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Old 02-26-2015, 08:48 PM
 
265 posts, read 402,037 times
Reputation: 532

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So.... I've been itching to buy a new car at the end of 2015 though I realize it may not be the smartest financial decision.

I currently drive a 2008 Hyundai Tucson LTD, which currently has 24,000 miles. Will have about $28,500 when I'm ready to trade it in December. I'll have it paid off by this April (I bought it used about 3 years ago). I realize that only leaves me with a few months of no car payments.

But my thoughts are that the longer I wait to trade it in, the less I'll get for it. I'd rather trade it in sooner to try and get as much as I can. It's in great condition and hopefully the low miles will be attractive to either a dealer or buyer if I end up selling it myself.

Secondly, I do 95% city driving, so I'm average around 16 MPG. Which is fine as I really only need to fill up on average 1x a month, but would like to get better MPG regardless.

Lastly, and I realize this is the least important, I really just want a nice, new car with all the modern conveniences (bluetooth, rear view camera, panoramic sunroof, etc.) I'm also in sales and at times just feel I need/want to be driving a nicer car.

What are your thoughts? Should I keep the car longer or bite the bullet and get a new one at the end of the year? In addition to trade in value, I'd probably put down an additional $10k for the down payment and plan on getting a 5 yr loan with 0% interest (my FICO score is around 800).

Any thoughts or insight would be appreciated!
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Old 02-26-2015, 10:38 PM
 
Location: Westside Houston
1,022 posts, read 1,954,263 times
Reputation: 1902
It appears you already made the decision to get the new car..
What is your next car?
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Old 02-26-2015, 10:51 PM
 
265 posts, read 402,037 times
Reputation: 532
I really want a VW Tiguan. (I know, I know....)

Hoping to get a good deal on a 2015 late in the year during their sign and drive event after the 2016's come out. It will have to be a good deal though.

Nothing else has really caught my eye. Maybe a Mazda CX5, but I think the interior's really ugly.
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Old 02-26-2015, 11:41 PM
 
Location: Montgomery County, PA
16,563 posts, read 15,112,990 times
Reputation: 14584
Very soon you’ll start hearing advice to drive the car to the ground while you are saving for your next car, used one of course, which you will then pay in cash. Nonsense.
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Old 02-26-2015, 11:43 PM
 
265 posts, read 402,037 times
Reputation: 532
Quote:
Originally Posted by HappyRider View Post
Very soon you’ll start hearing advice to drive the car to the ground while you are saving for your next car, used one of course, which you will then pay in cash. Nonsense.
Ha, yes. I've noticed that's the trend on the forum. Which normally I could get on board with, but I'm a real estate broker so driving around in an old clunker really isn't an option.
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Old 02-26-2015, 11:47 PM
 
Location: Montgomery County, PA
16,563 posts, read 15,112,990 times
Reputation: 14584
I can pay $250 a month on a lease for the rest of my life. That’s basically lunch money. Drive a new car every 3 years and never worry.
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Old 02-26-2015, 11:48 PM
 
3,278 posts, read 5,343,921 times
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It's ultimately your decision, but make it as informed as possible.

Make absolutely sure you can comfortable afford a new car in the event of emergency. If not, keep your old one.

If so, the choice is yours.

We're it me, personally, I would keep the Tuscon longer because I would want to upgrade when vehicular technology improved. Radar-cruise control/lane keeper/BLIS is in its infancy. In 3-8 years or so it will be lightyears ahead.
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Old 02-26-2015, 11:52 PM
 
743 posts, read 826,522 times
Reputation: 1115
Quote:
Originally Posted by HappyRider View Post
I told you. Another dirve-it-into-the-ground advice. How long does that Tucson last, may I ask? It is already 7 years old. What then?
It has 24k miles on it. It has a STRONG 100k ahead most likely. That is a whole decade to most drivers. Don't whine just because you don't know how to manage finances or have any mechanical aptitude whatsoever.
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Old 02-27-2015, 12:51 AM
eok
 
6,684 posts, read 4,212,955 times
Reputation: 8515
The total amount you owe on your car and your house at any particular point in time has to exceed your total assets so your total net worth is negative. Otherwise you aren't a real American.
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Old 02-27-2015, 06:51 AM
 
792 posts, read 2,858,433 times
Reputation: 882
Getting a new car is the "least important " factor. Other reasons: savings from gas - do the math. One more year's depreciation on a seven year old car - do the math. Problem solved.
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