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Old 09-21-2018, 08:27 PM
 
Location: north narrowlina
734 posts, read 220,558 times
Reputation: 3002

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i live on a pittance really.... social security, w/a bit of a boost from a small annuity..... definitely i'm way below the federal poverty status. but i am comfortable, and I just bought a new car, a Jeep Renegade with 4 wheel drive 'cause i need that 4 wheel drive here in North Narrowlina without it, i have to sit in my house for sometimes as long as 8 days for the STATE DOT plows to come and plow/salt the two huge hills up to my house. sheesh.

anyway, my car payment for six years will be $270. if i can do this, i'm sure you can do your new car. it's well within our economic means. we both don't live extravagantly. we probably both are content and do not bemoan our economic status. LOL, let's elevate US!!!!!! “So we beat on, boats against the current, borne back ceaselessly into "........................our lives.
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Old 09-21-2018, 08:46 PM
Status: "Living the good retired life." (set 27 days ago)
 
Location: Wasilla, AK
5,861 posts, read 3,144,350 times
Reputation: 11829
Get it and don't sweat it or regret it.
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Old 09-21-2018, 11:06 PM
 
80 posts, read 196,311 times
Reputation: 71
Quote:
Originally Posted by L8Gr8Apost8 View Post
Wouldn't that be on 10400 if you put 1000 down? Can you afford to make double payments? I put in 10400 into a calculator and you could have the thing paid off in 3 years if you paid 315.92 per month.

Both the hubs and I have the same commute as you do. We buy our cars new even though you can save some money by getting a used one. Every time we owe on a car I get a 5 year loan and pay it off ASAP. Sometimes I have been able to retire the debt in as little as a year and sometimes it takes 2. It really is nice having paid off cars that are still newish. I don't think 11,400 is over budget. If you plan to keep the car for a decade or so the depreciation on a $10,000 car is negligible.
yes you're right I'm going to put a thousand down so the amount financed will be 10400 I'm doing this from my phone when was hard to see the numbers
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Old 09-21-2018, 11:13 PM
 
80 posts, read 196,311 times
Reputation: 71
Wow thanks for all of the help and replies and advice before I read all of these messages I was thinking of just trying to fix my 2008 Hyundai Accent clutch and a couple tires because my car insurance was $76 for good liability insurance now I called up and it would be $170 plus the two 10 or 220 car payment I'm looking at $400 just to drive a car to work and then I got a $5 Bridge toll it's costing like $600 just to drive to work I'm not used to this kind of stuff

I remember buying a car for $800 in it Last 5 Years or buy a car for $3,000 and it will last 10 years those are hard to find these days

Anyway I think I'm going to get this Chevy Spark and pay it off as quick as I can so I can drop my full coverage insurance

it sucks I spend a long time getting out of tat and then my car takes a dump on me I wanted to do a repair on my bathroom and maybe build a shed in the backyard
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Old 09-22-2018, 07:22 AM
 
11,310 posts, read 5,839,816 times
Reputation: 20965
I always say that if you have no other option, itís fine to borrow money to buy a new very basic car. You need a reliable car to get to work. 60 miles round trip is around 15,000 miles per year. Iíd want a car with a warranty that covers most of the loan period. I think Chevrolet is 3 years/36,000 miles. Iíd look for a car with a 60k warranty even if it cost a bit more. With $40k in income, you want to bound the cost of ownership while you have a car payment. You donít want an off-warranty Spark 3 years from now where youíre still making payments and it has an expensive repair. You want routine maintenance, tires, and brakes.
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Old 09-22-2018, 07:38 AM
 
Location: minnesota
5,251 posts, read 1,674,745 times
Reputation: 1833
Quote:
Originally Posted by countonme View Post
Wow thanks for all of the help and replies and advice before I read all of these messages I was thinking of just trying to fix my 2008 Hyundai Accent clutch and a couple tires because my car insurance was $76 for good liability insurance now I called up and it would be $170 plus the two 10 or 220 car payment I'm looking at $400 just to drive a car to work and then I got a $5 Bridge toll it's costing like $600 just to drive to work I'm not used to this kind of stuff

I remember buying a car for $800 in it Last 5 Years or buy a car for $3,000 and it will last 10 years those are hard to find these days

Anyway I think I'm going to get this Chevy Spark and pay it off as quick as I can so I can drop my full coverage insurance

it sucks I spend a long time getting out of tat and then my car takes a dump on me I wanted to do a repair on my bathroom and maybe build a shed in the backyard
I'd check around on that insurance. Why are they charging you almost $100 a month to insure $10,000? Something is weird about that.
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Old 09-22-2018, 08:59 AM
 
Location: Paranoid State
12,672 posts, read 9,425,981 times
Reputation: 14930
There are two distinct strategies.

a) Buy a cheap beater hoping it will last 2 or 3 years, then replace it with another beater... repeat ... repeat...
b) Buy an inexpensive new or nearly new car and hope it lasts a very long time.

I suggest you consider an automatic transmission instead of the manual. With modern vehicles, the automatic transmission generally gets a bit better gas mileage, and more importantly, you won't need to worry about replacing the expensive clutch in the manual transmission 8 to 10 years from now.

I also like the suggestion of trying to find a 1 year old certified pre-owned. You save some money on depreciation. But, you may have to pay a quarter-point higher interest rate.
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Old 09-22-2018, 09:00 AM
 
Location: Paranoid State
12,672 posts, read 9,425,981 times
Reputation: 14930
Quote:
Originally Posted by L8Gr8Apost8 View Post
I'd check around on that insurance. Why are they charging you almost $100 a month to insure $10,000? Something is weird about that.
Check Amica Insurance rates.

You say you have a mortgage. See if you move both the car and the house insurance to a different company that you get a bundle discount and pay less. Again, Amica is my favorite.
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Old 09-22-2018, 09:14 AM
 
Location: minnesota
5,251 posts, read 1,674,745 times
Reputation: 1833
Quote:
Originally Posted by SportyandMisty View Post
Check Amica Insurance rates.

You say you have a mortgage. See if you move both the car and the house insurance to a different company that you get a bundle discount and pay less. Again, Amica is my favorite.
Yeah, he should shop around. I have AAA and my insurance for 3 cars and 2 drivers is 60 a month and he is the same age as me and the hubs. Even when I had full coverage on the last car it was only an extra 20 a month. I live in MN though so I don't know what they'd charge me in CA.
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Old 09-22-2018, 09:35 AM
 
69 posts, read 35,169 times
Reputation: 30
I'm not sure what a Chevy Spark is like to drive but I think you would be better off buying a 1 year old Honda or Toyota. Much more reliable and more comfortable to drive. We drive a Honda Pilot that we bought with around 35,000 miles and it now has 175,000 miles and has been great and we saved thousands buying it. Most Honda's and Toyota's will go 200,000 miles if taken care of. I am not sure your Chevy will. Good luck with whatever you do.
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