Getting a new used car

[Leitmotif]

as many of you know my car was stolen and now im on the search of a new one. Somewhere between 12k and 15k. Im open to anything.

So far im between a kia cerrato or optima they come with great warranty. Another one is a volkswaggen passat or cc and a lexus IS.

 

[LelandJ]

Does your insurance company immediately compensate for your stolen car?

 

[Monkeyface]

as many of you know my car was stolen and now im on the search of a new one. Somewhere between 12k and 15k. Im open to anything.

So far im between a kia cerrato or optima they come with great warranty. Another one is a volkswaggen passat or cc and a lexus IS.

Do you like cars or do you just see them as an efficient means of getting from A to B? Does that budget include maintenance for the coming years or just purchase price? Might help with the recommendations.

FWIW, I think the Kia Optima is the best looking out of all of those, and the 2.0 turbo performs very well. Seems like a 2012 2.0T with about 75k miles is at the top end of your budget. It's a cool car though, the engine is basically a Lancer Evo engine that's made more easily driveable, with less turbo lag.

 

[Leitmotif]

Does your insurance company immediately compensate for your stolen car?

I have to wait two weeks.

 

[Grand Potentate]

why is this in DT?

 

[LelandJ]

I have to wait two weeks.

Are they paying for your rental car during those two weeks?

 

[Leitmotif]

why is this in DT?

Didnt know where else to put it, move it to the according place.

Are they paying for your rental car during those two weeks?

No they are not

 

[Grand Potentate]

They aren't? Why?

 

[Leitmotif]

They aren't? Why?

Because im cheap fuck

 

[Thruth]

Didnt know where else to put it, move it to the according place.



No they are not

Because im cheap fuck

That is what happens when you use Buzz Lightyear Car Insurance. To Infinity and Beyond! Unless of course you need a free rental.

 

[Leitmotif]

That is what happens when you use Buzz Lightyear Car Insurance. To Infinity and Beyond! Unless of course you need a free rental.

Lmfao hahahahaha

 

[Leitmotif]

So I found a 2012 Black Volkswaggen CC Schutzstaffel edition. 13 grand 34 thousand miles. That is not a bad deal at all me thinks. I'm negotiating it for 11K.

 

[Monkeyface]

So I found a 2012 Black Volkswaggen CC Schutzstaffel edition. 13 grand 34 thousand miles. That is not a bad deal at all me thinks. I'm negotiating it for 11K.

Engine, specs, post facelift?

 

[Leitmotif]

Engine, specs, post facelift?

2.0 Liter TSI engine with DSG.

I'm also gonna be paying a lot less money. Since my Acura was 1st car that I ever bought I had a 15% interest. For this one I got approved for 5% with Volkswaggen being the creditor. is that good?

 

[Monkeyface]

2.0 Liter TSI engine with DSG.

I'm also gonna be paying a lot less money. Since my Acura was 1st car that I ever bought I had a 15% interest. For this one I got approved for 5% with Volkswaggen being the creditor. is that good?

That's the 2008-2012 model. The facelift was released in 2012 as well, and should retain more of its value, as it's still being made. If you're in the market for a 2012 CC I'd definitely go with the restyled one.

2.0TSI and DSG is nice.

 

[Leitmotif]

That's the 2008-2012 model. The facelift was released in 2012 as well, and should retain more of its value, as it's still being made. If you're in the market for a 2012 CC I'd definitely go with the restyled one.

2.0TSI and DSG is nice.

The one with the facelift, 2013, was a hell lot more expensive. from 13 grand to 18 grand. more miles too

 

[Monkeyface]

The one with the facelift, 2013, was a hell lot more expensive. from 13 grand to 18 grand. more miles too

Yeah, it retains more of its value, as it's still in production. How much does a 2008 one go for? That's probably how much yours will be worth in 4 years time. Probably a bit less even.

I don't know much about car loans. I don't borrow money to buy a depreciating asset. How much could you afford to buy outright?

 

[Grand Potentate]

2.0 Liter TSI engine with DSG.

I'm also gonna be paying a lot less money. Since my Acura was 1st car that I ever bought I had a 15% interest. For this one I got approved for 5% with Volkswaggen being the creditor. is that good?

Not really. How's your credit? Local credit unions have rates around 3%

Auto & Vehicle | Space Coast Credit Union

Mycfe.com

This Fairwinds credit union has REALLY good rates:
FAIRWINDS - Auto Loans

If you want to go with a big bank, CapitalOne has less than 3%
Auto Loan Rates - New, Used, & Loan Refinancing | Capital One

USBank has 2.49%
Used Car Loan | Financing a Used Car | U.S. Bank

Lightstream (a branch of SunTrust) has 2%!
LightStream - Loans for Practically Anything

Again, all these depend on your credit. If its really really good, I'd try for Lightstream or one of the big banks.

 

[Leitmotif]

Yeah, it retains more of its value, as it's still in production. How much does a 2008 one go for? That's probably how much yours will be worth in 4 years time. Probably a bit less even.

I don't know much about car loans. I don't borrow money to buy a depreciating asset. How much could you afford to buy outright?

I could pay it off all of it.

 

[Monkeyface]

I could pay it off all of it.

So you have the money to just buy the car cash? I'm assuming you have set aside emergency/maintenance money for once you've bought the car.

Why would you get a 5% loan when you can buy cash? It's unlikely you'll be able to invest that money to get a higher return than 5%/year over the next couple of years without running pretty big risk, so it's much smarter to just buy the car with cash instead of credit.

 

[Grand Potentate]

So you have the money to just buy the car cash? I'm assuming you have set aside emergency/maintenance money for once you've bought the car.

Why would you get a 5% loan when you can buy cash? It's unlikely you'll be able to invest that money to get a higher return than 5%/year over the next couple of years without running pretty big risk, so it's much smarter to just buy the car with cash instead of credit.

Well if he can get the loan closer to the market rate of 3%, then it might be worth it to take the short term loan and be able to have the cash for emergencies and whatnot.

 

[Leitmotif]

I have some more, but I rather spread my cash and just lose 5% than loose all that cash when I can use it to something else, like buying a Rubinacci 'fit'

 

[Grand Potentate]

Leitmotif are you sure you want this thing? You looked at any other models? For $12k you could get a barely used civic/3/scion or some shit.

 

[Monkeyface]

Well if he can get the loan closer to the market rate of 3%, then it might be worth it to take the short term loan and be able to have the cash for emergencies and whatnot.

I assumed he already had emergency cash. If he doesn't have emergency cash, it would be much smarter to set 5k aside, and buy a car for 7k. Car loans are really not a smart thing to do, unless you absolutely need a car for transportation and have no money whatsoever to buy it.

 

[Leitmotif]

Leitmotif are you sure you want this thing? You looked at any other models? For $12k you could get a barely used civic/3/scion or some shit.

Spend the whole day doing that. No Civic for me, 2nd most stolen car in america and I live in Whorelando where all the Ricans and Dominicans want them. Never like the scion or corolla. Also, I do travel a lot, so I need something comfortable. Btw, I forgot to add, the CC come with warranty till 100k miles.

 

[Leitmotif]

I assumed he already had emergency cash. If he doesn't have emergency cash, it would be much smarter to set 5k aside, and buy a car for 7k.

My parents gave me 5K, but I'm not so sure if I want to do that.

 

[Leitmotif]

Monkeyface read above

 

[Grand Potentate]

I assumed he already had emergency cash. If he doesn't have emergency cash, it would be much smarter to set 5k aside, and buy a car for 7k. Car loans are really not a smart thing to do, unless you absolutely need a car for transportation and have no money whatsoever to buy it.

I believe he has some emergency cash but not a lot. Again, a 3% loan isn't a big hit on $12k. Even if he stuck the money in a 1% savings account he'd only end up paying a few hundred over the 3 years of the loan.

Spend the whole day doing that. No Civic for me, 2nd most stolen car in america and I live in Whorelando where all the Ricans and Dominicans want them. Never like the scion or corolla. Also, I do travel a lot, so I need something comfortable. Btw, I forgot to add, the CC come with warranty till 100k miles.

The 100k warranty is only on the drivetrain. All the ancillary shit stops being warrantied after 36k.

 

[Monkeyface]

My parents gave me 5K, but I'm not so sure if I want to do that.

How much will you borrow and for how long? Calculate the total cost and see if that's worth it for you to keep your cash in your account. I'm assuming you'll be earning very little interest on your savings account.

 

[Monkeyface]

I believe he has some emergency cash but not a lot. Again, a 3% loan isn't a big hit on $12k. Even if he stuck the money in a 1% savings account he'd only end up paying a few hundred over the 3 years of the loan.

The 100k warranty is only on the drivetrain. All the ancillary shit stops being warrantied after 36k.

That's true, but it's always good to calculate the total costs first. For x years, loan payments (notional+interest) + depreciation + maintenance - interest on savings account. Takes like 10 minutes to calculate and gives you a nice overview.

If there's anything I know lots about it's loans/debt in general. Maybe not car loans specifically, but a loan is a loan, the concept stays the same.

 

[Grand Potentate]

That's true, but it's always good to calculate the total costs first. Loan payments + depreciation + maintenance. Takes like 10 minutes to calculate and gives you a nice overview.

A $12,000 loan over 36 months at 2.75% would yield a roughly $350 monthly payment. $350 x 36 months = $12,600.

$12,000 earning .9% interest with no additional contributions would earn roughly $350 over the course of 3 years. So he's only upside down $350. I'd take that hit to have the financial flexibility.

He could get into a number of structured CD vehicles to increase the earn rate somewhat as well

 

[Leitmotif]

I believe he has some emergency cash but not a lot. Again, a 3% loan isn't a big hit on $12k. Even if he stuck the money in a 1% savings account he'd only end up paying a few hundred over the 3 years of the loan.

The 100k warranty is only on the drivetrain. All the ancillary shit stops being warrantied after 36k.

Bumper to bumper Rambo

 

[Leitmotif]

That's true, but it's always good to calculate the total costs first. For x years, loan payments (notional+interest) + depreciation + maintenance - interest on savings account. Takes like 10 minutes to calculate and gives you a nice overview.

If there's anything I know lots about it's loans/debt in general. Maybe not car loans specifically, but a loan is a loan, the concept stays the same.

The maintenace would be cheaper that my Acura TSX. Every three months I had to do an oil change plus filter plus rotation that was 120 every 3 months, that was 480 every year. this one twice a year, every 10,000 miles it includes tire rotations and filter for 75 dollars.

 

[Monkeyface]

A $12,000 loan over 36 months at 2.75% would yield a roughly $350 monthly payment. $350 x 36 months = $12,600.

$12,000 earning .9% interest with no additional contributions would earn roughly $350 over the course of 3 years. So he's only upside down $350. I'd take that hit to have the financial flexibility.

He could get into a number of structured CD vehicles to increase the earn rate somewhat as well

That's very reasonable. If you can get those numbers I'd take the flexibility over buying cash. Just see how much the deprecation and regular maintenance will be over the same time frame and you're good to go!

 

[Leitmotif]

Actually it was more than that. 55 dollars for the oil + 20 dollars for filter + 20 dollar for labour + 30 dollars for tire rotation.

 

[Grand Potentate]

Bumper to bumper Rambo

I'd look into that. Is it some sort of certified pre-owned warranty?

 

[Leitmotif]

I'd look into that. Is it some sort of certified pre-owned warranty?

yes sir! That is exactly what it is.

 

[Monkeyface]

The maintenace would be cheaper that my Acura TSX. Every three months I had to do an oil change plus filter plus rotation that was 120 every 3 months, that was 480 every year. this one twice a year, every 10,000 miles it includes tire rotations and filter for 75 dollars.

That sounds reasonable as well. I think depreciation won't be terribly much looking over the 36 month timeframe and at the CC market in the US. Perhaps $2k if you put a lot a of miles on it, maybe a bit more if they release a newer model.

 

[Leitmotif]

That sounds reasonable as well. I think depreciation won't be terribly much looking over the 36 month timeframe and at the CC market in the US. Perhaps $2k if you put a lot a of miles on it, maybe a bit more if they release a newer model.

Honestly, its not like I buying a new car, which I would never do. 30% alone in the first year would kill me, fuck that. I will drive and enjoy the car.

 

[Grand Potentate]

yes sir! That is exactly what it is.

Ah. You should have specified. I thought it was the original Volkswagon factory warranty.