Options for used cars

[FastStache]

We have a 2013 Ford Escape which is good on gas and we used the opportunity to roll an upside down car loan into it.

We have an interesting problem in that we need to have sliding doors in order to fit the car in a new house's garage we are offering on.

We are looking to expand our family to from 1 child to 2 or 3 total in a few years.  We are considering minivans and the mazda 5 so far. We would put less than 5K miles on the car per year, so something with a bit of miles on it is ok.

Some nice to haves
1. Latches for car seats
2. AC vents in the rear seats
3. High rating on safety
4. Ability to do some hauling around for house projects

This opportunity can help us solve the space issue in the future and get us out of the car payment with a lump sum. I'm hoping to find something sub 8K. My wife will be the one mostly driving it around and wants it to be reliable.

Estimated Value: 16-17K
Loan Amount: 23K, 2.7%

[Beckyemerson]

I have a 2006 Hyundai accent. I have 3 children. We fit fine and we are unusually tall. I imagine a compact car would fit in your garage even without sliding doors. If you ever want to retire stop wasting your money on cars.

[CarDude]

I can't comment on point #2, but #1 and #3 are in my wheelhouse, and #4 is doable with any minivan.

Under 8k, the safest minivans you'll find are the 2005+ Honda Odyssey and 2006+ Kia Sedona. Beyond that, I'd put the 2004+ Sienna as a close third, and rank it equal if you find one with head/torso airbags and ESC. These are also among the safest vehicles you can buy at any price, and at any year. From a reliability perspective, the Odyssey and Sienna should be good for 200k and beyond. I can't speak to the Sedona's reliability.

[FastStache]

I have a 2006 Hyundai accent. I have 3 children. We fit fine and we are unusually tall. I imagine a compact car would fit in your garage even without sliding doors. If you ever want to retire stop wasting your money on cars.

thank u for the non helpful advice. A compact car would not work, and it is possible to FIRE after bad decisions.

I can't comment on point #2, but #1 and #3 are in my wheelhouse, and #4 is doable with any minivan.

Under 8k, the safest minivans you'll find are the 2005+ Honda Odyssey and 2006+ Kia Sedona. Beyond that, I'd put the 2004+ Sienna as a close third, and rank it equal if you find one with head/torso airbags and ESC. These are also among the safest vehicles you can buy at any price, and at any year. From a reliability perspective, the Odyssey and Sienna should be good for 200k and beyond. I can't speak to the Sedona's reliability.

I will keep a lookout for these, especially the Odyssey.

[Beckyemerson]

I wasn't trying to be rude or unhelpful. I really do think a compact car would work. I once had a very small garage that could barely fit a minivan. My compact car fit fine and I could open the doors. Actually thinking back about that experience I wonder if a minivan would even work in your new garage. If the garage is so small you need sliding doors, how will the driver and passengers access their seats? Also, a minivan's gas consumption is almost double that of a compact car.

I have no doubt you can FIRE after mistakes. I have definitely made mistakes. The reason I am being so insistent on buying a small car is because it was one of the best decisions I made. I really think you would not regret it.

[Jamesqf]

We have an interesting problem in that we need to have sliding doors in order to fit the car in a new house's garage we are offering on.

Err...  Why?  This has been discussed in the past, and it's a fact that most people don't use a garage as a place to keep a car.  So re-thinking your options in that light might give you more choices.

[CarDude]

I have a 2006 Hyundai accent. I have 3 children. We fit fine and we are unusually tall. I imagine a compact car would fit in your garage even without sliding doors. If you ever want to retire stop wasting your money on cars.

thank u for the non helpful advice. A compact car would not work, and it is possible to FIRE after bad decisions.

I can't comment on point #2, but #1 and #3 are in my wheelhouse, and #4 is doable with any minivan.

Under 8k, the safest minivans you'll find are the 2005+ Honda Odyssey and 2006+ Kia Sedona. Beyond that, I'd put the 2004+ Sienna as a close third, and rank it equal if you find one with head/torso airbags and ESC. These are also among the safest vehicles you can buy at any price, and at any year. From a reliability perspective, the Odyssey and Sienna should be good for 200k and beyond. I can't speak to the Sedona's reliability.

I will keep a lookout for these, especially the Odyssey.

Glad you found it helpful. Let me know if you have more questions.

[Nords]

We are looking to expand our family to from 1 child to 2 or 3 total in a few years.  We are considering minivans and the mazda 5 so far. We would put less than 5K miles on the car per year, so something with a bit of miles on it is ok.

I understand that you're seeking minivans, but a surprisingly roomy car for your kids could be a Toyota Prius.  Anything in the 2005 model year or later, with under 150K miles, will probably do the job.  They have easy attachments for car seats and a very roomy cargo area.  We routinely drive around five adults, and the backseat group are happy with the headroom and legroom.  They're about 68"-70" wide, if that helps with your garage dimensions. 

The cars are not necessarily cheap, but they're much more mechanically reliable.  You'd find a bargain on one that has cosmetic wear & tear.

If you're looking for something still bigger then you might also consider a Honda CR-V.  They seem to have incredible longevity and they also have plenty of passenger capacity & storage.  I was a little skeptical about our daughter shelling out $4200 in 2012 for a 1999 model with 163K miles, but it's given her absolutely no trouble.

[FastStache]

The house we are interested in will be sold a bit under market value because the previous owners converted the garage into a 4th bedroom. It only really leaves the garage about 9 feet wide and a typical car is about 6 to 6.5 feet wide, and this doesn't leave much room for the doors to open.

My wife who puts in a lot of work being a SAHM wants to park in the garage for safety reasons and weather reasons. Plus, this prevents us from filling our garage with stuff we don't need.

Another concern is getting a vehicle with great crash ratings.

Now if we don't get this house and get one with a full sized garage, a Prius does sound like a great option!

[FastStache]

What's the process for selling my underwater car? Do I need to pay cash for the difference of my car's worth and loan to the bank? After this I can buy another car? Can I roll the difference of my undercar and used car into one loan with some down payment?

[Nords]

What's the process for selling my underwater car? Do I need to pay cash for the difference of my car's worth and loan to the bank? After this I can buy another car? Can I roll the difference of my undercar and used car into one loan with some down payment?

If you're trying to sell a used vehicle that's still under lien to a private party, then they have to trust that you'll take their money now and use it (plus your money) to retrieve the title from the lender.  This means that you tend to get hardcore experienced buyers who will lowball you on the price.  If you decide to go the private-party sale route then it might be a better idea to pay off the loan (and clear the title) before trying to sell the vehicle.

If you're going to finance your replacement vehicle then you'll have to see what you can work out with the new lender.  You might be able to wrap everything up in one package, but the lender will be more interested in making the numbers work in their favor.

If you want to have any negotiating power (and more money) in this vehicle swap then the process would be:
- Spend your own savings to pay off the loan and clear the lien on the Escape.
- Sell the Escape to a private party.
- Buy your <$8K vehicle with the cash left over after replenishing your savings.

If you're willing to sacrifice your negotiating power for the convenience of having the lender and the car dealer work things out on your behalf, then find a used car you like and see what the dealer can do for you. 

[schoopsthecat]

If the house appraises for more than the asking price, roll price of the car (or at least the amount you are underwater) into the mortgage...pay off the car, sell it, and buy something cheaper.  That would be what I'd try first.

[eil]

We have a 2008 Mazda 5 and can wholeheartedly recommend one. We fit two adults, two kids (in car seats), a dog, and our luggage/food for the weekend in it without too much trouble. It drives great and has needed no maintenance beyond the usual oil changes and such. Great mileage for a vehicle of its size, about 30 mpg if you drive it right. The two sliding doors are pretty awesome. The rear two rows of seating fold down for hauling stuff, although there isn't a ton of vertical space and it's not especially wide either. (I wish it could carry 4x8 sheets of plywood and drywall, but alas...)

If I had any complaints at all, it would be the plasticky dashboard and the black interior which is impossible to keep looking clean.

[FastStache]

What's the process for selling my underwater car? Do I need to pay cash for the difference of my car's worth and loan to the bank? After this I can buy another car? Can I roll the difference of my undercar and used car into one loan with some down payment?

If you're trying to sell a used vehicle that's still under lien to a private party, then they have to trust that you'll take their money now and use it (plus your money) to retrieve the title from the lender.  This means that you tend to get hardcore experienced buyers who will lowball you on the price.  If you decide to go the private-party sale route then it might be a better idea to pay off the loan (and clear the title) before trying to sell the vehicle.

If you're going to finance your replacement vehicle then you'll have to see what you can work out with the new lender.  You might be able to wrap everything up in one package, but the lender will be more interested in making the numbers work in their favor.

If you want to have any negotiating power (and more money) in this vehicle swap then the process would be:
- Spend your own savings to pay off the loan and clear the lien on the Escape.
- Sell the Escape to a private party.
- Buy your <$8K vehicle with the cash left over after replenishing your savings.

If you're willing to sacrifice your negotiating power for the convenience of having the lender and the car dealer work things out on your behalf, then find a used car you like and see what the dealer can do for you.

This information is gold!

Depending on how much my house sells for, I might have some options with that.

My other options are to get some sort of loan to pay off the car loan, even a peer to peer loan so I can clear the title?

[daverobev]

Make one person get out first, then park the car right up against the wall?

But that aside.. Mazda 5 is good with the sliders, smallest mini you can get, just replace the rear shocks with 3rd party ones not OEM... And if you live in a salty area, keep it rustproofed.

[Nords]

What's the process for selling my underwater car? Do I need to pay cash for the difference of my car's worth and loan to the bank? After this I can buy another car? Can I roll the difference of my undercar and used car into one loan with some down payment?

If you're trying to sell a used vehicle that's still under lien to a private party, then they have to trust that you'll take their money now and use it (plus your money) to retrieve the title from the lender.  This means that you tend to get hardcore experienced buyers who will lowball you on the price.  If you decide to go the private-party sale route then it might be a better idea to pay off the loan (and clear the title) before trying to sell the vehicle.

If you're going to finance your replacement vehicle then you'll have to see what you can work out with the new lender.  You might be able to wrap everything up in one package, but the lender will be more interested in making the numbers work in their favor.

If you want to have any negotiating power (and more money) in this vehicle swap then the process would be:
- Spend your own savings to pay off the loan and clear the lien on the Escape.
- Sell the Escape to a private party.
- Buy your <$8K vehicle with the cash left over after replenishing your savings.

If you're willing to sacrifice your negotiating power for the convenience of having the lender and the car dealer work things out on your behalf, then find a used car you like and see what the dealer can do for you.

This information is gold!

Depending on how much my house sells for, I might have some options with that.

My other options are to get some sort of loan to pay off the car loan, even a peer to peer loan so I can clear the title?

Yes, whatever collateralized (or uncollateralized) loan that does not require the vehicle to be used as collateral.  Of course you'll have to move fairly quickly once you get the loan so that your profits aren't eaten up with interest and processing fees.