novice121

Hey guys, I need advice about whether or not I should buy a new car under these circumstances;

I got my first Civic at 18 all by myself. I paid in cash 3800U$D back then in 2008 for a 2001 EX Coupe with 100K on it.

I paid in cash because I've always been scared of credit cards, debt, or ever needing to borrow money from anyone.

The car was ok, however it had a horrible shaded painting job, and the grill was crooked, along a fender that got hit before. But I didn't mind since I've always made a few sacrifices to save money for college, which I also paid on my own.

I LOVED and love this car, but lately I want something different. For whatever reason I feel that I kind of grew up from the past sporty/flashy/street racing/fast n the furious wannabe/ fad I had when I was younger, and I'm truly wanting a more elegant, sophisticated, and subtle car with four doors (could not live with 2 doors again). Something that doesn't scream "they spinnin' ***** they spinnin!!!", lol, in reference to this: [code]http://www.youtube.com/watch?v=zZYryyA28go[/code]


The rub is that I have other expenses right now besides from starting to pay my younger brother's college, and I never really gave myself a true selfish treat before, but on the other hand, I don't really 'need' a new car, I wouldn't die if I don't have one, and If I have to get it, this time I would invest a minimum of 9000U$D for a long lasting, sophisticated, but affordable Civic.

Only this time, I would have to pay for it monthly, and possibly live on the edge each month with a few more worries.


Do you think it would be a good investment?

PS: I don't really want to repaint and do bodywork on my current car.

Gunner

Look into at 2006-2007 Si sedan(for sport) or a base model civic in the same years, they get great gas MPG and will last. You can find one under 10k easy in most places.

10k for 64 months will run you around 180USD a month... not bad for a nice car. I paid 12k for the one in my garage.. with 30k on it.. best of luck to you.

if its a good idea nobody can really say other than you. Only you know how much you have to spend but civics hold value and are always a good option for reliability.

mikey1

personally i would keep your car and drive it until it dies, sounds like you have already got your moneys worth out of the car, so it doesn't owe you anything at this point, anything you are getting out of it now is a bonus,

you can do alot of repairs and maintenance on your current car for the cost of a monthly payment on a new/newer car, you stated you do not like using credit, so i would avoid it,

it is nice and refreshing to hear a young man like yourself being so responsible with your money, schooling, and credit.....you are a great role model for alot of young kids out there.....good job

Gunner

The only problem is later in life if you have no credit, because you did not build your credit it will be hard to make thoes life purchases like a House..unless you can pay cash for that too. If you are responsible it is important to build your credit(the right way).

sometime it is just as bad to have no credit as it is to have bad credit.. interest rates on loans and what not are based on your credit..

anyhow..yes its great to be responsible but the I can live off cash theory is harder to live by in todays economy. .. just food for thought

GolNat

iTrader: (7)

If you don't buy a car you should definitely get a credit card or something. You can't do anything if you don't have credit. Like Gunner said not having any is just as bad as having bad credit. I was fortunate that my mom works for a bank and put me on her cards as soon as I was old enough. Since her credit is good so was mine, it was one of the best things she did. Allowed me to get an do a lot at a younger age.

mikey1

i agree with this,

but most people in this day and age have a cell phone, or at least a home phone....paying that bill off on time monthly will build credit, just like a credit card would,

an actual "credit card" is not nessessary to build credit, any monthly or regular bill will do that for you....phone, gas, hydro, water, etc etc

sdaidoji

iTrader: (1)

?
are you sure? did the rules change? in the past that would not account for credit reports...

to OP, I am one that prefer to have a reserve for whatever emergencies I might have (am single, living alone and family is thousands of miles away, so I prefer the being safe than sorry).
Only ones to save me are the friends :P
weigh that in before doing the decision.

novice121

Thanks for the advice guys, will definitely have to learn more about credit, and do research.
I do have a Visa, and debit card that I use for regular expenses like groceries, and online purchases, but I never used it for any pay-by-the-month credit or pay later services, always full payments.

I guess I will wait some more, and set a savings goal for this purpose. I wonder for how much I could sell my current ride:

2001 Honda EX Coupe 120k miles (I am missing a sensor for the catalytic converter that shows the "Maint' Requiered/Check engine" lights, or so does the code says). Yes, I've only put 20k in almost 5 years, don't use it much, but always done regular tune-ups, and even a nice DIY repair once.

Quick story time: Back in 2009, the car suddenly would stall out of nowhere, and stop cold while running at 25MPH. Pretty freaked out I had 4 different guys look at it. By then I only learned to do basic regular tuneups thanks to my Haynes repair manual I had, I was pretty scared of not doing tuneups, so I over did them if I had to, anyways, it seemed weird that it would stall like that.

The cheapest guy wanted to charge me 450U$D for the repair (religious guy recommended by a friend, lol), but before I said yes I noticed he used a scanner to see a code, and I asked the code out of curiosity (forgot the code). So I did some research, and learned that it was related to the idle air control valve. Asking around I was told to try and clean it first by myself, so I did. A can of break cleaner, a gasket, and a few guides later I realized it had a LOT of gunk in it possibly clogging it. So after cleaning and putting it back together, the car ran fine again, but I also learned that I needed a serious cleansing, drain and flushing, so I used a special formula to clean and reflush with destilled water and 50/50, and also changed the hoses I could even though they looked ok.

The car has never shown problems ever since to this day, and I only spent like 80 bucks tops I think (re-used the same IAC, just cleaned it), and it took me just a few hours. Felt really good that day.





It's really clean on the inside, but the body and paint are pretty bad:

Gunner

If you already have a credit card then your set, just instead of full payments pay it off over 6 months, Even if you have the money to pay it off drag it out a bit, just always pay more than the minimum.

Value of your car will depend on where you live. search around for others like yours and see what the going price is.

scooty

I'm a banker, I look at credit reports all day. Yes you need good credit. Cell phone and utility bill payments on time are not enough. You need to demonstrate that you can borrow and pay back on time, or you will never qualify for the best rates on mortgages or auto loans/leases.

Get a credit card. put all your monthly expenses on it. Pay off the balance every month. you'll have good credit in several months. Next step, get another credit card or two. Do not use it. You'll have excellent credit in no time.

scooty

Oh and that front bumper should lift up and snap back into place at the front left corner. No more crooked grill!

You might be missing a screw that holds that corner up in place. Buy one my matching it up to the screw on the opposite side.

novice121

Thanks for all the advice everyone, hopefully they will help others in similar cases.