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Percentage of monthly income spent on a car?

390 messages,  Last post on Mar 21, 2009 at 5:50 PM

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What is this discussion about? Car Financing

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#21 of 390 Leomort by audia8q Mar 22, 2001 (1:10 pm)
My plan is nothing more than a suggestion that would keep the consumer out of financial harms way giving them the opportunity to bail out of the contract at anytime without much pain....Many consumers think i'm nuts but its hard to debate purdent financial responsibility...But many people feel riskier than I am.   Nothing wrong with a used car...just remember everyone drives a used car!!! Those of us in the biz rarely buy new, we know better. But I also fully understand how good that new car smell is.   Rich
#22 of 390 audia8q by leomort Mar 23, 2001 (5:19 am)
Rich,      Another question for you. When using your quidelines, it would be unlikely I'd be able to buy the car I'd want new. I was looking at Subaru Forester L which I'd be able to afford on a 4 year payment plan. Unfortunately, Subaru doesn't run those special financing deals like other manufacturers. But if I were to go used, say a 2 year old Subaru, I'd be able to move up to the Forester S model with a three year payment.   I typical try to keep my cars 7-8 years and avergage 25,000 miles/year. I'm concerned/worried about buying a used car that's already going to have about 24,000 miles on it given the mileage I'm going to rack on my cars. Do I have a legitimate concern or just being paranoid?    My other choice would be selecting a cheaper newer car with special financing deals. In particular, the Mazda Protege which offer 0% financing for 4 years. Since I keep my cars longer than average and rack up some many miles, resale value is going to be as important.    Which would be a better choice all things considered? Which is the better car all things considered?        Thanks for the help.                             Leo
#23 of 390 Leo by raybear Mar 23, 2001 (12:20 pm)
Subaru does run financing deals. I'm showing 6.9 for 48 months.
#24 of 390 Leo by audia8q Mar 23, 2001 (4:49 pm)
Im not the one to ask financial advise, I've never done a prudent financial thing in my life. haha   I personally would buy a 3 year old higher line type car that has great long term durability and a MFG. brand extended warranty. I always choose comfort/driveability over sensability. I'm just not afraid of used cars...but 0% financing makes most anything attractive. Our mazda store has been posting tremendous sales due to the special financing...You have a valid concern about the miles on a used car, but also most dealers have the ability to look up that cars warranty history. Bad ones are usually bad from the get-go and can be easily weeded out. If you going to put on 150-175K miles 25k extra wont matter on a good quality car...   rich
#25 of 390 And there's always Carfax by raybear Mar 23, 2001 (6:35 pm)
Rich may know if it's worth it. We bought a used minivan and checked out the dealer's story before finalizing the deal. He didn't lie about the car and we bought it for a fair price.
#26 of 390 Raybear is right by maryg2 Mar 24, 2001 (9:46 pm)
Always, always check out the VIN number on Carfax. I almost bought a car the dealer said was repossessed. It was actually bought at auction from Budget Rent-a-Car. Carfax is the best investment you'll make if you are considering a used car.
#27 of 390 carfax by audia8q Mar 25, 2001 (8:02 am)
I like them...they sometimes get the mileage part wrong due to inaccurate reporting but info like flood/frame, etc. is pretty good. But not perfect since some state MVD essentially allow "washing" of frame/rebuilt/canadian etc titles.   We use carfax on all our trade ins. It has picked up a few title issues that potentially saveds us alot of money...   But nothing beats a good looking over by a trusted professional.   Rich
#28 of 390 Special Finance Rates on Subarus by Car_man HOST Mar 25, 2001 (5:17 pm)
Leo, Subaru does have special finance rates on the 2001 Forester. Through the end of April, I believe that they are providing 3.9% financing for 24 month, 5.9% for 36 and 48 month, and 6.9% for 60 month terms. These rates aren't nearly as low as the 0.0% rates that Mazda has available on many models, but they will certainly save you a few dollars over the unsupported rates that you would be able to get through a bank right now.   Car_Man Host Smart Shoppers / FWI Message Boards
#29 of 390 That being said... by im_brentwood Mar 25, 2001 (7:05 pm)
With the recent rate drops...   If your score is over 720, most dealers can now buy money for about 7%...   Means we can often beat credit union/online banks.   Bill
#30 of 390 I must be strange by leomort Mar 26, 2001 (5:12 am)
because I seem to remember two banks I looked into offering 7% interest on a new car loan, think both were for 4 years. On 2year or newer used cars they offered 8.99% financing. There was a catch though. You had to a member of their bank and have the loan automatically deducted from your check account.Otherwise you got hit with another 0.5%. Given what I could get at the local banks, Subarus' loan didnt seem that great. I guess if your cars sell without special deals/incentives why bother offering them? Perhaps Subaru will make deals on the Forester when the new 2003 model change Forester comes out? Of course, I'll have to wait to find out. They're still nice cars                       Leo

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