I bought a car without thinking too much about value

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Angelus359
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I bought a car without thinking too much about value

Post by Angelus359 » Sat Sep 30, 2017 11:02 am

My old car was falling apart. Had trade in value of 300$. I private sold it for 700 to the first person to make an offer, with the one condition that they promise to fix the 500$ repair that was necessary to make it road safe. I told them about all the mechanical issues, and even gave them repair qoutes I received

So... I bought a brand new Prius

I got 10 internet qoutes, then contacted Costco auto website which had a dealer call me to setup a meeting to get a price.

I was planning on just looking but I got over excited and just bought it.

I have a new job (2month) that makes 80300 a year
(73000+10% annual bonus) pretax

I love the car, but I'm wondering did I buy this at the wrong time

Electric cars are becoming a big thing, and that will likely trash the resale value of a Prius

Msrp was 26500~ ish
I got it for 20700 before taxes and fees,
I got end of year 2000$ cashback plus recent college grad 750 plus Costco discounted price. 2018s were out which is why I got 2k off on 2017.
After sales tax, all fees, and the 1400$ 8 year bumper to bumper warranty they suckered (talked?) me into, it was about 23000

I put 3321 down (odd number, but that's what it was)
Interest is 2.9%

I have a lot of extra income. I lived on about 25k per year of living expenses before this event.

Here's the thing. I only drive 5 miles to and from train, or go to grocery store. My miles are likely going to be under 5k per year

Did I make a bad decision? Should I have bought used?
I wanted to feel safe since I've already had multiple car accidents historically that have caused me a lot of long term pain related medical issues, so getting a safe car was important to me. Car has radar based crash avoidance features.

I feel pretty safe in my job since my manager is in a please don't leave us we love you mode at a company that is rapidly growing, and I really enjoy my job.

Was there something I should have done different? I know it's too late now, but I'm trying to learn from experiences
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retiredjg
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Re: I bought a car without thinking too much about value

Post by retiredjg » Sat Sep 30, 2017 11:07 am

Sure, you could have bought a used car. But you love this one, you feel safe in it, and you can afford it. I think second guessing this purchase is a waste of your energy. Just enjoy it and move on.

chevca
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Re: I bought a car without thinking too much about value

Post by chevca » Sat Sep 30, 2017 11:08 am

It's just buyers remorse. It will pass. Enjoy your new car. :beer

abonder
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Re: I bought a car without thinking too much about value

Post by abonder » Sat Sep 30, 2017 11:13 am

I think you're overthinking this. It sounds like you drove your last vehicle into the ground. A Prius, which you negotiated for a seemingly good price, is an admirable choice. Excellent fuel efficiency, highly reliable, should run for 10 plus years with no major issues. I might see if you can get out of the warranty. Just my own opinion but a warranty is superfluous for this vehicle.


Don't overthink it. Electric cars are on the cusp. There may be great advances in the future but I am not sure that an electric vehicle which is currently available would meet your needs. You could probably pay 8 grand for a 3 year old Nissan Leaf and meet most of your daily needs, but then you're going to have to rent a car anytime you do long trips. Or have a second vehicle, which takes away the advantage anyway.

Enjoy your Prius, drive it forever, dont worry about resale or anything. Just use the car as it's intended. If you only drive 5k miles per year, who cares. At least you didn't do a 13k per year lease and end up with tens of thousands of "unused " miles. There are way worse decision than buying a Prius at a fair price and keeping it for a long time!

stlutz
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Re: I bought a car without thinking too much about value

Post by stlutz » Sat Sep 30, 2017 11:20 am

Buying a Prius is only the wrong answer if you said you were looking for a vehicle to do a bunch of 4-wheeling with.

I bought a new one back in January (replacing my '05 Prius) and am really happy. Am only putting miles on at the rate of about 8K for the year.

lightheir
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Re: I bought a car without thinking too much about value

Post by lightheir » Sat Sep 30, 2017 11:35 am

I did similar as you 8 year ago when I got a new job. The Prius costed 60% of my annual income when I bought it new (I was relying on my parents for backup/emergency expenditure.) Went in, asked the most convenient dealer to me if they could handily beat the Costco price, and I then reasoned my time was worth more than the agony of haggling and nickel and diming competitors to get the absolute lowest quote.

It's been a great car. I don't think you can go wrong, unless you really wanted a fast sports car, at which point we wouldn't be having this discussion. You definitely won't regret it. I go plenty fast on my road bicycle, but the Prius is for comfortable, efficient transportation.

Incidentally I found it funny that my Prius was actually worth MORE than I bought it for for the first 18 months after I bought it, since there was some shortage in parts due to a storm or something like that.

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Re: I bought a car without thinking too much about value

Post by mhalley » Sat Sep 30, 2017 11:43 am

I don’t think internal combustion cars will be replaced by electrics within the next 10 years when you go to buy your next car. Plus, as a hybrid, it would not depreciate as much as a true internal combustion car if I am wrong and the conversion to all electric cars is much faster than predicted. You can afford it, it is a nice, reliable car. Enjoy it!

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Watty
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Re: I bought a car without thinking too much about value

Post by Watty » Sat Sep 30, 2017 11:53 am

chevca wrote:
Sat Sep 30, 2017 11:08 am
It's just buyers remorse. It will pass. Enjoy your new car. :beer
+1

There is little question that you got a good car. I have known people that bought cars that were at the bottom of the reliability ratings list that I have had to just smile and congratulate them on their purchase when I am thinking "What a dumb choice."

retire57
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Re: I bought a car without thinking too much about value

Post by retire57 » Sat Sep 30, 2017 12:03 pm

It's a great car. Drive it forever and, in time, it will look like a bargain!

harrychan
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Re: I bought a car without thinking too much about value

Post by harrychan » Sat Sep 30, 2017 12:24 pm

Do you have any debt? What are your other saving goals? If you don't have any debt then its fine. It's not a hybrid BMW or something that would cost 50% of your income. With such low daily miles, you likely won't get back the value of the mileage from buying a prius. If it is a lifestyle decision, that's fine. I would aggressively pay it off.
This is not legal or certified financial advice but you know that already.

Valuethinker
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Re: I bought a car without thinking too much about value

Post by Valuethinker » Sat Sep 30, 2017 12:27 pm

Angelus359 wrote:
Sat Sep 30, 2017 11:02 am


I love the car, but I'm wondering did I buy this at the wrong time

Electric cars are becoming a big thing, and that will likely trash the resale value of a Prius
Personal safety is all given your past experiences.

EVs are unlikely to make your Prius obsolete in a hurry. Big SUVs are high depreciation, as are luxury cars like Mercedes and BMW. Basic Toyota sedans tend to be low depreciation.

EVs will come, but I don't think you need to worry in the next 10 years-- and the average car only lasts 13 years, so with depreciation after 10 years you car will not be worth a lot in any case.

sport
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Re: I bought a car without thinking too much about value

Post by sport » Sat Sep 30, 2017 12:27 pm

I think you did fine, except for the extended warranty that is not needed.

Angelus359
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Re: I bought a car without thinking too much about value

Post by Angelus359 » Sat Sep 30, 2017 12:29 pm

harrychan wrote:
Sat Sep 30, 2017 12:24 pm
Do you have any debt? What are your other saving goals? If you don't have any debt then its fine. It's not a hybrid BMW or something that would cost 50% of your income. With such low daily miles, you likely won't get back the value of the mileage from buying a prius. If it is a lifestyle decision, that's fine. I would aggressively pay it off.
I have a 2.99% mortgage with 74k remaining
This car is on loan at 2.9%

As to savings goals

I haven't changed my lifestyle since I got a massive increase of income, and I don't really plan on to, other than a new car
Last edited by Angelus359 on Sat Sep 30, 2017 12:43 pm, edited 1 time in total.
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Angelus359
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Re: I bought a car without thinking too much about value

Post by Angelus359 » Sat Sep 30, 2017 12:31 pm

sport wrote:
Sat Sep 30, 2017 12:27 pm
I think you did fine, except for the extended warranty that is not needed.
I got sold the warranty by the guy using a bit of a scare tactic telling me the average prius repair they see in the shop is $2200

It might be worth it, who knows
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Kenkat
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Re: I bought a car without thinking too much about value

Post by Kenkat » Sat Sep 30, 2017 12:33 pm

You also don’t save much by buying used Toyotas since they hold their resale value very well. Many recommend just buying new when it comes to Toyota. Hondas often fall into the same category. Sounds like you did fine on the price by going through Costco as well. Any deal you made on your own would have at best probably saved you another few hundred bucks and you might have ended up paying more.

Enjoy the car.

p.s. you might be able to cancel the warranty and get some or all of your money back on it.

harrychan
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Re: I bought a car without thinking too much about value

Post by harrychan » Sat Sep 30, 2017 12:35 pm

Angelus359 wrote:
Sat Sep 30, 2017 12:31 pm
sport wrote:
Sat Sep 30, 2017 12:27 pm
I think you did fine, except for the extended warranty that is not needed.
I got sold the warranty by the guy using a bit of a scare tactic telling me the average prius repair they see in the shop is $2200

It might be worth it, who knows
When did you buy the car? If it is within a time period (something like 10 days), you can cancel it.
This is not legal or certified financial advice but you know that already.

rec7
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Re: I bought a car without thinking too much about value

Post by rec7 » Sat Sep 30, 2017 12:38 pm

At your income it it fine. Just try to keep it 10 years that is the key.
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dbltrbl
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Re: I bought a car without thinking too much about value

Post by dbltrbl » Sat Sep 30, 2017 12:50 pm

Enjoy. We bought our Prius at full list in 2006. 11 years later it is still running great. Only routine maintenance.

aqan
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Re: I bought a car without thinking too much about value

Post by aqan » Sat Sep 30, 2017 12:55 pm

Haha.. happens to most of us after a big ticket item purchase. I think you got a pretty good deal and its an awesome car. You'll enjoy it. Why not drive to work once in a while instead of taking the train to enjoy your new ride.

Angelus359
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Re: I bought a car without thinking too much about value

Post by Angelus359 » Sat Sep 30, 2017 12:58 pm

I'm glad for the vote of confidence you're all giving

Even though it's only 25% of my new annual income, my income is still pretty new to me (earlier in the year, I made 35k/yr at old job), so getting used to big numbers is hard!

Now what to do with my income

An intermediate corporate bond fund would just about match the interest rate on the car loan...

The mortgage is slightly higher interest (0.09%)
do I pay that off first?
The mortgage is shared between my girlfriend and I... I've just been doing index fund investing instead of accelerated payoff
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harrington
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Re: I bought a car without thinking too much about value

Post by harrington » Sat Sep 30, 2017 1:01 pm

retiredjg wrote:
Sat Sep 30, 2017 11:07 am
Sure, you could have bought a used car. But you love this one, you feel safe in it, and you can afford it. I think second guessing this purchase is a waste of your energy. Just enjoy it and move on.
^^^This^^^

stlutz
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Re: I bought a car without thinking too much about value

Post by stlutz » Sat Sep 30, 2017 1:02 pm

I got sold the warranty by the guy using a bit of a scare tactic telling me the average prius repair they see in the shop is $2200
I had my '05 Prius for 10 years and 150K and never had a repair. But, it is fair to point out that the things that could go wrong with one are expensive to fix.

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Raymond
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Re: I bought a car without thinking too much about value

Post by Raymond » Sat Sep 30, 2017 2:41 pm

Angelus359 wrote:
Sat Sep 30, 2017 12:31 pm
sport wrote:
Sat Sep 30, 2017 12:27 pm
I think you did fine, except for the extended warranty that is not needed.
I got sold the warranty by the guy using a bit of a scare tactic telling me the average prius repair they see in the shop is $2200

It might be worth it, who knows
You could have come back at him by saying, "Oh, so you're telling me the car I'm about to buy is an unreliable and expensive-to-fix turd? Well, then, maybe I shouldn't buy it at all." :P

Pure profit for the dealer. I have no experience with using these extended warranties, but my understanding is that they have so many loopholes (especially third-party versions as opposed to a manufacturer's extended warranty) that they are worthless.

Here's an excellent article by Clark Howard: "Are extended car warranties worth it?"

Get your money back if you can.
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John Laurens
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Re: I bought a car without thinking too much about value

Post by John Laurens » Sat Sep 30, 2017 2:59 pm

The only car you can’t afford is the one that comes with payments.

Regards,
John

student
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Re: I bought a car without thinking too much about value

Post by student » Sat Sep 30, 2017 3:11 pm

This is a very good deal.

barnaclebob
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Re: I bought a car without thinking too much about value

Post by barnaclebob » Sat Sep 30, 2017 3:30 pm

Check to see if you can get your money back on the warranty. Trust the warranty terms, not the dealer.

Minty
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Re: I bought a car without thinking too much about value

Post by Minty » Sat Sep 30, 2017 3:58 pm

I learned from posts here that there are Honda and Toyota dealers in various parts of the country selling manufacturer's extended warranties for a significant amount less than typical retail. So my vote would be cancel the warranty if OP can, and then either leave it be, or at least buy the same product for, according to jarmstrong's experience, 1/3 the originally offered price.
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mmmodem
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Re: I bought a car without thinking too much about value

Post by mmmodem » Sat Sep 30, 2017 4:45 pm

Echoing others, the only thing you did wrong is the warranty. The odds are against you needing the warranty especially at your low mileage usage. Prius is one of the most reliable vehicles on the market.

I've got a 2012 and a 2005. Now is the best time to buy a Prius when fuel prices are low and everyone is getting SUV's. My sister paid MSRP for her base model Prius in 2005. Resale value of hybrids have more to do with fuel price than EV's in my opinion. Even someone like you with a short commute chose an internal combustion vehicle when a battery electric vehicle is more ideal. There's a reason you didn't buy a BEV and I'm sure that reason will stop many others as well for a many more years.

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jabberwockOG
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Re: I bought a car without thinking too much about value

Post by jabberwockOG » Sat Sep 30, 2017 5:04 pm

Sounds like your first major car purchase and you could have done worse. Prius is a great relatively low cost car to buy. You very likely paid a little too much, and you most definitely got suckered on the warranty. The Prius is one of the most reliable cars on the road (so warranty is a huge waste). Even if a warranty was a good idea on this car which it is not there are much less expensive ways to buy a Toyota warranty (getting bids online from dealers after purchase) than during the dealer purchase transaction.

You might consider it the overall extra cost as a part of your ongoing tuition towards being a smart consumer. I'd check out the fine print on the warranty and see if you can get your money back on it immediately - act fast.

On the plus side in addition to being very reliable, Prius hold their resale value very well over time. Take some road trips and enjoy the car.

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sunny_socal
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Re: I bought a car without thinking too much about value

Post by sunny_socal » Sat Sep 30, 2017 5:46 pm

It's a great car, congrats! :beer

The good:
- Excellent gas mileage
- You can still drive it if a natural disaster wipes out everything in your area (eg hurricane.) EVs wouldn't be going very far.
- Quite roomy and versatile
- Affordable
- Very reliable

The bad:
- Boooooorrrriingggg

If you're the type that just wants to get from A to B, it's the perfect car. Don't worry about value.

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Re: I bought a car without thinking too much about value

Post by Lafder » Sat Sep 30, 2017 5:58 pm

Don't worry about the warranty. If you don't need it down the road, you won't miss the small amount of money spent years before.

If you do need it.............you will be glad.

We did not buy the extended warranty on our Prius, so far so good. But we did buy it on our next hybrid that was a first year. And we bought it more recently for a Turbo car we bought. Yes it was a sales tactic "all those computers and turbo are expensive if they need repair" It does give me peace of mind knowing we have the extended warranty.

I figured if we sold the car the extended warranty would be a plus too.

Prius' tend to have high resale value if you change your mind down the road.

Enjoy your new car and all of the safety features!

lafder

Angelus359
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Re: I bought a car without thinking too much about value

Post by Angelus359 » Sun Oct 01, 2017 9:04 am

John Laurens wrote:
Sat Sep 30, 2017 2:59 pm
The only car you can’t afford is the one that comes with payments.

Regards,
John
I technically could afford it cash, but I'd have to take month from my Roth IRA.

I have about 35k in semi liquid assets
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Angelus359
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Re: I bought a car without thinking too much about value

Post by Angelus359 » Sun Oct 01, 2017 9:05 am

Minty wrote:
Sat Sep 30, 2017 3:58 pm
I learned from posts here that there are Honda and Toyota dealers in various parts of the country selling manufacturer's extended warranties for a significant amount less than typical retail. So my vote would be cancel the warranty if OP can, and then either leave it be, or at least buy the same product for, according to jarmstrong's experience, 1/3 the originally offered price.
Warranty was originally 1800

I was hesitant and then they offered it for 1400

It's a manufacturer warranty and not a dealer warranty
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Re: I bought a car without thinking too much about value

Post by jadd806 » Sun Oct 01, 2017 9:39 am

Angelus359 wrote:
Sun Oct 01, 2017 9:05 am
Warranty was originally 1800

I was hesitant and then they offered it for 1400

It's a manufacturer warranty and not a dealer warranty
Got the same spiel when I bought my Prius. The guy started at $2000. When I wouldn't budge, he came down to $1600. He used all sorts of scare tactics to try and tell me how expensive repairs on the Prius were going to be. At one point, he told me that the car had 4 transmissions and brought the price down to $1200. I laughed in his face at this blatant lie and told him that I'm an engineer who would be really impressed if he could point out even one of the extra transmissions, since I only saw one when I popped the hood.

Get your money back! If it's a genuine Toyota extended warranty you have 30 days to get your money back (minus a small administrative fee). Do not accept any run around from the dealership - this comes straight from Toyota. Below is the excerpt from the Toyota Vehicle Service Agreement:
"CANCELLATION:

Within thirty (30) days of the Agreement Application Date, if no benefits have been paid, You many cancel this Agreement and we will refund the Agreement Purchase Price minus a $25 processing fee.

In all other cases, we will pay a pro rata refund based on elapsed time from the Agreement Application Date or elapsed mileage from the Agreement Application Mileage (whichever refund dollar amount is less), minus a $25 processing fee. All such refunds will be computed based upon the date the Administrator receives notice of the cancellation request."
That $1400 will pay for all of the maintenance on your Prius until the 100,000 mile service. I just passed 80,000 miles on my Prius and here is all the maintenance I have done:

$400 for 8 oil changes (every 10k miles)
$150 to replace the transmission oil at 60k miles
$500 for new tires at 70k miles
$50 to replace both the cabin and engine filters 3x over the life of the vehicle

Grand total, $1,100 (or about 1.3 cents per mile). Oh, and last time I brought my Prius in they told me I've only used 20% of the brake pads that came on the car thanks to how smartly I try to use the regenerative braking feature. I love this car!

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Re: I bought a car without thinking too much about value

Post by aristotelian » Sun Oct 01, 2017 11:38 am

Unless you are planning to sell the car, resale value is irrelevant. Drive the car, enjoy the car. I have a 2003 Prius with 160K going strong...but my next car will be an EV.

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Re: I bought a car without thinking too much about value

Post by deikel » Mon Oct 02, 2017 11:09 am

Angelus359 wrote:
Sat Sep 30, 2017 12:31 pm
sport wrote:
Sat Sep 30, 2017 12:27 pm
I think you did fine, except for the extended warranty that is not needed.
I got sold the warranty by the guy using a bit of a scare tactic telling me the average prius repair they see in the shop is $2200
bold is mine - this is wonderful, he was not even lying I bet - but what if he only sees one prius a year in the shop ? Sweet marketing I need to copy that playbook...

Yes, you made a mistake on a couple of levels (why need a car for 5 miles and the grocer at all, why a new car for 5k a year, why a lease at all and why an 8 year coverage, where 3 are probably covered anyway and your milage is super low) - live and learn. Now you know what impulse buying is and how car salesman work and don't do that again - the real question is what options do you have to do it better now ?

Break the lease - probably quite expensive, but there were deals in the past where you could do that at no cost to you - check the contract. Try to outright buy the car and sell as used - significant value loss, probably less cost than breaking the lease. So at this point, I think you should probably try to ditch the extra insurance (if you can) and try to pay off the car as fast as you can so you might save on the insurance side by self insuring the comprehensive - otherwise you are stuck with the car, which is an OK car as others stated...but there are 'better' cars in terms of money for transportation need fullfilled.
Everything you read in this post is my personal opinion. If you disagree with this disclaimer, please un-read the text immidiatly and destroy any copy or remembrance of it.

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Re: I bought a car without thinking too much about value

Post by MI_bogle » Mon Oct 02, 2017 11:14 am

Angelus359 wrote:
Sat Sep 30, 2017 12:31 pm
sport wrote:
Sat Sep 30, 2017 12:27 pm
I think you did fine, except for the extended warranty that is not needed.
I got sold the warranty by the guy using a bit of a scare tactic telling me the average prius repair they see in the shop is $2200

It might be worth it, who knows
Please please please go try to get your money back on this

Extended warranties for cars are a waste of money in the first place, and the Prius are some of the most reliable cars out there.

thangngo
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Re: I bought a car without thinking too much about value

Post by thangngo » Mon Oct 02, 2017 11:22 am

Yeah you should buy used in the hindsight. It's a luxury to buy brand new car, regardless of the brand and model. You'll save 5k easy. You just added 4k to your 25k annual living expense to bring it up to 29k without considering insurance, tax, parking, toll registration, etc.

But the fact that it was not a factor when you had considered when you made the purchase, it's a non-issue. You have the means and you bought it.

If anything you should learn from this is that have you gathered all the information when you made purchase decision? After decision is made, you should be able to have conviction about it.

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Abe
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Re: I bought a car without thinking too much about value

Post by Abe » Mon Oct 02, 2017 11:32 am

deikel wrote:
Mon Oct 02, 2017 11:09 am

Break the lease - probably quite expensive, but there were deals in the past where you could do that at no cost to you - check the contract. Try to outright buy the car and sell as used - significant value loss, probably less cost than breaking the lease. So at this point, I think you should probably try to ditch the extra insurance (if you can) and try to pay off the car as fast as you can so you might save on the insurance side by self insuring the comprehensive - otherwise you are stuck with the car, which is an OK car as others stated...but there are 'better' cars in terms of money for transportation need fullfilled.
I thought the OP bought the car.
Slow and steady wins the race.

rkhusky
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Re: I bought a car without thinking too much about value

Post by rkhusky » Mon Oct 02, 2017 11:39 am

Angelus359 wrote:
Sat Sep 30, 2017 11:02 am
I wanted to feel safe since I've already had multiple car accidents historically that have caused me a lot of long term pain related medical issues, so getting a safe car was important to me. Car has radar based crash avoidance features.
Did you check crash ratings? https://www.nhtsa.gov/ratings and http://www.iihs.org/iihs/ratings

I would think that a big SUV would be safer, although 2017 Cadillac CTS 4 DR AWD and 2017 Ford Mustang 2 DR RWD had high scores on the nhtsa site.

deikel
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Re: I bought a car without thinking too much about value

Post by deikel » Mon Oct 02, 2017 11:54 am

Abe wrote:
Mon Oct 02, 2017 11:32 am
deikel wrote:
Mon Oct 02, 2017 11:09 am

Break the lease - probably quite expensive, but there were deals in the past where you could do that at no cost to you - check the contract. Try to outright buy the car and sell as used - significant value loss, probably less cost than breaking the lease. So at this point, I think you should probably try to ditch the extra insurance (if you can) and try to pay off the car as fast as you can so you might save on the insurance side by self insuring the comprehensive - otherwise you are stuck with the car, which is an OK car as others stated...but there are 'better' cars in terms of money for transportation need fullfilled.
I thought the OP bought the car.

OP wrote:

After sales tax, all fees, and the 1400$ 8 year bumper to bumper warranty they suckered (talked?) me into, it was about 23000

I put 3321 down (odd number, but that's what it was)
Interest is 2.9%

I understood that as leasing (maybe it was financing ?)
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AlphaLess
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Joined: Fri Sep 29, 2017 11:38 pm

Re: I bought a car without thinking too much about value

Post by AlphaLess » Mon Oct 02, 2017 9:01 pm

retiredjg wrote:
Sat Sep 30, 2017 11:07 am
Sure, you could have bought a used car. But you love this one, you feel safe in it, and you can afford it. I think second guessing this purchase is a waste of your energy. Just enjoy it and move on.
What retiredjg said!

cantos
Posts: 129
Joined: Tue Dec 20, 2016 11:25 am

Re: I bought a car without thinking too much about value

Post by cantos » Mon Oct 02, 2017 10:47 pm

I don't think anyone has ever said the words "I bought a Prius. What a horrible value that was."

In fact, probably the opposite has been said many times.

feh
Posts: 1106
Joined: Sat Dec 15, 2012 11:39 am

Re: I bought a car without thinking too much about value

Post by feh » Tue Oct 03, 2017 12:01 pm

My only comment is that I wouldn't buy electric if only driving 5K miles per year.

Angelus359
Posts: 749
Joined: Tue Mar 04, 2014 12:56 am

Re: I bought a car without thinking too much about value

Post by Angelus359 » Wed Oct 04, 2017 5:17 pm

deikel wrote:
Mon Oct 02, 2017 11:54 am
Abe wrote:
Mon Oct 02, 2017 11:32 am
deikel wrote:
Mon Oct 02, 2017 11:09 am

Break the lease - probably quite expensive, but there were deals in the past where you could do that at no cost to you - check the contract. Try to outright buy the car and sell as used - significant value loss, probably less cost than breaking the lease. So at this point, I think you should probably try to ditch the extra insurance (if you can) and try to pay off the car as fast as you can so you might save on the insurance side by self insuring the comprehensive - otherwise you are stuck with the car, which is an OK car as others stated...but there are 'better' cars in terms of money for transportation need fullfilled.
I thought the OP bought the car.

OP wrote:

After sales tax, all fees, and the 1400$ 8 year bumper to bumper warranty they suckered (talked?) me into, it was about 23000

I put 3321 down (odd number, but that's what it was)
Interest is 2.9%

I understood that as leasing (maybe it was financing ?)
2.9% is financing
3321 was my down payment
23k was total after taxes and warranty
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Angelus359
Posts: 749
Joined: Tue Mar 04, 2014 12:56 am

Re: I bought a car without thinking too much about value

Post by Angelus359 » Wed Oct 04, 2017 5:27 pm

feh wrote:
Tue Oct 03, 2017 12:01 pm
My only comment is that I wouldn't buy electric if only driving 5K miles per year.
I bought a hybrid so... Halfway?
IT-DevOps System Administrator

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