas mileage, and insurance cost.

Moved down south and now drive a Honda Civic Del Sol that is absolutely amazing. Hard top that comes off easy with 40-45 mpg, and insanely reliable to boot. Only negative is its a two seater.
 
[quote name='MSI Magus']Whats everyone think of Toyoto. The fiancee has fallen in love with the Toyota Yaris and so fa from what iv seen it has good gas milleage customer reviews on websites and is pretty cheap(even if it is ugly as sin).

Anyone with good/bad views on Toyota?

P.S Just incase, any views on Pontiac.[/QUOTE]

Don't know much about the Yaris, however look into the Echo. Its a Toyota that never caught on and was subsequently discontinued. AMAZING reliable, cheap, safe, and with great gas mileage. Lots of room as well. The engine was even built by Lexus.

Only downside is its somewhat alienating aesthetics.
 
[quote name='strayfoxx']Don't know much about the Yaris, however look into the Echo. Its a Toyota that never caught on and was subsequently discontinued. AMAZING reliable, cheap, safe, and with great gas mileage. Lots of room as well. The engine was even built by Lexus.

Only downside is its somewhat alienating aesthetics.[/quote]

echo has been discontinued. yaris replaced the echo. i was looking at the yaris before i purchased my accord. in a nutshell the yaris=scion xa. the scion xa is fully equiped and it's $1000 more expensive. the yaris is nothing in it. every little thing is an option. yes, you can get a yaris for $12000 but with "standard options", it can add up to $14000. the scion xa is $13000 with the "standard options". in other words, unless you want a plain car with no a/c, roll down windows, no radio, etc. the yaris is the way to go. if you want the standard stuff, the scion xa is the way to go. both have the same engine as they are both toyota vehicles.
 
[quote name='D_Icon']Jeeps are good on the road, its not a car. Check out the Infiniti G35 coupe.[/QUOTE]

Yeah the G35 was the car I was gonna get. It was my #1 choice just ahead of the Pontiac Solstice. I was oh so close to getting a 2005 G35x with like 1100 miles on it. Parents decided $7K more than the Altima was too much even though it was a helluva deal. My mom recently said she made a mistake and shouldve gotten me the G35x :( Oh well.

And yeah, dont get a Mitsu. Crap cars. The Echo is also the most hideous car ever created. Get a Yaris/Prius/or Fit.
 
[quote name='D_Icon']Jeeps are good on the road, its not a car. Check out the Infiniti G35 coupe.[/QUOTE]While those are nice, Infiniti G35s are $$$$$ and don't have good mileage... so probably not what the OP is looking for.
 
Update

1. Really sucks, I got the year of her car wrong. Its a 2002 so that drops the value $2000!

2. We went out today just to get an idea of things. We think we are going to get a 2007 Hyundai Accent. Its only $12,000(though missing AC and radio)and has a great warranty so we think its the car.

3. God working out financing is hard. Any tips on the best way of going about this. We owe $6,000 to her old credit union in Ohio, the new credit union here expect 10% down and then ofcourse there is the Hyundai dealer to deal with.
 
[quote name='jPoD']Yeah the G35 was the car I was gonna get. It was my #1 choice just ahead of the Pontiac Solstice. I was oh so close to getting a 2005 G35x with like 1100 miles on it. Parents decided $7K more than the Altima was too much even though it was a helluva deal. My mom recently said she made a mistake and shouldve gotten me the G35x :( Oh well.
[/quote]
Good God man, what do your parents do that you would even think of asking them to buy you a G35?!
 
[quote name='graf1k']Good God man, what do your parents do that you would even think of asking them to buy you a G35?![/QUOTE]

My mom hasnt worked in years, but both of my parents are lawyers. Neither currently practice though.

As for the car, my dad's kinda being a jerk to my mom. The lease on her POS Volvo S80 ended last summer and I just got my license at that time. My dad bought me my Altima to share with my mom (I use it just as much as she does), rather than giving her his car. Although we're pretty sure he's just going to give my mom his car and get a new car. My brother's going to get the Altima next year anyway since i'm going to college.
 
[quote name='MSI Magus']Update

1. Really sucks, I got the year of her car wrong. Its a 2002 so that drops the value $2000!

2. We went out today just to get an idea of things. We think we are going to get a 2007 Hyundai Accent. Its only $12,000(though missing AC and radio)and has a great warranty so we think its the car.

3. God working out financing is hard. Any tips on the best way of going about this. We owe $6,000 to her old credit union in Ohio, the new credit union here expect 10% down and then ofcourse there is the Hyundai dealer to deal with.[/quote]

1. ok so it's 2002. try to get as much as you can. start out at 3500. they will try to talk down the trade-in value but do not go below 3000. if they don't agree then go to another dealership.

2. 2007 hyundai accent, 2 door, automatic is priced at $11,000 and it's $12,000+ with tax and license. if you can get it $12,000 out the door it would be good.

3. i work for a credit union. there are credit unions out there, mine, that would give 100% financing; depending on your credit score of course. if you have a credit score in the B range (660-710) then you can get a pretty good rate and 100% financing. try to talk them into giving your the extra $3000 on top of it to payoff your other vehicle. if not then look for another credit union. i'm not sure about michigan but around here there are a lot of credit unions.

if you do get a loan through a credit union, they will try to sell you 3 very common known insurance:

a. GAP insurance. i would recommend you get this insurance and it's usually around $500. if you totaled your car, this insurance will cover the gap between how much your car is worth and the amount you owe your loan. for example, you owe $6000 on your focus and it's only worth $3000. you totaled that car and your insurance will only pay $3000. GAP insurance will cover the other $3000 so you will not owe anything.

b. MBI insurance. you should not buy this because it's just warranty. since hyundai give you a 10 year warranty you don't need it. and usually it's pretty expensive. around $1500 to $2500.

c. credit life and disability insurance. this is for when you are disabled, this insurance will make your car payment. depending on the coverage and/or vehicle type, it will add anywhere from $25 to $150 to your loan each month. this will usually not add to your monthly payment but will lengthen your loan. if you get a 60 month loan, it might take 70 months to pay it off if you get this insurance. i personally would avoid this insurance but depending on what type of work you do, you might want to consider it.
 
Very good info dude. Raises one question though. You think its best then to go to the credit union first and tell them honestly and upfront the situation? Like go and say hey we want to get a loan to buy a $12k car and we owe $6k at another credit union? My mom said it would be a horrible idea to let them know we owe money at another credit union that we want to go in and ask like for a $19k loan then deal with the Hyundai dealer to get rid of the $6k we owe.

Hopefully I credit is even good enough to get this loan on our own. I mean I know we dont have bad credit....but last I checked we didnt really have ANY credit. Hopefully the loan I got with this credit union a few years ago for $1.5k and payed off should help things.
 
yea it is a good idea to tell them the situation. the difference between credit unions and banks are that credit unions are members owned. what that means is that as long as you have an account there, you own part of it. therefore, credit unions will help you more than banks do. if you had history of paying off a loan without being late at a credit union, you are in good standings with them and they will work with you.
 
[quote name='dude2003']yea it is a good idea to tell them the situation. the difference between credit unions and banks are that credit unions are members owned. what that means is that as long as you have an account there, you own part of it. therefore, credit unions will help you more than banks do. if you had history of paying off a loan without being late at a credit union, you are in good standings with them and they will work with you.[/QUOTE]

Great info. Ill make sure to go there Friday before I go to the car dealership and talk to them. Hopefully they can help me out. Outside having that loan I succesfully payed off there my mom has done bussiness with them and my fiancee now uses them as her primary banking source.

I think we are pretty much ready to wrap this deal up then. Again thank you for all the great information, all of you but especially you dude2003(btw are you a guy or girl?)have been extreamly helpfull.

Is there any last mintue tips or questions for the credit union/dealer we should remember to keep in mind or stuff that might come out of left field to us?
 
dude i'm a guy! and no probs just helping out a fellow cag. one more thing to remember is if you can, get a pre-approval letter from your credit union. that way if the dealer offers you a loan that is higher than the rate you got from your credit union, show them that letter and try to get them to beat that rate.
 
[quote name='dude2003']dude i'm a guy! and no probs just helping out a fellow cag. one more thing to remember is if you can, get a pre-approval letter from your credit union. that way if the dealer offers you a loan that is higher than the rate you got from your credit union, show them that letter and try to get them to beat that rate.[/QUOTE]

yup i did this. im financing a 2003 mazada 6i and they gave me a rate of 10.3% but a lender gave me 8.9% i know its shitty but thats the best you can do for used cars. he went on and matched the 8.9% from the lenderand i got what i wanted. good luck with the purchase and enjoy the new car!
 
One important thing to add regarding that gap insurance. Check with auto insurance company, they probably offer it much cheaper than the lender will. The last car we bought the lender wanted nearly $500 for gap insurance. My auto insurance company charges me $35 a year to add it to my coverge. Being upside down on your loan, meaning you owe more than the car is worth, makes gap coverage even more important.

Definately be straight up with your lender, the will see the debt on your credit report anyway. People get auto loans all the time when they owe more on the current car than they will get as a trade so don't sweat it. Get pre-approved from a credit union, bank, or an online auto lender. I know the online ones, such as eloan, will send you a blank check that is good up to whatever they approve you for. Go to the dealer and after you work out the price tell them you have a check to pay for the car but let them see if they can get you better financing. When we bought our last car I got a check from eloan but the dealer was able to get me a loan that was a slightly better rate. The dealer gets a cut from the lender if you sign with them so they will work harder to get you to use there financing over whatever you bring to the table.
 
I've read skimmed through this thread and it seems everyone is pretty gung-ho in encouraging you to get a new(er) car. You are definitely in a bad situation here since your Focus needs to be constantly repaired. My advice, though, would be to fix that car, cut down on your expenses and save.

This is especially true since you still owe $6,000 on the Focus. Let me put it this way: a car is a horrible investment. Unlike a home, a car only depreciates in value. So no matter what it is going to lose value. So yes, you can take out another loan and become $17,000 in debt on something that will lose all of its value, or you can pay $500 to fix the car and hope nothing bad happens to it again. If you buy the Hyundai, you will be paying off two car loans, one of which you don't even own!

Buying a car isn't a bad thing, but buying a car when you have little money is. You said your family makes $18k a year. You are about to invest more than half of your yearly income into an automobile. That is crazy. You've mentioned in this thread how the problem with America is that people live beyond their means. By spending this much money on a car you are definitely living to excess. It's like having champagne tastes and beer income.

My advice is the hard route. Cut back on everything you do and save. You said you guys eat out a lot. Stop doing it. It's simple lifestyle changes like that that can help you achieve financial goals. You should check out the radio show of guy named Dave Ramsey. He gives financial advice to people and it is somewhat uplifting. He does go off on some, "Christ is Lord" stuff that can be easily ignored. But his principles for sound finance are worthy of notice. He would tell you to stop eating out, stop buying video games, and basically stop buying anything that is not of necessity. Taking out a loan is an easy way out. By trying to save, and this may mean driving a Focus for a while, you will have a better future.
 
[quote name='munch']I've read skimmed through this thread and it seems everyone is pretty gung-ho in encouraging you to get a new(er) car. You are definitely in a bad situation here since your Focus needs to be constantly repaired. My advice, though, would be to fix that car, cut down on your expenses and save.

This is especially true since you still owe $6,000 on the Focus. Let me put it this way: a car is a horrible investment. Unlike a home, a car only depreciates in value. So no matter what it is going to lose value. So yes, you can take out another loan and become $17,000 in debt on something that will lose all of its value, or you can pay $500 to fix the car and hope nothing bad happens to it again. If you buy the Hyundai, you will be paying off two car loans, one of which you don't even own!

Buying a car isn't a bad thing, but buying a car when you have little money is. You said your family makes $18k a year. You are about to invest more than half of your yearly income into an automobile. That is crazy. You've mentioned in this thread how the problem with America is that people live beyond their means. By spending this much money on a car you are definitely living to excess. It's like having champagne tastes and beer income.

My advice is the hard route. Cut back on everything you do and save. You said you guys eat out a lot. Stop doing it. It's simple lifestyle changes like that that can help you achieve financial goals. You should check out the radio show of guy named Dave Ramsey. He gives financial advice to people and it is somewhat uplifting. He does go off on some, "Christ is Lord" stuff that can be easily ignored. But his principles for sound finance are worthy of notice. He would tell you to stop eating out, stop buying video games, and basically stop buying anything that is not of necessity. Taking out a loan is an easy way out. By trying to save, and this may mean driving a Focus for a while, you will have a better future.[/QUOTE]

I agree that its good to save and that there are things we can do to save. Im a big believer in self responsibilty and accepting your faults. I take a soc class right now and every person in the class blames every little thing on the goverment or rich white America. I one day raised my voice and stated you are all thinking of the problem not the solution. While you sit here pointing blame at other people(though they do deserve most of the blame)you are doing nothing to help. I challanged them to state that they gave time and or money to charity. Most of the class started whining about not having the time or money....meanwhile alot of these kids were wearing Sean Jean shirts or Nike shoes. People can better not only their lot in life but others as well...they simply choose not to with idiotic choices. I accept I spend a little too much on video games and eating out, but they are minor expenses that wouldnt make vast improvement and they make me ALOT happier. Id agree with you if I was spending $100-$200 a month on vices. But buying spending $50 here at CAG and spending $3 on a meal eating out twice a week vs $1.30 on a can of soup at krogers isnt going to make THAT big a difference.

Im also getting better with my spending in recognizing we have to save more then we are. In the past I would spend $10-$15 on a FPS/Action Adventure because it got a good review and I wanted to give it a try....even though I like only 3 out of 10 FPS's/AA's I play. Now iv started forcing myself if im not 90% sure ill like a game only spend $5, and on titles like Tak which I know ill like but not love I wait to find them for them again to be no more then $7. My spending on games is probally only about $50 on an average month with some spending little more or less.

Anyways, about the car. I appreciate your advice but im mixed on it. After selling the car for $3k it becomes a $15k debt which is a little over twice what we owe. However, if we have to drop $1-1.5k into this car a year for the next 3 years fixing it then we spend $3k-$4.5k on fixing it bringing what we spend up to $9,000-$10,5000. Then you take into consideration at that point we will probally HAVE to trade in this car and we wont get a dime for it since it will hav deprecciated so much. We will still owe a little on the car at the time....and you have us back to spending $12k on the car and then adding on a grand or so we still owe to the credit union. So really its more like we are loosing $2k on this...however we are getting a much much better car, and an amazing warranty that insures that in the next 5 years we dont have to pay to get it fixed. It seems to even out to me and the fact that we now wont have to randomly worry about car fixes means it saves us alot of stress.
 
I understand your situation, but the point still remains that spend 12k on a car is living way out of your means. You don't have to buy 12k to get a reliable car. You can probably get a 99-00 Civic for under 6k. While that's still a lot, it's much better than 12k. And, the stress factor of repairing it will be gone.

Again, you're in a precarious situation since you have a car that is constantly in need of repair and appears to be a money pit. But stacking huge debt on top of huge debt is not the solution. You should probably cut your losses and try to get a car that is more reasonable and fits in your budget. 12k is a lot of money, let alone for a student. I just hope you're thinking about some of this stuff.
 
[quote name='MSI Magus']
1. What car you driving and are you happy with it? Is there a brand of car you would avoid. My family grew up saying never buy a Ford and after this car im wondering if maybe thats not true...[/QUOTE]
I drive a 1999 Oldsmobile Intrigue, bought new. I've been very happy with it with the exception of having to replace the A/C compressor. I know people who won't buy X brand of car, or will only buy Y brand of car, but personally I buy what I LIKE no matter what brand it is. All brands have lemons, so just because you buy a Honda or Toyota doesn't mean you won't end up with one. I do tend to stick with GM though, mostly because I get the employee pricing and because I rather buy American whenever possible. I've seen way too many jobs in my field lost to other countries, and it saddens me to see America being offshored.

[quote name='MSI Magus']
2. Anyone know how leasing works exactly? I have alot of friends and family who insist its better to lease a car then buy one. If the car breaks down do they fix it or do you? Is it by miles or years or what?[/QUOTE]
Believe it or not, leasing can actually be more financially sensible in certain cases. If you are the type of person that has to have a brand new car every 3 or so years, it's possible for leasing to save you money. With a favorable money factor and residual factor, you can come out ahead with a lease vs. buying new and selling after 3 years.

I put together a Lease vs. Buy spreadsheet some time ago that can help you compare the cost of leasing and buying:
Lease vs. Buy Spreadsheet

There are some key things you need to know when leasing, such as what is the money factor, residual value, lease acquisition fee, capital cost reduction, etc.. Before considering leasing I would suggest becoming very familiar with these concepts or you can get ripped off very easily. Also, I don't recommend making a down payment on a lease. Try to only make the first month's payment, lease acquisition fee, and taxes/title. With a lease you basically want to put as little of your money as possible into the vehicle.

As for the car being under warranty when leasing - not necessarily. Say you exceed 36K miles before your lease is up. (Many cars only have a 36K mile bumper-to-bumper warranty). Then you are responsible for any repairs to the vehicle, even if you are still leasing it.

[quote name='MSI Magus']
3. Anyone tried a hybrid yet? I love the idea of one and even if they are a little more expensive it seems as if in the long run they might save money.
[/QUOTE]
The problem with hybrids is like you said, they MIGHT save money. And it may take you 5 years just to recover the additional costs of the hybrid, which could be $3000 more than a comparable non-hybrid. I would only consider one if I were going to keep it maybe 8+ years, or if you feel very strongly about saving the environment.

I am very much interested in plug-in hybrids (PHEVs), but to my knowledge they aren't being produced by the auto makers yet. These hybrids plug in to an outlet at home to charge the (much larger) battery. They are better because they allow you to go for maybe 40-50 miles on electricity only before they even need to run on gas. If your daily commute is, say, 30 miles total, you could use no gas at all. And electricity off the grid is more efficient and cheaper per mile (not to mention cleaner) than internal combustion engines. If you are interested in learning more about plug-in hybrids, here is a good site:
http://www.calcars.org/
 
Didn't read through all the posts. Anyways, I have a Scion tC and I love it. Nice car for the money. I almost thought about selling it and getting an xB, but I'm not sure if I want a box....looking for a lower payment.

Also, my wife has an 02 Taurus which we are possibly looking to unload. I was looking at buying vs leasing. I was really close to leasing, but the payments were higher than expected. I guess it depends if you want to have a car payment for life or not....that is pretty much what a lease is. New car every two years, but a payment every month.

We were looking at a family car...since we are having our first child. Looking at Minivans and Pacificas...they had a deal on them, but not good enough.

Your situation sucks thoough, since you owe more than what your car is worth, that is always tough. I guess that is one downside to purchasing.

Good luck.
 
[quote name='munch']I understand your situation, but the point still remains that spend 12k on a car is living way out of your means. You don't have to buy 12k to get a reliable car. You can probably get a 99-00 Civic for under 6k. While that's still a lot, it's much better than 12k. And, the stress factor of repairing it will be gone.

Again, you're in a precarious situation since you have a car that is constantly in need of repair and appears to be a money pit. But stacking huge debt on top of huge debt is not the solution. You should probably cut your losses and try to get a car that is more reasonable and fits in your budget. 12k is a lot of money, let alone for a student. I just hope you're thinking about some of this stuff.[/QUOTE]

Agreed, before we go to the dealership to buy that car we are going to the honda dealership at my insistence to look at older Civcs. Personally I still preffer buying a good cheap used car.
 
Got a question for you dude. Our credit union wont pay the whole 100% of the loan, they only pay 90% which leaves $1,200 floating around. Whats the best way to deal with that. Can we just keep doing things as we have been.
 
[quote name='MSI Magus']Got a question for you dude. Our credit union wont pay the whole 100% of the loan, they only pay 90% which leaves $1,200 floating around. Whats the best way to deal with that. Can we just keep doing things as we have been.[/quote]

so they would only lend you 10,800? you can't even pay off your current vehicle then. you might still want to get a pre-approval letter and try to talk the dealership into giving you the financing you need. if the dealership really wants to sell you the car, i don't think they would mind if you trade in your car upside down. also, try to explain your situation to your credit union and ask for their help.
 
[quote name='dude2003']so they would only lend you 10,800? you can't even pay off your current vehicle then. you might still want to get a pre-approval letter and try to talk the dealership into giving you the financing you need. if the dealership really wants to sell you the car, i don't think they would mind if you trade in your car upside down. also, try to explain your situation to your credit union and ask for their help.[/QUOTE]

We havnt gone yet but my mom showed me on their site(she has gone through this processe before)that they expect 10% cash down.
 
[quote name='redline']I drive a 1999 Oldsmobile Intrigue, bought new. I've been very happy with it with the exception of having to replace the A/C compressor. I know people who won't buy X brand of car, or will only buy Y brand of car, but personally I buy what I LIKE no matter what brand it is. All brands have lemons, so just because you buy a Honda or Toyota doesn't mean you won't end up with one. I do tend to stick with GM though, mostly because I get the employee pricing and because I rather buy American whenever possible. I've seen way too many jobs in my field lost to other countries, and it saddens me to see America being offshored.
[/quote]

Thats what I think too. People live in America buy American merchendise. Help the American businesses. You know what I find weird, no offense to anybody, when an asian person lives in the United States, and drives a Japanese car. Its cool though, I guess its something to remember their homeland. Then I think if they miss it why not go back, no big deal i guess.
 
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