Author Topic: financing a car  (Read 9580 times)

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8822
  • Location: Oregon
Re: financing a car
« Reply #50 on: April 05, 2017, 02:59:46 PM »
Glad to see you pull through it! And I feel for you, I REALLY do. We just very nearly pulled the trigger on an '88 BMW 325i, super fun little guy, e30. But it just... didn't make sense. Total nostalgia car for my husband though, was his first car. And we were only talking like $3-4k there! Still didn't make sense for us though.

Sometimes, being responsible hurts a bit =\ I think of it as the "sting of adulthood". But kudos to having the self-control and reasoning to take a hard look at it and make the 'grown up' choice. =)

Thank you very much ! It's sure not easy but doing the right thing hardly ever is. My fiancÚ has a point my car ADD is so ridiculous that I honestly should just wait another 1-2 yrs to see if I even still want an s2000 lol

Also on that e30 - unless it's a complete pile of crap. 3-4k if it has zero rust and a good mechanicaly sound drivetrain is a steal. Those cars are also climbing in value. Try and find an e30 m3 for under 20k, clean title  - almost impossible !

IT WAS A STEAL (although def not an m3). Haha. That's why it was such a struggle. But we literally don't have a place to put a third car. Also there was family drama. *eye roll*. There also was something up with the engine... may have been as minor as the fuel pump (that's what DH was thinking) but could have been more severe. Either way, not to be. =(

And re: your rotary comment above. Was totally expecting you to say it was the rx8, and I was gonna have to be like "noooooo rotary engine maintenance nightmare!".

Re: the car ADD. You should talk to Neo. He's been working through that lately. That man is the living definition of "car ADD". Neo, how many have you had in the past 10 years? Like 15 cars? ;)

Kevin, I think you're wrapped on the question of "which car" not, "should I buy a car". You're getting caught up in wanting to discuss the car. The car is not the point. The debt for something you by definition DO NOT NEED is the point.

It's a future classic !

I believe it very well could be, but you need to save up for this.  It's not something you need to move on now or you'll miss your opportunity.  You'll be able to find a s2000 in 5 years when you have significant savings and can pay for one in cash. 

Exactly this.

Believe me, there are lots of car people around. And when you're in a place to buy, we will happily chat all damn day about WHICH car. But that time is not now. =( Sorry. It just wouldn't be a good move at this point. No matter the car.


What time would you consider the best? Having FU money ? That is a long way off - at least 10 yrs with my last round of FIRE calculations.

I see your point but I also see the time as now (if not then in the near future - within this year most likely)

Personally, I would wait until I had been maxing all tax advantaged space for at least a year, possibly 2, to make sure it's sustainable. I would *certainly* get past things like a wedding first. And if children are on the horizon? Run the numbers. 50% SR now doesn't mean 50% SR forever, especially if you're about to marry someone who also has debt. Because then you're a team. Even if it isn't legally your debt (depends on your state, etc), it's still your debt in 'spirit'.


Thanks. Yeah I need to get my head out of the clouds. Maybe revisit this idea in 2 yrs or so. We are not having kids. I think a better goal for myself and my fiancÚ is for us both to be financially debt free and then look at a fun toy.

Thanks for the help all !

Yeah, if your fiancÚ isn't debt free, then "you're" not debt free. May not he married yet, but obviously plan on it, in which case you are a team of one.

I was lucky my wife has zero debt, but the trade off is that she also doesn't work since she travels with me for my contract work. I broke even on the financial end of that arrangement lol.

This is so true. Gotta look at your numbers as a couple. Maybe that will shift your perspective even more about if you can afford cars as a hobby right now. Honestly, consider another hobby for a while. The car lust will never go away, but trust me when I say time on auto forums and autocross and car clubs do NOT help the car lust. DH opted for jiu jitsu, I'm currently into running. Find something else for your brain to grind on when it's bored =)

Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #51 on: April 05, 2017, 03:00:00 PM »
I would do it, given the circumstance.

I'm a car guy myself and do understand where you're coming from. I was in a similar situation a couple years back. In short, I financed a 1994 Toyota Supra with 57K miles in original condition for 32K; I didn't have that kind cash lying around. Financed for 60 months 1.99% through Lighstream, though I paid it off in January. The MKIV Supra market has appreciated A LOT since then and I do see the S2000 doing the same.

Of course we cannot tell the future, but the S2000 is a unique car. It's a hell of a car for the money and production numbers were fairly low. What other motor out there can rev to 9,000 rpm and have Honda reliability below 100K? There's a ton of young Honda enthusiasts out there that will drive the demand up.

If you can get a low interest rate, I would do it (check out Lightstream.com). Life is short.

- Richard

Prior to making this thread I had looked at lightstream. Had a good friend get his classic Ferrari financed through them.

How was your process? Did you have to prove that you had equity / investments, etc ?

Also pics of that mkiv supra please! One of my dream cars !


Lightstream process is simple. Fill out the application on their website. You then receive an email within 24 hours if approved. They just required pics of pay stubs; they didn't care what kind of car I was buying.

A Supra is far from a Mustachian-type of car, but only those who know of it will understand.


Sounds like a very simple process. I will look into them when i'm ready.

Beautiful Supra. Hope you enjoy it ! My fiancÚ is a big Toyota fan (as am I). She has a 89 Toyota corolla alltrac wagon that we take to the local cars&coffee just for fun. Just over 200k , burns a little oil at start up but perfect otherwise !

looks just like this


Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #52 on: April 05, 2017, 03:39:10 PM »
Glad to see you pull through it! And I feel for you, I REALLY do. We just very nearly pulled the trigger on an '88 BMW 325i, super fun little guy, e30. But it just... didn't make sense. Total nostalgia car for my husband though, was his first car. And we were only talking like $3-4k there! Still didn't make sense for us though.

Sometimes, being responsible hurts a bit =\ I think of it as the "sting of adulthood". But kudos to having the self-control and reasoning to take a hard look at it and make the 'grown up' choice. =)

Thank you very much ! It's sure not easy but doing the right thing hardly ever is. My fiancÚ has a point my car ADD is so ridiculous that I honestly should just wait another 1-2 yrs to see if I even still want an s2000 lol

Also on that e30 - unless it's a complete pile of crap. 3-4k if it has zero rust and a good mechanicaly sound drivetrain is a steal. Those cars are also climbing in value. Try and find an e30 m3 for under 20k, clean title  - almost impossible !

IT WAS A STEAL (although def not an m3). Haha. That's why it was such a struggle. But we literally don't have a place to put a third car. Also there was family drama. *eye roll*. There also was something up with the engine... may have been as minor as the fuel pump (that's what DH was thinking) but could have been more severe. Either way, not to be. =(

And re: your rotary comment above. Was totally expecting you to say it was the rx8, and I was gonna have to be like "noooooo rotary engine maintenance nightmare!".

Re: the car ADD. You should talk to Neo. He's been working through that lately. That man is the living definition of "car ADD". Neo, how many have you had in the past 10 years? Like 15 cars? ;)

Kevin, I think you're wrapped on the question of "which car" not, "should I buy a car". You're getting caught up in wanting to discuss the car. The car is not the point. The debt for something you by definition DO NOT NEED is the point.

It's a future classic !

I believe it very well could be, but you need to save up for this.  It's not something you need to move on now or you'll miss your opportunity.  You'll be able to find a s2000 in 5 years when you have significant savings and can pay for one in cash. 

Exactly this.

Believe me, there are lots of car people around. And when you're in a place to buy, we will happily chat all damn day about WHICH car. But that time is not now. =( Sorry. It just wouldn't be a good move at this point. No matter the car.


What time would you consider the best? Having FU money ? That is a long way off - at least 10 yrs with my last round of FIRE calculations.

I see your point but I also see the time as now (if not then in the near future - within this year most likely)

Personally, I would wait until I had been maxing all tax advantaged space for at least a year, possibly 2, to make sure it's sustainable. I would *certainly* get past things like a wedding first. And if children are on the horizon? Run the numbers. 50% SR now doesn't mean 50% SR forever, especially if you're about to marry someone who also has debt. Because then you're a team. Even if it isn't legally your debt (depends on your state, etc), it's still your debt in 'spirit'.


Thanks. Yeah I need to get my head out of the clouds. Maybe revisit this idea in 2 yrs or so. We are not having kids. I think a better goal for myself and my fiancÚ is for us both to be financially debt free and then look at a fun toy.

Thanks for the help all !

Yeah, if your fiancÚ isn't debt free, then "you're" not debt free. May not he married yet, but obviously plan on it, in which case you are a team of one.

I was lucky my wife has zero debt, but the trade off is that she also doesn't work since she travels with me for my contract work. I broke even on the financial end of that arrangement lol.

This is so true. Gotta look at your numbers as a couple. Maybe that will shift your perspective even more about if you can afford cars as a hobby right now. Honestly, consider another hobby for a while. The car lust will never go away, but trust me when I say time on auto forums and autocross and car clubs do NOT help the car lust. DH opted for jiu jitsu, I'm currently into running. Find something else for your brain to grind on when it's bored =)



15 cars in 10 yrs that's cute. I think in the last 10 yrs I'm over 35 cars. No joke...I may have a little bit of an addiction. Good thing is that in this last year and half. I have had exactly 1 car ! Oh and exactly zero motorcycles.

That is a good idea about trying to find another hobby. I think a big problem for me is trying to change my focus when it has been primarily cars/motorcycles. It's what makes me happy. What can I say.


Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8822
  • Location: Oregon
Re: financing a car
« Reply #53 on: April 05, 2017, 03:44:59 PM »
That is a good idea about trying to find another hobby. I think a big problem for me is trying to change my focus when it has been primarily cars/motorcycles. It's what makes me happy. What can I say.

Think of it this way. If nothing else, you're making yourself a richer, more interesting person, who can connect more easily to other people, since you'll have a variety of interests and experiences. Don't focus on what you're giving up- focus on what you have to gain. There's a world of new learning, friendships, community, and enrichment just waiting for you to find =) Cars will always be there. They're just not the best choice right now.

Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #54 on: April 05, 2017, 03:54:45 PM »
That is a good idea about trying to find another hobby. I think a big problem for me is trying to change my focus when it has been primarily cars/motorcycles. It's what makes me happy. What can I say.

Think of it this way. If nothing else, you're making yourself a richer, more interesting person, who can connect more easily to other people, since you'll have a variety of interests and experiences. Don't focus on what you're giving up- focus on what you have to gain. There's a world of new learning, friendships, community, and enrichment just waiting for you to find =) Cars will always be there. They're just not the best choice right now.


BUT THE SPEED ! I have the need...haha

Thanks for the help / info. I think in a couple years I will have a new / interesting hobby / pursuit and a nice collectible s2000

neo von retorch

  • Magnum Stache
  • ******
  • Posts: 3329
  • Location: SE PA
    • Fi@retorch - personal finance tracking
Re: financing a car
« Reply #55 on: April 05, 2017, 03:54:52 PM »
In 10 years? Only nine! And one motorcycle. But I'm hoping for 10 now. Almost had a heart attack today driving home from work. Hit what I'm pretty sure was a radiator. Not a car radiator. A heat the house radiator. Middle of an intersection of two busy roads. I was like "why are people swerving all over this inters... F***!" And then I hit it with my front right tire and went up on it and slid a little. Got home and I can't find any evidence I hit it though... Good thing I have that truck!

Anyway, put another way, I've discovered that in ~20 years, I've lost ~$40k in buying/selling... not counting tax, titles, tags and fees! But a big chunk of that was the most recent trade. I should know better, but I make mistakes at dealerships... kryptonite, I tell you.

RWD

  • Magnum Stache
  • ******
  • Posts: 3254
  • Location: Mississippi
Re: financing a car
« Reply #56 on: April 05, 2017, 03:59:27 PM »
I was going to guess S2000 before you even mentioned it. I was seriously considering buying one a few years ago to replace my Supra. When I finally actually test drove an S2000 I wasn't very impressed. I didn't like the gearing and it didn't feel as special as I was expecting. They are nice cars, but didn't live up to the hype for me. I agree that they are going to hold their value very well. As a side note, you may be interested in my journal where I talk a lot about cars.

More on point though, I don't think you should finance a car you couldn't also pay cash for. Save up for a while and see if you are still passionate about the car.

Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #57 on: April 05, 2017, 04:47:50 PM »
In 10 years? Only nine! And one motorcycle. But I'm hoping for 10 now. Almost had a heart attack today driving home from work. Hit what I'm pretty sure was a radiator. Not a car radiator. A heat the house radiator. Middle of an intersection of two busy roads. I was like "why are people swerving all over this inters... F***!" And then I hit it with my front right tire and went up on it and slid a little. Got home and I can't find any evidence I hit it though... Good thing I have that truck!

Anyway, put another way, I've discovered that in ~20 years, I've lost ~$40k in buying/selling... not counting tax, titles, tags and fees! But a big chunk of that was the most recent trade. I should know better, but I make mistakes at dealerships... kryptonite, I tell you.

Wow ! I'm surprised you didn't get any body damage or suspension damage...
Lucky !

Yeah I looked at all the registration/insurance fees - did a quick average per car amount = $500 x 30 =  15k worth of money down the drain. That is on the low end ! It doesn't count for consumables - brakes/tires/oil/gas - if I had to guess - at least another 20k for all that car over the last 10-15 yrs. Cars are definitely not a cheap hobby.

MrDelane

  • Pencil Stache
  • ****
  • Posts: 566
Re: financing a car
« Reply #58 on: April 05, 2017, 08:26:54 PM »
I always enjoy reading a thread where things to round and round the OP actually takes into consideration the advice that is given (even if it isn't what they want to hear).

We've all been there... hell, most of us are there every day.
It may not always be something as big as a car, but it's always something.

(I know I know not a smart idea)

Sometimes we just need other people to tell us what we already know.

Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #59 on: April 06, 2017, 09:55:17 AM »
I always enjoy reading a thread where things to round and round the OP actually takes into consideration the advice that is given (even if it isn't what they want to hear).

We've all been there... hell, most of us are there every day.
It may not always be something as big as a car, but it's always something.

(I know I know not a smart idea)

Sometimes we just need other people to tell us what we already know.

Truth hurts as they say...

Why is that ? Why do we constantly lust after bs, crap we don't need, trying to buy new shiny crap to repl old shiny crap ?

Seriously...wtf is wrong me/our society. Why can't most people just be happy with what they have. I honestly can't answer that question. I don't have an addictive personality - don't smoke,drink(besides the occasional beer), drugs, etc. Work and live a relatively happy life and then boom - I see the new shiny driving down the street and think - that guy looks happy - I want what he has ! Maybe it's just envy , jealousy ? meh...

marielle

  • Pencil Stache
  • ****
  • Posts: 861
  • Age: 26
  • Location: South Carolina
Re: financing a car
« Reply #60 on: April 06, 2017, 10:14:27 AM »
Hedonic adaptation! Even if you bought that S2000, you'd probably go back to "baseline" happiness and want a Supra, or whatever other car.

http://www.mrmoneymustache.com/2011/10/22/what-is-hedonic-adaptation-and-how-can-it-turn-you-into-a-sukka/

frugaliknowit

  • Handlebar Stache
  • *****
  • Posts: 1649
Re: financing a car
« Reply #61 on: April 06, 2017, 10:15:03 AM »
NEVER finance a toy!!

Dave1442397

  • Pencil Stache
  • ****
  • Posts: 988
  • Location: NJ
Re: financing a car
« Reply #62 on: April 06, 2017, 10:21:45 AM »
Just to add fuel to the fire, I had an S2000 for seven years. I used it as my daily driver for five years, then went back to an automatic because job and commute changed, and there were days it felt like I changed gears 1,000 times on the 30-mile ride home. I only put 800 miles on it in the last two years I owned it, so I decided to sell. I don't regret selling it, but it sure was a fun car.

Here's my daughter enjoying it.




Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #63 on: April 06, 2017, 10:36:15 AM »
Hedonic adaptation! Even if you bought that S2000, you'd probably go back to "baseline" happiness and want a Supra, or whatever other car.

http://www.mrmoneymustache.com/2011/10/22/what-is-hedonic-adaptation-and-how-can-it-turn-you-into-a-sukka/


Hedonism=the American way...sad but true.

Barrage of advertising sure doesn't help, pressure from keeping up the "jones"

F the JONES! right in there stupid fucking face !
lol

Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #64 on: April 06, 2017, 10:37:09 AM »
Just to add fuel to the fire, I had an S2000 for seven years. I used it as my daily driver for five years, then went back to an automatic because job and commute changed, and there were days it felt like I changed gears 1,000 times on the 30-mile ride home. I only put 800 miles on it in the last two years I owned it, so I decided to sell. I don't regret selling it, but it sure was a fun car.

Here's my daughter enjoying it.

Cool pic !


neo von retorch

  • Magnum Stache
  • ******
  • Posts: 3329
  • Location: SE PA
    • Fi@retorch - personal finance tracking
Re: financing a car
« Reply #65 on: April 06, 2017, 10:47:42 AM »
I sat in an S2000 at a Honda Dealership. It's on the long list of convertibles that put the windshield frame pretty much where my face sits. And I'm not remarkably tall - 6'2". I drove an early 2000s Camaro and sat in a Corvette - those big "made for Americans" cars are the only convertibles that seem to work for me.

MightyAl

  • Stubble
  • **
  • Posts: 133
Re: financing a car
« Reply #66 on: April 06, 2017, 10:58:18 AM »
15 cars in 10 yrs that's cute. I think in the last 10 yrs I'm over 35 cars. No joke...I may have a little bit of an addiction. Good thing is that in this last year and half. I have had exactly 1 car ! Oh and exactly zero motorcycles.

That is a good idea about trying to find another hobby. I think a big problem for me is trying to change my focus when it has been primarily cars/motorcycles. It's what makes me happy. What can I say.

I was going to say the same thing.  I have slowed down in the last ten years but in the last 20 years I am closing in on 50.  I have owned 2 dozen supras (Mk2, Mk3, and Mk4).  Countless subarus, all-trac, borrowed an S2000 for a couple weeks (it was only fun above 5000rpms), several M3s, corvette, 3000GT VR4.  Right now I drive a 10 year old Sienna.  My eyes are always peeled though.  I have tried to be conservative with cars but I do all my own work and owned a shop doing 1j and 2j swaps. 

I would not consider any of these cars investments though no matter what the rarity.  The fact of the matter is they cost money to both operate and store.  If you drive them you have to insure them and if you park them you have to insure them.  Unless the value absolutely skyrockets then you are essentially just losing less money.  My last M3 cost ~$1,000/ year in maintenance and $600/year in insurance.  Plus I need an extra parking space inside in order to keep it in pristine condition.  Speaking of pristine there is a cost to maintain that.  Clip a curb or get a scratch on the nose and you will need to get it fixed.  Unless you are constantly churning then buying and holding a car is a horrible investment.  Don't kid yourself.

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8822
  • Location: Oregon
Re: financing a car
« Reply #67 on: April 06, 2017, 10:59:37 AM »
Hedonic adaptation! Even if you bought that S2000, you'd probably go back to "baseline" happiness and want a Supra, or whatever other car.

http://www.mrmoneymustache.com/2011/10/22/what-is-hedonic-adaptation-and-how-can-it-turn-you-into-a-sukka/


Hedonism=the American way...sad but true.

Barrage of advertising sure doesn't help, pressure from keeping up the "jones"

F the JONES! right in there stupid fucking face !
lol

Avoiding advertising helps! Seriously. An even better reason than money savings to cut cable- save time, save mental 'addiction' to material crap. Same goes for installing ad blockers on your browser and unsubscribing from mailing lists.

Even still, most of us get spikes of wanting material things. I find it goes in cycles for me, where I'll be content for a while, then I get restless and want-want-want. IME, if I hold off through that cycle of WAAANT and don't buy anything, it fades after a couple weeks. Usually it's just a symptom of other restlessness, like I'm feeling socially isolated, frustrated with work, or like I'm not getting quality time with my husband. (Time in nature is also a big 'reset' for me!) If those are doing well, and I wait, and I still want something, only then do I consider a big purchase.

It's worked damn well so far. =)

neo von retorch

  • Magnum Stache
  • ******
  • Posts: 3329
  • Location: SE PA
    • Fi@retorch - personal finance tracking
Re: financing a car
« Reply #68 on: April 06, 2017, 11:11:47 AM »
I used to watch Top Gear like crazy. Got into it later than most, so there was lots of binging to do. Then I had ~3 active car magazines. (Now I just have a C&D magazine that won't seem to die, but I haven't paid for in a long, long time.) Currently just have Netflix, no cable. So I can't watch current Top Gear.

Anyway, I've found great joy in driving certain cars, like the Honda Fit. Obviously it's "different" than a RWD convertible, and you can scoff if you'd like. We all have different places on the spectrum of "car lust." But I pretty much shut off the "collector's" switch. Yes, I want to drive something I can enjoy, and I can enjoy driving pretty tame vehicles. The first generation Fit is a "no frills" light weight hatchback. It does what you tell it to, rather than squishily hiding bumps from you. The transmission is direct, and the steering feels direct. So you're driving. Yeah, you can't throw your back against the seat, and you need bizarre skills to kick the back out, but you can enjoy driving it, nonetheless. Would you ever put it in a collection? Uh... maybe a really weird, eclectic one... but normally, no. That instinct to collect can get you in trouble, whatever your hobby.

I think those that drive something like the BRZ/FR-S/86 might be on the right track. I haven't driven one yet, so I don't know how well I'd fit, and unfortunately, when I don't own something like a hatchback, I tend to really, really miss it. So it'll probably never be my only car, unless I'm FIRE'd and my wife and I share two cars for everything we do, and decide that's the good "stupid" car to have ;)

Anyway, are you getting your driving kicks in? Can you collect on a much smaller scale? (I have ~20 model Corvettes, for example. At $17-25/pop "collecting" isn't as painful as it is with cars. Storage and insurance is really cheap!)
« Last Edit: April 06, 2017, 11:23:28 AM by neo von retorch »

RWD

  • Magnum Stache
  • ******
  • Posts: 3254
  • Location: Mississippi
Re: financing a car
« Reply #69 on: April 06, 2017, 11:20:12 AM »
I think those that drive something like the BRZ/FR-S/86 might be on the right track.
I'm still loving my BRZ after four years of ownership. :)

Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #70 on: April 06, 2017, 11:30:01 AM »
I used to watch Top Gear like crazy. Got into it later than most, so there was lots of binging to do. Then I had ~3 active car magazines. (Now I just have a C&D magazine that won't seem to die, but I haven't paid for in a long, long time.) Currently just have Netflix, no cable. So I can't watch current Top Gear.

Anyway, I've found great joy in driving certain cars, like the Honda Fit. Obviously it's "different" than a RWD convertible, and you can scoff if you'd like. We all have different places on the spectrum of "car lust." But I pretty much shut off the "collector's" switch. Yes, I want to drive something I can enjoy, and I can enjoy driving pretty tame vehicles. The first generation Fit is a "no frills" light weight hatchback. It does what you tell it to, rather than squishily hiding bumps from you. The transmission is direct, and the steering feels direct. So you're driving. Yeah, you can't throw your back against the seat, and you need bizarre skills to kick the back out, but you can enjoy driving it, nonetheless. Would you ever put it in a collection? Uh... maybe a really weird, eclectic one... but normally, no. That instinct to collect can get you in trouble, whatever your hobby.

I think those that drive something like the BRZ/FR-S/86 might be on the right track. I haven't driven one yet, so I don't know how well I'd fit, and unfortunately, when I don't own something like a hatchback, I tend to really, really miss it. So it'll probably never be my only car, unless I'm FIRE'd and my wife and I share two cars for everything we do, and decide that's the good "stupid" car to have ;)

Anyway, are you getting your driving kicks in? Can you collect on a much smaller scale? (I have ~20 model Corvettes, for example. At $17-25/pop "collecting" isn't as painful as it is with cars. Storage and insurance is really cheap!)


Ugh..car magazine subscriptions. Thankfully I got rid of those a couple years back but man I was a sucker for those. I think I was paying over 100 bucks a yr for several of them. Getting rare euro mags at a discounted rate of 50 bucks/yr ? !!?! - crazy indeed !

No scoffing here sir. I had a Honda fit - 2015 - manual trans - very fun drive. Honda knows how to make a great manual transmission and amazing steering feel. One of my favorite practical cars out there !

I think my thing I keep going to back to is, my truck is reliable, cheap to maintain, good on gas, paid for. Should run for another 100k - possibly more but it is just not fun at all, rides a bit rough (it's a truck) and has very little pickup. Steering is vague, shifter is a truck - so terrible. Lol - first world problems. But for a car guy- driving a really ordinary boring appliance of a vehicle can start to weigh on you. Then I think ? It's paid off and my savings are really jumping up now ! I think in a year or two I will revisit this situation. See what my mind may wander too.

v8 Miata anyone ? 

neo von retorch

  • Magnum Stache
  • ******
  • Posts: 3329
  • Location: SE PA
    • Fi@retorch - personal finance tracking
Re: financing a car
« Reply #71 on: April 06, 2017, 11:41:25 AM »
The 3rd gen Fit is high on my shopping list. I have a truck, but it's... a current generation Silverado 5.3L. And it's "nice" but I really do NOT enjoy commuting in it daily. The driving is... reasonably OK, aside from Truck jitter/rattles and Truck clunky shifting (a 2014 specific issue.) But the engineer/mustachian really feels conflicted about hauling 2.5 tons of steel back and forth to work with me. And financially... it's way better for me to drive a 2015 Fit than this beast. So I plan to sell it in the next 3 months, and get a trailer... so my next car will be able to be a great commuter, but add a trailer and voila, "truck."

SeaEhm

  • Bristles
  • ***
  • Posts: 448
  • The Guilt is Real
Re: financing a car
« Reply #72 on: April 06, 2017, 12:54:32 PM »
I think Chris22 on here has an S2000 and from what I just read, he has loved it for the past 10 years.

Get the S2000 and finance it at less than 2%.  Use the other the money to fund investments. 


S2000 isn't on the same level as an NSX, but I passed on a couple NSX purchases about 3 years ago.  Let's just say they are selling for $20k more than I was going to pay.

A clean low mileage S2000 will be sought after in the coming years as cars become more tech intrusive. The feel of a lightweight nimble car that you shift yourself is something that will appeal to many for years to come.

shawndoggy

  • Bristles
  • ***
  • Posts: 312
Re: financing a car
« Reply #73 on: April 06, 2017, 01:12:40 PM »
Fwiw I've had a "fun car" and a boat (ok several boats). The boat gives way more joy because the experience is shared with others.

LOL but definitely NOT an "investment" in the financial sense.


Sent from my iPhone using Tapatalk

JLee

  • Walrus Stache
  • *******
  • Posts: 5503
Re: financing a car
« Reply #74 on: April 06, 2017, 02:55:47 PM »
I would do it, given the circumstance.

I'm a car guy myself and do understand where you're coming from. I was in a similar situation a couple years back. In short, I financed a 1994 Toyota Supra with 57K miles in original condition for 32K; I didn't have that kind cash lying around. Financed for 60 months 1.99% through Lighstream, though I paid it off in January. The MKIV Supra market has appreciated A LOT since then and I do see the S2000 doing the same.

Of course we cannot tell the future, but the S2000 is a unique car. It's a hell of a car for the money and production numbers were fairly low. What other motor out there can rev to 9,000 rpm and have Honda reliability below 100K? There's a ton of young Honda enthusiasts out there that will drive the demand up.

If you can get a low interest rate, I would do it (check out Lightstream.com). Life is short.

- Richard

I think you may be in the wrong forum. Also, it's not like half the current decent S2000s will be gone in two more years...Or even five to ten years. You yourself bought a much older rare-ish car. There will always be more S2000s.


lol really ? Tell that to mustang / Camaro / bell air / fuck any classic muscle car when they dumped them when gas shot up in the 70s

I can't tell you how many stories I've heard from people over the years who are of that age group who regret selling that "gto,mustang,vette" etc and buying a econobox back then.

It's the same thing here with the s2000, supra, rx7, nsx, skyline, etc take your pic of pre bubble Japanese engineering.

They will be gaining in value for some years to come as my generation and the generation after me pines for them.

I may not know crap about the stock market but I do know my cars.

Still doesn't mean I'm going to pull the trigger on one (for now at least). I think for me I'm going to get myself a bit more squared away financially and revist this topic in a year or two. Hopefully s2000's will be in my price range and not impossible to find - ala mkiv supra turbo, fd rx7 (to an extent - rotary reliability is a gift/curse lol) , sw20 mr2.

Clean MR2s seem to be holding pretty stable now. Not a bad choice, IMO.  After ~9 years I have a love/hate relationship with mine, lol.


Kevin S.

  • Stubble
  • **
  • Posts: 209
Re: financing a car
« Reply #75 on: April 06, 2017, 04:03:53 PM »
I would do it, given the circumstance.

I'm a car guy myself and do understand where you're coming from. I was in a similar situation a couple years back. In short, I financed a 1994 Toyota Supra with 57K miles in original condition for 32K; I didn't have that kind cash lying around. Financed for 60 months 1.99% through Lighstream, though I paid it off in January. The MKIV Supra market has appreciated A LOT since then and I do see the S2000 doing the same.

Of course we cannot tell the future, but the S2000 is a unique car. It's a hell of a car for the money and production numbers were fairly low. What other motor out there can rev to 9,000 rpm and have Honda reliability below 100K? There's a ton of young Honda enthusiasts out there that will drive the demand up.

If you can get a low interest rate, I would do it (check out Lightstream.com). Life is short.

- Richard

I think you may be in the wrong forum. Also, it's not like half the current decent S2000s will be gone in two more years...Or even five to ten years. You yourself bought a much older rare-ish car. There will always be more S2000s.


lol really ? Tell that to mustang / Camaro / bell air / fuck any classic muscle car when they dumped them when gas shot up in the 70s

I can't tell you how many stories I've heard from people over the years who are of that age group who regret selling that "gto,mustang,vette" etc and buying a econobox back then.

It's the same thing here with the s2000, supra, rx7, nsx, skyline, etc take your pic of pre bubble Japanese engineering.

They will be gaining in value for some years to come as my generation and the generation after me pines for them.

I may not know crap about the stock market but I do know my cars.

Still doesn't mean I'm going to pull the trigger on one (for now at least). I think for me I'm going to get myself a bit more squared away financially and revist this topic in a year or two. Hopefully s2000's will be in my price range and not impossible to find - ala mkiv supra turbo, fd rx7 (to an extent - rotary reliability is a gift/curse lol) , sw20 mr2.

Clean MR2s seem to be holding pretty stable now. Not a bad choice, IMO.  After ~9 years I have a love/hate relationship with mine, lol.

Indeed ! Toyota and Honda are going to be the most desirable cars I think of this era.

It's almost impossible to find a clean turbo mr2 for less than 5k - great vehicles ! Probably one of the most fun stock vehicles I've ever driven !

tralfamadorian

  • Handlebar Stache
  • *****
  • Posts: 1210
Re: financing a car
« Reply #76 on: April 06, 2017, 04:40:23 PM »
Maybe save for a potentially forever dream car that you buy in cash?  My DH had never owned a car for more than two years when I met him; he bought a practical reliable vehicle and kept it for 10 years while meeting a number of other personal financial goals.  Then he saved up the cash to buy a used aston martin.

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8822
  • Location: Oregon
Re: financing a car
« Reply #77 on: April 06, 2017, 05:55:35 PM »
I think Chris22 on here has an S2000 and from what I just read, he has loved it for the past 10 years.

Get the S2000 and finance it at less than 2%.  Use the other the money to fund investments. 


S2000 isn't on the same level as an NSX, but I passed on a couple NSX purchases about 3 years ago.  Let's just say they are selling for $20k more than I was going to pay.

A clean low mileage S2000 will be sought after in the coming years as cars become more tech intrusive. The feel of a lightweight nimble car that you shift yourself is something that will appeal to many for years to come.

There is no other money. He doesn't have the cash for the car. The question isn't "finance or pay cash" it's "do I finance a car I cannot afford?"

the_fixer

  • Pencil Stache
  • ****
  • Posts: 533
  • Location: Colorado
  • mind on my money money on my mind
Re: financing a car
« Reply #78 on: April 07, 2017, 10:59:33 AM »
As someone with a car addiction / affliction I would give you the following advice.

The best opportunities / good deals do not go to people that need to finance. If you are in-tune with the car market you will be well aware that the best deals go to the people that have cash and can close the deal on the spot. Sellers get jerked around by day dreamers and people needing financing and the person with cash in hand can get it for less money since people do not want the hassle. Also you will find the best cars the desirable ones have people looking for them and they are swooped up in a matter of hours by flippers with cash.

In your current situation with needing financing you might get lucky once in a while but you have to wait and look for the right one and hope that they are willing to wait on you to finance otherwise it was probably over priced or less than desirable so the flippers have not swooped in yet.

-------------------

One thing that has been a struggle for me is the mantra of this site that anything other than buying a cheap gas sipping car is face punch worthy maybe I just do not understand. You can buy cars that have already depreciated and are set for a major appreciation cycle (think Porsche) or fix and flip.

You really need to know the market and you need to have cash.

I guess it could be called car hacking and I have done it with boring cars such as a subaru legacy to land rovers such as Defenders, discoveries and Range Rovers.

for example buying a 10 year old range rover or discovery that needs a new differential or transfer case for $300 - $800 dollars put in $50 - $250 in parts and sell it off for $3000 - $5000 after driving them for a while.

Buying a 97 Defender 90 for 19K, removing off-road gear selling the off-road gear for ~6k and selling the Defender after driving it for 5 years for 27K

1965 Mustang with a slipping transmission - traded for a rifle rebuilt the transmission and my mom still owns it / drives it to this day. Willing to bet she can sell it for far more than it cost to buy / fix and she loves the car 20 years later.

2001 Mazda b2000 pickup, dented tailgate, dented rear bumper paid $1100, $175 for tailgate, $75 for bumper. Drove it daily for 5 years and sold it to my sister for less than trade in value for $3500 and they still have it ~6 years later and drive it daily.

A few Toyota trucks, a few Subarus and the most money making of all time a Toyota Yaris   

MarioMario

  • 5 O'Clock Shadow
  • *
  • Posts: 95
Re: financing a car
« Reply #79 on: April 07, 2017, 08:47:54 PM »
I would say no unless the car is going to increase in value more than investing that can money.