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Old 09-21-2018, 02:04 PM
 
80 posts, read 196,311 times
Reputation: 71

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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
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Old 09-21-2018, 02:10 PM
 
Location: NJ
22,670 posts, read 28,559,598 times
Reputation: 14611
it certainly doesnt sound extravagant. you dont say your income so hopefully it is sufficient.
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Old 09-21-2018, 02:26 PM
 
80 posts, read 196,311 times
Reputation: 71
Quote:
Originally Posted by CaptainNJ View Post
it certainly doesnt sound extravagant. you dont say your income so hopefully it is sufficient.
40 k
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Old 09-21-2018, 02:30 PM
 
80 posts, read 196,311 times
Reputation: 71
I'm 53 years old I had it income tax problem I am now debt-free I'm really tired of driving old cars for most of my life I had really good luck with older cars then I ran into a bad spell where I spent a lot of money on junk cars and it did not work out and then I bought a 2008 Hyundai Accent it lasted 4 years for $3,500

I really want a reliable car with air conditioning I'm tired of being worried about if my car breaks down
What the price of mechanics here in the San Francisco Bay Area I would rather just junk the car then try to get it fixed the Hyundai needs a new clutch has an oil leak and needs two front tires
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Old 09-21-2018, 03:49 PM
 
4,123 posts, read 4,543,961 times
Reputation: 3559
You may want to look at getting a certified pre-owned 2017 model. I bought a year old model Sonic and saved the depreciation which was around 6k. The car had low miles and it was almost new. Also, look at year-end sales in another month or two. They mark down the 2018 models, even more, to make room for the 2019 models. Good Luck!
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Old 09-21-2018, 03:58 PM
 
16,485 posts, read 17,501,756 times
Reputation: 23531
What exactly went wrong with your car? Can you get it fixed cheaply? Then sell it. This gives you more money to put down. I would look for a base model vehicle that has the longest bumper to b7mper and powertrain warranty you can find. The holidays are coming up so there will be deals.
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Old 09-21-2018, 06:05 PM
 
Location: minnesota
5,251 posts, read 1,673,401 times
Reputation: 1833
That's a reasonable choice for transportation but an 8% interest rate is too much. If you do it I would try and pay it off as soon as you can.
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Old 09-21-2018, 06:23 PM
 
80 posts, read 196,311 times
Reputation: 71
To fix the clutch on the 2008 Hyundai Accent is between 12 and 1500 I can get two tires for $100 and the oil leak I don't want to mess around with and I probably can drive the car for over a year

I'm worried about buying a certified pre-owned car because I'm back into getting the smog check test every two years with a brand new car I'm exempt for 6 years

I just got out of total dead a couple months ago with the IRS and I really enjoy being debt-free

I need a car super soon I have a long commute
It's getting harder and harder to find a reliable car for 1 to $3,000 that used to be pretty easy

My interest rate would be 5.99% on $11,400
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Old 09-21-2018, 06:48 PM
 
Location: minnesota
5,251 posts, read 1,673,401 times
Reputation: 1833
Quote:
Originally Posted by countonme View Post
To fix the clutch on the 2008 Hyundai Accent is between 12 and 1500 I can get two tires for $100 and the oil leak I don't want to mess around with and I probably can drive the car for over a year

I'm worried about buying a certified pre-owned car because I'm back into getting the smog check test every two years with a brand new car I'm exempt for 6 years

I just got out of total dead a couple months ago with the IRS and I really enjoy being debt-free

I need a car super soon I have a long commute
It's getting harder and harder to find a reliable car for 1 to $3,000 that used to be pretty easy

My interest rate would be 5.99% on $11,400
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.
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Old 09-21-2018, 07:38 PM
 
Location: minnesota
5,251 posts, read 1,673,401 times
Reputation: 1833
I was curious what a 10,000 car looked like and I noticed the MPG on that vehicle is up to 38 on the freeway. You'll probably get that with a stick. That should save you some money on gas. I also looked up the average depreciation on a new car. KBB puts it at 60% the first 5 years. So you will lose 100 a month for driving the car over a beater (the car will still be worth 4000 in 5 years) plus the finance charges which you can reduce by paying it off early. Plus extra insurance for full coverage which you can drop once you don't have a loan anymore.
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