Is it a bad idea for me to buy this car?

[strat61caster]

Originally Posted by jflogerzi

I can't help think paying cash for this car is a waste. I can't help thinking that you could put that money to invest somewhere and get a nice car for 5K. If you have to ask can I afford this car, you can't.

I see this all over the place, where can I put $20k in and get >3%guaranteed returns without jumping through hoops or having my money locked up for several years?

[VeezyF]

just keep low miles on it. trust me I never thought my old car would be totaled out by insurance and it was - luckily it was well maintained and low miles. got a good price for it. that's if you're buying brand new but as soon as you drive it off the lot it depreciates - a car is not an investment. personally it might but I can't afford it now I've been saving and saving because my insurance is so damn high. i've been taking cabs to work and saving and working overtime etc to afford it. lol I think it will be worth it in the end! this is a dream car of mine

[regal]

Originally Posted by SubieNubie

Honestly it depends on what your looking for. I've been a Honda person since my 1st 2005 Si Hatch. After 136k miles of driving like I'm 20 I bought a 2011 Si sedan. The biggest hurtle on deciding on buying a FRS/BRZ was the fact that is wasn't a Honda. Some will defend Subaru till the cows come home about how reliable they are but others do other wise. Whenever I buy a car I search a forum to see what the common problems are and see if they changed during model years or the community has a work around. If its something I can live with I'll buy it. I took the plunge a little over a year ago, and haven't had any issues with it other than, the majority of the TSB that have been released. That being said the only reason I traded my Si in on the BRZ is because its sublime to drive. But it doesn't "feel" like a Honda and I do miss that.

Make no mistake this is a Subaru. And a high output, high reving for an NA 2.0L Subaru engine. Buying a Honda is like a guarantee check for 250k miles. This we just don't know.

[NOHOME]

Sports cars are passion driven decisions.

There are a million reasons not to buy this car.

However if you are a sport-car person, none of them will get in the way.

In my mind, passionate people arrive at the end of life with a "What a ride" attitude. Logical people arrive with a "What if I had..." attitude.

Go stand in front of a mirror and ask yourself, not some random and anonymous forum.


free advice and worth what you paid!

[Mooseknuckle44]

Originally Posted by SubieNubie

This is the worst advice. Any financial advisor would whole heartily disagree with you.

Do tell how this is bad advice?

[SubieNubie]

Originally Posted by Mooseknuckle44

Do tell how this is bad advice?

You pay more over the period of the car loan. You may not be eligible for lower interest rates for the car. You have the additional expense of a gap insurance. To me gap insurance is only for people who bought a car they can't afford. I'm sorry but I'd rather pay more up front than pay interest on it later. Also if this was such a genius idea, wouldn't everyone do it?

[Mooseknuckle44]

I didn't say genius. Financing a brand new car is a pretty stupid financially. But why throq away money on a depreciating asset? If you've got "X" to put down, then why not sit on X, make extra on the payments? You WILL pay it off faster, you WILL still have a savings account, and you WILL be able to get out of the payment later on if you so choose because you still have the cash. Not saying it's for everybody. Just saying givig the car company money on something that will instantly be gone makes no sense.
And this was advise given to us by a Nissan Loan Officer. He dissuaded us from doing it. My wife will be paying off her 2010 Altima SR in 2 months. She got it in January of 2010. Easy math- 57 months of a 72 month loan, paid only about $600 interest. Never paid a dollar more than the monthly payment, although she did half the monthly payment, and send it in every 2 weeks. Essentially making one extra payment a year. The car companies dont WANT you to do this. They make less money if people don't put down money up front. Your interest rate will be the same or negligably different. Maybe.


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[illest86]

I'm in a similar financial situation. Only thing I can say is you may not care for mods now, but you will when you own it. Try to take it easy on the additional purchases until you get into the rhythm of the monthly payments and your budget. Going pay cheque to pay cheque is stressful.

[dnieves]

Originally Posted by Yoniyama

Subaru builds indestructible and economical cars, and Toyota is known for building reliable and efficient cars. Together, they design the most exciting sports car since the NSX, at a fraction of the price, for the masses. But the Toybaru seems to be built in China with fake FIAT parts, in terms of reliability.

On this forum, even one owner came out to proclaim to have a trouble-free example. This is a rare minority. Everyone knows the Toybaru suffers from many big and small problems. Are you feeling lucky today? If you really believe in your luck, perhaps you should take a trip to Las Vegas, instead.

The 2015 model is supposed to fix some of the many faults. If you insist on testing your luck, you may want to get a 2015 model.

As the sole vehicle and a daily driver, and if you are not madly in love with the service mechanic, the Honda Civic Si may suit your preference better.

Built from Chinese bootleg Fiat parts and trouble free twin owners are a rare minority?

Huh?!?

Not sure if it's sarcasm or bad info.

[dnieves]

[QUOTE=mav1178;1807169]My general rule of thumb:

- if you have to ask, usually it's not a good idea.
110% correct.

- if you want a car to last you 6-8 years, you have to be prepared to spend money on repairs, upkeep, and know how to work on a car (or have a reliable mechanic handy).
I had a '06 Si for 7 years only paid for tires/brakes/oil changes and ditto for a 7 year old '08 tC. So far 11 month old FR-S only cost me $$ for gas, LEDs, and one flat tire patch. Had an '02 Elantra GT and after almost 4 years saw the potential money pit coming.

- if you don't have a reliable mechanic or are otherwise worried about downtime, get a car with a longer/extended warranty.
-especially if it's American or VW!!

- if, after all monthly expenses, you don't have money that is the same as your car payments (or $300, whichever is less), you shouldn't buy the car. This money should be disposable income you have in case you wreck, have a mechanical breakdown, or otherwise would need to spend on the car for upkeep.
-110% correct again.

[Dadhawk]

Originally Posted by Mooseknuckle44

I didn't say genius. Financing a brand new car is a pretty stupid financially. But why throq away money on a depreciating asset? If you've got "X" to put down, then why not sit on X, make extra on the payments? You WILL pay it off faster, you WILL still have a savings account, and you WILL be able to get out of the payment later on if you so choose because you still have the cash. Not saying it's for everybody. Just saying givig the car company money on something that will instantly be gone makes no sense.
And this was advise given to us by a Nissan Loan Officer. He dissuaded us from doing it. My wife will be paying off her 2010 Altima SR in 2 months. She got it in January of 2010. Easy math- 57 months of a 72 month loan, paid only about $600 interest. Never paid a dollar more than the monthly payment, although she did half the monthly payment, and send it in every 2 weeks. Essentially making one extra payment a year. The car companies dont WANT you to do this. They make less money if people don't put down money up front. Your interest rate will be the same or negligably different. Maybe.

The Nissan Loan Officer sold you a bill of goods so he could make more money off of you. Car dealerships make more profit off loans than they do the car, he just came up with a better story than most.

You "lost" the money to depreciation just by purchasing a new car, it doesn't matter whether you paid cash for it up-front or made payments.

You also aren't factoring in risk. A paid-for car (or anything) is no financial risk to you. One with a payment is. If you had driven off the lot with the car with a loan and lost your job the next week, you are stuck. If you've paid for the car, you can now sell it, even if at a "loss" and be done with it, and have the money to cover your gap. Or you can drive the car without having to worry about "losing it" back to the bank.

Just a different point of view.

[Mooseknuckle44]

How did the dealership make more money off of us? We couldn't pay cash up front for the whole car. But a $3300 down payment(10% standard) would do no good in the event of losing the job or totalling the car. But if you total the car, since Full coverage insurance is required on any vehicle with a lien against it, and you had gap-then you'd be fine. If you kept the $3300 instead of making the down payment, that gives you 5+ months of payments to try to get rid of the car?
I don't think l led him to believe that paying monthly for the car was better than paying for it in full up front. That would be stupid.


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[SubieNubie]

Originally Posted by Dadhawk

You "lost" the money to depreciation just by purchasing a new car, it doesn't matter whether you paid cash for it up-front or made payments.

My point exactly.

[SubieNubie]

Originally Posted by Mooseknuckle44

How did the dealership make more money off of us? We couldn't pay cash up front for the whole car. But a $3300 down payment(10% standard) would do no good in the event of losing the job or totalling the car. But if you total the car, since Full coverage insurance is required on any vehicle with a lien against it, and you had gap-then you'd be fine. If you kept the $3300 instead of making the down payment, that gives you 5+ months of payments to try to get rid of the car?
I don't think l led him to believe that paying monthly for the car was better than paying for it in full up front. That would be stupid.


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If you put money down you would have had a lower payment and have been able to pay it faster. Also you shouldn't be putting your life savings into a down payment for your car. That at least how I read it.