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04-11-2012, 10:52 AM
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#1 | | Meow
Join Date: Dec 2010 Location: Burnaby
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| Lowering my car payments advice needed.
Hey, so atm I have a 2011 Civic Se, with 0.9 interest rates for another 46 months, with a monthly payment of $400.
My problem is I want to go back to school, and I want to lower my monthly payments because I don't want to have to worry as much during school.
So I figured, if the value of my car and the remainder of my loan balances each other out and found a car for 19000, with the interest rate of 2.9% (Lowest I could find for used) and I put a 2000 down payment. I would have to pay roughly $350 for another 60 months. I did the math and that is about $23000 total. Meaning I'm paying an extra $4500 for this car, but because it would spread out to 60 months, I will be making a lower monthly payment.
Just wondering on some opinions?I know I also have to look on insurance prices for which ever car I find.
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04-11-2012, 12:00 PM
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#2 | | Helps you change your flat, doesn't hit on your girlfriend while doing so
Join Date: Dec 2010 Location: Coquitlam
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I don't think it would make sense to pay an extra $4500 to lower your monthly payment by $50.
Best case scenario if you can't borrow money from family, sell your civic (let someone else resume financing) and get yourself a cheap beater.
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04-16-2012, 03:17 PM
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#3 | | RS has made me the bitter person i am today!
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Or sell the car and buy a cheap beater.
You don't need a car. Save your money in school.
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04-16-2012, 08:15 PM
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#4 | | My homepage has been set to RS
Join Date: Aug 2002 Location: AB/BC
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Can you explain the financial logic in spending $20000+ for transportation when $5000 or less will do the same job and be cheaper to insure/maintain and has already depreciated. Especially when you are in school.
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04-19-2012, 05:47 PM
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#5 | | I contribute to threads in the offtopic forum
Join Date: Jun 2006 Location: not vancouver
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| Quote:
Originally Posted by sdubfid  Can you explain the financial logic in spending $20000+ for transportation when $5000 or less will do the same job and be cheaper to insure/maintain and has already depreciated. Especially when you are in school. | becasue people are fucking morons with their life plans all wrong whose parents did not pound it into them to work hard, earn money AND THEN buy shit with the excess cash they have after covering living costs & saving some
unless you do it for tax purposes, leasing a car is a fucktard way of living - its admitting that you're living above your means - and living above your means in a civic is a pretty lame statement (i'd have more respect for someone who bought the $5K beater - and today $5K buys a pretty reliable, economical, and sometimes fun car - than someone who leased a civic)
the only solution is turf the civic, buy something used with CASH, preferably your cash, not your parents' cash - the return on capital of school shits all over the return (utility/enjoyment, w/e you want to call it) from a civic
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04-19-2012, 06:22 PM
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#6 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
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i never understand why ppl get a brand new car (with no job - assuming) then decide to go to school. like use some sense!
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04-19-2012, 06:36 PM
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#7 | | Revscene.net has a homepage?!
Join Date: Feb 2005 Location: Vancouver
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if you're that tight on money ($50/month seems significant to you), just sell the damn car and take transit.
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04-19-2012, 07:33 PM
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#8 | | Wanna have a threesome?
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You're willing to consider spending an additional $4500 on a Civic to save $50 per month, but you just spent over $1000 on coilovers and wheels?
Strong financial planning skills.
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04-20-2012, 08:16 AM
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#9 | | RS has made me the bitter person i am today!
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| Quote:
Originally Posted by tiger_handheld i never understand why ppl get a brand new car (with no job - assuming) then decide to go to school. like use some sense! | Never understood why people wont pay market price for a paint detail. 
jk
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04-20-2012, 09:14 AM
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#10 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,137
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| Quote:
Originally Posted by Supafly Never understood why people wont pay market price for a paint detail.
jk | 
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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04-20-2012, 09:36 AM
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#11 | | Meow
Join Date: Dec 2010 Location: Burnaby
Posts: 1,285
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I am currently working for a courier company. I could be working full time and making around 50k a year but I don't want to get blinded by the money and not go to school. At the moment I am working part time, and the money is good enough for my car. I will still be working part time when I attend school, and the money will be fine, but it will be tight. I bought my self a new car because I didn't want to worry about parts going like I did in my first car. I spent around $3000 on a car I paid $3000 for maintenance and little parts here and there in around 1.5 years. I rather see my money go else where then to a car that will be worth $800 bucks after putting 6 grand into it. Everything I have I bought for my self. I enjoy my car, I don't regret my car. If you feel i'm a moron for buying a new car, then suck a nut. I was just looking for options on lowering payments.
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04-20-2012, 02:46 PM
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#12 | | I don't like cheese but I love milk!
Join Date: Nov 2002 Location: Van
Posts: 1,980
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| Quote:
Originally Posted by Araaadi Hey, so atm I have a 2011 Civic Se, with 0.9 interest rates for another 46 months, with a monthly payment of $400.
My problem is I want to go back to school, and I want to lower my monthly payments because I don't want to have to worry as much during school.
So I figured, if the value of my car and the remainder of my loan balances each other out and found a car for 19000, with the interest rate of 2.9% (Lowest I could find for used) and I put a 2000 down payment. I would have to pay roughly $350 for another 60 months. I did the math and that is about $23000 total. Meaning I'm paying an extra $4500 for this car, but because it would spread out to 60 months, I will be making a lower monthly payment.
Just wondering on some opinions?I know I also have to look on insurance prices for which ever car I find. | No judgement on your lifestyle choice..(i don't agree with it, but who are we to judge)
Financially, long-term wise you are much better off keeping your current car. (0.9% is an awesome rate, you are basically close to zero interest)
It also sounds like you already have $2000 spare cash....instead of doing all these selling and buying and refinancing, why don't you just put that $2000 aside, and take $50 from that $2000 each month to cover your $400 monthly payment (thus reducing your monthly payment to $350/month)
You only have 46 months left on your current vehicle, that $2000 is already enough to cover 40 monthly payment! And you better hope 40 months later you will be out of school and $50 more per month won't mean jack shit to you
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