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Automotive News & Views Chronic Car Buyers Anonymous
15238 messages, Last post on Nov 25, 2009 at 10:01 PM
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Replying to: michaell (Aug 08, 2009 3:18 pm) I would even think about leasing because $800 a month car payments for the next 4 years would drive me nuts.
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Replying to: guss (Aug 08, 2009 4:49 pm) As for the whole financing thing, taking out a 5-year loan on a used car is pretty typical, IMHO. I am selective when it comes to that, though. For instance, we bought the XC90 with only 23k miles. I concern myself with miles (for the most part), not years. I thought about the leasing thing, but the negative on the G prevents an inexpensive lease. So a buddy let me drive his Rabbit for one lap at the autoX yesterday. I was very impressed with it. Very roomy. And powerful enough to spin the heck out of the front wheel in 2nd gear on every turn. I'm still not sure, though. I am not convinced I can live with it for several years. |
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just back from vacation, so havent been around for a while. $800 in car payments? My heart stopped. I haven't had one in a couple of years, and have decided to never have another one. But, to each his own! In your case, the Pro 5 would be a nice otion. I came close to getting one in (IIRC) 2004, when they phased out for the 3 and were going dirt cheap. To me, the best option for getting out of payments is if you have enough cash (or ideally equity) to just buy the replacement. In that case, for you, an older to middle age 3 series BMW could be a winner. You know cars, and if you get a well maintained one, and will do the wrenching yourself, they can be very reliable and surprisngly cheap to buy. Just ask Roadburner. Once they hit 100K, many people wont go near them. And of course, fun! Oh, and under no circumstances get a 2 door for your DD, when you have infants and little ones in car seats. Trust me on this. |
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I may be doing something similar, for the same basic reason. My son (the one that scored the deal, via my wallet, on a nice 2000 Acura 3.2TL back in December), goes to college in 2 weeks, and the car will be staying home. I am at home these days, and really don't use my Accord that much right now. If that keeps up, I sure the heck wont be able to keep both cars exercised, while still paying insurance for both of them. So, at some point (sooner if I really need the money, since said college aint cheap) I may sell one and let him fend for himself when he is home. But, no point in selling the TL, since I likely wont get that much for it (and it would tick off my sister that sold it to me), and I will have a hell of a time finding another kid car when needed. So, I would sell my Accord (another benefit being we could share the TL when he is home, but he cant drive my stick. I know, I failed). The Accord should fetch a better price, being 5 years newer with 100K less miles! And I get "punished" by having to bop around town in a nice Acura, that drives like it has 1/2 the miles, if that. And the real benefit (besides raising money for next years tuition bill!)? nex spring, if he is going to be home and need a car, I get to go out and find something interesting for myself! Who am I kidding... I start looking for the replacement 2 days after I sell the Accord (a fine car, but getting kind f bored with it). Maybe the 3 series wagon I always wanted will finally fall into my lap? Or a V70. |
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Alot of folks don't like car payments. Sure. I can understand that. I view it more as a cost of doing business kind of thing. We have some cash, but we choose not to use it up when buying a car. We both feel better having it on hand in case an emergency should arise. Having it tied up in a depreciating asset is a bit too risky for us. But, realize also, we're young enough yet to have always benefited from low interest rates. If things were to go back to how they were in the '80s, like our parents complain bout, I'm sure we'd feel differently. But, you guys have given me another angle to think about. Keep paying down the G (I've already increased my payments), at least until I can break even. Then buy myself something very cheap for cash. As good as my Z has been with commuting, I feel I should be able to spend $3k on a used econocar and have it last me a good while. Stick - I was just looking at a couple of 3'er wagons today. Then I looked up the specs. Heavy little buggers. An '01 325 wagon is pushing 3400 lbs. I'm really convinced I want something under that 1.5-ton mark.
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Replying to: qbrozen (Aug 09, 2009 10:35 am) I'm with you in general even though I'm car payment free at the moment. Whether you have a car payment or not is really irrelevant because a car is costing you money whether you have a payment or not. In our current low interest environment having a lease/loan is no big deal.
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Replying to: grandtotal (Aug 09, 2009 12:25 pm) It seems like payment buying can encourage people to buy more car than they can really afford. But making payments on a new bmw, or lexus, instead of paying cash for an 5-6 y.o. camry or bmw or volvo in nice condition, is very tempting. Some who make car payments, seem to never get off the payment treadmill. And then if they want to, they're Upside Down. Or can't get out of their lease. Maybe I'm fanatical about the subject because the one time I signed up for 4 yr. car payments around 1979, the vehicle turned out to be the Worst Lemon I Ever Owned. Then the value of the vehicle plummeted so fast, I couldn't afford to dump it for the whole 4 years. And I hated the vehicle (an infamous GM lemon). Hated the bank. Hated writing the checks, 48 months in a row. If I'd bought the new Benz I was looking at instead (a 280CD coupe, is that right?), I assume it would have held it's value & been reliable. I might have had a different attitude about the payments......but I'd still rather own my 10 y.o. bmw outright than get into payments on a new one. Maybe it's.....if the vehicle is paid for, is still reliable, the payments go away, the excise tax is low, & you've got the $400-$500/mo. monkey off your back.
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Been lucky that we haven't had to do this. We paid of my 1st car note the day after we got home from our honeymoon and the wife told me..."we don't do car payments" and we never did again. Maybe our professions have made us lucky we've never had to do one again. But we buy cars we can afford even though I'd like something a bit more luxo. And now that due to my on the job injury, I'll be disabled permanently even though I'm within 17 months of finishing 30 years with the government. So guess we'll still keep driving our econoboxes till my spine makes driving impossible. I would hope that the 0% financing would come back in the future because then I could definitely see using their $ to purchase something. And something tells me that after this C4C program ends, car sales will plummet again and showrooms will be empty with no buyers. Prices will have to comedown with great incentives but time will tell. The Sandman  
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Replying to: woodyww (Aug 11, 2009 11:17 am) I financed my Pontiac to avoid depleting my emergency fund, but have paid a lot more than the minimum payments most months (thankfully, it's on a simple interest loan). Even so, I think I'd have a little negative equity if I tried to trade it in right now.
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Replying to: woodyww (Aug 11, 2009 11:17 am) I can't recall if NA got the 280CE...I would guess you saw a 300CD. They cost around 25K back then I think. As the design remained current through 85, it probably held its value very well, MB was at the top of its game back then.
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