I think I want a new car? (Need help)

[xwade01]

Well yeah for the past month i've been working and battling w/ the cb getting everything ready and buying new shit for the F22B DOHC Headswap right. Well on the side I think I go to dealerships to look at cars atleast 4x a week because I want something newer, sportier, turbo'd, and comfortable to ride in.

Friends say i'm just a dumbass for looking at newer cars because i'll never get one. But what i'm really leaning forward to is a newer Mitsubishi. Idno what it is but i'm in love w/ their cars. I've been looking at so many freaking Evo's it's not funny. I want to refinance one but i'm not sure!?

I want to keep the cb but I mean if worst comes to worse i'll sell it or part everything out. I'm just all bleh about it. I've been looking and thinking about all this for quite some time. Anyone have some input??

[aero]

The good... you'll have a newer car with problems, and hopefully a warranty to cover it.

the bad..

payments, insurance
uselessness if you end up leasing instead of buying... pay that money and end up with nothing.

IMO, if you cant afford it (leasing), then dont buy it. Of course, many people think that its fine.. and that is the reason Americans are the biggest wasters and in debt people in the world.

[DhN]

diont even look at evos...ive tried and they are expensive as shit plus my insurance ugh...ill get it one day tho

ive window shopped for awhile...only things that have impressed me r the evo and lexus gs..shit i cant afford...keep the cb for abit..and save up...thats what imn doing

[xwade01]

Insurance is not a problem, and paying payments is not a problem either. And the Evo's i've been looking at are 20g's off the dealership. So yeah? Still I want one seriously.

[DhN]

then get it..i hate when people have there mind made up..ask for advice..but act likenothings a facotr..get the fucking evo then

[Dirty Harry]

then get it..i hate when people have there mind made up..ask for advice..but act likenothings a facotr..get the fucking evo then

x2, don't be a wishy-washy piece of shit

Either that or you just made a completely fuckin' pointless thread for no reason other than to tell people you might be getting an Evo.

[xwade01]

I don't have my mind made up at all. Theres so many options out there and i'm just not sure. I even started looking at some Mazda 6's, but yeah. I'm sorry I can't be a person who wouldn't give up or buy another car other than the cb7.

[DhN]

then keep the cb7 lol..your to undecided bro

[owequitit]

The good... you'll have a newer car with problems, and hopefully a warranty to cover it.

the bad..

payments, insurance
uselessness if you end up leasing instead of buying... pay that money and end up with nothing.

IMO, if you cant afford it (leasing), then dont buy it. Of course, many people think that its fine.. and that is the reason Americans are the biggest wasters and in debt people in the world.

Not to bring it back from the dead, but from a purely financial standpoint, purchasing a car puts you in a worse position than leasing. Owning a depreciating asset is negative on the balance sheet, not a positive.

Leasing is good for people who want to get a new car every couple of years for whatever reason.

It is not good for those who keep a car for a long time, or who enjoy doing stuff to them such as an enthusiast.

It depends on what you want to get out of the deal.

[phatdoughnut]

Plus isnt pretty much every maintaince thing covered on a leease?

Let me buy you a tank of gas for your new evo, and give me those headlights wade.

[Phempa]

x2, don't be a wishy-washy piece of shit

Either that or you just made a completely fuckin' pointless thread for no reason other than to tell people you might be getting an Evo.

It's been like this with Wade for as long as I've been talking to him.

Will not and can not make up his mind..... and let's admit it....

you can't afford a new car wade.


Shit you havn't had a drivable car for as long as I can remember.

Just put the cb7 together, and drive it so you can make some money somehow.

[g-wagon]

yea i'm savign up for a is300... hopefully... there int he 15k range.

[quickangel93]

one thing i know what im saving up for is my bro's cd7 + to make it a project. so the car is 400 and to make it nice street machine is like 4k, and i got a turbo car that will smoke an evo.

[owequitit]

Plus isnt pretty much every maintaince thing covered on a leease?

Let me buy you a tank of gas for your new evo, and give me those headlights wade.

They will recondition the car as necessary at the end of the lease, but maintenance is not included.

Most people assume that you don't own the car at the end, so you have been screwed, but that isn't how it actually works.

My parents lease and it works very well for them, but you have to know what you are doing.

A lease is just basically paying for the portion of the car you own, and it is pretty much set up so that you should trade the car every 2.5-3.0 years to get maximum value.

Lets say the car is $20,000, you lease it for 3 years, and in three years they expect it to be worth $10,000. Your payment will be based on the $10,000 they expect the car to depreciate during the lease period. You will get a smaller payment than if you finance the whole $20,000, but the car is not free and clear at the end. This isn't a bad thing though, because the system is designed to keep you in a new car which benefits the manufacturer, because they move product, it benefits the buyer because they only pay for what they use, and they get to stay in a new car as long as their credit holds.

Now let's say that at the end of 3 years, the car is actually worth $13,000. You now have $3,000 in equity that you can roll back into a new car, lowering the payment again. At some point the equation will balance, but if nothing else, the equity helps offset inflation.

Had you purchased the car, the payment would have been far higher over the same year period, and you would have financed $20,000 to have a car that is worth $13,000. Over time the value of that car asymptotically approaches $0, so you are always losing money because the car is always worth less than you paid. When you factor in inflation it gets even worse.

You can make a case for getting your use out of it, especially with Honda, Toyota, etc but in this day and age very few cars hold their value. I have seen a lot of cars that barely make it to the end of the lease period honestly.

Now if you want to do stuff to your car, leasing is not for you. Doing stuff to a car you are going to trade in 24 months is silly.

If you drive a lot of miles, leasing is not for you. The residual values are calculated at a very specific yearly mileage (12,000, optionally 15,000 with a larger payment). If you exceed your mileage, the residual calculations will be wrong and you may end up upside down.

This also occurs with a standard loan. If you exceed $12,000 miles per year, then KBB depreciates the car accordingly at a rate about equal to the lease, so it is possible to end up in the same upside down situation.

It basically boils down to what works for you. Leasing is good for my parents because it keeps one new and reliable car around at all times. They also have to deal with the terrible frustration of getting a new car every couple of years.

For me owning is better because I tend to love my cars, and want to do stuff to them. I also like to drive them a long time.

[owequitit]

To Xwade. Just make sure what you get is in your budget including insurance etc.

Cars like the EVO are a lot of fun, but they also tend to require more maintenance, partly because of the way they are going to make you want to drive them.