OK here's the deal. I'm 25. I graduated in 2009 and finally got a great job I love in November of 2010. I'm making decent money and I'd like to finally buy a car. I don't have a long commute and not horribly concerned about gas millage.

I say "real" car because my current car is a Red 94' Civic EX with 246k miles on it. I love it and it still runs great but it's old and I've had it for 5-6 years. Replaced the transmission last year and it has a relatively new clutch. Paint is going and the back bumper is pinkish/red. Still a great car though.

I don't really NEEED a new car but I think it's time I grow up.

I don't really have a price range because I've never had a car payment. I paid for my Civic cash. Thinking $16-20k.

I'd like something sporty and fast. I like the Mazdaspeed 3's and GTIs. I've been looking at some 07-08 Mazdas in the $18k range. Should I be concerned about buying one of these without the warranty? Do dealers offer warranty's? Thoughts?

I really want a 335i 6 speed coupe and have seen them for $26-28k re-cert with the 100k/6 yr warranty but they're really hard to find. Think I'm going to wait until later in life for a BMW.

On a side note my dad just backed into the front bumper of my civic. He said he's going to pay for the bumper and a new paint job. How much do you think I could get for a newly painted 94' Civic with 246k miles on it? Relatively new transmission, new clutch, and kept in very good shape. $1000-1500?

Thanks!

4/22/2011 12:39:05 PM

you can get a CPO 335i for 22-24k easily. you might have to compromise on color and options, but they are out there.

4/22/2011 12:47:20 PM

Run the Civic till it dies then worry about a new car.

4/22/2011 12:47:32 PM

Quote :

"I don't really NEEED a new car but I think it's time I grow up."

I think you'll have finally grown up when you realize you should drive the one you have until you can't financially justify it any longer. Save your money for a rainy day.

4/22/2011 12:51:49 PM

Go for the MS3. They're great cars. Just be careful and if you're financing don't settle for a high APR.

4/22/2011 1:17:04 PM

haha point taken. I don't know. I would like to get my Civic to 300k.

Quote :

"I think you'll have finally grown up when you realize you should drive the one you have until you can't financially justify it any longer. Save your money for a rainy day."

Yeah then I'll never get a new car. I can put a few hundred a year into this one and have it last forever.

I have a job. I don't have too many expenses and an extra $300 or so a month car payment isn't a huge deal.

Quote :

"Go for the MS3. They're great cars. Just be careful and if you're financing don't settle for a high APR."

Yeah I really like them. Looking at used ones now. Looking at 07's with ~40k miles for $16-18k. I'd like a touring model with a sun roof but I'm having trouble finding any.

What would a high APR be? Anywhere from 5-7%? Will putting a down payment effect the APR at all? Or should I just look at the amortization table and decide on a down payment?

-nevermind speeds don't have the moon roofs.

[Edited on April 22, 2011 at 1:34 PM. Reason : s]

4/22/2011 1:21:03 PM

Anything 5% or lower is fantastic in my experience. You just want to make sure as you pay off that car that you're not owing more than the car's worth.

4/22/2011 1:36:15 PM

Exactly. I have a few grand I can put down on it but depending on the APR and payment I don't know. I've found two cars I like. One in Winston Salem and one in Highpoint. Might go drive one.

4/22/2011 1:46:41 PM

Because if you have a new car you will be considered a grown up. Were your past cars fake?

4/22/2011 2:23:35 PM

I miss my 88' Volvo 240DL. Thing was a tank.

4/22/2011 2:30:42 PM

Quote :

"Go for the MS3. They're great cars. Just be careful and if you're financing don't settle for a high APR."

A friend of mine had a MS3...wasn't that happy with it. 260HP sounds nice but with the FWD it doesn't put all that power down, especially off the line. Be prepared for wheel hop and torque steer. Have you driven one yet neodata? I drove a new one in 2008 and wasn't that inspired.

On the other hand, I had a GTI and *loved* it. Speaking of which neodata, I've got mine for sale locally so if you're interested let me know. http://raleigh.craigslist.org/cto/2320464211.html
I would have bought it used, but they were offering 0% APR so I got it new back in 2008. You might be able to find a certified GTI with attractive financing...not sure what they're offering now.

I got my fully loaded (minus nav) 2007 335i for $24.7k. Had 6 months left on the factory warranty and of course the 100k CPO warranty. Ended up getting all options/colors i wanted, just have to change out the trim (but had to fly up north to pick it up).

Quote :

"What would a high APR be? Anywhere from 5-7%? Will putting a down payment effect the APR at all? Or should I just look at the amortization table and decide on a down payment?"

What does your bank offer?

4/22/2011 2:44:42 PM

No I'm going to drive a couple tomorrow. I've driven a GTI before. It was fun. Not that impressed with the body style or interior though. It's kind of bland. I really like the Interior and look of the Mazda 3's.

4/22/2011 3:24:27 PM

Ive have owned the MS3, and a GTO and driven the GTI and 335. (You might want to also consider the colbalt ss turbo)

Overall I would have to say the MS3 was one of the best cars I ever owned. It was very practical, very fun, and fast when you wanted it. It got good gas mileage and I didnt have a single problem. in the 07 model i had it would torque steer like a bitch in 1 and 2, and there were some wheelhop problems. Most of these can be fixed with about 200-300 in motor mount upgrades. From what i have heard the new ones are much better. I spent 18k in 2009 on one with 13k miles. I sold it to carmax stupidly for $14,500 with 30k miles on it a year later.

The GTI was a similar car, but felt very german and not as fun. Also didnt have the power of the MS3, and when it breaks which it will do as a vw, its going to cost a lot, and your going to have electrical gremlins because hey it s a vw. You can chip it and get like cheap and easy hp if you so choose.

The GTO is a terrible car, its noisy, has rattles, eats tires, has wheel hop problems, and qc problems. However, I love it, its everything a muscle car should actually be. Its a nice engine dropped into a mid size car, which is what the original muscle cars started out being. Anyway, I love the car to death despite its effect on my wallet. If anything I've learned get the car you love, at least when you can.

The 335i is a great car its put together, and you can wear your sunglasses at night when driving it. The only problem is you look like a giant cock behind the wheel. We are talking corvette levels. And after a while just driving it effects you bleeds over into your personality. In any case, great engine, great handling, great interior, another perfect car, but I don't feel that it has the soul...And you look like a cock.

If i were you I would really start looking at what you LOVE and what you need in a car.
You should rank them all on a list (think what your girlfriend does when shes trying to figure out if she really likes you or loves you). You need to buy the car that has the most LOVES and hits your minimum level of need.

Don't rush out and buy the first car, test drive everything spend some time in it, dont let them do the 2 second around the block run, take them out on the highway, you want to spend about 20 minutes in each car. If they don't allow you walk on.

[Edited on April 22, 2011 at 3:59 PM. Reason : Just my 2 cents]

4/22/2011 3:58:26 PM

Thanks man. Good stuff.

Quote :

"...And you look like a cock."

Yeah I live close to uptown Charlotte and every banker and his mom drive a 3 series BMW.

4/22/2011 4:05:43 PM

Quote :

"a Red 94' Civic EX with 246k miles on it"

I will buy this, PM me if you get ready to sell it

4/22/2011 4:13:21 PM

Don't make the same mistake I made--make sure you put enough down so that if depreciation hits you harder than you thought it would, you won't be under water. I. E. if you were planning to sell the Civic and use that as your down payment, wait until you have another couple thousand to put down. On my current car I put down $1700 and financed the other ~19k, and I was upside down a LOT longer than I thought I would be.

For the 16-20k range I'd want to put down at least 3-4k, unless you get killer financing (well below 5%) and maybe even then.

4/22/2011 4:21:05 PM

^ or better yet buy something with the plan to keep it forever. I don't see where being underwater is a problem unless you're planning to switch cars every couple of years. Not that being underwater is an all around good thing, but if you're gonna finance in this economy I'd rather put down the minimum and drop the extra cash into a roth IRA

4/22/2011 4:44:45 PM

Haha good point. That's actually what I'm doing. About to open a Vanguard Roth.

4/22/2011 4:51:28 PM

get something with super high mileage so you can have little or no payment

4/23/2011 12:39:43 AM

I'll buy the civic, dont bother painting or fixing the bumper

4/23/2011 12:44:31 AM

Spending 18k on a mazda is nuts

4/23/2011 8:46:37 AM

Haha, Kevin, I was about to make almost the exact same thread, except I make less money than you and really do need a new car. I'm actually going out to Capitol Mazda in Cary this morning to try driving a Mazda3 hatchback. I've looked at GTIs too (including the one synapse has listed, lol), but I like the size, look, and less expensiveness of the Mazda3 better. Better gas mileage too, I think. I've heard a lot of negative things about VW lately, from TWWers and relatives, so I'm probably not going to do that.

My biggest issue is that I'm pretty tall - 6'4" - and so I might not be able to comfortably shift in some cars. I've already had problems fitting in an older Saab 9-3, and that car was big. The clutch pedal was way over to the right and every time I shifted, my left knee hit the steering wheel. I really liked that car too. I never had any trouble shifting in my dad's '81 Corolla, and that was like a fucking go-cart.

4/23/2011 8:55:50 AM

But I loved that boat you drove!

4/23/2011 9:17:54 AM

Drove two MS3s. They're great cars. Really enjoyed them. Couldn't bring myself to do it. Going to repair the Civic and possibly a new paint job. Car will last me past 300k easy. Just going to dump that same money into a savings account and have a nice down payment on a car in a year or so.

4/23/2011 2:30:18 PM

I drove the regular Mazda3 hatch today. Really enjoyed it, lol. The sales guy said I would qualify for their "College Grad" program, which has interest rates ranging from 0% to 3.8% for 60 months. I think I would finance around 14k, which leaves me with a very manageable payment, and I'd pay it off way faster than five years. I've got about a week to think about it.

4/23/2011 6:32:48 PM

A car payment does not a man make.

[Edited on April 23, 2011 at 7:27 PM. Reason : .]

4/23/2011 7:27:07 PM

A big enough one does, I vote S class benzo!

4/23/2011 9:07:14 PM

^^No doubt. If I had posted this thread, the subject would have just read "Help me buy my first car," since my previous two (81 Corolla and 94 Regal) have been gifts. I've never actually bought a car, let alone negotiated with a dealer.

4/23/2011 10:54:55 PM

The way to do it is go in debt as soon as you can. If you have a new job and you have some left over money every month, you're already starting off on the wrong foot. I say don't get a $300 car payment since you can easily afford that, go for like a $600 car payment. Make sure you trade this car in at a dealer for another new car w/in 2 years.

Basically, just make sure you're always in debt, you didn't go to school so you can save PFFFT. Besides, what do the Joneses drive?

4/24/2011 1:00:00 AM

So you're saying that I should buy a used Protege5 instead of a new Mazda3, since I can buy the Protege outright for cash?

4/24/2011 1:53:10 AM

Perhaps, but it sounds like reliability is super important to you so a used Mazda may not be the best idea in the world. Also keep in mind that gas prices are probably not going to be coming down from ~$4/gallon -consider how many more people in the developing world attain cars every single year...

Everybody's situation and preferences are different but I've always felt that if you can't pay for something, you can't afford it. However, we don't live in a perfect world and if you're not mechanically inclined, a dependable car certainly is desirable. Still don't forget that a financed car means mandatory full coverage -->higher insurance cost. More expensive car means more tax when you buy as well as when you register... Fancy cars are for rich people!

So, what's the bling worth? Don't forget depreciation and loan interest.

On the other hand, you live once. Just be realistic about the true cost of the car is what I'm trying to say.
xoxo <3

4/24/2011 2:06:16 AM

Are proteges considered to be reliable? If so, yes I'd suggest just going that route...

4/24/2011 2:07:08 AM

Yeah, I currently have no debt and I'm not anxious to add a lot with a new car loan, especially while currently holding a job that doesn't pay very well. However, said job is within biking distance from home, so I suppose I can tough-out another summer sans air conditioning and just keep saving.

After driving my Buick for so long, I'd settle for any sort of reliable car within the past decade and whose windows all work.

4/24/2011 2:14:05 AM

for $15k, you have much better options than a FWD hot hatch imo

4/24/2011 9:35:33 AM

^
agreed

4/24/2011 11:00:32 AM

^^there are, but bankers drive those better options

4/24/2011 11:05:34 AM

^^^like what? Going to fix up the Civic for the time being.

4/24/2011 3:17:22 PM

message_topic.aspx?topic=601343
message_topic.aspx?topic=546479
message_topic.aspx?topic=531136

4/24/2011 5:11:59 PM

Suggestions? I'm no car person, and the hatchback hits most of the specifics I'm looking for: storage space, fun/sporty (ish), good gas mileage, manual transmission. I certainly don't have to get a new one of anything.

4/24/2011 5:15:49 PM

^^yeah nothing new. I like the hatchback design and it's constantly gotten great reviews for both it's reliability and comparison to similar cars for the price (GTI/WRX/Mini etc). Out of all I've driven I like the feel and exterior/interior the most. GTIs and WRXs are boring IMO not to mention more expensive on the long run. After tons of searching it's hard to find too many negative reviews on the MS3s. Either way I'm going to hold off for a little longer and drive more cars.

4/24/2011 5:54:03 PM

260ftlbs + FWD = not that great

4/24/2011 8:26:55 PM

Well it was fun to drive. Sure there was a little bit of torque steer and wheel hop as reviews have said but aside from that it's great like everyone says.

4/24/2011 8:49:27 PM

Im sure its a fine car. I was just placing my vote which doesnt count in the other options box.

4/24/2011 9:42:27 PM

Not decided at all. Will be looking/driving for a bit longer.

4/24/2011 9:51:46 PM

you'd be better off to open a separate savings account just for saving up for a car, pay yourself $300/mo or whatever you'd be paying some bank, and when you've got the cash to buy what you want, go pay for it outright.

not owing anyone a dime is a good damn feeling

4/24/2011 10:20:41 PM

I too, agree with the statement about not buying stuff you can't afford (don't have the cash for).

4/24/2011 10:24:09 PM

The $300/month car payment you want to save is not half of the true cost of "owning" a car you're still paying for. As I said, consider higher insurance, taxes and so forth.

4/24/2011 11:15:56 PM

^,^^, ^^^ agreed. Not going to jump on anything. $300/month is being set aside. Just opened my Roth ($3000 minimum initial investment). Think that's a much better investment than on a down payment for a car I don't need that would just sit on top of my current college loan.

[Edited on April 24, 2011 at 11:18 PM. Reason : but damn it felt good driving a new car]

4/24/2011 11:17:09 PM

Quote :

" ^^^like what?"

I paid 14900 for my Z06.

If I wanted a non-ridiculous car, I'd buy a nice VW TDI for $10k or less.

Car payments are for the birds. With a lot of saving and stock tradng, flipping cars for profits, and after a couple of deployments where I socked away cash, my toy fund is finally such that I could drive essentially anything I want within any semblance of reason--certainly anything with a 5-digit price, very easily. That doesn't mean it wouldn't be stupid. I wouldn't even enjoy it if I spent too much on a car (been there).

You can buy a nice car for under $10k. I'd pay cash and do that if you can. Otherwise, I'd finance the minimu
I needed to get something decent without having to dip into or put off retirement savings.

I agree, you only live once (and I certainly don't live miserly). You can live pretty damned well with a 5-10 year old car, though, and I say that as a die-hard "car guy".

[Edited on April 25, 2011 at 12:05 AM. Reason : ]

[Edited on April 25, 2011 at 12:07 AM. Reason : Also, fwd is gayer than aids unless it's just a commuter.]

4/24/2011 11:49:49 PM

Forgot to emphasize the practical part. Need room for 4 and I like the hatchback style of the Mazda's. If I were to buy a VW it would be a newer GTI but again they're not as reliable and I think they look way too generic in both the body style and interior trim and design.

4/24/2011 11:52:54 PM