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Help. How do I buy a car?
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| feelgood |
Here's my situation.
Im buying my first car.
Up until now ive been the third driver on my parents insurance and have just paid them month to month. They took care of the paperwork/licensing etc etc.
Im 25, I've had a G license for 6 years, i have no accidents, and one speeding ticket in the last three years.
How do I buy a car ?
1 - Ive decided I want a Subaru WRX sti. Used, willing to spend 10000-15000$
2 - Ive checked a bunch of online quotes for insurance and it ranges from 285$ per month to 450$ per month. WTF? How do i get the cheapest possible rate?
3- Ill probably put 5000$ down and finance the rest. Is this reaching too far? (I graduated from uni a couple years ago and am still paying of debt)
4- Hidden costs. So far all i see is insurance costs, and the cost of the car + tax. What else is going to surprise me?
Any help or advice would be appreciated. :) |
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| trancearoundwld |
lol you want to insure a WRX, a e car, that they will rob u on insurance for owning. So youre choked with debt, probably make a little under 40 grand a year starting out with a degree, and want to blow 15K on a USED box. Dude, why dont you just buy a piece of , a reliable piece of for like 4-6 grand, and wait maybe 10 years or so, or as long as that reliable piece of u buy will last you, and buy something good when it croaks, and by that time you will have lower insurance for being considered an experienced driver. The world is financially rigged for 50+ year olds. The human journey is to be one of those 50 year olds rigging the financial world of the next generation and you need patience. If you understand that time is itself a lie. Then all you have to do is make the right descisions, and at some point you will reach financial glory. Splurging on a hunk o e is stupid, Giving someone else your money, Is STUPID, and STUPID people, never have money. Consider that all the time you spent studying, was, from a metaphysical standpoint, to give an insurance company all of your money, because your idea of an ambitious ride, is a WRX. A piece of market, is a piece of market. You can just be like the average sheep and when your 50 you'll still be poor because you never invested, and just blew all your money on ty cars and made stupid decisions all your life.
My friendly advice:
Get a 94-98 corolla, Bite your lip, and give it hell. Those things dont break. Even if it has 150-200K kilos, those engines are good for 400K+ |
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| chinamon |
trancearoundwld,
what is the point of insulting him?
so what if he wants a wrx? dont hate him because you're a cheap .
feelgood,
if the vehicle does not pass safety certification or emissions, you can expect to put more money in to it to get it to pass. but if you're buying from a dealership, they would probably handle all that for you.
the difference in price for your insurance premium could be difference in coverage. only pay for what you need. |
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| Billche |
1. STI's are nice cars, but what will 10-15k get you? How many years old, how many km's? Try reading what a reasonable life is for one of them, and get an idea of how long you can own it before you would need to get rid of it.
2. Shop around. No real other way to get a cheap insurance rate. You can try using brokers who deal with multiple insurance agencies.
3. Look at how much you make a month, and how much goes to current expenses. What do you have left? That's what you can reasonably spend on your car/gas/insurance/maintenance. For the record, STI's are pigs on gas lol, and being turbocharged you need to use premium gas.
4. Car payments, insurance, gas, maintenance are your standard expenses. |
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| GGM |
| quote: | | Originally posted by feelgood |
1. STIs are great cars if that's your cup of tea. I'm a rally fan so anything designed with that type of use in mind will always strike a cord with me. That being said I think you're going to make significant compromises by spending that little and keep in mind if it's used hard, high KMs, older etc. you'll end up paying extra in maintenance anyways. You might be better off getting a normal WRX and doing some additions which would also make insurance cheaper.
2. Like ^^^ said, shop around. You might actually be better off putting it in a parent's name and having you as a secondary driver still. Just something to price out and compare. It's good you're 25 though as rates drop significantly at that age and having a clean record with any sports car is a must unless you're loaded and don't care. If you do get a ticket, make sure you fight it.
3. Adding $10k debt to debt you already have probably isn't the best call unless you're making good coin and have a sturdy plan to pay it off. Even then, you're likely better off paying off the debt you do have before getting more, or even saving the money to buy it cash upfront. If you say screw it and go for the loan anyways go talk to a a rep at a bank. ING, PC Financial, these types of barebones banks will give you the best upfront rates unless you know someone personally that works for a branch at one of the bigger banks. When talking with them just do your best to assure them you're low risk and ask what you can do to get the rate down. Likely something like having a parent or someone with great credit co-signing for you.
4. Same thing as ^^^ said again, he pretty much covered it. Maintenance will be a much bigger one than you expect if you're spending that amount on the STI. I'd find a Subaru forum or two and talk to current owners about common issues, when they typically occur, and how much they cost to fix. Also keep in mind that the amount you borrow will inflate the cost over time. As in if you borrow $10k by the time you pay it off you'll probly have spent another few thousand on interest meaning the cost to you was $13k or something like that (one more reason to save and then buy).
My personal advice though is really analyze what you want to get out of this purchase. If you want to have a good car for status, then that'll work. If you really want to enjoy the performance of the car you will need to look into track time or rally racing which will cost you greatly. You won't be able to use even 50% of this car's performance on the road without getting nailed in tickets sooner or later. As a teen I got out of motocross and made my Firebird my hobby and looking back it was a huge mistake. Got speeding tickets, insurance skyrocketted (they were asking for more per year than the value of the car), and ultimately had to sell it losing most the money I'd spent on performance and sound system upgrades. To me the motorsports off public roads are 10x better just because you can enjoy them without the fear of being caught doing something you probably shouldnt be doing anyways. I'll probly get back into cars one day when I have enough money not to care, but until then I've realised theres just other ways to get much more enjoyment out of my $$$. Just my 2 cents and something to think about...
| quote: | [b]Originally posted by trancearoundwld
lol you want to insure a WRX, a e car, that they will rob u on insurance for owning. So youre choked with debt, probably make a little under 40 grand a year starting out with a degree, and want to blow 15K on a USED box. Dude, why dont you just buy a piece of , a reliable piece of for like 4-6 grand, and wait maybe 10 years or so, or as long as that reliable piece of u buy will last you, and buy something good when it croaks, and by that time you will have lower insurance for being considered an experienced driver. The world is financially rigged for 50+ year olds. The human journey is to be one of those 50 year olds rigging the financial world of the next generation and you need patience. If you understand that time is itself a lie. Then all you have to do is make the right descisions, and at some point you will reach financial glory. Splurging on a hunk o e is stupid, Giving someone else your money, Is STUPID, and STUPID people, never have money. Consider that all the time you spent studying, was, from a metaphysical standpoint, to give an insurance company all of your money, because your idea of an ambitious ride, is a WRX. A piece of market, is a piece of market. You can just be like the average sheep and when your 50 you'll still be poor because you never invested, and just blew all your money on ty cars and made stupid decisions all your life.
My friendly advice:
Get a 94-98 corolla, Bite your lip, and give it hell. Those things dont break. Even if it has 150-200K kilos, those engines are good for 400K+ |
LOL dude, some of what you say is true, some of what you say is way off, but at the end of the day you're one helluva downer... |
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| VDub |
Dude, an STi is pretty serious and pricey. You'll have to get an old one for that money.
My suggestion. Buy a Kia Forte Coupe. You should get a nice off lease for cheap and insurance won't kill you. Plus it's a really nice car. The STi is a race car for the street and will cost you a fortune to insure. |
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| feelgood |
Thanks for the responses!
As I look at the finer details it seems like maybe a wrx sti will cost me too much in the long run.
Its incredibly tempting though. I should probably use the voice of reason and go for the regular wrx. I do want a car that is fun to drive and can hold its own in the winter. I too am a big racing fan (I follow F1 and race mountain bikes) so I definitely want a car that reflects these tastes.
I've joined the toronto subaru club forum and have been asking q's there and it seems many people are suggesting the wrx instead of the sti given my budget.
...I'm sick of typing on my blackberry... More later. |
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| geroin |
| insurance prices us in the ass in ontario |
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| VDub |
| quote: | Originally posted by geroin
insurance prices us in the ass in ontario |
That's cause their employees are waaaaaaay overpaid...
Lol |
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| love_child |
You will NEVER find a STI for that price... EVER! Unless its old and beat. But 2004+...nope.
You got some great advice in this thread... use it. Even though the guy who was telling you to buy a old corolla was a he speaks the truth!
Good luck |
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| hax-a-million |
| quote: | Originally posted by GGM
2. Like ^^^ said, shop around. You might actually be better off putting it in a parent's name and having you as a secondary driver still. Just something to price out and compare. It's good you're 25 though as rates drop significantly at that age and having a clean record with any sports car is a must unless you're loaded and don't care. If you do get a ticket, make sure you fight it.
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unlikely that one of your rents could be the primary driver on 2 cars before you are the primary driver on even 1... might be possible in some situations though
unfortunately the 25-year mark doesn't mean too much anymore, at least in ontario since the rate hike in sept 2010 (even with a clean record, as i recently discovered)
definitely +1 on fighting all tickets! at the very least you'll get some kind of break and it can be the difference between points or no points |
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| SkyHigh |
| quote: | Originally posted by geroin
insurance prices us in the ass in ontario |
Depends where in ontario..Toronto yes....Sarnia no.. |
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