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The bank will not approve us for a used car with high-ish miles. They approved us for a new(er) car with low miles because that's in their better interests should they have to repossess it. I've already said that we make enough money to pay this car off within 24 months. I just want a long loan term to reduce monthly payment in case we have any unexpected expenses. For example, yes, we can afford a $400/month car payment right now but in 6 months maybe something will happen and we won't be able to. I am an anxious person by nature so I try to plan for all contingencies.
I don't want a fancy, new car either because they're closer to the 17k range. I just want something that is reliable and gets good gas mileage (our car now gets on average around 18 MPG). We have been looking into some Chevrolet Sparks and some Sonics as well as a few Cruzes. All of those are around $13k-14k new or have under 20k miles for about that price. And that's the sticker price so I'm hoping we get it for less than that with taxes and title included.
Edited to add: We were already approved at 3 different dealers. 2 of which are Chevy and have plenty of 2014 models new with lots of incentives. The other is an auto mall type place and has a wide array of selections - particularly they have a nice 2013 Sonic with 16k miles and offered me a lifetime powertrain warranty on it.
And sorry if I seem unappreciative of the advice. I really do appreciate you guys taking the time to help me out!
- particularly they have a nice 2013 Sonic with 16k miles and offered me a lifetime powertrain warranty on it.
Analyze that warranty carefully. Frequently purchasers find after the fact they have limited coverage, special requirements for coverage such as mandatory service at the dealership at specified intervals, big deductibles, cost sharing that increases with time, and other nastiness. Manufacturer warranties tend to be valid and worthwhile. Add on warranties are nearly always a bad choice on a cost/risk analysis.
We ended up test driving some of the cars we had looked at and we just did not like them at all!! Particularly since the the speedometer and all that wasn't built into the dash. It was... odd.
Anyway, we went to a Volkswagen dealership and really fell in love with some of the cars out of our price range.... They had one we really liked that was at the top of our budget but the monthly payment would have been $50 over budget unless we were willing to put an extra $500 down and I meant it when I said that I'd walk away if I had to. So we walked away. But, we had a great salesman at the Volkswagen place (not aggressive, pushy, and didn't down-talk me and make me feel stupid due to my age) and our plan is to return in March with around 6,000 to put down on a $17,000 2015 model.
My husband and I will be going to look at cars this weekend and I was wondering what are some useful tips for people new to buying a car?
I have bought a car at a dealership before when I was in my late teens but I feel like I didn't really do a great job during that experience. I went alone and was young and impatient so I ended up paying way more than I should have. I do NOT want that to happen again...
Without getting into too much personal detail... We are rebuilding our credit currently and have already been approved for a car loan at a "high APR" (I'm still waiting on them to get back to me on that, I told them I'm not going to their dealership until I know what a "high APR" is exactly) and a $1500 down payment for a 72 month term. We plan to shop around to get the best deal though and it's our intention at this point to purchase the most car we can get within our monthly budget and pay it off within 2 years (so earlier than the loan term).
Does either of you work for a company with a credit union? I bet they would give you the best rate if you're struggling with your credit rating.
What has always worked for me is I find the car on the internet and stop by to take a "quick look" as I tell the salesman that comes running out. I ask him for his card and tell him I'm in a hell of a hurry and I'll call him. Then I do it over the phone on my terms instead of their funhouse with the trips to the manager's office baloney. I act very casually interested like I don't care if they'll take my offer or not. I usually make them call me back a couple of times before I call them back. Sometimes it takes me a couple of weeks to get the deal I want and then I usually have to wait for them to find me a car.
So do your research, don't listen to their baloney and get the car you want at the price you know you can get it for. Good luck.
Excellent job OP. Stick to your guns and mind the budget.
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