Buying new car, Will I be Approved?

[phenix]

there might be better ways to spend ~$8,500/year? l!

its really staggering when you do the math.... (535$+200$)x12 = 8820$ before GAS....so easily 9500$ a year....and youre in for at least 5 years..... 47,500$. In michigan you could be a fully paid house owner by then, or easily have 50% of a BIG house paid off.

now its your money but when i saw you write 'oh lord' after saying you live with your parents....your attitude and your actions dont match up.

[poser765]

I'm going to echo what most of the people are saying. That is WAY too much car payment for your income.You will be paying per month, what we pay for our house. Think about that. You will be paying what pay a month for a whole damn house...a house which will appreciate in value. Cars don't do that. just throwing money away.

Granted maybe you are a motor head and truly this car is the only thing that will make you happy. If that's the case do it. just not a very good common sense move.

Also, "just because" is not a reason to be locked into buying a new car. New cars are for suckers, really. let someone else take the hit on that then buy it used. just as good, and a fraction of the price.

[Spectral]

New cars are for suckers, really.

Eh, this depends on a number of factors. I did a fair bit of research before my most recent purchase and settled on leasing a Scion tC because of their crazy high residual value, which results in low payments. Having the complete cost certainty that came with a car that had maintenance included was an attractive option for me, and I didn't like the idea of a longer term financing plan (or increased payments for shorter financing) since I want to retain flexibility.

I'd encourage people to do their homework and not assume that there's one route that's always best for everyone. There's a lot of factors that go in, and it's not always straightforward.

[Gheld]

Is the 1000 trade in on the Chrysler after paying off the balance of an old loan? That seems a little low for a full size car from 05, unless you beat the crap out of it

And 791 will easily get you a car loan. If you can be patient I'd recommend finding a buyer that will give you more for the 300 and put that towards your down payment.

[poser765]

Eh, this depends on a number of factors. I did a fair bit of research before my most recent purchase and settled on leasing a Scion tC because of their crazy high residual value, which results in low payments. Having the complete cost certainty that came with a car that had maintenance included was an attractive option for me, and I didn't like the idea of a longer term financing plan (or increased payments for shorter financing) since I want to retain flexibility.

I'd encourage people to do their homework and not assume that there's one route that's always best for everyone. There's a lot of factors that go in, and it's not always straightforward.

This is true. I didn't really intend for that to be an absolute, but it came out that way. I will stand by the idea that a NEW car for someone is seldom a bargain. Cars typically don't hold value, and those that are credited for doing it are really just depreciating less than other models. Also, many used dealerships offer service plans and warranties that are just as good as new car warranties.

[Furiex]

This.

Honestly, not to be mean but you sound like your life will be better/more complete cuz you have an expensive car. You want to spend nearly 1/3 of your gross income on a car (before gas/repairs/maintenance). 1/3 of gross is the level you should spend on a house (any financial planner could tell you this)

You make a decent living (current salary for your age).....with the housing market crash you still have a unique opportunity to get a house for a fraction of the cost you could a couple years ago. this house will only gain in value over time. your car wont.

in 5 years, you'll be paying your car, and living in your parents house? because how will you afford housing after you pay your car, taxes, basic living expenses. wouldn't you rather be able to go out with a girl and travel?

No actually, I dont want to go on vacation, Been on many vacations when i was younger and they are basically useless, Spend 5 grand on a good one and then have to go right back to where you were with just memories. Also I have a beautiful Fiance, That is all for this with me, And our wedding is paid for by our grandparents, My fiance actually is taking over her family business and grosses double and a half what I make a year, So if vacations/ a house is needed, It can easily be done, But after 3 and a half years of dating. We are happy with where were at.

---------- Post added 2013-01-20 at 07:04 PM ----------

its really staggering when you do the math.... (535$+200$)x12 = 8820$ before GAS....so easily 9500$ a year....and youre in for at least 5 years..... 47,500$. In michigan you could be a fully paid house owner by then, or easily have 50% of a BIG house paid off.

now its your money but when i saw you write 'oh lord' after saying you live with your parents....your attitude and your actions dont match up.

I actually said oh lord because I assumed everyones responce would be hahahha you live with your parents. But thats AAAA ok with me

[Spectral]

This is true. I didn't really intend for that to be an absolute, but it came out that way. I will stand by the idea that a NEW car for someone is seldom a bargain. Cars typically don't hold value, and those that are credited for doing it are really just depreciating less than other models. Also, many used dealerships offer service plans and warranties that are just as good as new car warranties.

Yeah, agreed completely. There's really nothing valid to worry about with a three year old car, the price is going to be much lower, and less value will be lost. Likewise, I'm not suggesting that new cars are value buys, just that they're not automatically terrible, depending on what your budget and needs look like.

Even though I personally like Camaros, I'd label them one of the worst new buys. Here's why. One year old, barely any miles, way below original retail.

[Furiex]

"As far as me, Im 21 years old, Been working as a Lead powdercoat operator for my company for a little over a year now, roughly making $1900-$2450 USD a month and 41k last year."

You don't make enough to pay for that car and be able to move out from your parents place.

$735 Just for the car plus insurance "if you get that low apr" plus gas, maintenance, food, phone etc wouldn't leave enough left over.

It would be much smarter not to get it.

I dont think you read the whole thing, I currently pay for my car payment and insurance. Thats literally it, No food, or phone bill, nothing. Car and insurance. Thhhhhats its

---------- Post added 2013-01-20 at 07:07 PM ----------

Yeah, agreed completely. There's really nothing valid to worry about with a three year old car, the price is going to be much lower, and less value will be lost. Likewise, I'm not suggesting that new cars are value buys, just that they're not automatically terrible, depending on what your budget and needs look like.

Even though I personally like Camaros, I'd label them one of the worst new buys. Here's why. One year old, barely any miles, way below original retail.

2LT, is a v6- I want a v8. I think everyone in this debate went out the left window with everything lol.

---------- Post added 2013-01-20 at 07:08 PM ----------

Is the 1000 trade in on the Chrysler after paying off the balance of an old loan? That seems a little low for a full size car from 05, unless you beat the crap out of it

And 791 will easily get you a car loan. If you can be patient I'd recommend finding a buyer that will give you more for the 300 and put that towards your down payment.

Your right on the 300, After i trade it in Thats what i have left after my old loan is paid off

---------- Post added 2013-01-20 at 07:10 PM ----------

But that's not a reason to put yourself out so far. I did that, myself, and ended up getting repo'd and lost my home. Now, I do very well for myself today but I learned my lesson. I drive a rarely-driven 8-year-old car that I don't even have to make payments on. No one looks differently at me (except probably assuming I don't have nearly as much money as I do), and I'm free to put cash towards other things: vacations, games, books, dining out/events. In the end, having a neat car means little as you get used to it and the car gets older and wears out. A dependable car that will last is worth more than a flashy new car that no one will care about in 6 months anyway.

Save yourself a pile of cash and get something cheaper for now. As you get older and your career advances you'll find more money available to afford a more expensive car.

I see your point, But I dont like vacations, Honestly, I basically NEVER play video games, and ontop of that my family all go on track days (dad takes his 95 vett, Grandpa his 2010 camaro) Thats Why im getting it, Because i am a gear head. Cars cars cars.

[poser765]

I dont think you read the whole thing, I currently pay for my car payment and insurance. Thats literally it, No food, or phone bill, nothing. Car and insurance. Thhhhhats its

2LT, is a v6- I want a v8. I think everyone in this debate went out the left window with everything lol.[COLOR="red"]


I see your point, But I dont like vacations, Honestly, I basically NEVER play video games, and ontop of that my family all go on track days (dad takes his 95 vett, Grandpa his 2010 camaro) Thats Why im getting it, Because i am a gear head. Cars cars cars.

The problem is with more than a 1/3 of your income going into a car payment you really won't have to the option to pursue any of those things. Your budget simply won't have room.

Nobody went out the left window. We are just older with enough life experience to know this is a bad idea.

And your last line is the ONLY reason I would suggest you get the car. If that is really what will make you happy. I still think it is a stupid idea and you will be throwing a shit ton of money away buy refusing to buy used.

[Furiex]

The problem is with more than a 1/3 of your income going into a car payment you really won't have to the option to pursue any of those things. Your budget simply won't have room.

Nobody went out the left window. We are just older with enough life experience to know this is a bad idea.

And your last line is the ONLY reason I would suggest you get the car. If that is really what will make you happy. I still think it is a stupid idea and you will be throwing a shit ton of money away buy refusing to buy used.

I agree, People have more experience then me. And buying anything is stupid, But buying what makes you happy is smart. Also, im ok with being 26, and living with my parents, im ok with not going on vacations, im ok with ummm. Whatever it is you suggest I wont be able to do. I love cars, Id sell my left leg for one. And if im anything like my dad and grandpa, Ill prolly have the damn thing until I die. I appreciate all the knowledge you guys are giving me. I really do.

[phenix]

I see your point, But I dont like vacations, Honestly, I basically NEVER play video games, and ontop of that my family all go on track days (dad takes his 95 vett, Grandpa his 2010 camaro) Thats Why im getting it, Because i am a gear head. Cars cars cars.

What I and many others are trying to say....whats the rush on competing with your family at this point in time. If you invest the money on a house, in 5 years you can have your own fully paid (or close too it) and then buy whatever car you want. If you do the opposite in 3-4years when you want your own place or if you lose your job....youre shit of of luck. Ask your dad and grandpa what car they had at 21 and how much of their income they spent on it.

Its all priorities. Getting a car isnt bad, but locking yourself into a 5-6year deal at that age is way too much imho. 5 years ago you werent dying to have a 2013 camarro.


edit: saw you edited above with your fiancée thing. still be better to have a fully paid house, and think of the car after. you seem to be fine being 26 and with your parents....i doubt your fiancée thinks the same. ask her.

[Spectral]

I agree, People have more experience then me. And buying anything is stupid, But buying what makes you happy is smart. Also, im ok with being 26, and living with my parents, im ok with not going on vacations, im ok with ummm. Whatever it is you suggest I wont be able to do. I love cars, Id sell my left leg for one. And if im anything like my dad and grandpa, Ill prolly have the damn thing until I die. I appreciate all the knowledge you guys are giving me. I really do.

Enjoy the fuck out of the car then man! I, for one, am not arguing against buying what you really, really want, just making sure you've thought it through. I think a lot of people buy cars that cost quite a bit without really considering the price in context, but that doesn't seem to be what you're doing. There's no point in working hard if you can't buy the stuff that makes you happy.

[poser765]

I agree, People have more experience then me. And buying anything is stupid, But buying what makes you happy is smart. Also, im ok with being 26, and living with my parents, im ok with not going on vacations, im ok with ummm. Whatever it is you suggest I wont be able to do. I love cars, Id sell my left leg for one. And if im anything like my dad and grandpa, Ill prolly have the damn thing until I die. I appreciate all the knowledge you guys are giving me. I really do.

then go forth and be merry, my son. Just realize with one financial hiccup your up shit creek.

[Gheld]

Your right on the 300, After i trade it in Thats what i have left after my old loan is paid off.

How much longer to pay off the old loan? Chances are if you wait until it's paid off you'll save thousands of dollars, and they might have another 0 financing event in the mean time, saving you even more.

In the mean time chicks still dig 300s (and they actually have a hanky panky sized back seat and Camaro is a sardine can.)

[Furiex]

What I and many others are trying to say....whats the rush on competing with your family at this point in time. If you invest the money on a house, in 5 years you can have your own fully paid (or close too it) and then buy whatever car you want. If you do the opposite in 3-4years when you want your own place or if you lose your job....youre shit of of luck. Ask your dad and grandpa what car they had at 21 and how much of their income they spent on it.

Its all priorities. Getting a car isnt bad, but locking yourself into a 5-6year deal at that age is way too much imho. 5 years ago you werent dying to have a 2013 camarro.


edit: saw you edited above with your fiancée thing. still be better to have a fully paid house, and think of the car after. you seem to be fine being 26 and with your parents....i doubt your fiancée thinks the same. ask her.

Well ill explain my parents house so that you understand why she agrees to live here. 3900 sqft, 3 story house, 2 full kitches, 4.5 bath, basement is my living area with 2 bedrooms, Walk in closet ,A kitchen, a living room of 29 feet by 34 feet, Walk out doors to the garage. All packed into Coldwater Michigan, which is a big enough town, and her parents live 2.3 miles down the road. She is the one who suggested a year and ahalf ago that we live there.

So basically, A house inside a house, That I live in.

---------- Post added 2013-01-20 at 07:35 PM ----------

Enjoy the fuck out of the car then man! I, for one, am not arguing against buying what you really, really want, just making sure you've thought it through. I think a lot of people buy cars that cost quite a bit without really considering the price in context, but that doesn't seem to be what you're doing. There's no point in working hard if you can't buy the stuff that makes you happy.

Thank you buddy. I have given this lots of though, about 6 months actually.

[Darkis]

Too many words, and none of them is Shelby.

[Furiex]

How much longer to pay off the old loan? Chances are if you wait until it's paid off you'll save thousands of dollars, and they might have another 0 financing event in the mean time, saving you even more.

In the mean time chicks still dig 300s (and they actually have a hanky panky sized back seat and Camaro is a sardine can.)

300 has a while, And well my fiancee is a car lover also, and she doesnt like it lol. She is a die hard chevy fan. And if the fiancee part didnt sorta ruin the chicks thing, I've been taken for 3 and a half years by her. So im not worried

[Gheld]

Michigan

At least as far as the SS goes, a Camaro is virtually underivable in winter conditions.

So you'd also want to factor in the cost of a winter beater.

[Darkis]

Honestly though, if i'd consider to buy a muscle car now, which i don't, i'd go for good old Buick GNX. If i didn't have to pay abother 40k$ just to export it out of US.

[Furiex]

At least as far as the SS goes, a Camaro is virtually underivable in winter conditions.

So you'd also want to factor in the cost of a winter beater.

I own a 94 Jeep, thats paid off. with PLPD