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Thread: Buying a new car

  1. #41
    [QUOTE=quantum;3976782]I am forced to reluctantly agree with this yahoo.

    Leasing is the way to go especially if you're not going to keep the car a long time, or want to try out a new model (I just started leasing a Camaro: first Big 3 car I've driven since the early 80s).[/QUOTE]

    Common wisdom is that if you're not keeping the car for a minimum of 6 years, you lease.

    What's really funny is how people view buying a car as such a big deal. Like its a house or a stock market play. Like its some 'investment'.

    You pay $100 a month for your cellphone. You pay $225 a month for TV/Internet/Phone. You pay $350 a month for your auto lease. You pay $450 a month for your utilities. You pay $3000 a month for your mortgage.

    It's just another monthly bill, just another payment that POOF disappears into the abyss like your phone, TV, internet, utilities, going to the movies, attending Jets games, whatever.

    Your car payment is like your gas and electric payment; it's a necessary expense that provides no financial return. Driving a 7 year old used car that's worth, [I]maybe[/I], $3000 if you went to sell it with 100K miles on it and repair bills.....in the end its just not worth it. This myth of "equity" in the vehicle is a joke, doesn't exist. That "equity" of $3000 barely will cover a major repair with the car out of warranty for 3 years. Meanwhile, you could be driving a brand new car with 100% warranty coverage. For those same 7 years on a lease you'd be in your third [I]new [/I]car instead of the same old rustbucket.

    SAR I
    Last edited by SAR I; 03-10-2011 at 09:12 AM.

  2. #42
    [QUOTE=SAR I;3976808]Common wisdom is that if you're not keeping the car for a minimum of 6 years, you lease.

    What's really funny is how people view buying a car as such a big deal. Like its a house or a stock market play. Like its some 'investment'.

    You pay $100 a month for your cellphone. You pay $225 a month for TV/Internet/Phone. You pay $350 a month for your auto lease. You pay $450 a month for your utilities. You pay $3000 a month for your mortgage.

    It's just another monthly bill, just another payment that POOF disappears into the abyss like your phone, TV, internet, utilities, going to the movies, attending Jets games, whatever.

    Your car payment is like your gas and electric payment; it's a necessary expense that provides no financial return. Driving a 7 year old used car that's worth, [I]maybe[/I], $3000 if you went to sell it with 100K miles on it and repair bills.....in the end its just not worth it. This myth of "equity" in the vehicle is a joke, doesn't exist. That "equity" of $3000 barely will cover a major repair with the car out of warranty for 3 years. Meanwhile, you could be driving a brand new car with 100% warranty coverage. For those same 7 years on a lease you'd be in your third [I]new [/I]car instead of the same old rustbucket.

    SAR I[/QUOTE]

    On he other hand, I currently have NO car payment.

    And drive a vehicle I love.

    I don't see the downside to that. :confused:

    I suppose its not cool to drive an older car...but it is cool to have more cash each month...plus I'm married so I don't need to impress and hot chicks.

  3. #43
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    ... you've just dug yourself out of 60k in credit card debt ...


    ... go to carmax & buy one a couple years old with 25k miles on it ...











    l_j_r

  4. #44
    [QUOTE=lamont_jordan_rules;3976996]... you've just dug yourself out of 60k in credit card debt ...


    ... go to carmax & buy one a couple years old with 25k miles on it ...








    l_j_r[/QUOTE]

    Yes, 6 years ago, my wife and I were very irresponsible with our CC's. Having a newborn and home renovation tend to do these things. However, we did learn how to be more responsible. I pay cash for everything now and learned how to be more frugal and live within our means. This thread really isn't going anywhere....

  5. #45
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    [QUOTE=LIDeadHead;3976205]I about to purchase my first new car. The last car I bought was a 98 VW Jetta I bought used. Needless to say, I got raked over the coals and paid ALOT for my car. I was young, stupid & desperate.

    Now I'm older, smarter & desperate again.

    I decided I want to buy an '11 VW Jetta SEL Loaded. Im looking around $25K. The research I began doing suggests getting online rates for financing versus financing through the dealer itself. I finally dug myself out of close to $60K in CC debt. My credit score is now 732 according to Transunion, but 660 on Experian (WTF?). Im pretty sure I can get a good rate, I just need to shop around for financing.

    So I have a few questions and wonder if anyone can offer some tips.

    Should I go from 1 VW dealer to another and reveal the name of offers from other dealers?

    Will there be less leverage in negotiating since the car I want will probably have to be ordered and built to my request?

    What types of things should I avoid at all costs?[/QUOTE]

    I bought a Honda Pilot a couple of years ago. Financed thru the dealer. Had a talk with Chase and refinanced at a much better rate. Go to your bank first. Do not buy any of the "extras" the dealer offers. They were trying sell me on everything. Coverage on the interior, on the paint, on the tires things I never heard of before. The only thing I bought was an overall extended warranty. You can get lots of things on line these days. For example I wanted the roof rails. Dealer wanted about $400 installed. I did a search on Honda accessories and got em shipped to my house for $150. Took ten minutes to install. Same for cargo liner. $100 at the dealer. $45 on the internet. This summer I am going to get the side running boards at a fraction of what the dealer wants. What kind of "requests" do you have? Many times a dealer will have cars on the lot that have a fair amount of accessories already in them and you can get a very good deal.

  6. #46
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    [QUOTE=LIDeadHead;3977073]Yes, 6 years ago, my wife and I were very irresponsible with our CC's. Having a newborn and home renovation tend to do these things. However, we did learn how to be more responsible. I pay cash for everything now and learned how to be more frugal and live within our means. [B]This thread really isn't going anywhere....[/[/B]QUOTE]


    With the amount of time you've spent here, how can that possibly suprise you? ;)

  7. #47
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    Looking for a new car myself. I currently have a Jet Green 2002 Pathfinder and can't find a good green SUV to buy....

  8. #48
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    [QUOTE=Flagman5A;3977133]Looking for a new car myself. I currently have a Jet Green 2002 Pathfinder and can't find a good green SUV to buy....[/QUOTE]

    When I bought the Pilot I was looking for the same thing - a hunter green SUV. No luck. I think the closest you may come is a Jeep.

  9. #49
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    [QUOTE=SAR I;3976469]A technicality. Do the math with that $3,500 and its still better to lease than to own. You only own the car if you:

    1. Want to mod it like a highschool kid.

    2. Want to keep it 7+ years and beat The Man at his own game.

    SAR I[/QUOTE]

    #2 is the way to go. Shop for a 2007 or 2008 car.

    I have heard if you must get a new car send Emails to all of the VW dealers asking for a quote on what you want. They will tell you what they have on hand and how much they want for each car. Do the research on what you should pay and respond to each dealer with that number. Play the dealers off against one another. Take your time. Try not to get trapped in a dealership for hours. If trapped always keep the "my wife isn't here right now I need to go confer with her" card in your back pocket.


    [URL="http://www.cars.com/"]http://www.cars.com/[/URL]

  10. #50
    [QUOTE=brady's a catcher;3977117][QUOTE=LIDeadHead;3977073]Yes, 6 years ago, my wife and I were very irresponsible with our CC's. Having a newborn and home renovation tend to do these things. However, we did learn how to be more responsible. I pay cash for everything now and learned how to be more frugal and live within our means. [B]This thread really isn't going anywhere....[/[/B]QUOTE]


    With the amount of time you've spent here, how can that possibly suprise you? ;)[/QUOTE]

    Consider how much action the "Nearest Mall To Paramus (That's Open Sunday)" thread had, I really thought this had potential. Definitely not winning.

  11. #51
    [QUOTE=Buster;3977171]#2 is the way to go. Shop for a 2007 or 2008 car.

    I have heard if you must get a new car send Emails to all of the VW dealers asking for a quote on what you want. They will tell you what they have on hand and how much they want for each car. Do the research on what you should pay and respond to each dealer with that number. Play the dealers off against one another. Take your time. Try not to get trapped in a dealership for hours. If trapped always keep the "my wife isn't here right now I need to go confer with her" card in your back pocket.


    [URL="http://www.cars.com/"]http://www.cars.com/[/URL][/QUOTE]

    Good point. 1 thing Im not sure of is the leverage I will have. I know the model & package I want. However, I want to add additional options to the car and feel that this now becomes a "special order" and the car would have to be ordered in. Would a dealer go through the trouble of ordering the car I want, only to have me haggle over the price? I think a dealer would just show me the door and say thanks for visiting.

  12. #52
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    [QUOTE=LIDeadHead;3977238]Good point. 1 thing Im not sure of is the leverage I will have. I know the model & package I want. However, I want to add additional options to the car and feel that this now becomes a "special order" and the car would have to be ordered in. Would a dealer go through the trouble of ordering the car I want, only to have me haggle over the price? I think a dealer would just show me the door and say thanks for visiting.[/QUOTE]

    Be a little more flexible and it could save you a lot of $. What is it you are looking for that makes it a special order? Many dealers have cars on the lot ranging from low-end to high-end of the more popular models.

  13. #53
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    [QUOTE=LIDeadHead;3977073]I pay cash for everything now....[/QUOTE]

    Well...don't stop at your car then. Pay cash for that too.

  14. #54
    [QUOTE=petejet;3977241]Be a little more flexible and it could save you a lot of $. What is it you are looking for that makes it a special order? Many dealers have cars on the lot ranging from low-end to high-end of the more popular models.[/QUOTE]

    Its mostly appearance things..such as a rear spoiler, ground effects kit, sport package.

  15. #55
    [QUOTE=PlumberKhan;3977271]Well...don't stop at your car then. Pay cash for that too.[/QUOTE]

    LOL if I had $25K in my pocket, I probably wouldnt be asking for advice. Maybe Im just a 1% here, but I just don't have that kind of scratch readily available.

  16. #56
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    [QUOTE=LIDeadHead;3977306]LOL if I had $25K in my pocket, I probably wouldnt be asking for advice. Maybe Im just a 1% here, but I just don't have that kind of scratch readily available.[/QUOTE]

    Me too. I had to install 5 boilers and wire 3 houses on the "side" to come up with money to buy the Chevy I have now.



    Well....let me rephrase. The money to buy the Chevy my ex-wife has now. :P

  17. #57
    [QUOTE=Flagman5A;3977133]Looking for a new car myself. I currently have a Jet Green 2002 Pathfinder and can't find a good green SUV to buy....[/QUOTE]

    Make sure to take a look at the "Green" of the New Jeep Grand Cherokee.

  18. #58
    [QUOTE=FF2;3976874]On he other hand, I currently have NO car payment.

    And drive a vehicle I love.

    I don't see the downside to that.

    I suppose its not cool to drive an older car...but it is cool to have more cash each month...plus I'm married so I don't need to impress and hot chicks.[/QUOTE]

    What type of car, how old, and how much did you pay?

    I ask so we can run a model that will show that you could have been driving a brand new car instead of suffering with the old one. It's nothing to do with 'cool', but rather safety, reliability, and (lack of) maintenance.

    SAR I

  19. #59
    [QUOTE=Buster;3977171]#2 is the way to go. Shop for a 2007 or 2008 car.

    [/QUOTE]

    That's the worst thing you can do. Trust me, I've been there.

    Let's say you are going to spend $16,000 on a used 2007 Jetta and you're going to keep it for another 3 years by which time it'll be 8 years old and either dead or have a resale value of maybe $3,000.

    $16,000 over 36 months is $444 a month.

    A brand spanking new 2011 VW Jetta on lease is $179 a month with $1,999 due at signing. That's $8,443 for 36 months.

    Instead of financing or plunking down $16,000 cash for a used car that'll only last another 3 years and is out of warranty, you can have an out-of-pocket of only $8,443 for a brand new car.

    That means you can have not one but [I]two [/I]brand new Jetta's in 6 years for what it would cost you to have that rusty old used Jetta for just 3. And since the new cars are under warranty for those 6 years, that $3,000 value of the used clunker gets eaten up by the repairs you definitely are going to incur.

    Do the math. Sets you free. Don't buy a used car and keep it. Lease two new cars instead.

    SAR I

  20. #60
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    When you lease, what are the penalty's for mileage and general wear and tear? Stones chipping the paint and windshield do they get you again when you return it??

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