Author Topic: Am I about to buy a clown car?  (Read 3712 times)

BuckeyeFinance

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Am I about to buy a clown car?
« on: November 14, 2015, 07:57:22 AM »
My new employer offers an incentive for having their logo on your car (4k/year). The car has to be white and my current car is not. The only restriction on the type of car is that it can't be an old beater. My current car is a 2012 accord with 40k miles which I can sell for $13,000 to a friend. I don't have kids but would like a 4-seater. The way I see it, these are my options:

-Get my current car painted white. This would devalue the car and getting it painted is fairly expensive. I haven't gotten a quote so I don't have an exact amount.
-Sell my current car and lease a car.
-Sell my current car and buy a used car.
-Sell my current car and buy a new car.

Right now, I am leaning towards buying a new Honda Fit LX (base) with CVT transmission (33/41 mpg). Priced at 17,400--I think I can get it out the door for $18,000. I like this car because maintenance will be extremely cheap, it gets good gas mileage, has good reviews, maintains its value relatively well, and is spacious on the inside while still being a compact car. I would plan to drive it for a very long time. I drive about 12-15k miles per year. I know mustachians are against buying new cars and maybe I am in for a face-slap. What do you think?

Papa bear

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Re: Am I about to buy a clown car?
« Reply #1 on: November 14, 2015, 08:11:07 AM »
From a financial point of view, you are missing out on 4k of income if you don't get a white car.  Sell your current car, and can you lease or borrow for a new/used for 4k/year?  You can bank the cash from the sale of your Honda, invest that, and get your new car for "free" while you are working there. 


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terran

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Re: Am I about to buy a clown car?
« Reply #2 on: November 14, 2015, 08:23:45 AM »
Did you post about this topic a few months ago? It sounds really familiar, so if it wasn't you, do a search and I think you'll find a pretty lengthy discussion about.

Something worth looking into would be if having signs on your car means you need commercial insurance and if that would cost any more than your current insurance.

BuckeyeFinance

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Re: Am I about to buy a clown car?
« Reply #3 on: November 14, 2015, 08:29:29 AM »
Did you post about this topic a few months ago? It sounds really familiar, so if it wasn't you, do a search and I think you'll find a pretty lengthy discussion about.

Something worth looking into would be if having signs on your car means you need commercial insurance and if that would cost any more than your current insurance.

I did. Now I have found a car to purchase. I was trying to focus the discussion on the car I've chosen to see if anyone would be able to talk me out of it.

BuckeyeFinance

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Re: Am I about to buy a clown car?
« Reply #4 on: November 14, 2015, 08:30:33 AM »
Did you post about this topic a few months ago? It sounds really familiar, so if it wasn't you, do a search and I think you'll find a pretty lengthy discussion about.

Something worth looking into would be if having signs on your car means you need commercial insurance and if that would cost any more than your current insurance.

The question is not whether I take advantage of it or not but in what way.

JLee

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Re: Am I about to buy a clown car?
« Reply #5 on: November 14, 2015, 08:43:15 AM »
What's your Craigslist region? I'll poke around for you if you like.

ShoulderThingThatGoesUp

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Re: Am I about to buy a clown car?
« Reply #6 on: November 14, 2015, 10:42:42 AM »
Bought a Fit for about that much in 2010, new, and it's probably worth $9000 now. But if it had lost $10,000 in value, that would be $2,000 a year so you'd still be coming out ahead.

That said - you can't find a 5-year-old white car? Have you tried rental company sales lots?

obstinate

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Re: Am I about to buy a clown car?
« Reply #7 on: November 14, 2015, 10:59:30 AM »
There's no reason to get a new Fit when there are tons of used white ones on the market. http://sfbay.craigslist.org/search/cta?auto_make_model=honda+fit&auto_paint=9

bobechs

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Re: Am I about to buy a clown car?
« Reply #8 on: November 14, 2015, 11:44:06 AM »
Plasti Dip it!

https://www.dipyourcar.com/




Remember: you do not have a choice of colors. Turnkey cost (if no diy skillz) about six hundred bux. Five year ROI ~1600% per annum.

http://dipmyride.net/forum/index.php?/topic/473-suggested-dipping-services-pricing-chart/

But I have it in mind that you really want to buy a new car and have completely talked yourself into it.  So there's that...




La Bibliotecaria Feroz

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Re: Am I about to buy a clown car?
« Reply #9 on: November 14, 2015, 11:48:22 AM »
I don't understand why you are looking at new Fits instead of used ones.

Obviously, the basic math makes sense if you love your job and it feels stable. The new car would pay for itself in the first year plus a few months, and you would immediately start saving money on gas. (The new Accords probably get better gas mileage than my old 99 one, but I can tell you, I really notice the difference in gas mileage between my Accord and my husband's 08 Fit.)

BuckeyeFinance

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Re: Am I about to buy a clown car?
« Reply #10 on: November 15, 2015, 05:28:27 AM »
But I have it in mind that you really want to buy a new car and have completely talked yourself into it.  So there's that...

You're right. I did talk myself into it partially due to limited used white Fit inventory in my area. That's really not a good reason to buy a new car. I'm back to looking at used Fits in mine and neighboring states. Thanks for the input. I'll keep the thread updated moving forward.

FIREby35

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Re: Am I about to buy a clown car?
« Reply #11 on: November 16, 2015, 06:55:14 AM »
Good on you for recognizing the mind game of "talking yourself into a new car." The way to do this is to find a good, white used car for less than you sell your accord. You can get a good used car for 5-10k. Even if the car is not a Honda fit (or other fuel efficient car), the 4k per year is a great benefit that puts you ahead.