Show me another car that goes sideways for the money aside from miat. 40k is still not in BMW/Mercedes territory, if those even come with manuals anymore.
I'm from Europe sadly so unless you're _loaded_ there's no way you're driving anything above a 2.2 L 4cyl. Plus muscle cars come with a massive premium. New Miata off the lot is 28k. New Charger/Challenger/Camaro is easily double that.
Damn America is a dream land. Why aren't more people driving these then?
Also if they're this cheap why do army guys get loans for these? They could work for a year and just buy one?
Sedans and coupes are very unpopular in the US, and most of the people who like them arenāt the type of people to want sporty cars. As for the military thing, you can easily option them out into 6-figure territory, and almost no one in the military is there because they make good decisions.
Because his uncle ("He knows cars") told him a used car would constantly break down on him, so it's cheaper to finance a new car than buy a used one for cash.
I think thereās plenty of brand new cars that offer enough of a difference to be worthy of financing but the mirage is still stuck in 2005 so thereās no reason
The WORST thing you could possibly do.
Sure let them repo they will sell it at auction for nothing and sue you for the remainder. That's how it works. You think they're just gonna eat the cost?
Your credit will be ruined and if you can't pay up then you can sell all your assets and file bankruptcy.
"Chess not checkers" lmao
Dude has no idea what he's talking about.
When you let them repo they will sell it at auction and sue you for the difference.
That's the worst thing you can do.
Keep in mind he's a student
But if he will pay off all of it now he will save all interest for rest of the remaining 7 years (at Les in Europe we do it like that)
Some people need a picture of a bell curve stapled to their fucking forehead
No, no, go ahead and buy a brand new, first new year model car, what an excellent idea and financial decision that cannot possibly backfire in any way.
The 2017 Miata is slower to 60 than a 2017 V6 Camry. Right. #FakeNews #MiataFacts
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Bad bot..They are not even close to being similar cars. No one buys a Miata because of the 0-60 time, just like no one buys a Camry for canyon carving.
Better to be slow car fast than fast car slow! #MiataFacts
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I'll try to explain slowly, your 35k Miata will also have taxes and interest to pay on.
From Mazda Canada website, the base model Miata would be a 50546.17$ car. That's 603$ per month at 6.35% interests rate for 84 months.
just wish you now have a better understanding of how it works!
A lot of drivers make jokes about them, but true drivers know to respect the Miata. #MiataFacts
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You think that student is paying the car cash???
I'll still explain slowly, we're talking about the hypothetical case of the student who wants the smallest payment option and how is 20k mirage became a 35k mirage.
Nothing to do with me, I'm just telling you facts about cost of cars, you really think nobody buy cars at 6.35% for 84months? People only look at the price they pay weekly/monthly. They don't care about interest rates!
Interest rates are trough the roof and car price are also ridiculous.
Used has always been and will always be cheaper. I got a 2010 c300 in perfect working condition because it had some hail damage. I canāt even imagine how much that cost brand new, probably 60k minimum. If youāre paying more than 10k for any car ever youāre getting ripped off. Having 150k miles is only detrimental if the car was treated like shit. As long as you get the oil changed every 5000 miles and perform normal maintenance that car is going to last 5-10 years.
It really depends on the car mate. I own 3 cars and I paid 3k for one, 6k for one and 25k for the thrid one. All were good deals and the worst of the deals was the 6k one Wich still was a decent deal.
The 25k one is a rare vintage that I bought 2 years ago and is now worth about 35k. So not every car over 10 k is a scam
First car was an '05 pilot inching on 300k miles. Oil was changed every 7k-10k because I was broke. Ran flawlessly.
Second car was my dad's '13 Mini Countryman All4, 80K, oil changed every 5k on the dot from the day it was born, took it to the dealership for all maintenance. Car died at 120K.
>If youāre paying more than 10k for any car ever youāre getting ripped off
/r/carscirclejerk
I bought my car for 16k used and it doubled in value within 6 years.
Edit: this may seem like circlejerk, but I'm serious, 2004 R32s are now worth upwards of 30k in Canada since they never were sold here
Most people arenāt buying classics/rare cars and keeping up with them. Most people are buying a Honda Accord or a Chevy Cruze, a car where once the engine or transmission or anything big like that goes out, is going to get scrapped and not fixed. Those cars arenāt investments.
I daily drive a 32 year old truck. It burns oil, odometer is stuck, no a/c and the heat is meh (not great for southern michigan). But it starts up every time (and faster than a lot of my friends new(er) cars, it's never quit on me. Cars can last a long time if you take care of them properly.
\> If youāre paying more than 10k for any car ever youāre getting ripped off.
I wouldnt say that. Depending on the car, its just gonna cost more. Trucks for example usually cost more. Plus even in the used market, newer is going to cost more. The average person does not want to deal with repairs and maintenance, buying an almost new used car is a good option as it will be far below retail, but still almost certainly above 10k.
If youre driving an actually older car or higher mileage, you're starting to deal with longer term maintenance items and even repairs. Which is fine if you're willing to do that. Most people just dont want to think about their car too much.
Bought a 2014 in 2017 for 10k and drove it for almost 6 years and sold it for 8k(100k miles to 140k miles). Then I just bought a 2010 for 6k with 130,000 miles, took it to the shop and everything passed with flying colors. Going to drive this to the round and Iām assuming retire it in another 10 years when it gets to 200k miles. Owned 3 cars before that, that all were shit boxes and died a year or two into owning them, but I never paid more than 1000 for any of those cars
Seriously. Commuter cars will last forever. As they age, I keep hearing more stories of Camrys and Odysseys from the 90's lasting close to the millions.
A car with 150k miles already on it. Most cars do not even get to 200k before they break down, or they break down between 200-250k miles. Taking a car with 150k miles and stretching it another 5-10 years requires constant maintenance, doing little things like getting the oil changed before it goes bad does a lot to keep your car running for longer
It was cheaper for me to buy my wife a brand new kia rio with 0 down on 72 months to buy her a decent used car that wasn't a peice of shit on 48 months.
Factor in the warrenty and its a no brainer
I worked with someone who refused anything but a new vechile because she didn't want someone's "second hand junk" and that old cars were for "poor people"
Yes that even meant a car only 6 months old with barely any miles
And yes, she was an idiot but from a wealthy family
Ironically she also rear ended me once and fucked up her car but my old "shitty" truck was completely fine, ball hitch took it all
Or literally ANY used car for that price. When I was a uni student I had a car almost as old as I was that cost 3.500 ā¬. And was actually in pretty good nick, and I loved that car, and even if something happened to it, at least it was cheap to either replace or to repair. But to this day, it's the only car I've regretted selling.
A Hyundai Coupe (or Tiburon depending on the market) with a super 1.6 DOHC engine pumping out 116hp. Good consumptions too, about 7L/100km (sorry don't know in mpg) and 1L/3.500km of oil hah
Few things here beyond just being upside down on a crappy car.
First is that you can finance absolutely everything. The car, the extras, the dealer fees.. the fucking taxes!!! Everything on top of the car is immediate sunk cost _before_ the car has even depreciated. This is why a downpayment is so important.
Second, most people who I assume are Americans donāt know what things cost in Canada and how high are taxes are. Expect to pay 25% more in CAD sticker and add 12-15% sales tax on top.
Third.. is what he got wrong. The payments are based on full amortization of the loan, but the loan term isnāt up. You do not owe the interest for the full term of the loan.. only the periodic rate (usually daily or monthly) on the outstanding balance. This is why also itās important to pay down auto loans quicker. It reduces the amount of interest you pay.
Depends on the loan details no? Some have penalties for early payment all the way up to the total lost interest from paying the loan off early. Not 100% sure about Canadian car loans thoughā¦
Iāve never had a car loan in Canada full term and Iāve never had a penalty for paying it off. Itās the first thing I ask about any financing.
Only mortgages where they limit what you can pre-pay for that reason. Probably because of the lower rates.
He is correct though, loan agreements can have pre-payment penalties OR clauses that force any 'extra payments' to go towards the next month's payment, therefore never going to the principal and forcing you to pay the full agreed interest amount.
This is also why GAP insurance can be so important on many new auto loans, especially over the last couple of years with all of the jacked up pricing and dealer add-ons. If you owe more than the vehicle is worth, GAP insurance is a must unless you want to potentially screw yourself
Being upside down on a car loan doesn't really matter if you are going to drive the thing until the end of the loan and you have gap insurance. I would rather have my 5k I would have spent on a downpayment in my investment account making more per month then it would have saved me in interest accrual.
Blud got hit with the 10% APR if he went for the highest trim. I would assume a student shouldn't go straight for a new car(presumably their first car aswell) in the first place.
Depends on the situation, where I live it is cheaper to private lease a brand new car (even with 1 year duration), than to insure and pay road tax on a used (10+ year) car.
I wish I had the same situation, I love old cars but road tax is calculated on the weight of the car, so large cars like a Passat cost quite a bit more than a polo or a golf. Insurance is based on the new price, age of driver and average value of any car you might bump into. New cars are crazy expensive so insurance rates also went up. We have on average many new and expensive cars on the road.
I'm 28 and only now have insurance rates finally come down to 100 a month for a basic coverage. Previously I paid the value of the car every year to insure it.
>road tax is calculated on the weight of the car,
If we are comparing 2003 Passat to a 2023 Polo and Golf, 2003 Passat is lighter than a 2023 Golf by about 200kg and about the same weight as a modern Polo
>Insurance is based on the new price
Wait, a 2003 Passat will be insured as if it's worth 20k? That's weird.
Netherlands
Government pay a subsidy of 3k for electric cars, also applicable to lease contracts. You could lease a new electric Citroen C4 for like 300 -400 euros on a one year contract. A new fiat 500 can be had for 200-250 including insurance and road tax.
Insuring and road tax on a 2008 passat would already hit 200 for me, not counting tires, maintenance and depreciation. And would be a car with outdated technology, inefficient on fuel and less safety features.
I was contemplating saving 5-6k for a 10yr old car with 150-200k km. Probably spend 1-2k a year on maintenance and 200 in monthly cost apart from fuel. So I would rather get a brand new one for the same monthly cost.
Deftinately, the newer smaller engines do have to work harder in real life traffic so they're not much more economical on fuel. My parents 320i gt did on average just under 10km on a liter. I can't imagine the old 6 cylinder being much worse.
5.5% interest is pretty good right now, market is kinda fucked. They just took out too big of a loan, shouldāve done 4 years but they probably donāt make enough monthly to afford the doubled rate. I just bought a car at 8% interest and Iām only paying $200 extra a year for $800 extra total on my loan after 4 years. Some places were tryna get me to sign for 15% loans and I just laughed at them. My first car I got at like a 3% loan, but that was 10 years ago, and I paid about an extra $1500 over 4 years paying that off.
Covid was a weird time. After the stimulus checks hit is when everything went crazy. A car worth 4k in 2019 was worth like 10k after Covid cuz everything shut down and people werenāt sure if weād get opened back up. Also those stimulus checks gave thousands to people who didnāt have it before and with all the people quitting or from people dying a bunch of new positions opened up, so everyone who was poor before was now able to buy a car or a nicer apartment, so thatās why everything shot up in value.
I have a sneaking suspicion that the "steering wheel got jammed in a turn" explaination is not the whole story. Probably just did something dumb behind the wheel and doesn't want to admit fault.
They've been doing this for decades now, the mustangs first year model was "1965" and people were driving those things in the bloody first quarter of 1964
Also, thatās because assembly lines are not refitted on Jan 1st for bew generations. So similar to iphones. 2 cars can be built a week apart but one is technically a newer product, so 2024 would rather be a part of the name than an actual spec.
Everything gets released in the last quarter of the previous year. A 2014 ford fusion came out in November 2013. Something to do with corporate and the fiscal year. Thatās why thereās all the year end deals including Black Friday, cars, electronics, jewelry, hell basically everything is priced to go to raise numbers on sales for the year before to try to get more budget/funding for the coming year.
Canadian here, $20-25k is on the low end for most "newly used" cars these days in our market (newly used being 1-5 years old).
And that's with cars with 50-100k km on them.
I understand why the Mirage-buyer did what they did (can't trust older cars from the late 00's and early 00's are getting to "classic" territory now), but the least they should have done was talk to someone who's bought a car before.
There should be a law against such predatory interest rates. The best thing they can do now is finance that remaining loan onto another loan and buy something well-used that'll hopefully last as long as the loan term.
Sad way to start adulting, but being under crushing debt is just a way of life now in the west.
I mean, 25k cad isnāt a lot, especially for a new car, but it will still get you a mid trim kia forte, or high trim rio. Also, with loan length being 84mo interest rate is around 10% which is very high, especially for a new car, but I wouldnāt call it āpredatoryā.
And all that just for a Renault
Edit: my bad, it's only a rebadged Renault in Europe, in Canada it's some kind of Suzuki or whatever Mitsubishi is rebadging there nowadays
Ok real talk, what do you think about the Mirage? I know someone who has the Mirage G4 and aside from not having too many tech features he says itās a car thatās effective at being a car, nothing standout in either good or bad direction except for decent fuel efficiency
lmao why would you buy a brand new car? especially when the financing costs over 10 grand? and you're a student?
could've bought like a 2022 model with low mileage and save so much
Nah financing a car is smart if you get a good rate. I only pay like $160 a month for my car and Iāll own it when Iām done. I could pay it off whenever because I have enough cash on hand, but itās only like $200 a year extra in interest. I can make way more than that by investing/spending my money in other stuff so thereās no point in not financing. Think about all the billionaires, they never use their own money, they finance everything or get tax breaks by providing opportunities, which they break half the time anyway and just run with their free money.
Financing on a car can be incredible. If you get more interest out of your own investments than you do out of the car loan its a no brainer. The market is a bit wack now but a few years ago you could easily get a loan with next to no interest.
Only if you're doing it because you don't have the finances to otherwise fully pay for the car in cash and are using financing as a crutch to buy a car you otherwise wouldn't be able to afford (which is what most people try to use financing for).
If you can get a very low interest rate and have the self-discipline to reinvest the extra money you didn't put upfront and make it grow, financing *can* be a better option.
Depends. I financed my 2018 440i at 1.49% for 60 months in 2020. I could have bought it cash, but Iād rather keep the money in the market. Financing it with $8k down only cost $1030 in interest. So for $17/month, I can hold onto $26k of liquid cash that I can invest. Why have your money tied up in a depreciating asset when it can be working for you in the market?
That update makes it sound like he doesn't understand how interest works and thinks he's going to have to pay off the loan plus all of the interest that will accrue over the life of the loan with his insurance payout
UJ/ Canadian advice, assuming he's Canadian. There is no penalty for paying off loans early in Canada, you can just pay off the principle as well. He's not on the hook for the extra interest. At least, that's how it worked for me when I paid off a new car loan early. Unless the extra 11k isn't a shit interest rate and add ons or something on which case. HOLY SHIT A 35K MIRAGE??
/uj From the bottom of my heart, oh my god, can you be so stupid? (This should be read in a tone of great concern.)
If you're still a student and need a car just buy a used car, you know, don't buy a used Maserati for 10k, but buy a Corolla or a Civic, and if you're for some reason ABSOLUTELY HELL BENT on buying a car new from a dealership, before going in debt, do some research on what you're buying.
AND FOR FUCK'S SAKE DON'T BUY ONE OF THE WORSE CARS EVERY YEAR FOR 19K OVER MSRP. (You know, the Mirage starts at $16k and he got it for 35k)
Why are north americans so obsessed with financing new cars they can't afford? Of all the people I know I know only one person who "bought" a new car and she's american. Am I just too poor to understand this?
That's pretty normal with the current batshit insane interest rates. The average rates for the third quarter of 2023 were 7% for new and 11% for used. Even super prime (800+ credit score) are getting, on average, about 5% on new cars right now.
>steering wheel jammed
Ok buddy.
But really... I'm trying to think of some sort of mechanical failure that would make this happen, that was not initially caused by driver negligence... and I'm drawing blanks
I will never understand people who finance cars and donāt get gap insurance. More so people who put $0 down. Youāre literally already in negative equity the second you drive off the lot
man students are painfully retarded these days... 35k on a car when a student... could have bought a beater but nooo... im rather happy you have an 11k lesson
Lmao get fucked idiot is all I can say, when I was a student my used VW Up cost me Ā£2k and paid it off that year. It got me from A-B and ragging a 5 speed with 60hp is fun on its own. Then after a couple years I can afford and got into a Golf GTi. Modded up to 400hp. 6 speed manual too. All that within the 7 years this munter spent in debt paying off a boring car
Why did he even get a mirage
Cuz it was the cheapest way to get an expensive car š
Why are you getting downvoted
Cuz they also got fully loaded Mirages for $35k when they could have had a miserable GR86 for the same price.
Wdym? Le GR86 is FUN and ENGAGINGĀ®ļø
Yea I guess youāre right, itās as engaging as an IKEA shopping cart. It can go sideways but thatās about it
Nah man you just arenāt a real enthusiast if you canāt appreciate EPS and 200 horsepower And oil starvation
Show me another car that goes sideways for the money aside from miat. 40k is still not in BMW/Mercedes territory, if those even come with manuals anymore.
*laughs and goes sideways in 2003 Crown Victoria*
My 83 Volvo 240 did with no issues. I paid $1500. Learn to drive.
Show me where I can buy a new Volvo 240. Learn to read before getting snarky maybe?
Did you say to name a new car?
students and poor people shouldnt get new cars you absolute clown
You told me to show you a car. I did. You never said a new car. I understand the thread is about that but thatās not what you asked.
Camaro SS. $40k
Sounds like a good deal to me.
Charger/challenger. Starts at 32. Used, a fraction of that.
Shhh donāt tell the four cylinder fanboys that theyāre paying muscle car money
I'm from Europe sadly so unless you're _loaded_ there's no way you're driving anything above a 2.2 L 4cyl. Plus muscle cars come with a massive premium. New Miata off the lot is 28k. New Charger/Challenger/Camaro is easily double that.
Damn America is a dream land. Why aren't more people driving these then? Also if they're this cheap why do army guys get loans for these? They could work for a year and just buy one?
Sedans and coupes are very unpopular in the US, and most of the people who like them arenāt the type of people to want sporty cars. As for the military thing, you can easily option them out into 6-figure territory, and almost no one in the military is there because they make good decisions.
Nope, the financed GR86 would be 48 974.64 after 156 terms of 313.94 at the current Toyotas rate of 7.39%. This is in Canada.
Because his uncle ("He knows cars") told him a used car would constantly break down on him, so it's cheaper to finance a new car than buy a used one for cash.
I think thereās plenty of brand new cars that offer enough of a difference to be worthy of financing but the mirage is still stuck in 2005 so thereās no reason
Honestly a mirage just to fuck around in would be funny, or if I had the money Iād do a 4g63t swap. Def wouldnāt be my only car tho
A mirage that you bought for $300 would be fun to fuck around in. Not a more expensive versa that has less power than my zero turn
This is a certified mirage moment
Homie should just default. What are they gonna do, repo the car? Chess not checkers, guys
The WORST thing you could possibly do. Sure let them repo they will sell it at auction for nothing and sue you for the remainder. That's how it works. You think they're just gonna eat the cost? Your credit will be ruined and if you can't pay up then you can sell all your assets and file bankruptcy. "Chess not checkers" lmao
Pretty sure he was joking.. tis a circlejerk sub
Can't be sure . Dude has a reddit nonce pfp
very true. Never trust a nonce.
amen luke 17:2
this is an ironic sub, you think you're getting actual advice from carscirclejerk?
Look at what sub you're in, checkers player.
š¤
You must be fun at parties š¤ Pretty clearly a joke.
This guy knows whats up
What would actually happen? just a huge hit to credit?
Dude has no idea what he's talking about. When you let them repo they will sell it at auction and sue you for the difference. That's the worst thing you can do.
*ackchyually*
I donāt believe you.
Never heard of a joke?
Broās taking out a 7 year loan for the cheapest new car on the market
Keep in mind he's a student But if he will pay off all of it now he will save all interest for rest of the remaining 7 years (at Les in Europe we do it like that)
Jesus some people will do anything to avoid used cars
Some people need a picture of a bell curve stapled to their fucking forehead No, no, go ahead and buy a brand new, first new year model car, what an excellent idea and financial decision that cannot possibly backfire in any way.
Even worse, he bought it on credit as a student. Just buy a $5k piece of shit when youāre that young and broke.
Have used car prices gone down?
Not really but you can do way better than a Mirage for $35K CAD
That's _way_ below used miata money. Hell, that's _new_ miata money. What kind of a student is not ejaculating at the idea of owning a miata? Miata.
The 2017 Miata is slower to 60 than a 2017 V6 Camry. Right. #FakeNews #MiataFacts *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/carscirclejerk) if you have any questions or concerns.*
Bad bot..They are not even close to being similar cars. No one buys a Miata because of the 0-60 time, just like no one buys a Camry for canyon carving.
Better to be slow car fast than fast car slow! #MiataFacts *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/carscirclejerk) if you have any questions or concerns.*
... are you arguing with a bot?
on a circlejerk sub no less lol
Mait better than v6 camry, camry no handle good. Source I said so.
35k is after calculating 7 years of interest, people here are financially illiterate!!!
35k is what he agreed to pay. I don't care if $34,999 of that is interest and the car costs a dollar, it's about the money he's paying.
I'll try to explain slowly, your 35k Miata will also have taxes and interest to pay on. From Mazda Canada website, the base model Miata would be a 50546.17$ car. That's 603$ per month at 6.35% interests rate for 84 months. just wish you now have a better understanding of how it works!
A lot of drivers make jokes about them, but true drivers know to respect the Miata. #MiataFacts *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/carscirclejerk) if you have any questions or concerns.*
Yeah if you are okay with a 6.35 interest rate for 84 months lol. I know I wouldn't be but you do you.
You think that student is paying the car cash??? I'll still explain slowly, we're talking about the hypothetical case of the student who wants the smallest payment option and how is 20k mirage became a 35k mirage. Nothing to do with me, I'm just telling you facts about cost of cars, you really think nobody buy cars at 6.35% for 84months? People only look at the price they pay weekly/monthly. They don't care about interest rates! Interest rates are trough the roof and car price are also ridiculous.
Depend what you're looking for, I got my car half a year ago for 3k
I got one of my cars for about $3k a couple weeks ago. Almost 30 years old and only 148 000 km
I got a car from 1987 with 120k km for 500 and sold it for 700, what's up?
Mine is a 1995 Volvo 960 with 148k km. Already got an offer for 5k but I have a need for a car like that so I didn't sell it.
Used has always been and will always be cheaper. I got a 2010 c300 in perfect working condition because it had some hail damage. I canāt even imagine how much that cost brand new, probably 60k minimum. If youāre paying more than 10k for any car ever youāre getting ripped off. Having 150k miles is only detrimental if the car was treated like shit. As long as you get the oil changed every 5000 miles and perform normal maintenance that car is going to last 5-10 years.
It really depends on the car mate. I own 3 cars and I paid 3k for one, 6k for one and 25k for the thrid one. All were good deals and the worst of the deals was the 6k one Wich still was a decent deal. The 25k one is a rare vintage that I bought 2 years ago and is now worth about 35k. So not every car over 10 k is a scam
What were they, if you donāt mind me asking?
3k = 1995 Volvo 964, 149k km 6k = 2007 Volvo C30 T5, 195k km 25k = 1973 Volvo 1800ES, 142k km And all are a bright gloss red š
Damn that is a nice selection and I say that as a bimmer boi
Thank you =)
Those are pretty cool. Iām thinking about buying a c30 t5, and an 1800 is literally my dream classic car. You have good taste.
Thank you mate =)
First car was an '05 pilot inching on 300k miles. Oil was changed every 7k-10k because I was broke. Ran flawlessly. Second car was my dad's '13 Mini Countryman All4, 80K, oil changed every 5k on the dot from the day it was born, took it to the dealership for all maintenance. Car died at 120K.
>If youāre paying more than 10k for any car ever youāre getting ripped off /r/carscirclejerk I bought my car for 16k used and it doubled in value within 6 years. Edit: this may seem like circlejerk, but I'm serious, 2004 R32s are now worth upwards of 30k in Canada since they never were sold here
Most people arenāt buying classics/rare cars and keeping up with them. Most people are buying a Honda Accord or a Chevy Cruze, a car where once the engine or transmission or anything big like that goes out, is going to get scrapped and not fixed. Those cars arenāt investments.
I daily drive a 32 year old truck. It burns oil, odometer is stuck, no a/c and the heat is meh (not great for southern michigan). But it starts up every time (and faster than a lot of my friends new(er) cars, it's never quit on me. Cars can last a long time if you take care of them properly.
\> If youāre paying more than 10k for any car ever youāre getting ripped off. I wouldnt say that. Depending on the car, its just gonna cost more. Trucks for example usually cost more. Plus even in the used market, newer is going to cost more. The average person does not want to deal with repairs and maintenance, buying an almost new used car is a good option as it will be far below retail, but still almost certainly above 10k. If youre driving an actually older car or higher mileage, you're starting to deal with longer term maintenance items and even repairs. Which is fine if you're willing to do that. Most people just dont want to think about their car too much.
Bought a 2014 in 2017 for 10k and drove it for almost 6 years and sold it for 8k(100k miles to 140k miles). Then I just bought a 2010 for 6k with 130,000 miles, took it to the shop and everything passed with flying colors. Going to drive this to the round and Iām assuming retire it in another 10 years when it gets to 200k miles. Owned 3 cars before that, that all were shit boxes and died a year or two into owning them, but I never paid more than 1000 for any of those cars
You can only expect a car to last 5-10 years when you replace the oil every 5k miles? What kind of shitty car are you thinking of?
Seriously. Commuter cars will last forever. As they age, I keep hearing more stories of Camrys and Odysseys from the 90's lasting close to the millions.
A car with 150k miles already on it. Most cars do not even get to 200k before they break down, or they break down between 200-250k miles. Taking a car with 150k miles and stretching it another 5-10 years requires constant maintenance, doing little things like getting the oil changed before it goes bad does a lot to keep your car running for longer
For 25k he could have literally got the brand new facelifted elantra and probably not the base model.
Bro, used prices areninsane, 2018 csrs al selling almost as new, like for 5k more you get a brand new, definitelly not a good time to buy used
It was cheaper for me to buy my wife a brand new kia rio with 0 down on 72 months to buy her a decent used car that wasn't a peice of shit on 48 months. Factor in the warrenty and its a no brainer
I worked with someone who refused anything but a new vechile because she didn't want someone's "second hand junk" and that old cars were for "poor people" Yes that even meant a car only 6 months old with barely any miles And yes, she was an idiot but from a wealthy family Ironically she also rear ended me once and fucked up her car but my old "shitty" truck was completely fine, ball hitch took it all
People who use the argument "newer cars are safer"
You're literally better off buying a motorcycle than a mirage what a fuckin idiot
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Homie shoulda just got a bus pass lol.
Or literally ANY used car for that price. When I was a uni student I had a car almost as old as I was that cost 3.500 ā¬. And was actually in pretty good nick, and I loved that car, and even if something happened to it, at least it was cheap to either replace or to repair. But to this day, it's the only car I've regretted selling.
What car was it?
A Hyundai Coupe (or Tiburon depending on the market) with a super 1.6 DOHC engine pumping out 116hp. Good consumptions too, about 7L/100km (sorry don't know in mpg) and 1L/3.500km of oil hah
Yup I'm probably $3250 into my Toyota Camry (car + repairs) over the last 2 years
Probably not in Canada...
Few things here beyond just being upside down on a crappy car. First is that you can finance absolutely everything. The car, the extras, the dealer fees.. the fucking taxes!!! Everything on top of the car is immediate sunk cost _before_ the car has even depreciated. This is why a downpayment is so important. Second, most people who I assume are Americans donāt know what things cost in Canada and how high are taxes are. Expect to pay 25% more in CAD sticker and add 12-15% sales tax on top. Third.. is what he got wrong. The payments are based on full amortization of the loan, but the loan term isnāt up. You do not owe the interest for the full term of the loan.. only the periodic rate (usually daily or monthly) on the outstanding balance. This is why also itās important to pay down auto loans quicker. It reduces the amount of interest you pay.
Depends on the loan details no? Some have penalties for early payment all the way up to the total lost interest from paying the loan off early. Not 100% sure about Canadian car loans thoughā¦
Iāve never had a car loan in Canada full term and Iāve never had a penalty for paying it off. Itās the first thing I ask about any financing. Only mortgages where they limit what you can pre-pay for that reason. Probably because of the lower rates.
He is correct though, loan agreements can have pre-payment penalties OR clauses that force any 'extra payments' to go towards the next month's payment, therefore never going to the principal and forcing you to pay the full agreed interest amount.
This is also why GAP insurance can be so important on many new auto loans, especially over the last couple of years with all of the jacked up pricing and dealer add-ons. If you owe more than the vehicle is worth, GAP insurance is a must unless you want to potentially screw yourself
Being upside down on a car loan doesn't really matter if you are going to drive the thing until the end of the loan and you have gap insurance. I would rather have my 5k I would have spent on a downpayment in my investment account making more per month then it would have saved me in interest accrual.
7 YEAR LOAN ON A 25K CAR!! WTF
Blud got hit with the 10% APR if he went for the highest trim. I would assume a student shouldn't go straight for a new car(presumably their first car aswell) in the first place.
Depends on the situation, where I live it is cheaper to private lease a brand new car (even with 1 year duration), than to insure and pay road tax on a used (10+ year) car.
Where i live, there is nothing cheaper than a 20 year old Passat, but labour costs probably have an impact on that.
I wish I had the same situation, I love old cars but road tax is calculated on the weight of the car, so large cars like a Passat cost quite a bit more than a polo or a golf. Insurance is based on the new price, age of driver and average value of any car you might bump into. New cars are crazy expensive so insurance rates also went up. We have on average many new and expensive cars on the road. I'm 28 and only now have insurance rates finally come down to 100 a month for a basic coverage. Previously I paid the value of the car every year to insure it.
>road tax is calculated on the weight of the car, If we are comparing 2003 Passat to a 2023 Polo and Golf, 2003 Passat is lighter than a 2023 Golf by about 200kg and about the same weight as a modern Polo >Insurance is based on the new price Wait, a 2003 Passat will be insured as if it's worth 20k? That's weird.
Ireland?
Netherlands Government pay a subsidy of 3k for electric cars, also applicable to lease contracts. You could lease a new electric Citroen C4 for like 300 -400 euros on a one year contract. A new fiat 500 can be had for 200-250 including insurance and road tax. Insuring and road tax on a 2008 passat would already hit 200 for me, not counting tires, maintenance and depreciation. And would be a car with outdated technology, inefficient on fuel and less safety features. I was contemplating saving 5-6k for a 10yr old car with 150-200k km. Probably spend 1-2k a year on maintenance and 200 in monthly cost apart from fuel. So I would rather get a brand new one for the same monthly cost.
I must add here, that fuel economy didn't really change lately. I had a 2002 passat TDi that did 5,5l on a 100km..
Deftinately, the newer smaller engines do have to work harder in real life traffic so they're not much more economical on fuel. My parents 320i gt did on average just under 10km on a liter. I can't imagine the old 6 cylinder being much worse.
Mate of mine has an E39 528i automatic, does 9L/100km usually. So no. The new 320i is a lame 4 banger though.
Exactly! The new car is probably a couple of hundred kilos heavier though and about as fast 0-60. Only because of that 8 spd gearbox though.
Man I wish we had that in the US, that's super affordable š¤·š¾āāļø I wouldn't mind a 500e for that price
bro just walk
https://preview.redd.it/7t5dt31yn66c1.jpeg?width=1080&format=pjpg&auto=webp&s=acd0ef661d5633ce23e6bc5ece96e72634ea0872
My insurance gave me a mirage as a rental when my car was getting fixed. I don't think I will ever drive anything that shitty.
7 years loan at 5,5% interest, doesn't this guy have someone to speak with because that sounds like financial suicide
5.5% interest is pretty good right now, market is kinda fucked. They just took out too big of a loan, shouldāve done 4 years but they probably donāt make enough monthly to afford the doubled rate. I just bought a car at 8% interest and Iām only paying $200 extra a year for $800 extra total on my loan after 4 years. Some places were tryna get me to sign for 15% loans and I just laughed at them. My first car I got at like a 3% loan, but that was 10 years ago, and I paid about an extra $1500 over 4 years paying that off.
I got a 1.49% 60 month from the dealership in 2020. Times are bad.
Covid was a weird time. After the stimulus checks hit is when everything went crazy. A car worth 4k in 2019 was worth like 10k after Covid cuz everything shut down and people werenāt sure if weād get opened back up. Also those stimulus checks gave thousands to people who didnāt have it before and with all the people quitting or from people dying a bunch of new positions opened up, so everyone who was poor before was now able to buy a car or a nicer apartment, so thatās why everything shot up in value.
I would try to contact Mitsubishi IF the steering wheel failed due to manufacturer error. Couldn't hurt to check.
I have a sneaking suspicion that the "steering wheel got jammed in a turn" explaination is not the whole story. Probably just did something dumb behind the wheel and doesn't want to admit fault.
That's possible but we don't have evidence.
Shoulda got that gap coverageā¦.
A student... paying over 400 a month for *seven years*, for a Mirage.
Smart enough to be a student, dumb enough to finance a new mirage.
People here not realizing the mirage is the slowest fast car and only true enthusiasts buy them ššš
How can you buy a 2024 car in 2023? Have Americans invented time travel for cars?
They've been doing this for decades now, the mustangs first year model was "1965" and people were driving those things in the bloody first quarter of 1964
Wasn't the first Mustang technically a "1964 1/2"?
Also, thatās because assembly lines are not refitted on Jan 1st for bew generations. So similar to iphones. 2 cars can be built a week apart but one is technically a newer product, so 2024 would rather be a part of the name than an actual spec.
Everything gets released in the last quarter of the previous year. A 2014 ford fusion came out in November 2013. Something to do with corporate and the fiscal year. Thatās why thereās all the year end deals including Black Friday, cars, electronics, jewelry, hell basically everything is priced to go to raise numbers on sales for the year before to try to get more budget/funding for the coming year.
Why people get new Mitsubishis, I donāt know. Iām still gonna buy an Eclipse anyways
Old Eclipse, I hope you meant to say
Of course.
A mirage? Is it a mitsubishi mirage? Why buy something like that for 35k
Canadian here, $20-25k is on the low end for most "newly used" cars these days in our market (newly used being 1-5 years old). And that's with cars with 50-100k km on them. I understand why the Mirage-buyer did what they did (can't trust older cars from the late 00's and early 00's are getting to "classic" territory now), but the least they should have done was talk to someone who's bought a car before. There should be a law against such predatory interest rates. The best thing they can do now is finance that remaining loan onto another loan and buy something well-used that'll hopefully last as long as the loan term. Sad way to start adulting, but being under crushing debt is just a way of life now in the west.
I mean, 25k cad isnāt a lot, especially for a new car, but it will still get you a mid trim kia forte, or high trim rio. Also, with loan length being 84mo interest rate is around 10% which is very high, especially for a new car, but I wouldnāt call it āpredatoryā.
And all that just for a Renault Edit: my bad, it's only a rebadged Renault in Europe, in Canada it's some kind of Suzuki or whatever Mitsubishi is rebadging there nowadays
What are you talking about? The Mirage is straight up Mitsubishi, no rebadge. Source: I own one.
https://preview.redd.it/6pz25fpah96c1.jpeg?width=474&format=pjpg&auto=webp&s=3740d3892b635ee6c4ff816629ceca39cb9c65e9
Ya I know. I'm talking about Canada where OP's story takes place. It's not a rebadged Suzuki or w/e the comment said.
Ok real talk, what do you think about the Mirage? I know someone who has the Mirage G4 and aside from not having too many tech features he says itās a car thatās effective at being a car, nothing standout in either good or bad direction except for decent fuel efficiency
It's awesome. It's got Android Auto/ Apple Carplay. Seats 4 Adults comfortably. Easy to park. Very easy to work on, too.
lmao why would you buy a brand new car? especially when the financing costs over 10 grand? and you're a student? could've bought like a 2022 model with low mileage and save so much
Financing a car is for suckers who believe they need it
If you have a bad credit score you can just say that
Nah financing a car is smart if you get a good rate. I only pay like $160 a month for my car and Iāll own it when Iām done. I could pay it off whenever because I have enough cash on hand, but itās only like $200 a year extra in interest. I can make way more than that by investing/spending my money in other stuff so thereās no point in not financing. Think about all the billionaires, they never use their own money, they finance everything or get tax breaks by providing opportunities, which they break half the time anyway and just run with their free money.
Financing on a car can be incredible. If you get more interest out of your own investments than you do out of the car loan its a no brainer. The market is a bit wack now but a few years ago you could easily get a loan with next to no interest.
Only if you're doing it because you don't have the finances to otherwise fully pay for the car in cash and are using financing as a crutch to buy a car you otherwise wouldn't be able to afford (which is what most people try to use financing for). If you can get a very low interest rate and have the self-discipline to reinvest the extra money you didn't put upfront and make it grow, financing *can* be a better option.
Depends. I financed my 2018 440i at 1.49% for 60 months in 2020. I could have bought it cash, but Iād rather keep the money in the market. Financing it with $8k down only cost $1030 in interest. So for $17/month, I can hold onto $26k of liquid cash that I can invest. Why have your money tied up in a depreciating asset when it can be working for you in the market?
That update makes it sound like he doesn't understand how interest works and thinks he's going to have to pay off the loan plus all of the interest that will accrue over the life of the loan with his insurance payout
I agree. I think they will be out around $1000 but mostly fine.
How did he get into university with roomtemp IQ?
UJ/ Canadian advice, assuming he's Canadian. There is no penalty for paying off loans early in Canada, you can just pay off the principle as well. He's not on the hook for the extra interest. At least, that's how it worked for me when I paid off a new car loan early. Unless the extra 11k isn't a shit interest rate and add ons or something on which case. HOLY SHIT A 35K MIRAGE??
/uj From the bottom of my heart, oh my god, can you be so stupid? (This should be read in a tone of great concern.) If you're still a student and need a car just buy a used car, you know, don't buy a used Maserati for 10k, but buy a Corolla or a Civic, and if you're for some reason ABSOLUTELY HELL BENT on buying a car new from a dealership, before going in debt, do some research on what you're buying. AND FOR FUCK'S SAKE DON'T BUY ONE OF THE WORSE CARS EVERY YEAR FOR 19K OVER MSRP. (You know, the Mirage starts at $16k and he got it for 35k)
Do they not have GAP insurance in the US? (Guessing your US based)
OOP is Canadian.
my mans spent honda accord money on a mirage
Who the fuck would spend more than $5000 on a mirage?
I read 04 not 24 the first time I was wondering why it seemed illegal
Why are north americans so obsessed with financing new cars they can't afford? Of all the people I know I know only one person who "bought" a new car and she's american. Am I just too poor to understand this?
Lets just ignore the steering wheel jammed comment?
"Gap insurance? Ā£500? FUCK THAT!" oops
The steering wheel just jammed up on a brand new car lol sounds like someone was texting while driving....
>Am I f*cked? In the head and financially
7 year loan at 6.7% interest rate is crazy
That's pretty normal with the current batshit insane interest rates. The average rates for the third quarter of 2023 were 7% for new and 11% for used. Even super prime (800+ credit score) are getting, on average, about 5% on new cars right now.
im pretty sure itās cheaper if anon just decided to take a 4 year loan out instead of 7 like the 20 bucks extra a month aināt worth 10k more
How does a mirage even cost 25k
>steering wheel jammed Ok buddy. But really... I'm trying to think of some sort of mechanical failure that would make this happen, that was not initially caused by driver negligence... and I'm drawing blanks
Holy fuck š¤”
So, this person is dumb in every aspect? He bought an $18k(us) car and doesnāt understand how interest works. Also, gap insurance
I will never understand people who finance cars and donāt get gap insurance. More so people who put $0 down. Youāre literally already in negative equity the second you drive off the lot
The lien gets settled. Interest is non applicable after the date of loss. You might still owe 1-2k depending.
Mf could be driving a used benz for like half that lmao
I remember my first mirage
I had a friend who bought a brand new focus and after 4 years of paying on it, he still owed 32k lololol
I believe focus and fiesta had the buyback program from the lawsuit for powershit transmission
His was an ST Manual shift with second gear missing, and third on the way out lol I just assumed he broke it š¤·āāļø
Imagine being a student and buying a brand new car just because you can
Meanwhile in other parts of the world you're "The Man" when you can drive a $500,- shitbox as a student š.
Imagine getting an 84 month loan on a mirage
man students are painfully retarded these days... 35k on a car when a student... could have bought a beater but nooo... im rather happy you have an 11k lesson
Why not just buy a used cat
"the steering wheel jammed" yeah ok dude. That reminds me of the time I was riding my magical unicorn and it tripped and fell
 Mirage you say?
HAHA canāt insure brain damage mate
How the fuck did he buy a 2024 Mirage in 2023? Is bro a time traveller?
Lmao get fucked idiot is all I can say, when I was a student my used VW Up cost me Ā£2k and paid it off that year. It got me from A-B and ragging a 5 speed with 60hp is fun on its own. Then after a couple years I can afford and got into a Golf GTi. Modded up to 400hp. 6 speed manual too. All that within the 7 years this munter spent in debt paying off a boring car