Help! I might have to buy a car...

[Kooshdakhaa]

Actually, I have another good option. I didn't like the Kia Soul because I thought it was ugly, but I've looked at more pictures, and it's not too bad. And i thought it had itty bitty wheels on it, but it comes standard with 15" tires and you can have 16" tires on it, 17" even if you want. So that's normal-sized tires right, not the itty bitty ones?

And I can lease one of those for $1750 down, $199/month. Now we're talking. And it'd be brand new.

Then if some property I have sells in the next year or so, I'll take it back in and trade it on a Sorrento because I'll be able to afford higher payments. I'll make sure that they'd let me do that before I sign the lease. That way I'm not getting what I really, really want but I'm leaving that door open. And I can drive to work knowing my car won't be constantly breaking down.

 

[Kooshdakhaa]

Well, now we're talking! The salesman at Kia sent me an email and said he would bring a car to me to test drive to save me the trouble of going to the dealership. I emailed him back with a bunch of questions and told what I was willing to pay and if he could find me a car that meets my requirements. And that, yes, he could bring it by...that would be a great convenience for me!

Since I have it narrowed down to a couple of different vehicles, this will work. I don't need to go to the dealership and test drive 10 cars. I know what I want. It will all come down to monthly payment, down payment required and warranty on the vehicle. And mileage. Regardless of warranty I don't want the mileage to be too high. Lease or buy, I don't really care.

I've sent a message off to Allstate as to what comprehensive insurance will be so I'm not too shocked by that!

 

[R.C. Christian]

Anything but Genital Motors. Chevy and the GM line is a pile of magnificent dog shit. Horrible, horrible cars.

 

[Papawx3]

First, congrats on having a 20 y/o vehicle that only has 69k miles on it. My 2006 Equinox already has over 150K miles on it. It's still going strong, and I'll keep it until it drops and is no longer economically feasible to repair.

Check your finances to determine how much you can afford to pay outright for a vehicle. Don't submit to the feeling that you have to "keep up with the Joneses".
You will always save money by not having to finance a vehicle. Not only will you save on the amortization and interest payments, you will also NOT have to keep full coverage insurance on it. That will save you even more money.

 

[Kooshdakhaa]

First, congrats on having a 20 y/o vehicle that only has 69k miles on it. My 2006 Equinox already has over 150K miles on it. It's still going strong, and I'll keep it until it drops and is no longer economically feasible to repair.

Check your finances to determine how much you can afford to pay outright for a vehicle. Don't submit to the feeling that you have to "keep up with the Joneses".
You will always save money by not having to finance a vehicle. Not only will you save on the amortization and interest payments, you will also NOT have to keep full coverage insurance on it. That will save you even more money.

That's the problem...right now I can't afford to pay much cash on a vehicle. It will be easier on me financially right now to make a small down payment and have a monthly payment.

Most down i want to pay is $2000 and I'm not interested in any cars I can buy for that amount. The most expensive car I've ever bought was $3200, so I know what you're saying, I have saved a ton of money on transportation over the years.

But now dependability is my main concern since my job is moving clear across town. I'm stressed out enough withou worried about my car breaking down.

Of course, like I've said before, a competent mechanic probably would have fixed my car by now, but how do I find one of those? How do I know they're competent? You see, with a new leased vehicle I don't have to worry about that.

 

[Pogo]

First, congrats on having a 20 y/o vehicle that only has 69k miles on it. My 2006 Equinox already has over 150K miles on it. It's still going strong, and I'll keep it until it drops and is no longer economically feasible to repair.

Check your finances to determine how much you can afford to pay outright for a vehicle. Don't submit to the feeling that you have to "keep up with the Joneses".
You will always save money by not having to finance a vehicle. Not only will you save on the amortization and interest payments, you will also NOT have to keep full coverage insurance on it. That will save you even more money.

Agree ^^. I've never bought a new car in my life.

I just last week sold off my 20-year-old car and hated to see it go, she was so reliable. Has about 425,000 miles and still running for the new owner.

Note, @RCChristian -- it's a GM car.

YMMV of course.

 

[Kooshdakhaa]

I inquired about the Sportage and now the salesman emails me and says the lease on the Sportage is about the same as the Sorento, $250-300 a month.

I replied, "Uh oh! I thought the lease on the Sorento was $250 per month, why are we inching up to $300?"

Haven't heard back yet. But I did let him know that my talking about it has interested a couple of other coworkers who might be interested in leasing or buying cars. That should get his attention! And I'm not making it up...it's true.

 

[Kooshdakhaa]

Ah, he will give me $100 for every referral who buys a car.

Now I have Kia and Hyundai salespeople competing for me. The Kia guy doesn't know it yet but Hyundai did a credit check on me and mentioned something about my phenomenal credit. And immediately lowered the lease price she had quoted me on a Santa Fe. : )

Checked out how much more full coverage insurance will cost so I won't be taken by surprise by that, since my old car only has liability on it.

I can probably get a trade in on my old car, if the stupid mechanics can ever get it running.

If they knew how close I am to making a decision. That's how I am...I agonize for a few days and then SNAP...make my decision. Where do I sign? Then I'll be so excited I won't be able to function for a couple days. I've never had a new car.

I think I will really ponder it over the weekend, then perhaps decide on Monday, maybe Tuesday. I like the idea of arriving to pick my husband up after work in a brand new car. Surprise! I've asked him and he's already told me it's my decision, since he doesn't drive.

 

[DGS49]

Esoteric point on leasing:

Dealers will often put out a low-ball monthly payment to lease a car. Say, $299 a month for 36 months, with $3,000 down.

But of course, that is usually for a fairly basic model, and YOU want something a little nicer or a couple of special options. This is where the dealer dramatically increases his profit.

In gross terms, when a buyer adds, say $1,000 in options, most customers are willing to accept a calculation that goes roughly as follows: $1,000 divided by 36 months; my payment will go up by about $28 per month. But this is WRONG, for two reasons.

First of all that $1,000 option only costs the dealer about $800. Second, you are not BUYING the car (option), you are only RENTING it (when you lease). So you shouldn't have to pay 100% of the cost of the options, but only about 60%. So the correct increase in the monthly lease payment for that $1,000 option is $13 or $14.

Don't get snookered. Don't listen when the salesman whines. In fact, most of them are too stupid to do the actual calculation and must rely on their F&I person for the re-quote. Don't add options unless they are something that you can't live without, and don't be taken advantage of with the options.

 

[YWN666]

Ah, he will give me $100 for every referral who buys a car.

Now I have Kia and Hyundai salespeople competing for me. The Kia guy doesn't know it yet but Hyundai did a credit check on me and mentioned something about my phenomenal credit. And immediately lowered the lease price she had quoted me on a Santa Fe. : )

Checked out how much more full coverage insurance will cost so I won't be taken by surprise by that, since my old car only has liability on it.

I can probably get a trade in on my old car, if the stupid mechanics can ever get it running.

If they knew how close I am to making a decision. That's how I am...I agonize for a few days and then SNAP...make my decision. Where do I sign? Then I'll be so excited I won't be able to function for a couple days. I've never had a new car.

I think I will really ponder it over the weekend, then perhaps decide on Monday, maybe Tuesday. I like the idea of arriving to pick my husband up after work in a brand new car. Surprise! I've asked him and he's already told me it's my decision, since he doesn't drive.

Good! Use their hunger for a sale to your advantage.

 

[Kooshdakhaa]

Well, now there's a complication. Seems all the basic models of the Kia Sorentos are sold out. The salesman starts talking about the ones that are available and why they are more, with their heated seats and rear back-up camera or some such crap. I told him those options are of no interest whatsoever to me.

So...I have to wait a couple of weeks for more of the basic models of the Sorentos to arrive at the dealership. But somehow we're now talking zero down and $249/month. I like that.

And yes, I know I'm really just renting the car, but I don't care because my needs right now are low monthly payments and extremely reliable transportation. Seems like leasing is the answer for me right now.

I may call next week and readdress purchasing a moderately used vehicle that is still under warranty. I asked about that once before, and basically leasing seemed like the better way to go. In other words, to purchase a used vehicle my monthly payments would be as high as leasing a brand new (2014) vehicle.

I feel like I'm getting an ulcer over this...but I also think I may be getting close to making up my mind. When those new Sorentos come in (basic models) if I can lease one for zero down and $240 per month...I'm gonna do it! And with the money I saved not putting a down I'll have them put on some studded tires for the winter. Studded tires and AWD...woohoo! I'll be in good shape for winter! I'm accustomed to driving a front wheel drive sedan with studded tires in the winter and that does quite well. AWD and studs will be awesome.

 

[Toronado3800]

Ouch @ $250 a month!

My MarkVIII got me for $300 worth of shop costs for a power steering line because it broke 30 miles away from home at work and is an ill conceived design for that part. Not my usual shop but "generic auto and tire" messed up and twisted an extra line like I woukd have done if I could get to it laying on the lot at work. At least they did not charge me extra.

...lets see...we'll call it $100 of suspension bushings.....$80 for a stupid sending unit which was leaking oil that I misdiagnosed as my oil filter adapter plate gasket that I changed last year (?). I will need $500 to $600 ish of tires this year... Lets thow in $200 of something else that breaks.

Thats what, $1,300 I suppose we should divide in the $3,750 i paid by the four years I have owned it...but I should round down as it will have trade in / parts value..

That's about $2,000....a grand in the old car's favor.

 

[HenryBHough]

Hyundai and Kia are both made by the same Souith Korean company. Their engineering and design are very closely connected. These days either one is a good value. Kia is a little less popular so there may be more price negotiation possible on a new one. Resale value on both sucks though it has improved as more people figure out how good those cars are. That argues for a used one as somebody else would have taken the initial hit on value. Problem is that people hang onto the really good ones so any that do show up used need to be checked over carefully to be sure they haven't been abused in any way.

If buying new, consider the dealer. Sometimes it's the same underlying company; sometimes not. If they're different ownership (not just name; OWNERSHIP) then try to find out which of the two has the best reputation among existing customers, particularly for after-sale service.

I don't believe the long warranty is transferable so there might be enough value in that (if you're young enough to outlive it) to offset the more bucks-outta-pocket a new one will cost.

 

[Jackson]

I just had to buy a new car because my car was letting me down. I had a 2005 Mazda that I loved and my catalytic converter went bad. Two days after the warranty went out. And I only had 44,000 miles on the car.

Mazda would not honor the warranty. That was the second Mazda I had.

 

[Kooshdakhaa]

Hyundai and Kia are both made by the same Souith Korean company. Their engineering and design are very closely connected. These days either one is a good value. Kia is a little less popular so there may be more price negotiation possible on a new one. Resale value on both sucks though it has improved as more people figure out how good those cars are. That argues for a used one as somebody else would have taken the initial hit on value. Problem is that people hang onto the really good ones so any that do show up used need to be checked over carefully to be sure they haven't been abused in any way.

If buying new, consider the dealer. Sometimes it's the same underlying company; sometimes not. If they're different ownership (not just name; OWNERSHIP) then try to find out which of the two has the best reputation among existing customers, particularly for after-sale service.

I don't believe the long warranty is transferable so there might be enough value in that (if you're young enough to outlive it) to offset the more bucks-outta-pocket a new one will cost.

The long warranty is transferrable if you purchase a used Kia from the Kia dealership. But if you buy it from an individual, the warranty does not transfer with the car.

 

[Kooshdakhaa]

I just had to buy a new car because my car was letting me down. I had a 2005 Mazda that I loved and my catalytic converter went bad. Two days after the warranty went out. And I only had 44,000 miles on the car.

Mazda would not honor the warranty. That was the second Mazda I had.

Wow! See, if that was a Kia, it would still be under warranty. Which is one of the main reasons I'm attracted to the Kias.

So what did you buy?

 

[Kooshdakhaa]

Hyundai and Kia are both made by the same Souith Korean company. Their engineering and design are very closely connected. These days either one is a good value. Kia is a little less popular so there may be more price negotiation possible on a new one. Resale value on both sucks though it has improved as more people figure out how good those cars are. That argues for a used one as somebody else would have taken the initial hit on value. Problem is that people hang onto the really good ones so any that do show up used need to be checked over carefully to be sure they haven't been abused in any way.

If buying new, consider the dealer. Sometimes it's the same underlying company; sometimes not. If they're different ownership (not just name; OWNERSHIP) then try to find out which of the two has the best reputation among existing customers, particularly for after-sale service.

I don't believe the long warranty is transferable so there might be enough value in that (if you're young enough to outlive it) to offset the more bucks-outta-pocket a new one will cost.

I can get a better deal leasing rather than buying new. Or even buying a moderately used car. At least that's the best thing for me right now. I might consider buying the car at the end of the three-year lease. It will still have seven years/or probably about 85,000 miles left on the warranty!

 

[Kooshdakhaa]

First, congrats on having a 20 y/o vehicle that only has 69k miles on it. My 2006 Equinox already has over 150K miles on it. It's still going strong, and I'll keep it until it drops and is no longer economically feasible to repair.

Check your finances to determine how much you can afford to pay outright for a vehicle. Don't submit to the feeling that you have to "keep up with the Joneses".
You will always save money by not having to finance a vehicle. Not only will you save on the amortization and interest payments, you will also NOT have to keep full coverage insurance on it. That will save you even more money.

Agree ^^. I've never bought a new car in my life.

I just last week sold off my 20-year-old car and hated to see it go, she was so reliable. Has about 425,000 miles and still running for the new owner.

Note, @RCChristian -- it's a GM car.

YMMV of course.

I've never bought a new car in my life, either, and I'm 61 years old. I think it's time. My job is moving and I'll have to be doing a lot more driving. I don't enjoy my car breaking down on me out in the middle of traffic. As a matter of fact, it's horrifying. I'm tired of being the peasant in the old car that breaks down. Time for a new car.

 

[DGS49]

Nothing down and $249 a month is a very good price (provided you can live with the mileage limitations).

If there is sales tax in AK, it will also apply to the monthly payments.

Keep in mind, if you lease a car, you have nothing to bring to the dealership when the lease runs out. That is, you won't have a trade, so if you are like most people, you will most likely being leasing from now on (until you get that big inheritance).

 

[Jackson]

I just had to buy a new car because my car was letting me down. I had a 2005 Mazda that I loved and my catalytic converter went bad. Two days after the warranty went out. And I only had 44,000 miles on the car.

Mazda would not honor the warranty. That was the second Mazda I had.

Wow! See, if that was a Kia, it would still be under warranty. Which is one of the main reasons I'm attracted to the Kias.

So what did you buy?

I bought a Cadillac ATS. It was kind of sporty and I was used to a sports car but I am transporting grand kids now. Needed the room.

Getting used to the size of it. Little nervous about it.