I need a new car but im broke

[MillionMills]

My car is 15 years old and paid off & I despise car payments

But it's getting to the point where it's breaking down, small shyt here and there and I don't want to sink money continuously into it

Trade in value probably isn't even $1k

Coli financial planners give me some advice

 

[beenz]

My car is 15 years old and paid off & I despise car payments

But it's getting to the point where it's breaking down, small shyt here and there and I don't want to sink money continuously into it

Trade in value probably isn't even $1k

Coli financial planners give me some advice

if you have a job, finance a car like a cheap hyundai thats like a 15-16 for under 15K that has a good interest rate.

 

[MillionMills]

if you have a job, finance a car like a cheap hyundai thats like a 15-16 for under 15K that has a good interest rate.

Finance or lease?

 

[Truefan31]

Lemme get more info breh.

What's your income? What are your bills each month? How much revolving debt you got if any?

How far do you drive daily?

How much in savings do you have right now?

 

[beenz]

Finance or lease?

Finance. Hopefully you have decent down payment money and decent credit so you can get a favorable rate.

Someone in here posted a video about this yesterday.

 

[MillionMills]

Lemme get more info breh.

What's your income? What are your bills each month? How much revolving debt you got if any?

How far do you drive daily?

How much in savings do you have right now?

Finance. Hopefully you have decent down payment money and decent credit so you can get a favorable rate.

Someone in here posted a video about this yesterday.

3 hour video

 

[Tom Foolery]

3 hour video

You want to make a major purchase but don't have 3 hours to listen?

I did time stamps in my thread.
TBA - Living In Your Car (Car Loans)
00:00 Intro - General talk about the channel.
11:30 Lead into Discussion Topic.
12:39 Discussion Topics Begins, Car term length, Car value etc.
51:12 A bit of Financial Talk and Decisions.
1:00:48 First Caller - General Talk.
2:03:59 Second Caller - Bad loan situation.

shyt just even message Jason on Facebook.

 

[beenz]

$60k

Got $1k to spend each month after bills

$11k debt

commute less than 5 miles

no down payment



3 hour video

get a cheaper new-ish car. something 2015 or later. don't get higher than a 5 year car note. don't get a loan where the interest is over like 6%. if u don't have down payment money, u probably need to purchase GAP insurance as well.

I would

You want to make a major purchase but don't have 3 hours to listen?

I did time stamps in my thread.
TBA - Living In Your Car (Car Loans)
00:00 Intro - General talk about the channel.
11:30 Lead into Discussion Topic.
12:39 Discussion Topics Begins, Car term length, Car value etc.
51:12 A bit of Financial Talk and Decisions.
1:00:48 First Caller - General Talk.
2:03:59 Second Caller - Bad loan situation.

shyt just even message Jason on Facebook.

I gotta co-sign this. I wasn't gonna listen to the entire thing initially because I'm not in the market for a car, but I listened to the first 45 minutes in my car while my kids were in piano lessons, I came home and listened to the entire show. definitely worth the listen.

 

[beenz]

also, man I was trippin off the dude that he spoke to for like the entire last hour. this cat bought a mazda 3 for 28K. he said he's paying around $460 a month for that car for 84 months

to put this in perspective, the car I bought in january was an 2015 acura TLX for $22500 with 10K down and the car only had 15K miles on it and was factory certified up 100K miles. I had been researching the purchase and it was by far the cheapest deal available. I didn't even try to haggle the price, because there was no point. my car is kind of a luxury car in relation to his mazda and it was significantly cheaper.

on top of that, when I went to look at and drive the car, there were other cars in slightly better colors. like my car is silver, but a steel grey one cost $2K more and it wasn't worth it to me. also, when I came back to look at more cars the next day, I had a 10K cashier's check in my pocket. so like dude said. when you bring that cash money to the table they know you serious as a heart attack. I also had my own financing. thru my credit union, I was looking at a rate of 4%. however, the dealership was able to get me a 3% rate which means the cost of borrowing is 25% cheaper. this is a great thing. but I had my own financing just in case. I ended up taking their financing and getting the car.

when u put that much down on a car, u don't need GAP insurance because there should be no reason the car will ever be upside down.

I did downgrade from an V6 Acura TL to a 4 cylinder Acura TLX. however, the new car is getting me 28mpg vs the old one getting me 18mpg on premium fuel none the less. so I'm achieving significant savings there. only thing that will make everything complete is when this speeding ticket I got in 2014 falls off my driving record in september and my insurance drops about 30% or so.

 

[Truefan31]

$60k

Got $1k to spend each month after bills

$11k debt

commute less than 5 miles

no down payment



3 hour video

So 1k after your bills paid to save? That's after groceries n shyt?

Honestly might need to evaluate your budget and/or spending habits, try to save more or cut back. Less than a 5 mile commute is real convenient breh, you don't need anything crazy. Depending on your car if you could make it work for a few months and go hard saving, could get a car for a few thousand w/no car note that'll be dependable and last while you stack bread and upgrade even more later on if you want. Hell I got cars over 15 years old, still going strong.

If you go newer I understand it's nice and everything, but you gotta figure you'll have a car payment then, your insurance will be higher, and property taxes will be higher too. Obv it's up to you but knowing you only got a 5 mile commute last thing I'd be doing is going overboard on a car.

 

[porque]

$60k

Got $1k to spend each month after bills

$11k debt

commute less than 5 miles

no down payment



3 hour video

60k but you only have $1k to spend? Numbers don't add up


Unless you live in NYC and pay some crazy premium for rent

 

[MillionMills]

60k but you only have $1k to spend? Numbers don't add up


Unless you live in NYC and pay some crazy premium for rent

Los Angeles

 

[MillionMills]

So 1k after your bills paid to save? That's after groceries n shyt?

Honestly might need to evaluate your budget and/or spending habits, try to save more or cut back. Less than a 5 mile commute is real convenient breh, you don't need anything crazy. Depending on your car if you could make it work for a few months and go hard saving, could get a car for a few thousand w/no car note that'll be dependable and last while you stack bread and upgrade even more later on if you want. Hell I got cars over 15 years old, still going strong.

If you go newer I understand it's nice and everything, but you gotta figure you'll have a car payment then, your insurance will be higher, and property taxes will be higher too. Obv it's up to you but knowing you only got a 5 mile commute last thing I'd be doing is going overboard on a car.

My rent is high I live in LA breh dolo

But thats a good idea fam

 

[Truefan31]

My rent is high I live in LA breh dolo

But thats a good idea fam

Yeah I understand LA is expensive, but the principles stay the same. Sounds like your car now can at least hold on for a lil longer. Do a hard budget, try your best to stick to it, save bread for a decent car that won't break your bank. Less than a 5 mile commute in LA? Can you take transit instead? Make your own lunches, stop going out to eat, etc.

 

[porque]

Los Angeles

I still dont get how that works out

not doubting you but $1k spending on $4500+ monthly seems off, especially since you dont alreay have a car note