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Started By
Message
What should I do? Car purchase.
Posted on 5/16/15 at 6:53 pm
Posted on 5/16/15 at 6:53 pm
Hello all! Here is my situation. Back in 2011 after graduating college I went and bought a 2011 Jetta SEL at 1.9% for 60 months and my payments were $449. Move ahead to the summer 2013, I decide to refi my car to lower the payment (dumb move, never doing it again) which lowered my payments to $293. In the current plan I am in I still have 36 months to pay on my current Jetta which once all said and done I would have paid a total of 7 years. I figure once I finish paying for it I will end up getting something new since it will be an aged car with roughly 100K on it. I have 57K now.
Here is my situation. I can get a new 2015 Jetta ( I like the Jetta) at 0%, 60 months and after doing my calculations I would be paying 390ish a month. I can easily afford this (back in 2011 I was a dumb college grad), I am just wondering if it makes sense? Either way I have a car payment for the next three years.....so why not make it something new, under warranty even though I know I will pay two more years after the three pass. Gosh I hope this makes sense. Sorry for this long post but I would like the boards input.
Here is my situation. I can get a new 2015 Jetta ( I like the Jetta) at 0%, 60 months and after doing my calculations I would be paying 390ish a month. I can easily afford this (back in 2011 I was a dumb college grad), I am just wondering if it makes sense? Either way I have a car payment for the next three years.....so why not make it something new, under warranty even though I know I will pay two more years after the three pass. Gosh I hope this makes sense. Sorry for this long post but I would like the boards input.
This post was edited on 5/16/15 at 6:55 pm
10
Posted on 5/16/15 at 7:32 pm to Herb484
Stop buying new cars.
Posted on 5/16/15 at 7:50 pm to 13SaintTiger
quote:
Stop buying new cars.
Especially at your age.
Posted on 5/16/15 at 8:40 pm to Herb484
quote:
2011 Jetta SEL
quote:
an aged car with roughly 100K on it. I have 57K now.
None of those are truly accurate. A 2011 with 100K is nothing. Drive the car for 10 more years.
Posted on 5/16/15 at 10:10 pm to kywildcatfanone
So go back and figure out how much sooner you will pay off your existing loan if you add the extra $100/mo (the difference between your current payment and the new payment). Bankrate.com and other websites have auto loan calculators to help you with this. You only have 2 more years, so forget the new car and pay his one off ASAP. And then drive it at least 100k miles before you even THINK about a new one. Zero percent deals come and go....don't let the idea of free money get you deeper into debt. Needs and wants are not the same thing. 57k is nothing....100k these days is still nothing, provided that you are doing proper routine maintenance.
Posted on 5/16/15 at 10:43 pm to Herb484
No, it doesn't make a lot of financial sense. This isn't the 80's; cars today (even VW's) are hardly broken in at 100k miles. But you say you can easily afford it and want something new so who cares. Go for it.
Posted on 5/16/15 at 11:06 pm to Herb484
I guess I am having a hard time understanding your question. What are you asking?
If your goal is an early retirement, financial independence, etc., then you are not making wise decisions in my opinion. However, if you want a new car because that is what is important to you for whatever reason than sure, go ahead.
No right or wrong answers in this game unless you have a specific goal in mind.
If your goal is an early retirement, financial independence, etc., then you are not making wise decisions in my opinion. However, if you want a new car because that is what is important to you for whatever reason than sure, go ahead.
No right or wrong answers in this game unless you have a specific goal in mind.
Posted on 5/16/15 at 11:26 pm to I Love Bama
quote:
Here is my situation. I can get a new 2015 Jetta ( I like the Jetta) at 0%, 60 months and after doing my calculations I would be paying 390ish a month.
Yeah...yeah..that's one way to go about it...
Or you could keep driving the Jetta you already have for shite tons less than $390 a month.
Posted on 5/17/15 at 12:09 am to Huey Lewis
OP - this is how NOT to be a MoneyTalk Baller.
After you buy the '15, why not the new '17? And then . . .
After you buy the '15, why not the new '17? And then . . .
Posted on 5/17/15 at 8:01 am to 13SaintTiger
quote:
Stop buying new cars.
Posted on 5/17/15 at 5:21 pm to WPBTiger
What do you guys have against purchasing new cars?
Posted on 5/17/15 at 5:34 pm to coonass27
Depreciating asset 
Posted on 5/17/15 at 5:40 pm to coonass27
quote:
What do you guys have against purchasing new cars?
Well in this guys case, he's leasing new cars.
Posted on 5/17/15 at 6:19 pm to Herb484
You should stop rolling your debt forward.
You can consider buying a new one 6 months after you pay this one off. That way you can feel the effects of that extra cash flow into your account. You don't even remember what that is like.
You can consider buying a new one 6 months after you pay this one off. That way you can feel the effects of that extra cash flow into your account. You don't even remember what that is like.
Posted on 5/17/15 at 6:30 pm to Herb484
I'd say pull the trigger on the new car if you can get the dealership to give you good money on your trade. Regardless of the fact that cars will last much longer today than years past, consumers still like to purchase cars that are under the 100k mark. Thus, dealers are willing to put better money into your trade.
Detail the shite out of yours and go give it a try. If they get the numbers right, get a new one.
Detail the shite out of yours and go give it a try. If they get the numbers right, get a new one.
Posted on 5/17/15 at 7:17 pm to coonass27
quote:
What do you guys have against purchasing new cars?
Well at first blush this is a recent college grad buying new cars every 3.5 years. Which is usually pretty dumb. He didn't really give any other info about debts, assets, investments, income etc. to make a fair call - only said he could "easily afford it" which is why my flippant advice was to just go for it if it makes him happy. I like cars so I can commiserate. I bought a Yukon when I was fresh in my career 4 years ago and now I want something with bluetooth and modern technology so I might get a Lexus GX460 soon. But I paid off my 60 month loan in 36 months. And I know that it's not an MB approved (TM) purchase.
Posted on 5/17/15 at 7:27 pm to DawgCountry
quote:
Depreciating asset
And a used car holds it value? I see a lot of people on here say "buy a decent used car cash". Every "decent" used vehicle I have ever inquired about was not a whole lot less than a new one. What ever you pay, cash/finance its going to depreciate. And yes cars are being built to run a lot longer these days but that's mainly the power trains. There are still going to be issues that need fixing through out ownership.
Posted on 5/17/15 at 7:55 pm to coonass27
If you want a new car and can afford do it. If you cant afford it dont do it.
Posted on 5/17/15 at 8:10 pm to coonass27
quote:
And a used car holds it value? I see a lot of people on here say "buy a decent used car cash". Every "decent" used vehicle I have ever inquired about was not a whole lot less than a new one. What ever you pay, cash/finance its going to depreciate. And yes cars are being built to run a lot longer these days but that's mainly the power trains. There are still going to be issues that need fixing through out ownership.
For every car I've ever looked at, the gap between the value of new vs one year old is significantly bigger than between one year old and two years old. Have you noticed something different?
Posted on 5/17/15 at 8:45 pm to Joshjrn
I actually just went and browsed a used inventory of trucks as I may be downsizing. A "demo" 2015 silverado with 40k miles is almost 40
A used 2009 ext cab silverado with almost 80K miles was 19,500.
My thinking is, why would I buy a 40k truck with almost 40k miles when a new one with rebates will be not much more
Why buy a used extend cab truck with almost 100k, no warranty and no Maint history for 20 when I can get a new, comparable options for close to 30k.
I mean, I have no problem with people who do this for whatever the reason may be (finances, principal, etc) but for people to swear by this and call others that go new ridiculous is a little weird. I baby and take care of every vehicle I have ever owned but for some reason, about the 4 year mark and when payments are complete. I seem to always have some sort of issue every couple months. Id rather pay a note and spend a little more a year for something new, with a warranty then an older paid for vehicle that
That sits in the shop every couple months. That just my opinion.
A used 2009 ext cab silverado with almost 80K miles was 19,500.
My thinking is, why would I buy a 40k truck with almost 40k miles when a new one with rebates will be not much more
Why buy a used extend cab truck with almost 100k, no warranty and no Maint history for 20 when I can get a new, comparable options for close to 30k.
I mean, I have no problem with people who do this for whatever the reason may be (finances, principal, etc) but for people to swear by this and call others that go new ridiculous is a little weird. I baby and take care of every vehicle I have ever owned but for some reason, about the 4 year mark and when payments are complete. I seem to always have some sort of issue every couple months. Id rather pay a note and spend a little more a year for something new, with a warranty then an older paid for vehicle that
That sits in the shop every couple months. That just my opinion.
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