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Old 09-22-2018, 06:28 PM
 
2,084 posts, read 793,432 times
Reputation: 4055

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Quote:
Originally Posted by countonme View Post
Hello everyone my car took a dump I don't want to dump any money into the car I want to buy a new car what do you guys think

The car is a brand new 2018 Chevy Spark manual transmission roll up Windows no power door locks basically Bare Bones

The price is $9,995 plus tax and license which will come out to about 11,400

I'm going to put $1,000 down and my car payment will be around $210 for 5 years

Insurance will be $160 is a month I live in a high risk area I think

I am a janitor at an elementary school with a 60 mile round-trip commute I need reliable transportation

here in California it's getting hard to find reliable cars for 1 to $2,000 anymore especially with the new smog requirements every two years

That's I have a $600 mortgage with no other credit card bills or debt my property tax is around 1700 a year

I know I'm not supposed to have a car payment but what it is the community think
I think a lot of us have gone down the road of spending money on older vehicles and having to spend more to fix than what it is worth. I have drawn the line on not spending anymore once the car has been in repairs twice already. No third time.

If it is only just reliable transportation you are after, I don't recommend a new car necessarily. It loses a significant amount of value just driving it off the lot. But a certified used vehicle is reliable and you can determine yourself where you draw the line on how much mileage the used car has. Something in the range of 2011, 2012. With CARFAX you can find out a vehicle's history such as if it has been in accidents, any bills of sale, new owners, and servicing. Stay away from former fleet vehicles.

I know you are going to buy the Spark regardless so at least refrain from getting high interest financing at the dealer, ask your bank for a line of credit or add it to your mortgage.
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Old 09-22-2018, 06:56 PM
 
Location: Eugene, Oregon
7,098 posts, read 2,210,201 times
Reputation: 9643
Take the bus. It's time to start saving your money for retirement.
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Old 09-22-2018, 07:08 PM
 
3,182 posts, read 2,811,344 times
Reputation: 1855
Quote:
Originally Posted by kitty61 View Post
I know you are going to buy the Spark regardless so at least refrain from getting high interest financing at the dealer, ask your bank for a line of credit or add it to your mortgage.
Replacing a 10 year old vehicle with a 10K new car is not unreasonable, even on 40K a year. Yes it's not the absolute thriftiest thing but it's fine. That interest rate however is really high, ballpark 7-8%. Find cheaper financing, or tighten your belt and figure out a way to pay the car off in under 5 years if you want to buy it and can't pay cash or finance for a lower rate.
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Old 09-22-2018, 08:24 PM
 
Location: Honolulu, HI
4,570 posts, read 1,141,729 times
Reputation: 6538
Quote:
Originally Posted by countonme View Post
Hello everyone my car took a dump I don't want to dump any money into the car I want to buy a new car what do you guys think

The car is a brand new 2018 Chevy Spark manual transmission roll up Windows no power door locks basically Bare Bones

The price is $9,995 plus tax and license which will come out to about 11,400

I'm going to put $1,000 down and my car payment will be around $210 for 5 years

Insurance will be $160 is a month I live in a high risk area I think

I am a janitor at an elementary school with a 60 mile round-trip commute I need reliable transportation

here in California it's getting hard to find reliable cars for 1 to $2,000 anymore especially with the new smog requirements every two years

That's I have a $600 mortgage with no other credit card bills or debt my property tax is around 1700 a year

I know I'm not supposed to have a car payment but what it is the community think
1. Take the bus to work or
2. Find a job thatís much closer than 60 miles round trip or
3. Fix the car you have now, if itís under 150K mileage or
4. Consider buying and driving a motorbike to work (assuming youíre allowed to have them on the freeway) and
5. Donít touch American cars with a 10 ft pole. stick to Honda or Toyota

You only make $40K a year, you donít need a car payment.

Obviously you donít want to tell all your business on the internet, but knowing if you have a wife and kids or what high risk area in CA you live in can help folks give better advice. $160 a month for auto insurance is bananas
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Old 09-22-2018, 10:31 PM
 
322 posts, read 330,150 times
Reputation: 863
Quote:
Originally Posted by Rocko20 View Post
5. Don’t touch American cars with a 10 ft pole. stick to Honda or Toyota
I don't mean to derail this thread, but I'm wondering what exactly is meant by this. I personally wouldn't think of a Chevy Spark as an American car, since they're made in Korea. Many "import" cars (like Hondas and Toyotas) are made in the USA.

Honda and Toyota do make good cars, but you pay a premium for them. The Fit and the Yaris are both about $5000 more than the Spark is. By the way, the Fit is made in Mexico and the Yaris is made in France. Are they still considered "Japanese" cars.

I'm not even sure exactly what an "American" car is anymore, but I think the most important thing to do is to do as much research as possible before buying a car.

As far as I can tell the Spark isn't a horrible choice. It's getting better reviews than many of it's low priced competitors.

I agree that you should look for a better interest rate if possible. Also, since it's getting close to the end of the year you may be able to get a better deal on a 2018. Especially if the dealer has one with the manual transmission that you want, since they're harder to get rid of.

Good luck!
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Old 09-23-2018, 08:36 AM
 
Location: Central New Jersey
1,531 posts, read 541,094 times
Reputation: 2621
OP have you considered looking into an older, low mileage, certified Nissan Altima? My daughter has one and it is super reliable and was a decent price when purchased. As long as its certified you get a full manufacturers warranty. Check it out
Also that interest rate is kinda high
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Old 09-23-2018, 01:38 PM
 
80 posts, read 196,311 times
Reputation: 71
Okay everybody I did buy that Chevy Spark for $9,995 11400 financed my interest rate is 5.99% I don't know why my words are big I'm doing this from my phone

I spent the last few years getting completely out of debt I owe nobody nothing except for my home mortgage of $600 a month for a house that's worth $900,000 my property taxes $1,700 a year

I like my evening job as a evening custodian add an elementary school there's no teachers no students no principals I have it pretty easy

I work from 2 to 10:30 at night and I'm not taking a bus it's dangerous and through the San Francisco Bay Area

I have money and Ira and I got a little pension with the school district

I have a few thousand dollars in the bank

But I have no debt

I was debt free until I just bought this car but I can't think I can pay this car off in one year if I really want to

I called my insurance and they go by ZIP code and my liability insurance is pretty high was $80 a month and now it's 164 full coverage I want super high liability

This car is pretty nice I got internet backup camera on my phone I can see how much gas I got how many miles per gallon I'm getting my oil level my tire level it looks like it's a really good car for 10,000 at 13000 or 14000 I will not buy it

I think all the cars are pretty much built in the same place so I took a chance

The Hyundai Accent does have a problem when I take my hands off the wheels it does still straight but for some reason I go through a front tires every 20,000 miles which is not a big deal they're only $100 for two

my major question was I work so hard to get out of debt I was afraid to get back into debt

You guys are rockstars I really enjoy everyone's input
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Old 09-23-2018, 04:04 PM
 
386 posts, read 77,563 times
Reputation: 845
Don't buy a new car. Look for a pre-owned sold by a dealer. Look for a model 3 years or older. The price will vary on mileage mostly. Check consumer reports for the best repair record and pre-owned cars. Simply buying a new car doesn't mean it is going to have less repairs and problems than one that is pre-owned but a better made car. Check Consumer Reports.
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Old 09-23-2018, 04:14 PM
 
Location: Alexandria, VA
10,713 posts, read 19,047,945 times
Reputation: 14678
If you have to ask strangers on an anonymous on-line board if you can afford something......... you can't!
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Old 09-23-2018, 04:39 PM
 
322 posts, read 330,150 times
Reputation: 863
Well, congratulations on your new car. Glad you got a better interest rate than what you first stated. Sounds like you are pretty responsible with money, so I'm sure you'll be just fine.

Did you get a 2018 or 2019? Did you get a manual transmission?
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