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I'd love advice about getting another car or not

Started by Raineyrocks, August 24, 2009, 12:13 PM NHFT

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Raineyrocks

Okay, with all of these economic issues and who knows what's going to happen, would it be wise to take out a 72 month loan for a used car?  Then again if the economy does collapse we have a mortgage too so the auto loan is minor compared to being homeless, right?

My minivan has some problems, I'm not sure if they are huge, but Rick thinks they are going to be.  There's small stuff like, a cracked side mirror, messed up bumper, and other electrical issues which don't bother me at all except for my exhaust not working on the windows when I'm driving.  That one bothers me because I can't see and it's hard to wipe the windshield with napkins and drive at the same time, especially in a minivan.

A couple of years ago the air conditiner stopped working, just the heat worked, so Rick rigged it with pliers so now he can turn the air conditioner on in the summer and the heat in the winter so I don't know if that has anything to do with the windshield exhaust or whatever it's called not working.

Now, the minivan is pulling back while I'm driving, even on a flat road so I don't know what that possible problem could be, it's like when you hit a speed strip, not bump, in the road.  It's really lost it's pick up and go when I'm traveling up hills so I don't know if that's a big deal or not.   The asthetics don't bother me at all, I just want a solid mechanical, dependable automobile.

The van is paid off but we can't afford big repairs, if it needs them to pass inspection because it's not like they let you make payment plans on repairs. 

The car we're looking at is a 2007 Toyota Camry, with 33,600 miles.   The loan would be $200 a month, which we could just swing and the total cost of the Camry after the trade-in would be about $12,000.   They would only give me a trade-in of $3350 for the minivan and that was after debating with them for a couple of hours, we got them to go about $600 lower on the Camry.   Is all of that good?

cathleeninnh

Are you saying that you have no cash? People with no cash should not add payments of any sort.  I financed a used car a couple of times. Never more than 24 months. Heck, I won't finance a new car for more than 48. We are pretty much cash for everything now. If a vehicle dies, we buy whatever we have the cash for. The uncertainty of the future is what makes another payment unwise.

Just my opinion.

Cathleen

K. Darien Freeheart

QuoteOkay, with all of these economic issues and who knows what's going to happen, would it be wise to take out a 72 month loan for a used car?

No. I speak from personal experience and as someone who's read a lot of financial advice books. 72 months is a 6 year loan. The amount you'll be paying for using someone else's money is insane on that.

Also, count on the lien-holder MANDATING comprehensive insurance coverage on it which, depending on the drivers, can run close to the monthly payment.

I'm finally going to take my own advice after I pay off my Element. I will never again finance a car. The simple fact of the matter is, when you're buying the car, the money is secondary to the benefits, but within a few months you learn the quirks of the new car just like you know the quirks of your current one, and you're paying on it. That's a burden that I've always been saddled with even on my dream car.

Finally, 33K isn't exactly a spring chicken of a car. Sure, it probably beats the hell out of what you're driving right now, but it's supposed to have had between 7 and 11 oil changes so far, plus air filter changes. The coolant is supposed to have been flushed. At this point, the transmission and differential fluids may be breaking down, so they need to be inspected and/or replaced. Fuel lines may also be in need of maintainance. Some of these things can be ignored or may not be an issue if they're ignored, but if there's a problem and it's not been done, could signifigantly shorten the life of the car. The point I'm trying to make here is that improper maintainance can kill a car MUCH faster than milage, and 33K is a margin big enough to be worried about.

There's no certainty that your "new" car won't have a major failure in 3 months and it'll likely NOT be covered under warranty.

QuoteThere's small stuff like, a cracked side mirror

$25 to $50 bucks and an hour's worth of work.

QuoteA couple of years ago the air conditiner stopped working, just the heat worked, so Rick rigged it with pliers so now he can turn the air conditioner on in the summer and the heat in the winter so I don't know if that has anything to do with the windshield exhaust or whatever it's called not working.

They're related. I can't understand how it could be "rigged with pliers" to work unless the knobs physically broke. If the blower can work, it sounds like the control panel isn't working, either electrically or mechanically. This should still be a relatively easy fix compared to the cost of a new vehicle.

QuoteNow, the minivan is pulling back while I'm driving, even on a flat road so I don't know what that possible problem could be, it's like when you hit a speed strip, not bump, in the road

The first thing I think of that would cause the shuddering AND the "pulling back", especially if it seems to pull to the side, is brake lock up, especially a parking brake. I just had the parking brake lock up on my motorhome, and it's unnerving seeing the wheel turning forward while moving backward at the same time.

QuoteThe van is paid off but we can't afford big repairs, if it needs them to pass inspection because it's not like they let you make payment plans on repairs.

I've got a few thigns here, take them for what they're worth to ya, I'm only tossing out options, not exactly making suggestions. You're concerned about inspection, not safety or failure. If you don't have the money to pass the inspection, don't have it inspected. I'm aware this is illegal and they'll hurt you, but you've also got a group of people who will stand up here. Keeniacs having topless protests is all well and good, open carry litter pick ups are great, pot protests rock. However, I've met more people who have to decide between paying the rent and paying taxes, or paying for a government sticker versus visiting a dentist than I've met who wanna open carry while high and topless. ESPECIALLY with the economy the way it is, you might be able to get some very good publicity and sympathy IF the state wants to try to kidnap you for not getting their sticker when they want you to.

As to not being able to afford repairs, keep in mind that this is true with the Camry too. You don't know what's going to happen, and as I've said, 33K isn't exactly a ticket to problem-free days. Also, given the list of issues you list with the minivan, it seems that you guys have either put off problems because they're not "too important" or you're simply not able to afford to fix them when they occur. If this isn't likely to change, then a 6 year loan is likely to last longer than the car, honestly. Proper maintainance is the single most important thing to preserving the longevity of a vehicle and even unimportant things matter.

As to the "not being able to make payments, assuming that is a defeatist attitude. There are likely places that will do it, especially if you offer something to intice them (perhaps interest, perhaps barter).

If you find out exactly what's wrong, you might also be able to hire a mechanically adept friend at signifigantly lower cost. A gearhead/hobbiest doesn't usually have overhead to contend with, so if you supply parts and beer, you might have a much easier to cope with repair bill.

Pat McCotter

Not being a new car buyer, I still taught this to my sons.

Get a used car for what you can afford in cash. Put the car payments you would have made into the bank. After four years, more or less, you will have enough for a new car. Do not buy the new car. Buy the previous year clearance car that buyers have had no problems with, pay cash and don't pay the asking price.

Raineyrocks

Quote from: cathleeninnh on August 24, 2009, 12:29 PM NHFT
Are you saying that you have no cash? People with no cash should not add payments of any sort.  I financed a used car a couple of times. Never more than 24 months. Heck, I won't finance a new car for more than 48. We are pretty much cash for everything now. If a vehicle dies, we buy whatever we have the cash for. The uncertainty of the future is what makes another payment unwise.

Just my opinion.

Cathleen

Yup, pretty much we don't have a lot of cash on hand.   Thank you for your opinion, that's what I was asking for and it's wise as usual!  :D

Raineyrocks

Quote from: Kevin Dean on August 24, 2009, 01:52 PM NHFT
QuoteOkay, with all of these economic issues and who knows what's going to happen, would it be wise to take out a 72 month loan for a used car?

No. I speak from personal experience and as someone who's read a lot of financial advice books. 72 months is a 6 year loan. The amount you'll be paying for using someone else's money is insane on that.

Also, count on the lien-holder MANDATING comprehensive insurance coverage on it which, depending on the drivers, can run close to the monthly payment.

I'm finally going to take my own advice after I pay off my Element. I will never again finance a car. The simple fact of the matter is, when you're buying the car, the money is secondary to the benefits, but within a few months you learn the quirks of the new car just like you know the quirks of your current one, and you're paying on it. That's a burden that I've always been saddled with even on my dream car.

Finally, 33K isn't exactly a spring chicken of a car. Sure, it probably beats the hell out of what you're driving right now, but it's supposed to have had between 7 and 11 oil changes so far, plus air filter changes. The coolant is supposed to have been flushed. At this point, the transmission and differential fluids may be breaking down, so they need to be inspected and/or replaced. Fuel lines may also be in need of maintainance. Some of these things can be ignored or may not be an issue if they're ignored, but if there's a problem and it's not been done, could signifigantly shorten the life of the car. The point I'm trying to make here is that improper maintainance can kill a car MUCH faster than milage, and 33K is a margin big enough to be worried about.

There's no certainty that your "new" car won't have a major failure in 3 months and it'll likely NOT be covered under warranty.

QuoteThere's small stuff like, a cracked side mirror

$25 to $50 bucks and an hour's worth of work.

QuoteA couple of years ago the air conditiner stopped working, just the heat worked, so Rick rigged it with pliers so now he can turn the air conditioner on in the summer and the heat in the winter so I don't know if that has anything to do with the windshield exhaust or whatever it's called not working.

They're related. I can't understand how it could be "rigged with pliers" to work unless the knobs physically broke. If the blower can work, it sounds like the control panel isn't working, either electrically or mechanically. This should still be a relatively easy fix compared to the cost of a new vehicle.

QuoteNow, the minivan is pulling back while I'm driving, even on a flat road so I don't know what that possible problem could be, it's like when you hit a speed strip, not bump, in the road

The first thing I think of that would cause the shuddering AND the "pulling back", especially if it seems to pull to the side, is brake lock up, especially a parking brake. I just had the parking brake lock up on my motorhome, and it's unnerving seeing the wheel turning forward while moving backward at the same time.

QuoteThe van is paid off but we can't afford big repairs, if it needs them to pass inspection because it's not like they let you make payment plans on repairs.

I've got a few thigns here, take them for what they're worth to ya, I'm only tossing out options, not exactly making suggestions. You're concerned about inspection, not safety or failure. If you don't have the money to pass the inspection, don't have it inspected. I'm aware this is illegal and they'll hurt you, but you've also got a group of people who will stand up here. Keeniacs having topless protests is all well and good, open carry litter pick ups are great, pot protests rock. However, I've met more people who have to decide between paying the rent and paying taxes, or paying for a government sticker versus visiting a dentist than I've met who wanna open carry while high and topless. ESPECIALLY with the economy the way it is, you might be able to get some very good publicity and sympathy IF the state wants to try to kidnap you for not getting their sticker when they want you to.

As to not being able to afford repairs, keep in mind that this is true with the Camry too. You don't know what's going to happen, and as I've said, 33K isn't exactly a ticket to problem-free days. Also, given the list of issues you list with the minivan, it seems that you guys have either put off problems because they're not "too important" or you're simply not able to afford to fix them when they occur. If this isn't likely to change, then a 6 year loan is likely to last longer than the car, honestly. Proper maintainance is the single most important thing to preserving the longevity of a vehicle and even unimportant things matter.

As to the "not being able to make payments, assuming that is a defeatist attitude. There are likely places that will do it, especially if you offer something to intice them (perhaps interest, perhaps barter).

If you find out exactly what's wrong, you might also be able to hire a mechanically adept friend at signifigantly lower cost. A gearhead/hobbiest doesn't usually have overhead to contend with, so if you supply parts and beer, you might have a much easier to cope with repair bill.

Thanks Kevin! :)   As far as the minivan goes, we get the oil changed regularly and stuff like that and the knobs aren't broken but Rick knows what's wrong and that it would cost too much right now to get fixed.    We got a Carfax report, the previous owner did go in for all scheduled maintenances, so that's good but like you, Cathleen and Pat are saying, it is another payment.  I've got to think and show Rick all of these replies because they are excellent things to consider.
How is your motor home now?
Thanks again! :)

Raineyrocks

Quote from: Pat McCotter on August 24, 2009, 02:46 PM NHFT
Not being a new car buyer, I still taught this to my sons.

Get a used car for what you can afford in cash. Put the car payments you would have made into the bank. After four years, more or less, you will have enough for a new car. Do not buy the new car. Buy the previous year clearance car that buyers have had no problems with, pay cash and don't pay the asking price.

Thanks Pat, excellent advice!  :)   I'm going to have Rick read all of these and talk to him too.

K. Darien Freeheart

QuoteHow is your motor home now?

In the shop. In the peak of RV season. If you think that waits at regular mechanics are long, or prices absurd, your head would explode dealing with RV people.

I suppose I'm so annoyed because it's the "final" thing standing in my way. Once we're back in the motorhome, we hit a campground and I give my job notice, then it's back home (New Hampshire!) and now it's just "Wait, wait, wait".

Raineyrocks

Quote from: Kevin Dean on August 24, 2009, 05:40 PM NHFT
QuoteHow is your motor home now?

In the shop. In the peak of RV season. If you think that waits at regular mechanics are long, or prices absurd, your head would explode dealing with RV people.

I suppose I'm so annoyed because it's the "final" thing standing in my way. Once we're back in the motorhome, we hit a campground and I give my job notice, then it's back home (New Hampshire!) and now it's just "Wait, wait, wait".

That's got to be irritating to say the least, I hope they get it done quickly as I'm sure you do too! 

Alright, your coming to New Hampshire, cool!  ;D

K. Darien Freeheart

Lindsay and I pretty much decided today that getting the brakes fixed might not be the best decision long term. We'll see if we can get the motorhome back on Wednesday and then give notice and move.

Having the money might be a much needed padding.

KBCraig

Quote from: Kevin Dean on August 25, 2009, 12:07 AM NHFT
Lindsay and I pretty much decided today that getting the brakes fixed might not be the best decision long term.

Point it north, and don't stop!  ;D

K. Darien Freeheart

QuotePoint it north, and don't stop!

That's the plan. We're going to reclaim it tomorrow, park it and give notice at work. Then, vacation's over and we come home.


Raineyrocks


Raineyrocks

Update on car situation:

We nicely refused the Toyota Camry and the 72 mth. loan and I'm keeping my minivan!  :bdance2:


Thank you everyone for your excellent advice!