financing questions

[whitemike]

I agree with the majority. If you're struggling now to get the payments low enough, in a year, two, four.. will you still be making this same amount of money? Are you working min. wage? Is this your career job? If not, will you have it still in a year or two? If you lost your job.. can you make payments for a few months before you find another one?

I financed a car when I was making plenty of money to afford it, and then lost my job after 2 years. I ended up having to sell it for $2k less than I owed on it. Yea, I had to pay $2k to sell my car. I will *never* finance a vehicle again.

-Mike

 

[89TBen]

totaly get what you guys are saying, and im considering waiting. i could afford the payments they want to give me. i just want lower payments. i really really want this car. but i can wait if i have to. i dunno what im gonna do. i really appreciate all the input.

 

[te72]

I just regret WHAT I bought, and the specific situation I was in to begin with made it worse, but I wanted that SS bad at the time... I wanted one ever since high school. Well, I got it alright. Great engine, trans, and sound, but the car as a whole, is one big pile of shit. What's worse (probably the biggest reasons I regret buying it) is that I traded in a really nice 2000 Miata with Goodyear GSD3 tires that handled AMAZINGLY and was a perfectly reliable car for something that, while much more powerful, wasn't quite as fast in the type of driving I prefer. Went from a go kart to a car that behaves like a fat kid trying to run a marathon with it's shoes tied together. Doesn't help that 90's/2000's GM's had some serious reliability issues and little issues here and there that make me hate that fucking car, sexy as it might be.

Now, if you're 100% debt free, have a stable, steady job, a determined personality to succeed in life, AND this happens to be your dream car? I wouldn't condemn you for buying it. Just saying, you're risking a lot here, buying a car that expensive... I guess everyone's situation is different, perhaps you should discuss this with a financial adviser as well? You've talked to all the car guys already haha...

 

[Quin]

https://www.penfed.org/productsAndRates/loans/vehicleLoans/usedAutoLoans.asp

I'm going to suggest going for it. I'd wanted a Cobra since I was 12 or 13 and I went and got a loan for my 96 the day I turned 18. Even after I lost my internship at Cummins last summer, the payments were reasonable enough to come up with with odd jobs. Hell, even when it was down for a few months it didn't bother me that much. If it's really what you want, you'll make do when you need to. I also disagree about maintenance and reliability issues, but I'm obviously dealing with a different animal. I drive the wheels off this car just about every time I go anywhere and I've had 0 issues with it. I'd imagine a "bullet proof" MkIV would be a similar situation, especially if left stock or BPU.

I will say the 20% rule is a good idea, I'm making dirt right now and between my payment, insurance and gas I spend over half my income on this car, with mod money taking up the remaining half lol

 

[FullNelson]

My car at the time of financing was about 25% my income. It was however 50% my bills and now that my finances have been rearranged it ha become clear that I should have been more in porportion to the rest of my bills and lifestyle.