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Message
Do I need to buy a car right now?
Posted on 1/8/17 at 2:08 pm
Posted on 1/8/17 at 2:08 pm
Here's my situation: I graduated college in May. I don't have any debt, and I don't have bills because I moved back in with my parents while I'm working. My current car is an 08, and only has about ~43k miles on it because I got it nearly brand new and it was meant to be a high school and college car.
Now I have the opportunity to buy a 2012 Sonata with about 30k miles on it. I'll be able to buy it for less than book value most likely. I'll probably be able to get about $2k for my car, and the Sonata is a better vehicle than mine.
I guess I'm asking if it's worth it to spend what I've saved up since I started work to get a car that's a few years newer with less miles and is safer? Even if my current car is doing what I need it to, while being a lower quality car?
Now I have the opportunity to buy a 2012 Sonata with about 30k miles on it. I'll be able to buy it for less than book value most likely. I'll probably be able to get about $2k for my car, and the Sonata is a better vehicle than mine.
I guess I'm asking if it's worth it to spend what I've saved up since I started work to get a car that's a few years newer with less miles and is safer? Even if my current car is doing what I need it to, while being a lower quality car?
13
Posted on 1/8/17 at 2:17 pm to Ingeniero
quote:
I'll probably be able to get about $2k for my car, and the Sonata is a better vehicle than mine.
Is this a typo? An 08 with ~43k miles worth $2k?
No you don't need a new car.
Posted on 1/8/17 at 2:24 pm to yellowhammer2098
No not a typo 
it's a Nissan versa. KBB puts the value at around $4k, so I was a little off in my estimation
it's a Nissan versa. KBB puts the value at around $4k, so I was a little off in my estimationPosted on 1/8/17 at 2:28 pm to Ingeniero
Got it. I still wouldn't. You're just breaking in the Versa and it basically has no value to lose. I'd drive it for a few more years and save up.
I'm overly stingy though and at least it sounds like you're reasonable in your new vehicle choice (i.e. not a new Mercedes or something) so do what you want.
I'm overly stingy though and at least it sounds like you're reasonable in your new vehicle choice (i.e. not a new Mercedes or something) so do what you want.
This post was edited on 1/8/17 at 2:29 pm
Posted on 1/8/17 at 2:36 pm to yellowhammer2098
That's what I was thinking. The Versa is starting to have minor problems, but if it gets me through the next few years I can use the money I saved not buying right now to get something brand new.
But if the deal on the sonata is too good to pass up I might have to bite the bullet and take it. I'll come back once I get some exact numbers and it'll be an easier decision
But if the deal on the sonata is too good to pass up I might have to bite the bullet and take it. I'll come back once I get some exact numbers and it'll be an easier decision
Posted on 1/8/17 at 3:03 pm to Ingeniero
Agreed with the other guy. Never get rid of a car that still runs fine with low miles that is barely worth anything. The depreciation has already occurred.
Eta: as you get further away from college you will care less and less about what you drive. Way too many other things to spend your money on
Eta: as you get further away from college you will care less and less about what you drive. Way too many other things to spend your money on
This post was edited on 1/8/17 at 3:04 pm
Posted on 1/8/17 at 3:11 pm to Ingeniero
quote:
The Versa is starting to have minor problems,
Completely understand this. I drive an 06 Hyundai with around 90k miles and the damn rear passenger door handle just completely popped off on Christmas. Also, a skid plate (I think) on the bottom of the car just broke and was dragging as I drove down the interstate the other day until I pulled over and (temporarily) fixed it.
It's a pain to be dealing with stuff like that. I admittedly know next to nothing about cars and I've done some online shopping for vehicles myself.
Posted on 1/8/17 at 3:11 pm to Ingeniero
I wouldn't take on unnecessary debt for a only a 13K mile difference. Just my opinion
Posted on 1/8/17 at 3:53 pm to Ingeniero
No, no and no. Don't trade cheap Japanese junk for for more expensive cheap Korean junk. Versas are cheap to work on, just deal with it to your ready to buy a real car.
Posted on 1/8/17 at 5:50 pm to Ingeniero
In your situation, your money is better spent elsewhere. Study the Time Value of money if you don't know what installing about.
Posted on 1/8/17 at 6:32 pm to Ingeniero
Drive it until the wheels fall off, or it needs a repair that costs more than the value of the car, or the annual cost of repairs is more than a car note if you replaced it.
A car is a rapidly depreciating asset and should be bought as rarely as possible.
A car is a rapidly depreciating asset and should be bought as rarely as possible.
Posted on 1/8/17 at 6:34 pm to Ingeniero
I wouldn't live with my parents and save my money so I could get into a used Sonata. Keep your Versa.
Posted on 1/8/17 at 6:41 pm to Ingeniero
quote:
My current car is an 08, and only has about ~43k miles
Nissan Versa is a cheap car and will only go about 80-100k miles before the transmission falls apart. But, shite, wait until it happens. Start saving the $300 tat the new note would cost and save to buy the replacement in cash...you have a few ore years on that one.
Posted on 1/8/17 at 7:44 pm to Ingeniero
quote:Unequivocally, NO!
Do I need to buy a car right now?
I fight the urge to buy a new vehicle every few months, and mine has 132k on it. Hell no you don't need a vehicle, you need a house! Save 30k over the next two years if you're living with your parents.
Posted on 1/8/17 at 7:48 pm to Ingeniero
quote:Why on planet earth is this your focus in life? Set higher goals. What good is a brand new car if you live with your parents? It's a pointless investment at your stage in life. It's not even an investment at all...
if it gets me through the next few years I can use the money I saved not buying right now to get something brand new.
Posted on 1/8/17 at 8:06 pm to Ingeniero
You live with your parents. That should be your primary issue to fix. Stack cash and get off your parents' couch. Don't even think about getting another car until you have moved out on your own and saved 3 months living expenses MINIMUM.
Posted on 1/8/17 at 10:09 pm to cfa626
Damn you guys are harsh I was the one arguing that I didn't want to buy a car in the situation. And nothing wrong with living with your parents for a year or two to save money for a house, right?
I was the one arguing that I didn't want to buy a car in the situation. And nothing wrong with living with your parents for a year or two to save money for a house, right?Posted on 1/8/17 at 11:49 pm to Ingeniero
Biggest mistake I made out of college was buying a new truck when mine was running good...save your money...no pussy is worth it
This post was edited on 1/8/17 at 11:51 pm
Posted on 1/9/17 at 12:13 am to Ingeniero
That's the thing: live with them for a limited time with a specific goal. How many 30 year olds do you think planned on living at home for so long? They moved in, didn't have bills, so they spent money on things like cars and now they still live at home. Before you know it, you're off track with your goals because of one thing or another. Don't let a Hyundai distract you.
And yes, this board is pretty harsh. But typically the answers are on point. Best of luck to you!
And yes, this board is pretty harsh. But typically the answers are on point. Best of luck to you!
Posted on 1/9/17 at 1:51 pm to Ingeniero
If you just have to get a new car I would invest in a Toyota or Honda....But I would keep yours as long as your could, at around 75K miles I would start looking at some options.
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