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Should Conne get a new car?

post #1 of 29
Thread Starter 
I'm pretty tired of my current ride. It's a 2007 Chevy Cobalt (92K miles), which I own. This is the definition of no-frills: no power locks, no power windows, not even side airbags. Yes, it's a POS.

If I'm going to get a new car it will be affordable, fuel efficient and small. Preliminary research has led me to the Honda Fit, Mazda 3, and Hyundai Accent. With a trade-in value of about $6,000, I'm looking at monthly payments of $160-180 on those cars (assuming minimum upgrades from base models). That's doable within my budget.

Now, would it be worth it to take on a car payment when I already own a vehicle? I've run over the arguments for and against but can't make up my mind. Input appreciated.
post #2 of 29
Sorry, but 2007 and POS are incongruent in this case.

Keep the car -- why add to your monthly bills?
post #3 of 29
Conne, quit depriving destiny of its self-actualization and get yourself the vintage Volvo it intends of you. Your dog-earred copies of John Cheever and fish fillet wrappers just don't belong on the dashboard of anything else.

post #4 of 29
Wait...new car as in brand new off the lot? facepalm.gif

Out of the options you put out there, the Mazda 3 is the best of the lot. Best driving dynamics and value. I'm driving a Hyundai Accent rental right now and the interior feels really flimsy, the driving characteristics inspire zero confidence in the cars abilities, the sight lines are poor (at least from my 6'2 vantage), and the engine feels horrible. Truly terrible. The transmission is constantly hunting for a gear...I could go on and on about how much I loathe this vehicle. I'd rather drive my mom's 2002 Mercury Villager Minivan.

Get a used second gen Mazda6 with the V6 engine.
post #5 of 29
Tell you what Conne, I'll trade my 12 year old Vauxhaul Corsa for your 2007 Chevy. That way you'll really feel the benefit of an upgrade.
post #6 of 29
Thread Starter 
Used car prices are inflated right now. Especially for fuel efficient cars.
post #7 of 29
Thread Starter 
Quote:
Originally Posted by StephenHero View Post

Conne, quit depriving destiny of its self-actualization and get yourself the vintage Volvo it intends of you. Your dog-earred copies of John Cheever and fish fillet wrappers just don't belong on the dashboard of anything else.


You have the idea right, but this is my dream whip.

post #8 of 29
Quote:
Originally Posted by Connemara View Post

Used car prices are inflated right now. Especially for fuel efficient cars.

What used cars are you looking at? Have you tried cargurus? They analyze prices across the nation to let you know when cars are above or below value. I LOVE that site.

Unless you're talking about the difference from a 26 mpg v6 and a 45 mpg 4 banger, you won't see a huge impact in your wallet over the course of the year.

Get the 4 banger Mazda6 which only loses 1 mpg from the 4 cyl Mazda3 but offers way more space and a better looking design.
post #9 of 29
Quote:
Originally Posted by GreenFrog View Post

Sorry, but 2007 and POS are incongruent in this case.

Keep the car -- why add to your monthly bills?

Agree^^
post #10 of 29
Thread Starter 
I like the 2013 Civic. Such an improvement over the rightfully maligned 2012. And I've seen several deals over the past couple of months for $0 down, sub-$200 a month leases. That's tempting!
post #11 of 29
Quote:
Originally Posted by Connemara View Post

I like the 2013 Civic. Such an improvement over the rightfully maligned 2012. And I've seen several deals over the past couple of months for $0 down, sub-$200 a month leases. That's tempting!

I realise that opinions differ, but unless you run your own business and can claim a lease as a tax deduction, I just don't understand the attraction of leasing.

Yes, I know that cars depreciate rapidly and so, in some ways, it doesn't make sense to pay a lump of money for an asset that depreciates as soon as you drive it off the dealer's lot.

However, my problem with leasing is that you are, effective, renting the car for a period of years. Of course, some leasing deals bundle in fuel, servicing, tyres and so on and some employers also allow you to salary package the lease (at least where I'm from) so that you pay in pre-tax dollars and thus lower your gross salary, paying less tax overall.

Nonetheless, at the end of the day (or at the end of the three or five year period etc), you've paid out thousands of dollars and you're left with nothing as you've just rented the car for several years. Therefore, for me, unless you have the ability to tax-deduct the leasing cost from your business or if you have a sh!tload of cash, leasing doesn't do it for me - I'd rather have a something to show for my expenses (even thought it might be a depreciating asset).

Of course, others' mileage may vary, but for me, getting a demonstrator or lightly used car is the best way to go, or get a well-documented, well-maintained "classic" like the Merc above as long as maintenance seems reasonable.
post #12 of 29
Quote:
Originally Posted by Connemara View Post

I like the 2013 Civic. Such an improvement over the rightfully maligned 2012. And I've seen several deals over the past couple of months for $0 down, sub-$200 a month leases. That's tempting!

If the mileage limit fits go for it.
post #13 of 29
Quote:
Originally Posted by Journeyman View Post

I realise that opinions differ, but unless you run your own business and can claim a lease as a tax deduction, I just don't understand the attraction of leasing.

Yes, I know that cars depreciate rapidly and so, in some ways, it doesn't make sense to pay a lump of money for an asset that depreciates as soon as you drive it off the dealer's lot.

However, my problem with leasing is that you are, effective, renting the car for a period of years. Of course, some leasing deals bundle in fuel, servicing, tyres and so on and some employers also allow you to salary package the lease (at least where I'm from) so that you pay in pre-tax dollars and thus lower your gross salary, paying less tax overall.

Nonetheless, at the end of the day (or at the end of the three or five year period etc), you've paid out thousands of dollars and you're left with nothing as you've just rented the car for several years. Therefore, for me, unless you have the ability to tax-deduct the leasing cost from your business or if you have a sh!tload of cash, leasing doesn't do it for me - I'd rather have a something to show for my expenses (even thought it might be a depreciating asset).

Of course, others' mileage may vary, but for me, getting a demonstrator or lightly used car is the best way to go, or get a well-documented, well-maintained "classic" like the Merc above as long as maintenance seems reasonable.

Depends on the car and the deal, obviously. Some BMW's and other high-end cars end up holding a lot of residual value, which can make leasing a good deal. It obviously helps if you can write it off, though. That said, I've owned every car I've ever had, because I'm too lazy to do the math -- and tend to beat the crap out of my cars.
post #14 of 29
I do not even try to demonstrate the math of leasing to people anymore. I've found leasing is one of those things where people that do not like leasing really cannot be convinced by anything as weak as math.
post #15 of 29
Quote:
Originally Posted by Piobaire View Post

I do not even try to demonstrate the math of leasing to people anymore. I've found leasing is one of those things where people that do not like leasing really cannot be convinced by anything as weak as math.

I suppose that it also depends whether you're the sort of person who likes to frequently get a new car or not.

If you like to change your car every, say, five years then leasing would probably make more sense.

It doesn't make much sense for me personally, however, as I'm still driving the Mazda MX-5 that I bought in 1998...
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