My FRS dream hit a speed bump

[Bamsterman]

What about a Ford Focus SVT? They can be found pretty cheap, blast to drive, decent on gas...

Edit* or this lol

https://fortmyers.craigslist.org/chl...169502064.html

[Th3rdSun]

Originally Posted by Speck

I just got my 2013 with 18k miles for 22 out the door and only 3500 down. Payment is 369/month if that helps. Not bad considering I had nothing to put down. Traded in plus 1k cash down

I think you made out a little better than I did.

I put down 8k on the same year,with 21k miles for $21k and I'm paying $395/month. I'll probably trade it in in a year or two as the APR they gave me isn't very good,or I'll refinance for a better APR.

[extrashaky]

Originally Posted by CelicaJoe

I'm definitely young and stupid but that's just too much of a risk to take.

You don't sound stupid at all to me.

Originally Posted by Tcoat

They are paying you out but letting you keep the car? That is not normal at all. They usually take the car and recover as much of their pay out as they can from it. You may want to check that.

Not sure how it works north of the border, but when an insurance company totals a car in the US, the owner generally has the option to buy it back from the insurance company for the salvage value. The salvage value is based on average auction prices for totaled vehicles of that model, not the value of the parts themselves. The insurance companies are not in the business of parting out vehicles. They sell them at auction to other people who make their money by parting them out.

So let's walk through it. Suppose the insurance company declares the vehicle a total loss and agrees to pay out $5000. The insurance company then owns the vehicle and has it titled with a salvage title. If you want to keep it anyway, and the salvage value is $1000, the insurance company will transfer the car back to you (with a salvage title) and pay you $4000 instead of the full amount. You got your $5000 payout, minus the $1000 to buy back the car.

Then you can either part it out or fix it. If you part it out, it sits in your yard until you get all the parts off of it and sell them. Then you call a scrap dealer to come get it with a rollback, and you might get $200 max for the steel. If you have a heavily modified vehicle, it often makes sense to buy it back and part it out yourself, because the salvage value is not going to include the value of all those aftermarket parts.

If you fix it, most states will not allow you to register it to legally drive it on the street until you have it inspected and obtain a "rebuilt" title. A few states actually require you to purchase a surety bond as well, but most of the time it's just a matter of showing a law enforcement officer your receipts for the repairs and having him sign it.

A 14-year old Celica is not going to have a high salvage value, so the $200 he mentioned above sounds about right. Remember, it's based on what the insurance company can get at auction for the whole car, not what the parts are worth.

[CelicaJoe]

A little update to my situation:
I ended up finding a low miles (75k) Celica GTS that's mechanically sound but horrendous as far as cosmetics and interior go. However, I did end up buying my car back (for roughly $300) and have an abundance of undamaged parts that I can simply slap on the new car. After I do all that it'll basically be like new with the exception of the paint job. It's a 6 speed, so I'll finally get to learn manual, although I may not have a ton of time to dedicate to it. I'll be parting out my old car and then giving it to a scrap yard where I know there will be a lot of excited Celica owners who can't wait to get to it. Luckily I was able to get the car pretty cheap and it only took my insurance money plus most of what I saved for the frs so it won't interfere with my rent, tuition, etc.

I really appreciate all your suggestions! I would have loved to take the Miata route but I know I couldn't bring myself to buy a car I didn't do a ton of research on because I tried that once and bought a 2001 Celica GT that if I would have looked online for 10 minutes I would have found out the engine in it was gonna die on me within a couple of months.
And as far as the seating goes in a miata, having those "useless" back seats make quite a difference when you don't have them. I may not have children and NEED the back seats, but I enjoy the practicality of having the extra space need be. In an emergency I could fit people back there and that's what matters.

Once again, I really appreciate all the suggestions and support guys! Wish me luck with manual!

[extrashaky]

Damn. You move fast.

Good luck.

[Chrisgalactic]

Think of this as a blessing. I'm sure in the next couple years the 2013 or 2014 FRS value will decrease in value so when you decide to get one you will actually be less in debt & possibly save a bit more money (just a prediction). The car will always be there even if you're not able to get it today. Just remember that Im sure this car isnt going any where & who knows in the future you might just end up getting the newest model with more improved stuff. Good luck!

Sent from my SAMSUNG-SM-G900AZ using Tapatalk

[headlikeahole]

I like the miata idea personally. Just as fun to drive and you could pick one up for 4-6 grand in good condition. Then when you are good and ready (out of school) you can look at getting a twin.

Fr-s are cool but dept and stressing about money = not cool

[Celica00]

Wow we are in surprisingly similar situations. Had to get rid of the Frs for an RSX to avoid dept, school, marriage, etc. etc. Wish you the best.

Spend an extra while building as much of a down payment as possible while the used prices drop. Thats a double positive and will get you into the car you want. Just not in the time you want :/

BTW ive owned both rsx-s and celica gts and i'd go w/ the rsx if you can find a decently priced one!

edit: oops didn't see the update post

[why?]

hey sounds like it worked out decently. Good luck learning manual, it is easiest when you have no choice but to learn it.

[Speck]

Originally Posted by Th3rdSun

I think you made out a little better than I did.

I put down 8k on the same year,with 21k miles for $21k and I'm paying $395/month. I'll probably trade it in in a year or two as the APR they gave me isn't very good,or I'll refinance for a better APR.

Ah. Yeah My girls dad is parts and service manager at a local autonation so that helped out a bit

[mikool]

I commend you for having a goal and a plan laid out, though it took a turn. The future 86 you end up buying will be a lucky car to have you take care of it.

I find it very useful and convenient when I have to drive other people. My family is not tall at all at 5'0 to 5'7 and I can fit them all relatively comfortable. Although it takes getting used to, just like when I first went from driving a big car into this FR-S I really felt like there wasn't much room even from the driver seat. Just think of it as a 2 seater with optional seats (which they are supposed to be in the first place) with lots of cargo space (relative to 2 seater sports cars).