car payment vs beater

[ARCHIVED THREAD] - car payment vs beater (Page 1 of 4)

Posted: 7/1/2012 10:33:04 PM EDT

Anyone else bite the bullet and stick with their busted ass beater vs getting sucked into a car payment? My Mustang is paid off,runs well,and gets me where I need to go,but it sucks up gas like no other,is slow as shit for being a v8,needs bodywork,and the interior needs attention. The urge to go car shopping is getting worse and worse

Posted: 7/1/2012 10:44:05 PM EDT

[#1]

Buy something in the $5000-$7500 dollar range, my 01' suburban is in good condition for 129,000 miles and I bought it for $5600. Although it does suck on gas.

Payments are about $156/month for it.

Browse Craigslist and the local car lots. Buy something you like. Sell the 'stang to put down payment/ money toward payoff.

Maybe buy a Camaro?

Posted: 7/1/2012 10:46:47 PM EDT

[#2]

Stick with what works. My 1997 Mercury Mountaineer has been totaled due to a hailstorm. Still completely functional and I'm going to drive it into the ground.

If you must... Just buy another cheap ride... Saving a lot of money in the end.

Posted: 7/1/2012 10:50:14 PM EDT

[#3]

Quoted:
Anyone else bite the bullet and stick with their busted ass beater vs getting sucked into a car payment? My Mustang is paid off,runs well,and gets me where I need to go,but it sucks up gas like no other,is slow as shit for being a v8,needs bodywork,and the interior needs attention. The urge to go car shopping is getting worse and worse

pics of stang, lets see it. As long as its not a v6, it aint too bad.

Posted: 7/1/2012 10:51:40 PM EDT

[#4]

Stick with what works. Car payments are for dummies or those that are extremely well off.

It wouldn't hurt to buy an economy car though I'm not sure what your local used market is like but I'm sure you can find something on craigslist for 2-5k and just buy it cash. Get something small that gets great gas mileage.

Posted: 7/1/2012 10:52:39 PM EDT

[#5]

Fuck dude a car is supposed to be fun, and you sir do not sound like your having fun....

Get what you want and nothing less you only live once and Dave Ramsey is a bitch!! Sounds like it;s time for a 2013 5.0 dont it??

Posted: 7/1/2012 10:54:55 PM EDT

[#6]

Quoted:
Fuck dude a car is supposed to be fun, and you sir do not sound like your having fun....

Get what you want and nothing less you only live once and Dave Ramsey is a bitch!! Sounds like it;s time for a 2013 5.0 dont it??

If I wasnt closing on my house next thursday that idea sure sounds tempting

Posted: 7/2/2012 12:30:04 AM EDT

[#7]

2011 Mustang GT got paid off in six months.
Got crazy and bought a GT 500 for the weekends.

Posted: 7/2/2012 12:51:41 AM EDT

[#8]

I'm in the same position. Got a 2000 Ford F-150 that's long been paid off but now, it's starting to "nickel and dime" me to death. Both of our vehicles are paid off (wife has a 2008 Santa Fe) and it sure is nice not having a big payment. On the other hand, if you have to keep repairing or replacing, I don't think it's cost effective.

I'll probably run it 'til she doesn't run anymore. It's sole mission is to get me back and forth to work and home anyway.

Posted: 7/2/2012 12:55:42 AM EDT

[#9]

I buy nothing BUT used cars. Every car I buy has about 100k on it. Usually hondas. The math works out great. I can get 100k out of a honda with a few hundred a year at most in repairs and maintenance and a buying price of around 5k. Then at 200k I can throw a semi new jap motor in it for a couple thousand dollars and drive it another 150k .

It would be nice to have a newer car but unless you are moneybags McGee and have your easy retirement all planned out you would be insane to buy new cars with payments. Especially with the internet around making diagnosis and repairs doable to a fucking retard.

Posted: 7/2/2012 1:02:54 AM EDT

[#10]

I did the math, and a new car payment was cheaper than what I was paying for gas for my Mustang..sold the Stang and got an econobox...with a stick.

Posted: 7/2/2012 5:34:56 AM EDT

[#11]

Quoted:
I buy nothing BUT used cars. Every car I buy has about 100k on it. Usually hondas. The math works out great. I can get 100k out of a honda with a few hundred a year at most in repairs and maintenance and a buying price of around 5k. Then at 200k I can throw a semi new jap motor in it for a couple thousand dollars and drive it another 150k .

It would be nice to have a newer car but unless you are moneybags McGee and have your easy retirement all planned out you would be insane to buy new cars with payments. Especially with the internet around making diagnosis and repairs doable to a fucking retard.

Replace Honda with Toyota and this is what I do.
Since I play with cars as a hobby, I look for screaming deals on nice cars with minor issues.
My tacoma was that way. Needed a clutch, had grille and front bumper damage from a pole hit and the interior was stank. Got it for ~1/2 what comparable perfect examples were going for.
Bumper, grille from ebay, factory bucket seats off a desert racing forum. Powerwash the carpet, replace the clutch, wash, clay, wax, put a stereo in it and done.
Have gotten my moneys worth out of it, 8 years and over 100,000 miles for under $5k

Posted: 7/2/2012 5:43:21 AM EDT

[#12]

If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

Posted: 7/2/2012 5:51:12 AM EDT

[#13]

I drove an old beater for the last few years. Paid cash for a used jetta tdi. No car payments, no high insurance and no regrets.

Posted: 7/2/2012 5:51:43 AM EDT

[#14]

It runs well and you're already getting a new house. You're spoiled rotten if you are seriously thinking about a new car. New cars make you less attractive to some women too.

Posted: 7/2/2012 5:54:49 AM EDT

[#15]

Quoted:
If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

Wrong!! There is one major difference......if you get laid off but saved to buy a car with cash you don't have a monthly expense to worry about now that you are obligated to pay......not true if you have a car loan.

ETA: My Tahoe is a 2000 Z71 w/ 95K miles. My wife's Yaris is a 2007 w/ 29K miles. Both are paid for and we are saving to buy a new one in 4-5 years (barring any major accident/issue with either vehicle). If we absolutely have to we will get a small loan but are trying to avoid it like the plague. Having a mortgage that we have to pay every month (hopefully we are done with it in 8 years) is bad enough but having an extra $200-$600/month tied up in a car that is losing value (no matter what the interest rate) is just not something we want to do.

Posted: 7/2/2012 5:58:49 AM EDT

[#16]

Quoted:
Anyone else bite the bullet and stick with their busted ass beater vs getting sucked into a car payment? My Mustang is paid off,runs well,and gets me where I need to go,but it sucks up gas like no other,is slow as shit for being a v8,needs bodywork,and the interior needs attention. The urge to go car shopping is getting worse and worse

I will never be in debt ever ever again. No single item is worth the stress over your head, except Maybe an affordable house. If you have the money to pay cash for something and not hurt your family then do it no guilt in a heartbeat. If you have to make payments, you can't afford it.

Posted: 7/2/2012 5:59:39 AM EDT

[#17]

Phhh,

sell the v8 get a beater Honda/Toy.

And find a M16 and make MachineGun Payments like I do..

Posted: 7/2/2012 6:01:49 AM EDT

[#18]

Look, if you own your car outright it is always better to make a few repairs than to buy a new one. For instance, let's say something major breaks down like your transmission. You are now out $1,500.00, or 2-3 months of a a new car payment, but for the rest of the year you pay nothing a month. With the new car however, you would still be paying the monthly payments of $500-$700.00. The same applies to gas. If you own your car but it eats gas to the tune of $300.00 monthly, that is still cheaper than buying an economical car and dealing with a payment as well.

Posted: 7/2/2012 6:01:54 AM EDT

[#19]

Keep the car and get a motorcycle. Have some fun.

Posted: 7/2/2012 6:03:03 AM EDT

[#20]

Quoted:
If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

You sir have a bad risk tolerance meter. This is how good people wind up losing everything when they lose their job, rather than just being uncomfortable for a while. Those with too much debt get foreclosed on when shit gets bad in their life. Those with no payments get to buy the foreclosures cheap. Think about it. Not trying to insult, just trying to help a brother out.

Posted: 7/2/2012 6:04:58 AM EDT

[#21]

Quoted:
2011 Mustang GT got paid off in six months.
Got crazy and bought a GT 500 for the weekends.

Not so subtle bragging post.

Posted: 7/2/2012 6:11:40 AM EDT

[#22]

Quoted:

Keep the car and get a motorcycle. Have some fun.

I did this for a bit. Might not have been manly, but I rode a scooter as my commuter (80mpg). When I moved, I would get up early in the morning, and peddle to work (give me time change/clean up).

How far do you live from work?

Posted: 7/2/2012 6:18:29 AM EDT

[#23]

You are buying a house? Then you shouldn't be looking for a new car now.

Maybe fix up the Mustang? If you look really, really, hard you might be able to find parts and internet forums about Mustangs. Just guessing

Posted: 7/2/2012 6:25:17 AM EDT

[#24]

Quoted:

Quoted:
If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.
Well, other than not having a car if you just save money to buy one.

You sir have a bad risk tolerance meter. This is how good people wind up losing everything when they lose their job, rather than just being uncomfortable for a while. Those with too much debt get foreclosed on when shit gets bad in their life. Those with no payments get to buy the foreclosures cheap. Think about it. Not trying to insult, just trying to help a brother out.

How can you make a judgement on someone's risk tolerance from a statement as simple as aquaman's? He's completely right. At some of the interest rates you see now on new or late model cars, you'll only pay $300-400 in interest. That's pretty negligible considering the alternative is saving up for 3-5 years so you can pay cash and save a little bit of money.

Noone is advocating the OP goes out and buys a brand new $60k car with nothing down. Arfcom seems to be completely retarded when it comes to debt threads. Apparently, it's not possible to borrow a reasonable amount of money without a crippling monthly payment and huge interest rate. It's either pay cash or go bankrupt from trying to make a car payment....

OP, there's nothing wrong with making a car payment, as long as you buy something that you can afford. Don't go overboard. Personally, I like driving a nice, late model truck and I don't mind paying $1500 in interest over the life of the loan. There's no reason for me to drive a POS car around just so I can brag about not having a car payment.

Posted: 7/2/2012 6:29:34 AM EDT

[#25]

I bought a 98 accord last year for $2500 and it's in good shape.
I also have an 90 accord in great shape but I gave it to my daughter, people ask if they can buy the car all the time.

Saving up for a C5Z06 for a weekend car.
I could care less what others think of me when I driving to work as long as it's reliable and in good shape.

Do yourself a favor in the future and when something little breaks, fix it.
If not, that stuff can add up fast and next thing you know your car is a beater and you have no one to blame but yourself.

At that point you'll lose interest in the car due to condition but no one else is going to want to buy it from you either unless they can get it for some crazy low $ amount.

Lose lose situation all brought on b y laziness.

Posted: 7/2/2012 6:40:13 AM EDT

[#26]

A little over a year ago I was driving a 2001 Jeep Wrangler with 150,000 miles. It ran great but it was getting to the point where things were going to need replacing. I was also spending about $400 a month on gas.

I thought I would sell it and buy a beater that got betrer mpg. What I found was depressing and I didn't want to buy someone elses high miles problem.

The solution after running all the numbers.... I sold the Jeep and bought a new base model Chevy Cruze. My monthly payment is $200, insurance is a wash, and I spend half as much on gas. I get, 40 mpg on the highway and average 31 mpg over all.

So for what I was spending on gass alone, I have a new car with a waranty that gets great mpg.

Posted: 7/2/2012 6:46:53 AM EDT

[#27]

Aside from rust on the rear bumper, my '01 S-10 is still running strong at 96k and completely paid off. as much as I want a new pickup, I'm going to ride it until the wheels come off.

Posted: 7/2/2012 7:01:11 AM EDT

[#28]

I'm holding onto my '97 Expedition. Everything works on it and there's no body damage besides the expected door dings on a vehicle that age. I average 13 MPG but ride my motorcycle to work from April to October. It will take a lot of convincing to get me to take on another car payment. My motorcycle keeps things fun so I don't get urges to buy a truck. I look at trucks and price them online but each time I do that I convince myself more that I'm going to hold onto what I've got.

Posted: 7/2/2012 7:05:40 AM EDT

[#29]

It really depends.

If you have the free time and don't mind working on cars a little, a beater is without a doubt the way to go...

...if you're like me and have NO free time and don't like working on cars, an affordable payment on a reliable vehicle is well worth it

Plus, since the used market is so crazy right now, it can actually be cheaper to buy new and you can possibly get positive equity in your new car/truck in a year or 2 by just making the payments

I keep getting more for my trades than what i owe on them, so I keep buying new trucks every year...I'm spending about $2k year in payments plus inspections/oil changes to have a brand new truck. I'll ride this out til the used truck market crashes

Speed

Posted: 7/2/2012 7:18:37 AM EDT

[#30]

Quoted:
It runs well and you're already getting a new house. You're spoiled rotten if you are seriously thinking about a new car. New cars make you less attractive to some women too.

in that case, they should be beating down my door!

2002 escort, 176K no air.

(the no air thing was a challenge this weekend when it hit 108 out.)

Posted: 7/2/2012 7:21:05 AM EDT

[#31]

Quoted:

It runs well and you're already getting a new house. You're spoiled rotten if you are seriously thinking about a new car. New cars make you less attractive to some women too.

Oh come now.

Posted: 7/2/2012 7:25:39 AM EDT

[#32]

If basic transportation is basically transporting reliably, then it's doing it's job.

If you want comfort - find a comfortable and reliable beater.

The trick is discovering the 'reliability' of random mechanical parts that you can't always see the reliability slowly or catastrophically leaking out of.

You want a warranty - you have to buy some sort of new, or some sort of expensive.

And take your chances anyway.

Luck with the lottery.

Posted: 7/2/2012 7:28:44 AM EDT

[#33]

Quoted:

Quoted:
It runs well and you're already getting a new house. You're spoiled rotten if you are seriously thinking about a new car. New cars make you less attractive to some women too.

Oh come now.

Ya. Chicks dig it when your primary vehicle is a 1984 Toyota extra cab two wheel drive 5 spd. Not so much. But that is what I was driving when I met my wife... I'm still not sure why she married me.

OP, The only reason I'd sell the Stang, is if you could pay CASH for a reliable vehicle that would get better mileage. Do not buy a new car off the lot. Used and only if you can afford to pay with cash.

Posted: 7/2/2012 7:31:51 AM EDT

[#34]

I have a car payment.

With time, its going to slowly transition into a beater.

I plan to drive it for over a decade.

I'm 40% of the way there already.

Posted: 7/2/2012 7:32:14 AM EDT

[#35]

The only problem with beaters is that two is one, maybe even three is one. The extra cost of taxes and insurance has to be included in the total cost of ownership in addition to the cost and hassles of keeping a beater in reliable running condition.

Posted: 7/2/2012 7:33:12 AM EDT

[#36]

Up over 160k on my civic. Looks like shit, but still drives ok.

Posted: 7/2/2012 7:36:42 AM EDT

[#37]

Quoted:
If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

Yeah, except for that whole depreciation thing that comes with wasting money on a buying a new car.

Posted: 7/2/2012 7:41:34 AM EDT

[#38]

When I'm halfway across the country by myself I'd rather not have to worry about whether or not my car will get me home or not. No beaters for me, but new vehicles or a used one with a good history for me.

Posted: 7/2/2012 7:41:55 AM EDT

[#39]

w/o reading other responses....

My daily driver is a beater, a 98 chevy cavalier. No cruise, no air, 5 speed manual tranny. 32-33 MPG average. Paid $900 + 300 for title and registration.
My "good" drive is a 02 dodge ram 1500 w/a 4.7. (Dodge truck haters can shove it). It gets about 15-16mpg. It does have cruise (and currently-nonworking air).

The chevy will have "paid" for itself in gas savings alone about the end of this month not including insurance and maint. I picked it up in November.

I will never have a car payment again if I can help it.

Try this: When you pay off a car, put that car payment into savings. It won't be long before you can buy a good used car for cash. or maybe a new one.
Or think of it this way...that car payment can pay for a hell of a lot of gas. If you buy a new car or high priced used car, figure out how long it will take for that car to pay for itself with the gas savings. It's going to be a hell of a long time. that's why I laugh at the prius owners who think they're "green" or "saving gas" while making payments on a car that they wind up using the engine on more than electric anyway.

Keep your mustang, start setting some money aside to buy a replacement car eventually.

Posted: 7/2/2012 7:42:40 AM EDT

[#40]

Quoted:
Stick with what works. Car payments are for dummies or those that are extremely well off.

It wouldn't hurt to buy an economy car though I'm not sure what your local used market is like but I'm sure you can find something on craigslist for 2-5k and just buy it cash. Get something small that gets great gas mileage.

You will always have a car payment. Your choice is if its a loan, or if its a tow here, a starter there, a water pump, a blown transmission, etc.

The sweet spot is somewhere in between but nowadays that costs about as much as close to new.

Posted: 7/2/2012 7:43:52 AM EDT

[#41]

What year mustang do you have Truth2882?

Posted: 7/2/2012 7:46:38 AM EDT

[#42]

Quoted:

Quoted:
It runs well and you're already getting a new house. You're spoiled rotten if you are seriously thinking about a new car. New cars make you less attractive to some women too.

Oh come now.

Ya. Chicks dig it when your primary vehicle is a 1984 Toyota extra cab two wheel drive 5 spd. Not so much. But that is what I was driving when I met my wife... I'm still not sure why she married me.

OP, The only reason I'd sell the Stang, is if you could pay CASH for a reliable vehicle that would get better mileage. Do not buy a new car off the lot. Used and only if you can afford to pay with cash.

Older cars are attractive and new cars are repulsive. I'm dead serious. A new car looks like a pimp suit or an overpriced affliction shirt and an old car is like work gloves. I see a man in a new car and I instantly think of how life is miserable when your man is retarded about money. An older vehicle with scratches and dents says a man works or plays like I do and saves his money for important things. He'll let me load dirty camping gear into his back seat or my kayak on his roof. He'll save money with me and buy fixer upper properties, throw a backyard pig roast for a wedding and pick Yosemite over Vegas for a honeymoon.

Posted: 7/2/2012 7:47:03 AM EDT

[#43]

Quoted:

Quoted:
If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

Yeah, except for that whole depreciation thing that comes with wasting money on a buying a new car.

2 problems with your logic there:

1. You can finance a used car. I don't understand why people act as though the only options here are paying cash for a car, or a $600/mo payment on a brand new $60k car.

2. Have you looked at the used car market lately? New car depreciation is nearly nonexistent. You can buy a new car, drive it for 2 years and only lose 5-10% to depreciation before selling it or trading it off. It used to be that you'd lose 25% of the value in the first year, but in this economy, a huge demand for used cars is keeping the prices inflation and depreciation is low.

Posted: 7/2/2012 7:48:36 AM EDT

[#44]

Quoted:
Anyone else bite the bullet and stick with their busted ass beater vs getting sucked into a car payment? My Mustang is paid off,runs well,and gets me where I need to go,but it sucks up gas like no other,is slow as shit for being a v8,needs bodywork,and the interior needs attention. The urge to go car shopping is getting worse and worse

buy used, pay cash.
dont be a fucking moron and buy a new car. do you have a home paid off in full? do you have a fully funded retirement account? do you have kids college education funds filled? if you do, then buy a new car. if not, buy used.

Posted: 7/2/2012 7:50:43 AM EDT

[#45]

Quoted:

Quoted:
Fuck dude a car is supposed to be fun, and you sir do not sound like your having fun....

Get what you want and nothing less you only live once and Dave Ramsey is a bitch!! Sounds like it;s time for a 2013 5.0 dont it??

If I wasnt closing on my house next thursday that idea sure sounds tempting

you do realize that a new home will have many unforeseen expenses right?
a roof leak can cost thousands in damage and repair. a new roof to the tune of 20K$
AC craps out? thats 1-5K as well
fridge goes? there is another 800-1500

if you just bought a house, dont buy a new car.
jesus. this is a no brainer

Posted: 7/2/2012 7:53:18 AM EDT

[#46]

Quoted:

Quoted:
Fuck dude a car is supposed to be fun, and you sir do not sound like your having fun....

Get what you want and nothing less you only live once and Dave Ramsey is a bitch!! Sounds like it;s time for a 2013 5.0 dont it??

If I wasnt closing on my house next thursday that idea sure sounds tempting

Well see how it goes for a bit with mortgage payment and all the expense associated with home ownership

Posted: 7/2/2012 7:53:27 AM EDT

[#47]

Quoted:

Quoted:
If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

Yeah, except for that whole depreciation thing that comes with wasting money on a buying a new car.

2 problems with your logic there:

1. You can finance a used car. I don't understand why people act as though the only options here are paying cash for a car, or a $600/mo payment on a brand new $60k car.

2. Have you looked at the used car market lately? New car depreciation is nearly nonexistent. You can buy a new car, drive it for 2 years and only lose 5-10% to depreciation before selling it or trading it off. It used to be that you'd lose 25% of the value in the first year, but in this economy, a huge demand for used cars is keeping the prices inflation and depreciation is low.

People can ask whatever they want for their used cars, it doesn't mean these people are actually getting what they're asking for.

Even given the market, there are not many cars that hold their value in the first 2-4 years like you mention.

Posted: 7/2/2012 7:54:37 AM EDT

[#48]

Quoted:

Quoted:

If you get a good interst rate (0 or .9%) there's no difference having a car payment or saving for a car.

Well, other than not having a car if you just save money to buy one.

Yeah, except for that whole depreciation thing that comes with wasting money on a buying a new car.

2 problems with your logic there:

1. You can finance a used car. I don't understand why people act as though the only options here are paying cash for a car, or a $600/mo payment on a brand new $60k car.

2. Have you looked at the used car market lately? New car depreciation is nearly nonexistent. You can buy a new car, drive it for 2 years and only lose 5-10% to depreciation gain a couple grand in positive equity on trade before selling it or trading it off. It used to be that you'd lose 25% of the value in the first year, but in this economy, a huge demand for used cars is keeping the prices inflation and depreciation is low.

Fixed. I keep trading in trucks every year. I keep getting a few $k back, real money, on my trade.

It's insane that I can buy a brand new truck w/ nothing down, do nothing but make the payments for a year, and take it back to the same place I bought it from and they'll give me more than what I owe, but...used trucks bring good money right now

Speed

Posted: 7/2/2012 7:55:13 AM EDT

[#49]

After being stupid buying new vehicles and struggling making payments (young, dumb, went in way upside down on the second one), I will never, if I can avoid it by any means necessary, ever carry another car payment. Throwing money away on a depreciating asset is stupid.

That said, the new vehicle thing was nice, and I totally understand folks wanting to buy new stuff, 'cause new stuff is really nice, but still. Me personally, I'll drive it into the ground, fix it, and drive it some more.

Posted: 7/2/2012 8:03:50 AM EDT

[#50]

What is this car payment you speak of?

I get where I need to go just fine in a '03 F-150 with roll up windows and a cassette player.

New cars are a sucker hole for money.

[ARCHIVED THREAD] - car payment vs beater (Page 1 of 4)

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