Car Financing Question

[zod96]

Its in perfect condition. It only has 8000 miles on it....

 

[Tweak155]

Did you try talking them up? I've gone as far as $3k higher successfully.

 

[drinkmorejava]

Haha. Seriously though, I would buy it. My 335 breaks every 5 minutes.

Unfortunately, I have to tell you that you're losing out on a $1700 sales tax credit on the new car if you don't do that trade in.

 

[zod96]

Yeah I think I am stepping down a car. I really really liked the Jeep Cherokee. That was 25K I will try the Jeep Compass. Its only about 19K

 

[drinkmorejava]

After seeing this, I don't think I could buy a jeep
http://www.youtube.com/watch?v=zaYFLb8WMGM

 

[jagec]

The only Jeep that anyone should buy is the Wrangler, and then only if they plan on souping it up and using it for off-roading. Frequently. No one should ever buy the Compass, it's worthless.

Jeeps get lousy gas mileage and have lousy reliability.

 

[OutHouse]

stop buying cars you cant afford.

 

[Leros]

The Compass is fairly terrible. It's just a car that looks like a Jeep.

 

[zod96]

I can buy the car, affording it is not the problem. I pull in about 50-55K a year....

 

[Kroze]

I can buy the car, affording it is not the problem. I pull in about 50-55K a year....

I find it hard to believe. The affording it part.:whiste:

 

[Leros]

I can buy the car, affording it is not the problem. I pull in about 50-55K a year....

That's something like $40k after federal taxes. I'd personally say you're pushing your limits with a $27k car.

Considering the other $6k you owe on the other car, you'd need a $33k loan. A 5 year loan would be over 15% of your after tax income (or over 10% of your pre-tax income). Seems high to me.

 

[ZaneNBK]

I find it hard to believe. The affording it part.:whiste:

Yeah, 50-55k is fairly low in CA and the OP is wanting to spend about 2/3rds his yearly income on a car after buying another car that put him 6K in the hole already. He's just compounding the pain.

I find it really hard to believe he's living in CA making that kind of money and thinks he can afford 33K for a car. Either he has a really poor grasp of his money situation, he's living in someone else's basement for or he's trolling us.

Edit: I'd be surprised if he didn't have $10-20K+ CC debt as well, on top of the car situation.

 

[NutBucket]

In my head: "Don't need a 4th car"

 

[OutHouse]

I can buy the car, affording it is not the problem. I pull in about 50-55K a year....

fail, please see a financial adviser before you become more car poor then you already are.

 

[Howard]

I can buy the car, affording it is not the problem. I pull in about 50-55K a year....

Before you buy a car, you should figure out exactly how much you make.

 

[Cuda1447]

The only Jeep that anyone should buy is the Wrangler, and then only if they plan on souping it up and using it for off-roading. Frequently. No one should ever buy the Compass, it's worthless.

Jeeps get lousy gas mileage and have lousy reliability.

I have a '14 Jeep Patriot. I love it. I've had a 370z, 350z, Mustang, Stratus and Ranger. This may be my favorite vehicle. It's slower, sure. But gas mileage is excellent (~27mpg), haven't had any reliability problems... and the best part..... It is dirt cheap. 17K OTD for mine, brand new.

 

[jaedaliu]

Get a used Camry $17k ...ez. So numb driving that appliance - you will feel less pain.

Yeah I think I am stepping down a car. I really really liked the Jeep Cherokee. That was 25K I will try the Jeep Compass. Its only about 19K

I would suggest not getting a SUV. they aren't the most comfortable.

I love my couch on wheels (Camry) makes my commute much more relaxed.

Are you close enough to LA/OC to buy there? Look at the LA Times / OC Register Friday newspapers. There will be "1 at this price" deals that rival 1-2 year old CPO cars.

 

[Vdubchaos]

Read:you are not ready to buy a car unless you have 6k + 10-20% down payment for a new car.

Don't do it

 

[Tweak155]

$50-$55k can get you a $33k vehicle, it's just not advisable.

I'd shoot for used until you can save up some bank. You can get used cars that are comfortable for under $15k.

 

[Vdubchaos]

I can buy the car, affording it is not the problem. I pull in about 50-55K a year....

Doesn't matter what you make. You are 6k under with your current car.

If you trade in your car you will have to pay the difference of what you owe vs what trade in is giving you.

Read: it makes 0 sense to do that. You will basically pay 6k to get rid of your car.

THEN you will need another 10-20% down payment for your new car.

 

[s0me0nesmind1]

OP hasn't learned his debt lesson obviously. Obviously he needs another car 2 years after his next new one. Make sure it's new too, those used cars are for suckers!


lulz. I'm driving my Acura till the wheels fall off.

 

[JM Aggie08]

The replies in here are comical for a number of reasons lol.

Also, it didn't take long for the 'don't finance a car, drive a beater' circlejerk to kick in. A+ work, OT.

 

[JM Aggie08]

MY question is why the hell did you finance at 8%? Dear God...

 

[Vdubchaos]

OP hasn't learned his debt lesson obviously. Obviously he needs another car 2 years after his next new one. Make sure it's new too, those used cars are for suckers!


lulz. I'm driving my Acura till the wheels fall off.

Yeah

I make WAY more than OP and have 2x 10+ year old cars. No new car payment, thank you very much.

Buying a new car every 2-3 years is probably America's worse financial addiction.

 

[JM Aggie08]

Yeah

I make WAY more than OP and have 2x 10+ year old cars. No new car payment, thank you very much.

Buying a new car every 2-3 years is probably America's worse financial addiction.

Meh, different folks different strokes. The same argument could be made for high-end gaming PCs.

Personally, I think a new car every 2-3 years is insane. I do, however, understand the appeal of a new to lightly used car every 6-10 years. I've always been one to drive my vehicles into the ground. That, and I love my car