Financing A Used Car

[gurgen8or]

Hi,
Some bad news...my 135i was totaled last year. I am now ready to buy a new car. I don't know what to get...I kind of still want the 135i but getting it the second time is wierd and idk if I will be able to afford it now. Anyway, I was looking into a porsche cayman s 2006 for like 34,000. I never bought a used car and was wondering how financing works and how I can get the best rate, credit is no problem. I was also thinking about leasing a 2010 328i Msport, but I want something more unique...135i will be missed.

[gurgen8or]

Any help would be appreciated! Thx

[josephr25]

Originally Posted by gurgen8or

Any help would be appreciated! Thx

Go to a local bank and take out an auto loan; find one w/ a good rate on used cars.

For me I would be going to San Diego Credit Union or Navy Federal since they offer low rates. I was contemplating selling my car and getting a used Cayman S about a month ago. A lot of BMWs are not fun to drive.

[Cyrax91]

Another difference from a new car is that the term length available is shorter. For instance some banks wont let you do 6 years on an 06.

[sb335is]

if you want a used car donate 20 bucks to [i forgot the charitys name on the site] on penfed loans and then after that you can qualify for a loan. they have the lowest loans at 3.99 percent. [if they're what they were a few months ago].

[MediaArtist]

Originally Posted by gurgen8or

Hi,
Some bad news...my 135i was totaled last year. I am now ready to buy a new car. I don't know what to get...I kind of still want the 135i but getting it the second time is wierd and idk if I will be able to afford it now. Anyway, I was looking into a porsche cayman s 2006 for like 34,000. I never bought a used car and was wondering how financing works and how I can get the best rate, credit is no problem. I was also thinking about leasing a 2010 328i Msport, but I want something more unique...135i will be missed.

Save your money, buy a used Civic, or Corolla, and invest it into a Northwestern Mutual retirement account.

[gurgen8or]

Thanks for the advice guys, im having second thoughts about it maybe ill just save my money and get a gti as a daily driver their lease is 279 a month. These are hard economic times...

[mtla4]

Originally Posted by MediaArtist

Save your money, buy a used Civic, or Corolla, and invest it into a Northwestern Mutual retirement account.

......You're like me I guess...not following the advice that you give out to people....I always say to my friends buy crap cars, buy real estate and invest but I end up doing the opposite and cutting in all the rest and buy nice cars.

[MediaArtist]

Originally Posted by mtla4

......You're like me I guess...not following the advice that you give out to people....I always say to my friends buy crap cars, buy real estate and invest but I end up doing the opposite and cutting in all the rest and buy nice cars.

No, not at all. The OP and I are not in the same situation.

I think it's okay to buy nice cars, for some people it's a passion. However I think of cars as expensive toys. There is a time and place to purchase them.

When I was 20 years old, I had some money saved up, and at the time I really wanted to buy a 300zx. I was going to pull the trigger on one, but realized in time that it would be a very bad investment. I could of bought one, struggled to make the payment, and enjoyed the car. Instead I invested into my education, drove an old Taurus, and created a career for myself.

I'm not 20 years old anymore, and I have the economic freedom to be able to maintain my financial needs, my financial future, and that of my families. The total value of all the cars I own represents a fraction of a percentage of my assets.

Totally different situations.

[MediaArtist]

Originally Posted by gurgen8or

Thanks for the advice guys, im having second thoughts about it maybe ill just save my money and get a gti as a daily driver their lease is 279 a month. These are hard economic times...

Good choice.

[mtla4]

Originally Posted by MediaArtist

No, not at all. The OP and I are not in the same situation.

I think it's okay to buy nice cars, for some people it's a passion. However I think of cars as expensive toys. There is a time and place to purchase them.

When I was 20 years old, I had some money saved up, and at the time I really wanted to buy a 300zx. I was going to pull the trigger on one, but realized in time that it would be a very bad investment. I could of bought one, struggled to make the payment, and enjoyed the car. Instead I invested into my education, drove an old Taurus, and created a career for myself.

I'm not 20 years old anymore, and I have the economic freedom to be able to maintain my financial needs, my financial future, and that of my families. The total value of all the cars I own represents a fraction of a percentage of my assets.

Totally different situations.

Yep...a lot of guys should listen to you btw.........You did the right choice. I had to do the same...I'm not at your point yet but it will come.

[Georgeair]

Originally Posted by MediaArtist

..... and that of my families......

Yep - those divorces are expensive!

Your advice is spot on!

[ptack]

Get a clunker and save up for an M1 (assuming it ever appears). If it doesn't arrive by 2012, you'll have money in the bank and can rethink it.

[MediaArtist]

Originally Posted by Georgeair

Yep - those divorces are expensive!

Did she leave you because you got the M3?

[M3_WC]

Penfed

3.99% on used cars.