Thinking of financing a newer or new car, questions. [Archive] - Beyond.ca - Car Forums

Twin_Cam_Turbo

12-09-2010, 01:37 PM

I'm thinking of possibly financing a newer car sometime soonish. I will have about $10-15k to put down. I am quite young though (20), will I be able to secure financing? I have one more semester of school then I will be working full time come May while working part time now.

What should my max vehicle budget be? How long should I finance for? What kind of vehicles should I be looking for (sporty manual transmission only).

I would prefer something slightly used (2005 and up) rather than taking a hit on a brand new car. Can anyone recommend where to start looking for some slightly used vehicles where financing would be offered?

craigcd

12-09-2010, 01:47 PM

Just my opinion but why not take your 10-15K down and put that towards a couple year old car thats worth 25-30k. You can get a pretty decent vehicle in that price range and save the depreciation of owning a new car. You could finance the remaining value with a decent payment and own the car much sooner.

Also if you decide to sell the car a couple years down the road you will be in a better position to do so.

Just an idea

Good luck!

94boosted

12-09-2010, 01:50 PM

It will prob be difficult to get financing (unless you go to the loan shark trailers that some dealers have and pay 10+% interest).

When I graduated and got a job that paid quite well I went to buy my first new car (current car) and even with 5K down and a couple months of being at the company they wouldn't approve me for financing with out a co-signer even though I had a pristine credit history (for a new grad lol). Kind of a piss off but it seems to me all they care about is that you have a good paying job and that youve been there for a while 6mo - 1year +

Twin_Cam_Turbo

12-09-2010, 01:52 PM

Also my parents would have no problem cosigning for me I'm sure.

bjstare

12-09-2010, 01:56 PM

If you have a decent amount saved, why not just spend a few more months saving after you grad and buy a house? Financing a depreciating asset (i.e. car) doesn't float my boat haha.

If I was to finance a car with your down payment, it would probably be a wrx or older sti

ArjayAquino

12-09-2010, 02:04 PM

Originally posted by cjblair
If I was to finance a car with your down payment, it would probably be a wrx or older sti

This.

But I'm biased :burnout:

Twin_Cam_Turbo

12-09-2010, 02:05 PM

I want to go back to university in a few years so I'm not looking for a house yet as I'll still be living at home for a while and my parents are planning on helping me out with a house if I get another degree.

Zewind

12-09-2010, 02:11 PM

10-15k into a car is not really worth it. Investing your money in stocks/bonds or a downpayment on a rental property would be a better use.

I cant wait to be done paying off my car. Never going to finance again.

Jlude

12-09-2010, 02:12 PM

If you're actually looking for advice and planning to listen...

Don't buy the car, save a little more and buy the house... it's hard to resist buying the flashy car when you're 20 something and making decent money, but it's a depreciating asset, and you'll have lots of time to waste money on cars.

If you don't really give a shit, ignore what I just said... :rofl:

What kind of cars do you like?

Twin_Cam_Turbo

12-09-2010, 02:34 PM

I guess my other question is can I pay it off early? If I financed $10000 I could easily pay it off within 1-1.5 years.

Masked Bandit

12-09-2010, 03:03 PM

Why not just use the current cash on hand and buy a car for that price? Why are you hell bent on borrowing money for a car?

Ukyo8

12-09-2010, 03:12 PM

I've bought a brand new car once, and Ill never make that mistake again!

Buy something thats 2-4 years old, that way you won't take the ridiculous depreciation hit as soon as you drive off the lot.

bjstare

12-09-2010, 03:13 PM

Originally posted by Masked Bandit
Why not just use the current cash on hand and buy a car for that price? Why are you hell bent on borrowing money for a car?

No kidding. 10-15k can get you something pretty fun. It can also get you a streetbike and a winter car thats still a decent car.

But maybe I'm biased.:)

Twin_Cam_Turbo

12-09-2010, 03:14 PM

Nothing I'm overly interested in for 10-15k. I want something much newer than what I have now because I plan on keeping it 6-8 years.

Ukyo8

12-09-2010, 03:18 PM

You can get an S2000 for 15k :dunno:

jaysas_63

12-09-2010, 03:18 PM

Originally posted by Masked Bandit
Why not just use the current cash on hand and buy a car for that price? Why are you hell bent on borrowing money for a car?

:werd: drop that 15k on an BMW E46, high km E90, audi B7.

why finance, especially since you dont even have a specific car in mind that you have your heart set on!??!.... doesn't make sense.

Twin_Cam_Turbo

12-09-2010, 03:22 PM

I have some things in mind. E46 M3 is something I'm very interested in. I do compete in Auto X and some lapping and Secret Street so I'm looking for something quick and fun.

Cooked Rice

12-09-2010, 03:52 PM

If you've had a credit card since you were 18, and have been able to make your payments, chances are you will get approved. But after watching the documentary "Maxed Out" I never really want to borrow money again unless it's a mortgage.

Twin_Cam_Turbo

12-09-2010, 03:57 PM

Yeah I have had a credit card with a $1000 limit for 2 years now and never missed a payment. I don't think I would want to borrow more than $10000. I am extremely good at paying off loans though. I took a $6000 loan from my parents when I was 17 to buy my second car and I payed that back in 4.5 months.

Tomaz

12-09-2010, 04:06 PM

I would just buy something decent with what you have for cash. Honestly, it's the best idea.

ddduke

12-09-2010, 04:17 PM

Buy something with the money you have.

I don't know what type of insurance you have now, but once you finance then no more PLPD. Which means on top of your car payments your insurance will double, especially because you're 20 and thinking of getting and m3.

If you can't get what you want for the amount of $ you have then why don't you save for a few more months?

I don't understand why everyone is so quick to finance vehicles, what ever happened to saving your money and buying things that you can afford? Mortgages excluded.

GOnSHO

12-09-2010, 04:18 PM

http://forums.beyond.ca/st/310903/fs-2004-audi-s4/

nuff said..

i wish i saw this before i bought my truck..

ercchry

12-09-2010, 04:19 PM

so when it comes to financing a car there is a few things to think about...

new car:
-secure loan
-low interest rate (~0-4%)
-longer borrowing period
-warranty
-bigger depreciation

used car:
-unsecure loan(~8%)
-high interest rates
-short borrowing period ($10k loan will need to be paid back in about 3 years)
-probably limited or no warranty
-can turn around and sell in a year for not a huge loss

if you are going used your best bet is secured borrowing (ie. heloc) but since you are 20 and have an old car... im guessing you do not have any assets that the bank will take as collateral

for me i am financing a brand new vehicle, no co-signer at age 22

the first bank the dealer tried financing me through said they needed a co-signer, said i make more than enough money, my job is stable (was there for a year at the time) but since i am so young i did not have enough of a borrowing history to qualify on my own. second bank (scotia) no issues

i went shopping the used route before i bought and my price range was about 2/3s of what i ended up buying. why? interest rate and length of term, even at 2/3 the price i was ~100/month more for my payments than i currently am with the brand new truck. looking at the resale of used jeeps i noticed that the depreciation on them was not very terrible at all, interest rate was about half, and i got a full warranty... and more money in my pocket every month due to lower payments... needless to say i went with the new truck

if i was older, had a house and a heloc i would go used hands down, but without having assets i do not qualify for a low interest loan unless it is a brand new vehicle

ercchry

12-09-2010, 04:25 PM

Originally posted by ddduke
Buy something with the money you have.

I don't know what type of insurance you have now, but once you finance then no more PLPD. Which means on top of your car payments your insurance will double, especially because you're 20 and thinking of getting and m3.

If you can't get what you want for the amount of $ you have then why don't you save for a few more months?

I don't understand why everyone is so quick to finance vehicles, what ever happened to saving your money and buying things that you can afford? Mortgages excluded.

when i went from old pos 20 year old car with plpd to brand new truck with full coverage my rates went up under 30% (which is really peanuts)

if you can finance at a rate of about 0.9% why would you not? even if you have the money that money is better off growing in something that will give you a good return when you can borrow for next to no cost on a new vehicle (assuming you are buying new)

but once you get to that 8% or higher interest rate yeah, cash is better

Muji

12-09-2010, 04:32 PM

Pay cash, forget the idiotic thoughts of buying an M3, you cannot afford to maintain it at all, and for insurance... holy fuck! I've been in your shoes, I'd buy a Honda, Toyota, etc and only one under $10,000 and bank the rest for repairs which will be few and far between. Start paying your parents rent, they will refuse but you need to man-up and contribute. If they will not take cash, buy them a kick ass TV, send them on a vacation, etc. That is what I did after uni and while living under their roof. Hard to have pride if you are working and only taking. Driving a new car and not paying rent... not for me and frankly how can you even think of it?

Buying a new car is for established working people who are not returning to university in the near future and crap income to boot. Really unless you can get a tax deduction owning a new vehicle, I would avoid it as it is the stupidest purchase one can make. Only a boat would be more idiotic in our climate.

Twin_Cam_Turbo

12-09-2010, 04:33 PM

I already have full coverage on two of my vehicles and I am well aware it will cost $4400 a year for full coverage on a E46 M3. I was also looking at a C5 Corvette Z06. $3300 a year full coverage, can get one out of the states for around $20000ish imported, and I would have around $17k total saved up so I would really just need a small bank loan to cover about $3k.

I'm not interested in waiting anymore. I want to get some good use out of the last year of Race City before they shut down, and I worked 2 jobs for two years now as well as attending full time school as well as applying to win scholarships with my marks just to save some money.

ddduke

12-09-2010, 04:46 PM

Originally posted by ercchry

when i went from old pos 20 year old car with plpd to brand new truck with full coverage my rates went up under 30% (which is really peanuts)

if you can finance at a rate of about 0.9% why would you not? even if you have the money that money is better off growing in something that will give you a good return when you can borrow for next to no cost on a new vehicle (assuming you are buying new)

but once you get to that 8% or higher interest rate yeah, cash is better

You must be one of the lucky ones.

My brother bought a brand new fit with cash and his insurance (if he wanted full coverage, which he decided against) was going to go from 165 to 350. My PLPD on my truck is 90/month, with full coverage it's 165. My girlfriend who has a perfect driving record pays $200 for full coverage and her PLPD was 73.

I shopped around at 8-10 different places for me and my brother, same story everywhere. When my girlfriend got her new car, I called 5 or 6 and same thing.

All I'm saying is that I don't understand why you would finance if you're capable of saving and buying outright. IMO it's just living beyond your means. If he bought a car for 15 then he wouldn't have to make monthly payments and he could take that money and put it away for a rainy day. Especially if he's going to uni in a few years, imagine how much easier life would be if he took all that payment money, saved it, then got it when he was a student again.

ercchry

12-09-2010, 04:54 PM

Originally posted by ddduke

All I'm saying is that I don't understand why you would finance if you're capable of saving and buying outright. IMO it's just living beyond your means. If he bought a car for 15 then he wouldn't have to make monthly payments and he could take that money and put it away for a rainy day. Especially if he's going to uni in a few years, imagine how much easier life would be if he took all that payment money, saved it, then got it when he was a student again.

so to make this easy lets say you have $50k, you go out and finance a brand new car for $50k at .09% you then take the $50k you had saved, throw it in a mutual fund. fast forward 10 years, you have been payment free for 5 years and you are thinking it is time to buy a new car... where are you at?

car... it is now worth $10k... damn, in the hole $40k, too bad... but wait! you remember you put $50k into mutual funds 10 years ago! lets see how those are doing... oh you averaged a 10% return over all. they are now worth $100k... also 5 years without payments you managed to save another $50k, cool!

so with financing, total worth is $160k

without financing, total worth (assuming you saved $10k a year) is $110k

THEMONK

12-09-2010, 06:50 PM

I do financing at the dealership that I'm at and I have to tell you, buy something with cash, don't get into the payment game. With 15k you have more than enough to buy something nice and have cake left over for mods. Payments are for people who have 2k down and they need something reliable and don't have the money to buy something good. Pay cash whenever possible, it'll save you headaches in the long run. Establish your credit with a credit card at first, then move on to something bigger when you have a secure well paying job. I've seen way too many young people ruin their credit because they got in over their heads with monthly payments.

master hec0

12-09-2010, 07:52 PM

Im sure many manufactures have a First time buyers program.

When I bought my new truck at ford they mentioned this program. all you need is to be working at your current job for a minimum of 6 months and have 1000$ down. and a good or no credit rating.

That was at ford. plus if you have an old pos beater you can trade it in under the recycle your ride programs that dealerships are doing. I got 1000$ for my 87 broncoII with a blown rear main seal and a slipping trans.

ExtraSlow

12-09-2010, 08:59 PM

I know it's not what you want to hear, but buy something with Cash.
I'm 30 now, and I've had 10 cars so far. The only one I got financing on was my 07 mazda, and that was only because they were offering 0.9% at the time. I had the cash to buy that outright. Those payments still annoy me, over three years later. I'll probably just pay the damned thing off one of these days.

Plus, financing a used car, your rate will be a lot worse than a new car. Forget about 0% financing on anything used. Probably more like 6% to 10%.

$15,000 can buy a really nice car. even a decent Corvette out of the states if that's what you are looking for.
ebay motors - 1998 corvette (http://cgi.ebay.ca/Chevrolet-Corvette-/260702526694?pt=US_Cars_Trucks&hash=item3cb314dce6)

Twin_Cam_Turbo

12-09-2010, 10:20 PM

Yeah I don't think i'm going to buy anything new. I'm hopefully going to have about $15-20k total by the end of this year so I think I am going to look for a 2005ish STi or Legacy GT for 20k.

Kittens11

12-09-2010, 10:39 PM

I was almost picked up an e46 m3 a couple months ago and am very happy that my financing fell threw in the end. I am only 18 now and if i had got that car i would have been broke for the most part for the next few years. I ended up picking up another Honda cash and i am very happy with my decision at this age. I love m3's i have loved them since i was 10 and i will have one at some point in my life, but not now. By something cash and save your cash, maybe even put a little money into it. And yes i know project cars are money pits as well.

P.S. I don't know how much power you need but type R,s and s2k's are both quick and lots of fun around a track. just my two cents.

ddduke

12-09-2010, 11:14 PM

Originally posted by ercchry

so to make this easy lets say you have $50k, you go out and finance a brand new car for $50k at .09% you then take the $50k you had saved, throw it in a mutual fund. fast forward 10 years, you have been payment free for 5 years and you are thinking it is time to buy a new car... where are you at?

car... it is now worth $10k... damn, in the hole $40k, too bad... but wait! you remember you put $50k into mutual funds 10 years ago! lets see how those are doing... oh you averaged a 10% return over all. they are now worth $100k... also 5 years without payments you managed to save another $50k, cool!

so with financing, total worth is $160k

without financing, total worth (assuming you saved $10k a year) is $110k

You're not fully understanding me.

I'm not talking about 50k vehicles, I'm talking about people living beyond their means. If you have 50k saved and you buy a 50k vehicle then you're a moron. I'm saying if you have 50k, buy a used vehicle that has already depreciated for a fraction of your money and save youself the payments, then put that money elsewhere.

You just seem like your typical American/Canadian who's convinced that car payments/debt is the normal way of life when it shouldn't be.

You're 22, financing a new jeep, probably financing that bike of yours. Do you have a mortgage? If you do then your monthly payments are probably ridiculous. What happens if you lose your job? You're fucked. I'm sure you'll say your job is secure but bad things do happen and people do lose their jobs.

With your mindset I seriously think you're going to be in debt for the rest of your life. Now, while you were dumping money into payments in your early 20's, I took my money and dumped it into my business and drove some mediocre cars. But now, all the money that I invested over the years has paid off and when I was a fancy new vehicle or toy I can buy it with cash and it doesn't seriously disrupt my bank account.

I just believe that you should invest money wisely and when you're a bit older and are starting to live more comfortably then start buying those nicer things.

funkedelic2

12-10-2010, 05:46 AM

You should listen to what everyone is telling you! Most people have been in your situation and regret it. I bought my first BMW at 20 and had an e46 m3 at 22. I just turned 26 and sold my e92 to buy a house. It's in the process of being built. I was always broke and really shouldn't have been driving that type of car without having a house. Luckily for ne I've always had good credit, never missed any payments but I always lost money in cars.

Really think out your decision before you make it! GL

ryder_23

12-10-2010, 06:37 AM

Really really really think about this.

First of all your going back to school. School means minimal work, and minimal income.

Second of all, school costs money, lots and lots of money.

Third, why buy another used car when it seems you have 2 that work already?

Save your money, get through school, then worry about owning a fancy car. House/condo/property of some sort will go a long way before a severely depreciated car will. Just cause you want to have the toys, doesn't mean you should have them (and since your looking for financing, you can't afford it). Speaking from experience. I wish I listened to people when I was younger.

If I had 10-15k to spend right now, a car would be the last thing I would buy.

Or if you must, atleast move out and stop living off the tit, and you will see what life actually costs, especially in school.

Lastly, here's a quote from my mother "So you could afford a motorcycle, but you can't afford new shoes?" response "I had new shoes when I bought the bike"

nobb

12-10-2010, 06:49 AM

If you are intent on buying a new car, perhaps wait until around September when alot of manufacturers have incentives such as 0% financing for 60 months. I know Hyundai had a deal like that for their Genesis coupe. Pretty much no point in putting cash down with a deal like that.

Zhariak

12-10-2010, 07:34 AM

Originally posted by Twin_Cam_Turbo
I'm thinking of possibly financing a newer car sometime soonish. I will have about $10-15k to put down. I am quite young though (20), will I be able to secure financing? I have one more semester of school then I will be working full time come May while working part time now.

What should my max vehicle budget be? How long should I finance for? What kind of vehicles should I be looking for (sporty manual transmission only).

I would prefer something slightly used (2005 and up) rather than taking a hit on a brand new car. Can anyone recommend where to start looking for some slightly used vehicles where financing would be offered?

I think it's possible. When I was 20 I finally decided to purchase a new vehicle. Put 10K down and financed $88,650 through GMAC.

I was actually kinda surprised it was that easy to get approved. Put down I'm self employed and they didn't need any proof of income either.

One thing to keep in mind is that if you go through your banks, you might have problem. I noticed some institutions are CRAZY when it comes to lending. For example, most banks wouldn't give me shit, and required me to put money down to get secured 1G credit cards, while other banks would give me access to 20-30G in credit no problem. I've talked to other people I know, and it seams they had the same luck in regards to going with financing through auto companies, instead of banks.

Take a look at what financing is available, if you can get a LONG financing term at a low interest rate then go for it. I think I got .9% on 5 years which was friggin SWEET. On lower value vehicles you can even get 0% on 5 years on domestics, no idea on non-domestics.

As to what you can afford, think of something you like, keep in mind this is your vehicle, and you will be paying for it, since your financing and not leasing you can put however many kms on it, so get something you'll enjoy... But calculate what your monthly payments will be, and make sure you can afford it. If you have a steady job, and you CAN afford it, go for it...

Hope this helps.

ercchry

12-10-2010, 09:06 AM

Originally posted by ddduke

You're not fully understanding me.

I'm not talking about 50k vehicles, I'm talking about people living beyond their means. If you have 50k saved and you buy a 50k vehicle then you're a moron. I'm saying if you have 50k, buy a used vehicle that has already depreciated for a fraction of your money and save youself the payments, then put that money elsewhere.

You just seem like your typical American/Canadian who's convinced that car payments/debt is the normal way of life when it shouldn't be.

You're 22, financing a new jeep, probably financing that bike of yours. Do you have a mortgage? If you do then your monthly payments are probably ridiculous. What happens if you lose your job? You're fucked. I'm sure you'll say your job is secure but bad things do happen and people do lose their jobs.

With your mindset I seriously think you're going to be in debt for the rest of your life. Now, while you were dumping money into payments in your early 20's, I took my money and dumped it into my business and drove some mediocre cars. But now, all the money that I invested over the years has paid off and when I was a fancy new vehicle or toy I can buy it with cash and it doesn't seriously disrupt my bank account.

I just believe that you should invest money wisely and when you're a bit older and are starting to live more comfortably then start buying those nicer things.

no the bike is not financed, and i feel like you have not read any of my posts so why even bother explaining to you?

you have no idea what i do for a living or how much i make. i too have a business and a full time job. i could be driving much more than i am, hell my payments are less than my rent :rofl:

i was answering general financing questions. i dont give a shit about the op's personal life and dont feel like it is any of my business telling him what he should or should not do at his age. not everyone lives the same life

dimi

12-10-2010, 01:21 PM

Why do you want our advice if you are not willing to listen to what 90% of us are saying.

I'm not interested in waiting anymore

You are 20 dude! You have your whole life ahead of you. Wake up, you can't afford the cars you want.

We have all been in your shoes. I am 22 and I have had an S2000 since I was 20. Worst financial decision I have ever made. :banghead:

Don't get me wrong, the car is a lot of fun but if I had to do it all over again, it would be a beater that I would get. MY car has been hit and run 4 times now. 4 FUCKING TIMES. Imagine that happens to your flashy new M3/Z06/STI.

What if the car breaks down? Repairs, time, headaches. Sometimes I have nightmares someone is vandalizing my car.

Nowadays I find myself driving a 2001 Huyndai accent that my family bought new. $20 gas goes for 2 weeks!

Think it over very very carefully. Don't get caught up in the flash and image.

adidas

12-10-2010, 01:32 PM

Originally posted by dimi
Why do you want our advice if you are not willing to listen to what 90% of us are saying.

You are 20 dude! You have your whole life ahead of you. Wake up, you can't afford the cars you want.

We have all been in your shoes. I am 22 and I have had an S2000 since I was 20. Worst financial decision I have ever made. :banghead:

Don't get me wrong, the car is a lot of fun but if I had to do it all over again, it would be a beater that I would get. MY car has been hit and run 4 times now. 4 FUCKING TIMES. Imagine that happens to your flashy new M3/Z06/STI.

What if the car breaks down? Repairs, time, headaches. Sometimes I have nightmares someone is vandalizing my car.

Nowadays I find myself driving a 2001 Huyndai accent that my family bought new. $20 gas goes for 2 weeks!

Think it over very very carefully. Don't get caught up in the flash and image.

Dimi u need sperme in ur engine bay.

Ukyo8

12-10-2010, 02:09 PM

Twin_Cam_Turbo

12-10-2010, 02:15 PM

There's only two things in my life, skiing and cars. I'm an automotive service tech and my car is basically my life.

GQNammer

12-10-2010, 03:17 PM

Although a lot of people are trying to offer advice (great advice I might add), I can see where the OP is coming from. Yes, it is probably the worse idea at that age to be financing a car, especially with that much down payment where it could go to something else, but we all have to remember; What was going through our minds at the age of 20? It's more of a big "F U I'll do what I want and nothing you'll say can change my mind," trained of thought.

So to the OP, I would get something reliable. A bmw/g35/benz sounds great and all but you'll have to take into consideration of maintenance. I see you've mentioned that you're a mechanic and you're probably thinking you can do a lot of service work to the car, but it appears you're looking for a newer model vehicle so warranty may still be attached. Keep in mind if you don't bring all the servicing to the respective dealership your warranty will be null and you'll be SOL if anything major happens with your ride.

Maybe the latest Accord coupe that's slightly used :)

ercchry

12-10-2010, 03:25 PM

Originally posted by GQNammer
Keep in mind if you don't bring all the servicing to the respective dealership your warranty will be null and you'll be SOL if anything major happens with your ride.

false

also would like to add... with an unsecured loan it is basically a personal loan and the car will not have a lien on it from the bank, which means that you do not need full coverage on the car since it is not collateral for the loan.

and for everyone that is suggesting a house.... not a good idea either, when you are in your early 20s and not settled a house is not the best idea. if you want to change cities or even the area of the city you are in you cant. if you buy a house and sell it in the first 5 years or so you are probably going to lose money on it

Twin_Cam_Turbo

12-10-2010, 03:27 PM

I'm probably just going to buy another car/truck under $10000 and keep slowly building up my Nissan assuming it doesn't get written off.

GQNammer

12-10-2010, 04:09 PM

Originally posted by ercchry

also would like to add... with an unsecured loan it is basically a personal loan and the car will not have a lien on it from the bank, which means that you do not need full coverage on the car since it is not collateral for the loan.

When getting a loan for a car, the car itself is security to the lender.

ercchry

12-10-2010, 04:11 PM

Originally posted by GQNammer

When getting a loan for a car, the car itself is security to the lender.

if it is SECURE... if it is not, ie. car is too old (an 07 was considered too old by BMO) then it is not secure, thus a personal loan at a higher interest rate that has no security, they simply dump the money into your account and what you do with it is your business

Skyline_Addict

12-10-2010, 04:19 PM

Like people are saying, you are young and you have your whole life ahead of you with lots to learn.

I say, if this is something you REALLY want to do at THIS moment, go for it. As long as you know that you can sustain it financially, bar any unforseen circumstances.

If it ends up being a mistake, you'll learn from it. If it ends up being a good decision, you'll benefit from it. Personally when it comes to me and what I spent/did with cars, I have no regrets. But if I were to do it all over again, of course I would do most, if not all things differently.

I would be more on the side of caution if you were doing this and say, just bought your first house, got married and had a baby 3 weeks ago.

Twin_Cam_Turbo

12-12-2010, 08:36 PM

Yeah decided to try and find a Legacy GT.

Twin_Cam_Turbo

12-13-2010, 08:53 PM

Bought a 2005 Legacy GT tonight for $12400 all in from a dealer! Thanks for convincing me not to finance guys!

ExtraSlow

12-13-2010, 10:15 PM

No matter what happens with that car, that decision is going to pay huge dividends for years to come.

Nice job, nice choice, when can we see some pics?

Twin_Cam_Turbo

12-13-2010, 10:27 PM

I will grab some pics when I pick it up Wednesday!

slinkie

12-14-2010, 12:08 AM

congrats man

911fever

12-14-2010, 12:25 AM

bjstare

12-14-2010, 09:23 AM

Good choice OP. I really like those cars.

Originally posted by ercchry

if you buy a house and sell it in the first 5 years or so, its possible that you could lose money on it

fixed.

Muji

12-14-2010, 09:47 AM

Originally posted by Twin_Cam_Turbo
Bought a 2005 Legacy GT tonight for $12400 all in from a dealer! Thanks for convincing me not to finance guys!

Terrific move! Wish I had been so smart on my first real car purchase. Instead I bought brand new, high interest rate and sold the car two years later, kissing good-bye to my large downpayment in the process and paying a nutty monthly bank loan for those two years. Not to mention the depreciation on the vehicle. All toll it was a bath, should have gone cash.