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You should be able to get a 2016 SR5 4WD for less than 35K. I say go for it. It is what you have wanted for a long time so get one. That said, you need to get your credit card spending under control. $1400 a month is ridiculous. And as for the $5K ring, cut that in half or even less. If she truly loves you, she won't care how much it costs. Good luck in your search.
ARE YOU SURE? WE HAVE A DRIVEWAY FULL OF CARS WITH OVER 150,000 MILES ON THEM. WITH 5 KIDS, WE WENT THROUGH A LOT OF HIGH MILEAGE, INEXPENSIVE VEHICLES. IN RECENT YEARS. THE ONLY ONES THAT HAD INCURABLE BIG PROBLEMS BEFORE 175,000 MILES OR SO WERE DODGE CHRYSLER MINIVANS AND MY 1995 Z28, BUT IT WAS 18 YEARS OLD. HONDAS ARE TOUTED FOR THEIR LONGEVITY, THE CARS WE HAD WERE ALL GM, FORD, CHRYSLER OR VOLVO. WITH A FEW EXCEPTIONS ALL OF THEM MADE IT WELL OVER 150,000 MILES BEFORE THEY BECAME PROBLEMS, SEVERAL ARE OR WERE OVER 250,000 AND STILL PRACTICAL AS DAILY DRIVERS.
they're still somewhat expensive for a used car (~$15-17K) and here in the Northeast most have some rust on the frame.
SURFACE RUST IS IRRELEVANT. BRUSH IT OFF OR IGNORE IT. IF THE RUST IS ACTUALLY STARING TO EAT INTO THE METAL, THERE ARE PRODUCTS YOU CAN USE TO STOP IT AND TO SOMEWHAT CORRECT THE IMPACTS. WE LIVE IN MICHIGAN. WE HAVE CARS THAT ARE 22 YEARS OLD. THERE ARE ONLY TWO THAT HAVE EVER HAD A FRAME RUST PROBLEM, A 1979 HONDA CvCC THAT CROAKED IN 1983 AND A 1998 FORD CONTOUR SVT THAT IS STILL ONT HE ROAD, BUT IS SO RUSTED IT CANNOT BE JACKED UP (IT HAS NOT FRAME). FOR THE MOST PART NONE OF THE CARS NO MATTER HOW OLD HAVE ANY SUBSTANTIAL RUST ISSUES (EXCEPT THE CONTOUR AND THAT IS BECAUSE OF THE STUPID WAY DECORATIVE BODY MOLDINGS WERE MOUNTED).
THAT IS NOT THAT EXPENSIVE FOR USED 4X4S. I PAID 18,000 FOR MY 2009 DODGE RAM AND THAT WAS 8,000 UNDER BLUEBOOK FOR A PRIVATE PARTY SALE. THE RAM WAS $50,000 NEW PLUS TAXES ETC. FOUR RUNNERS ARE NOT THAT MUCH LESS.
IF YOU ARE WILLING TO TAKE BIG RISKS, YOU CAN LOOK FOR AUCTIONS - NOT THE BIG CAR AUCTIONS THOSE ARE SELLING THE JUNKY CARS DEALERS DID NOT WANT. ESTATE AUCTIONS, OR AUCTIONS OF ASSETS OF COMPANIES THAT GO OUT OF BUSINESS. USUALLY YOU CAN GO START THE VEHICLE, BUT YOU CANNOT DRIVE IT. I TOOK A BIG GAMBLE WITH MY TRUCK, FOR ALL I KNEW IT COULD HAVE HAD A BAD TRANSMISSION, BUT SINCE IT WAS $8,000 LOW, THERE WAS PLENTY OF ROOM FOR REPAIRS. TURNED OUT IT NEEDED ONLY SHOCKS/STRUTS, BRAKES, AND A FEW ODDBALL RELATIVELY MINOR THINGS (IT IS A DODGE AFTER ALL, YOU ALWAYS HAVE ALL THE LITTLE THINGS BREAKING WITH DODGE, IT IS A TRADE OFF FOR AWESOME DESIGN IDEAS). YOU SHOULD ALWAYS ANTICIPATE NEEDING SHOCKS/STRUTS, TIRES, BRAKES, AND A NEW BATTERY WHEN YOU BUY ANYTHING MORE THAN 3 YEARS OLD. HOWEVER THESE ARE VERY MINOR COSTS COMPARED TO YOUR SAVINGS, ESPECIALLY IF YOU CAN DO THEM YOURSELF. THEY ARE ALL EASY. SOMETIMES YOU GET SOME COOL UPGRADES THAT YOU WOULD NOT OTHERWISE GET. FOR EXAMPLE BY TRUCK CAME WITH HIGHER END TIRES THAT COST $2500 A SET. I WOULD NEVER BUY TIRES FOR $2500, BUT IT IS NICE TO HAVE THEM.
so, it now has me pondering a new model. i would use my honda as a trade-in (~$5K) and i would be gifted an additional ~$5K to put towards a downpayment. i would buy this vehicle and drive it for the foreseeable future, probably at least the next decade.
THAT IS READILY DOABLE. MY LAST CAR A 1995 Z28 LASTED ME 18 YEARS WITH NO HUGE PROBLEMS (UNTIL THE 18TH YEAR). AS MENTIONED, WE HAVE AND DAILY USE CARS THAT ARE 10, 15, AND EVEN 20 PLUS YEARS OLD.
serious gf i will propose to (have my eye on an ~$5K ring - more than i want to spend but still...)
HAVING BEEN THERE, I STRONGLY SUGGEST YOU NOT DO THAT. THAT RING IS WORTH ABOUT $500. EITHER SECRETLY GET A USED ONE, OR GO TO A JEWLRY MARKET (LOS ANGELES FOR EXAMPLE). YOU WILL FIND THE SAME DIAMOND OR BETTER FOR 1/3 THE PRICE OR LESS THAN A JEWLRY STORE RING. DO NOT FINANCE A DIAMOND ENGAGEMENT RING. OF ALL THE STUPID THINGS I HAVE DONE IN MY LIFE (LOTS AND LOTS) THAT IS IN THE TOP TEN.
no debt
GOOD FOR YOU. KEEP IT THAT WAY DEBT WILL MAKE YOU FEEL LIKE A SLAVE WITH NO OPTIONS.
total CC bill (of which 99.5% of expenses reside on): ~$1400/mo.
CONFUSING - WHAT ABOUT NO DEBT? DO YOU PAY IT OFF COMPLETELY EACH MONTH?
$25K 401K
A LITTLE MORE SIDE ADVICE HERE. CRANK THIS UP AS MUCH AS POSSIBLE. I STARTED LATE AND SLOW AND NOW AT 53, I AM FACED WITH WORKING UNTIL I AM 71 BECAUSE I SIMPLY DID NOT SAVE ENOUGH. THE MORE YOU PUT IN EARLY, THE MORE IT WILL BUILD. WHEN YOU GET TO BE OLD LIKE ME, YOU CAN DUMP A TON OF MONEY IN BUT THERE IS NO TIME FOR IT TO REALLY GROW. 25K AT 29 IS NOT NEARLY ENOUGH. YOU WILL LIKELY NEED AT LEAST A MILLION BY THE TIME YOU RETIRE AND THAT IS PROBABLY LOW. FINANCIAL ADVISERS TOLD ME I WILL NEED $5 MILLION. THAT IS B.S., BUT I DO KNOW I AM NOWHERE CLOSE TO WHAT I NEED.
can i afford it?
WITH $10k DOWN - EASILY. DON'T FORGET TO CHECK INSURANCE COSTS.
is it a "smart" decision?
ARE YOU BUYING BRAND NEW? (USUALLY NOT A SMART DECISION) OR NEARLY NEW?
IF YOU BUY A FEW YEARS OLD (3-5) YOU GET BASICALLY ALL THE BENEFIT AND SAVE A HUGE AMOUNT OF THE COST.
A FRIEND OF MINE HAS HAD TOYOTA FORERUNNERS SINCE ABOUT 1990. I DO NOT RECALL HOW MANY HE HAS HAD, BUT SEVERAL. HE BEATS THE SNOT OUT OF THEM BECAUSE HE LIVES IN SOUTHERN CALIFORNIA AND HAS A RURAL CABIN IN MONTANA AND GOES OUT ALL OVER THE PLACE OFF ROAD AND ALSO DRIVES ON LONG ROAD TRIPS. A COUPLE OF THINGS I CAN SAY ABOUT MY EXPERIENCE WITH HIS - THEY ARE TERRIBLE FOR A LARGE FAMILY BECAUSE THE WAY BACK SEATS ARE HARD TO GET TO. THEY ARE UNCOMFORTABLE FOR LARGE ADULTS IN THE BACK SEATS AND UNCOMFORTABLE TO IMPOSSIBLE IN THE WAY BACK SEATS. THEY ARE NOT PARTICULARLY EXCITING TO DRIVE, BUT THEY ARE STEADY AND CAN TOW LIGHT LOADS WITH NO PROBLEM. THEY DO VERY WELL OFF ROAD (NOT AS WELL AS A JEEP, BUT BETTER THAN MANY OTHER 4X4 VEHICLES).
Personally, I think SUVs like 4Runners are poor purchases. They're expensive. They get lousy fuel economy. They're pretty useless as a tow vehicle. Nobody "needs" a 4Runner unless they really off-road with it constantly.
In my opinion, someone making $90K shouldn't be driving a $40,000 car.
The smart money would buy a reliable sedan, put a receiver hitch on it, and buy a $299 trailer frame that folds and stores upright in your garage. If you see snow, buy snow tires. If you insist on some off-road capability, a Premium trim level Outback with the Eyesight adaptive cruise control has a street price of about $25.5K. Four 6'2" adults fit in it comfortably. With the rear seat folded, you have a 6 foot rear cargo area. 10 mpg better fuel economy than a 4Runner. Or buy the same trim level Forester at a similar price point if you want the smaller footprint car with the higher roof line.
I kept my last car 10 years in road salt country and drove it through every snowstorm. Only rust issues I ever had was the exhaust. I think I made two $60 repairs, so even that was no big deal. Car was pretty rust free at 180K miles
Boston really isn't true salt country. Try Vermont parked outdoors for 10 years. In Boston, you can find an open car wash pretty much all winter other than cold snaps. In Vermont, they're closed for 3 months and there's no way to get the salt off. You can spray underneath with lanolin (Fluid Film is the popular brand) or oil and slow it down. If you don't do that, every nut or bolt under a 10 year old car requires an air chisel and an EasyOut.
My brother drives Toyotas and among his fleet, he has a 2006 Fore Runner Limited 4x4 that has about 70,000 miles on it. The truck costs them somewhere around $1500- 4000 a year to keep that POS on the road. I can't tell you how many times I've had to drive over 70 miles just to pick them up while a wrecker comes to get it. And still they are loyal Toyota owners who have nothing good to say about the Fords I drive until I remind them I usually put 150,000 trouble free miles on all of them. Don't drink the cool-aid. The Toyotas are no more reliable than a Yugo. There's a reason you don't see many old ones on the hiway- they don't last near as long as the owners want to believe. When was the last time you saw a Cressida? If you still want that Toyota, know that repairs will make a Mercedes look like a cheap date. I'd strongly suggest rethinking your selection of an automobile. All you're doing is paying a lot of money for a lot of problems that are going to cost you a lot more money.
I don't see any Yugo's on the road. I can't drive on the road and not see a Toyota. Did you take your medicine today? Or is this just your bias speaking
We just bought 4runner in June. We got the SR5 premium. The 4Runner is not a car that you buy used.
The dealer really stepped up on our trade. I think I would buy a new one as opposed to a used one. From memory a new (SR5 with cloth, nav and running boards) one starts around 34.
Clean up your trade and see what they offer. You will likely be surprised.
I didn't read through all of this. But I'm stuck trying to figure out why you're having so much trouble with that Honda. ONLY 103,000 miles? There's gotta be more to that story.
A FRIEND OF MINE HAS HAD TOYOTA FORERUNNERS SINCE ABOUT 1990. I DO NOT RECALL HOW MANY HE HAS HAD, BUT SEVERAL. HE BEATS THE SNOT OUT OF THEM BECAUSE HE LIVES IN SOUTHERN CALIFORNIA AND HAS A RURAL CABIN IN MONTANA AND GOES OUT ALL OVER THE PLACE OFF ROAD AND ALSO DRIVES ON LONG ROAD TRIPS. A COUPLE OF THINGS I CAN SAY ABOUT MY EXPERIENCE WITH HIS - THEY ARE TERRIBLE FOR A LARGE FAMILY BECAUSE THE WAY BACK SEATS ARE HARD TO GET TO. THEY ARE UNCOMFORTABLE FOR LARGE ADULTS IN THE BACK SEATS AND UNCOMFORTABLE TO IMPOSSIBLE IN THE WAY BACK SEATS. THEY ARE NOT PARTICULARLY EXCITING TO DRIVE, BUT THEY ARE STEADY AND CAN TOW LIGHT LOADS WITH NO PROBLEM. THEY DO VERY WELL OFF ROAD (NOT AS WELL AS A JEEP, BUT BETTER THAN MANY OTHER 4X4 VEHICLES).
Awesome advice but for the CAPS.
I would add that my brother has had two 4 runners. The first was sold with 295K miles. The second has 160K and gong strong.
NO you can't afford it. But it's good you're debt free. And it's good your rent is reasonable.
What's wrong with the Honda? Have you had it analyzed and how much oil is it burning? "etc." sounds like you want a new car LOL.
So you put approx 20K miles per year on the Honda and it's paid off?
Where is the new car payment money coming from?
If you need a gift of 5K, you can't afford the expensive car.
What about buying a house?
What about a wedding?
What about saving for the NEXT car while you're putting 20K miles per year on the new one?
You need at least 6 mos emergency fund - some people would say 18 months. 15K is good but I'd make it larger.
We also don't know your finance' expenses or spending habits. IMO The best idea is to live below your means and for one of you to bank your salary while saving for a house. Then buy below your means. Then keep living below your means until kids come then one of you can stay home and you won't feel it.
I assume you mean you put 99% of your living expenses on the card and pay it off every month in full? 1400?
So if you're bringing home around $4K where's the difference going? Around $1500?
My 2006 Scion XB has 115K miles and never cost me a dime. Just maintenance Tires, brakes, batteries. I get bummed seeing the mileage advancing but I'm a pet sitter/dog walker in the car all the time.
My "mom advise" is to run the Honda into the ground then buy a Toyota CAR not SUV. You can keep saving while you're driving it.
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