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I'm deciding between two cars...what do you think?

Discussion in 'Anything goes' started by imjustagirl, Oct 23, 2009.

  1. imjustagirl

    imjustagirl Active Member

    Rosie,

    kleeda looked up the '03 Impala on Consumer Reports for me. It's rated really low in engine cooling (so I'd be looking at a new radiator, possibly), brakes and suspension. There were some other mid-level repairs, but overall it was a pretty solid car. If I go with the Impala, I'd just have to make sure I saved up a rainy-day fund for repairs...and not use it on anything else. As I'm wont to do.
     
  2. Rosie

    Rosie Active Member

    One thing you do have going for you is how few miles you drive. That needs to be taken into consideration. (As one who drives a minimum of 30,000 in a year.)

    You could always have me oversee your rainy day fund :D:
     
  3. RickStain

    RickStain Well-Known Member

    The bank insists on loaning more money to the person with bad credit?

    That's bizarre and awful. I want to shortsell that bank.
     
  4. Moderator1

    Moderator1 Moderator Staff Member

    Well, Rick, the deal is with the cheaper cars they can't get anything back if they have to repossess. So you're stuck in the middle. You ain't going high end but you're not going clunker either.

    Those folks aren't stupid. They know the risks, etc. They'll get theirs.
     
  5. RickStain

    RickStain Well-Known Member

    That makes sense, but then why accept a new car? If they are worried about depreciation and repossession, they should at least insist on used.
     
  6. imjustagirl

    imjustagirl Active Member

    Well I don't think I could get most new cars. But because of my employer's deal with Nissan, I get it for 275 under invoice. So it's not like I could walk in and get a new XTerra. But the Versa is base enough that I'd be financing about $12K.
     
  7. Moderator1

    Moderator1 Moderator Staff Member

    I don't think they give a shit new or used because by the time they get it back and have to unload it, it's used.
    I'm sure they are loaded with spreadsheets that show amazing detail. It's the price range rather than the newness of the car that makes the difference.
     
  8. imjustagirl

    imjustagirl Active Member

    Moddy, you always come in after me and make the points much better than I do. I'm just going to let you handle it. :D
     
  9. RickStain

    RickStain Well-Known Member

    Given what's happened to our economy, I have less faith in banks' actuarial abilities than you do.

    If she's buying a $6,000 used car, it's still worth $5500 after a month. If she buys a $12,000 new car, it's worth $6,000 after a month. If they are worried about what percentage they can get back in repossession, then new doesn't make much sense.

    I get the idea of taking someone who has no other options and forcing them onto the hook for a little more, I guess.
     
  10. Moderator1

    Moderator1 Moderator Staff Member

    Part of HarrisMediaServices is "spokesman services" - the bill is in the mail. Due in full.

    Rick, their records will show that most won't default quite that early. The 6000 car will be down to 3000 - the new car will still sit at 5000 or so.
     
  11. imjustagirl

    imjustagirl Active Member

    To clarify, the Impala has a sticker of $9867. After trade-in, it was $7995. We got them down to $6950, plus my $500 down. So, $6450, plus random fees and tax, title, license, etc.
     
  12. RickStain

    RickStain Well-Known Member

    Don't forget to offer her financing options is she can't afford to pay right now.

    Okay, now I'm getting it. Makes sense now.

    Seriously, I dream of a life without a car. One of these days, when I'm out of the business, I'm going to convince Mrs. Stain that we can do it. In December, I'll be without a car payment for the first time since I was 17 (10 years ago). Even with the car completely paid for, the total cost of ownership will be almost $200 a month (maintenance, expected repairs, insurance). Not even including gas.
     
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