How do you make financial decisions? (car purchases)

Discussion in 'Off-Topic' started by ThatHideousStrength, Sep 23, 2013.

  1. ThatHideousStrength

    ThatHideousStrength Junior Member

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    So I've been thinking about getting a car for the last 3+ years.. but never got one.

    My current car is pretty much in bad shape.. it drives but it's loud (muffler), the suspension sounds like gerbals on a squeaky wheel on the high way.

    About a year ago, one of the ball joints broke so the front passenger wheel went the opposite direction, it cost about 500 dollars to fix.

    About 3 months ago the alternator died and cost 250 bucks to fix.

    Aside from these two.. I put gas, and fill it with oil (it eats it). I've had it since 2003.

    I do like having nice things and this car is nothing nice, if I were to get a car, I'd probably go into the 16 to 19k range with a loan even though I could pay cash.. I rather get a loan and hold onto my money.

    Stuff that sucks, I live in really nice part of Chicago but have street parking. I remember one time I went to my car and my driver side mirror was cracked... no idea how that happened, probably some dumb bike rider.

    It's hard for me to make big purchases which is why I have saved so much money haha...
  2. Commissar Smersh

    Commissar Smersh 2020 Staff Member

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    Well first of all, as long as you have a nest egg and credit built up already borrowing money when you can pay cash is silly.

    As far as cars go, it's time to replace it when repairing it is more expensive than replacing it. What year, make and model is it? What would you replace it with? How often and far do you drive it? Do you need something larger for hobbies or snow?
  3. mistawiskas

    mistawiskas kik n a and takin names

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    I make a list of what I need, not want. Then I take the time to research all makes and models.
  4. Miller

    Miller Tweak Guru

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    I bought a new truck a few years back for 24k then sold it earlier this year and bought one for 7k. it wasn't worth 500$ a month, especially since i hardly drove it. much happier with the truck I have now, especially since it only costs me 26$ a month.

    Holding onto money is probably the stupidest thing I've ever heard of. Getting an auto loan over paying cash, and paying a few thousand in interest, thats not very smart. Another reason is your cash most likely isn't earning any interest, it's loosing it's value. if you had 10,000 in 2007, it would only be worth 9200 in 2012.

    you gotta make your money work for you man, not let it sit in a bank and loose value, or worse, pay interest.
  5. mistawiskas

    mistawiskas kik n a and takin names

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    ...or let it sit in a bank and let the bank make money with it. ;)
  6. MSP

    MSP Haunting a dead forum...

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    I'd suggest picking up a copy of the Consumer Reports auto issue and study it. And decide what sort of car you want. You want a small sedan or hatchback for low cost of ownership, or a small SUV or truck for utility? In the under $20k department there's not much we can talk about in terms of larger or sportier. For reliable and reasonably fun commuting the Honda Fit is great. Or a Mazda 3 if you want a little more zip. Both would be easy to street park too.
  7. Miller

    Miller Tweak Guru

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    LOL, Have you seen interest rates lately, .01% on a savings, 1.2% on a 5 year cd. When the inflation rate at 1.5%, and your paying 5% ona car loan. that's called loosing money.
  8. Commissar Smersh

    Commissar Smersh 2020 Staff Member

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    Gonna disagree with MSP and advise against the Fit. Subcompact cars are terrible for safety.

    Also, are you going to buy new new? You could buy a year or two old used and move into a much higher vehicle class.

    And do you have any plans to purchase property soon that you'd want to use your savings for? That would be the only reason to justify a car payment, imo.


    Wiskas was referring to the bank making money, not the consumer.
  9. mistawiskas

    mistawiskas kik n a and takin names

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    yes, we need a /sarcasm button. ;)
  10. Miller

    Miller Tweak Guru

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  11. mistawiskas

    mistawiskas kik n a and takin names

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    As for making financial decisions, I hope you can find a better way than our elected representatives and non elected bureaucrats.
  12. czechrboard tassia

    czechrboard tassia Likes gay people.

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    I love my Nissan Versa, but yes, it is a little disconcerting from a size standpoint in case of an accident.
    I got it as a dealer car with just over 6000 miles on it, paid all cash, almost all the best perks and for a pretty great deal. It took a bit to find just the right car for the right price, but it just turned 4 years/60k miles old and it's been perfect.
  13. ThatHideousStrength

    ThatHideousStrength Junior Member

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    I already have a car in mind, the Chrysler 200 3.6.

    I rather make payments with the choice of paying off any time then dump the money as I am starting to do investments with my cash. Another consideration, my company is getting bought out but they aren't at least at this time going to fire all of us as the company buying us need the extra help and our group is small.

    Commissar Smersh, it's a 2002 Dodge Neon which is gonna cross 137,000 miles soon. I work a mile away but sometimes need to go 40+ miles for work and sometimes travel.

    I do want something a little bigger. I am also thinking for a 3.6 Chrysler 300. I do not want a Honda anything, I don't like them... sorry :(
  14. Commissar Smersh

    Commissar Smersh 2020 Staff Member

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    If your position at work is unstable and your current vehicle is fine, then hold off on buying a vehicle until the acquisition is finished and you're sure they won't be eliminating you.

    And if you're going to buy a Chrysler you may as well light your money on fire. Worst of the domestics by far and Fiat isn't going to do them any favors. If you don't like imports get a Fusion or Malibu.
  15. ThatHideousStrength

    ThatHideousStrength Junior Member

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    Yeah, I kind of don't care what you think about Chrysler :) I like them. I don't like the Fusion, my bro had it and it was crap, and the Malibu isn't my cup of tea either.
  16. MSP

    MSP Haunting a dead forum...

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    The only thing worse than an ignorant consumer is a belligerently ignorant consumer. ;)
    Sparky says thanks for this.
  17. MSP

    MSP Haunting a dead forum...

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  18. nidex

    nidex Hood Rich

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    LOL at this nigga going to dump his money on a Chrysler 200. Don't forget to tell us when it breaks. I'm sure after the first few times you'll stop posting due to embarassment.



    If I was you, I'd drive that POS Neon into the ground. Mr. "nice part of Chicago", drive to Back of the Yards, Pilsen, Humboldt Park, or some shit and find some alley mechanic Mexican/PR that will fix it when it breaks for $100 or less and you'll be straight.
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  19. Goofus Maximus

    Goofus Maximus Too old to be this dumb!

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    I go through the checklist:

    choices.jpg
  20. mistawiskas

    mistawiskas kik n a and takin names

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    get an old dodge.
    :p