Payments

[Boxerocks]

I'm curious if I got in over my head or if my financial situation is close to the rest of you.
So I guess I'll start off

Car: '05 WRX, bought used about a month ago
Total loan amount: $23,000 (for car + 50,000 mile warranty + tax/title etc.)
Payments: $380/month for 72 months (ya I know, too long of a term, but I make double payments in the summers.)
Net Income (actual take home): During school about $1000/month give or take, during summers/winter break etc. about $1800-2000/month.
Financial Situation: I am 20 years old, a junior in college, I live at home so I have no rent/other types of payments. All I have to pay for is my car payment, gas, some school and books, and whatever else I spend my money on. I do greatly appreciate my parents btw and they know it, they wouldn't be like that if I didn't appreciate it.

Your turn

* Registered users of the site do not see these ads.

[2.5ReallySexy]

Your not over your head but you will be living at home for 72 months.

[Blinden]

that seems like a LOT of money for an 05 wrx. I'm trying to sell my STi for about $16k

[Mechie3]

Originally Posted by Blinden

that seems like a LOT of money for an 05 wrx. I'm trying to sell my STi for about $16k

Used 06's go for around $17k now. Agree is seems like a bit.

[Stanley]

I paid $1,300 for my college car. Everyone has their priorities.

[KillJoy25]

I bought a new 08 WRX for 20k.

[Kiwi]

I don't think you got in over your head (as long as you like living at home) but you way overpaid for an 05 WRX. Sorry.

[smokeyandthebandit05]

Bought a 2010 OBS and pay ~$270 a month for 72 moths but I can also make larger payments hopefully to pay it off sooner. Insurance in July is goin to rape me thou

[Jack ffr1846]

Originally Posted by 2.5ReallySexy

Your not over your head but you will be living at home for 72 months.

I agree with only the 2nd part of this statement.

I do have to add......what were you thinking?

[UI Vandal]

I just purchased my 05 Saabaru (basically a 05 WRX Wagon if you were unaware) for $10k in June. I am in a different financial situation though. If I were in your situation I would not have spent that much on a car until I had graduated, secured a career, and my own housing. Then drop the $ on a nice car.
I graduated in May 08 and bought a 93 Miata as a grad present to myself for $3.2k. Got a job, bought a 08 Impreza. Sold the stock Miata, bought supercharged auto-x ready Miata with cash. Bought a house, then got my Saabaru. Wish I didnt spend the money on a new 2.5i, otherwise I am completely fine financially and secure with occupation, housing, and fun cars.
Like said above, seems you paid a VERY pretty penny on the car, but everyone has thier own priorities.

[brumby]

Sell it, and pay cash for your next.

[BeatLA]

So, your car will be 10 years old and you will be paying $380/month at the end of your term. I'm going with huge mistake.

First of all, 23K for everything?? I bought my 05 WRX in 2006 and paid $16K for everything. Second, it's going to take forever for you to get ahead of the game, meaning you'll owe more than it's worth till about your 5th year of payments. Lastly, as others said, you'll be living at home for 72 months.

[snook07wrx]

got my 07 wrx for 18,500 back in January. w/ 19k miles. total w/ tax/title was under 20k. How much was the warranty? KBB has them at right around 17k for suggested retail value...

[Boxerocks]

Originally Posted by 2.5ReallySexy

Your not over your head but you will be living at home for 72 months.

That's what I'm worried about right there, I plan to move out in 2 years when I graduate. I don't want to live at home forever, and my girlfriend and I plan to get married as soon as school's done, we've been together 3 years and both tired of waiting.

Originally Posted by Kiwi

I don't think you got in over your head (as long as you like living at home) but you way overpaid for an 05 WRX. Sorry.

The car itself was $17,000, right at blue book. I ended up getting a full coverage warranty that bumped the price way up.

Originally Posted by Jack ffr1846

I agree with only the 2nd part of this statement.

I do have to add......what were you thinking?

To be honest I wasn't thinking. I had a perfectly nice '05 Mazda 6, I my payments were $250/month, and it was going to be payed for in 3 years. I saw the WRX at the lot, stopped by to have a quick look after I thought they were closed, turned out a salesman was still there...I think he slipped my drugs because the next morning it was in my driveway.

[2.5ReallySexy]

Well if your happy that is all that matters. Which it sounds like you know you got into alot of debt

[Clark_Kent]

Overpriced. You should have done without the warranty. Besides, if your career path is of any worth I don't see why you wouldn't be able to move out after graduation.

[DG39]

you should be able to drop the warranty, it will be refunded back to your loan.

[luvless2620]

I'd paid approx. only $19,500 for my used 06 w/ 29k.

[AWD>FWD]

05 WRX for sale right now... 14k w/mods
http://forums.nasioc.com/forums/show....php?t=1843415

[Brewhaha]

I payed too much 24k for a 06 about a year ago, and that was with 9k miles on it.

[FaastLegacy]

Originally Posted by Boxerocks

That's what I'm worried about right there, I plan to move out in 2 years when I graduate. I don't want to live at home forever, and my girlfriend and I plan to get married as soon as school's done, we've been together 3 years and both tired of waiting.


The car itself was $17,000, right at blue book. I ended up getting a full coverage warranty that bumped the price way up.

$380 isn't going to break the bank when it comes time for you to move out. I pay $339/month for my car and I'm still able to save 25% of my income after expenses every month. You'll be alright. But remember that you won't be able to put that money towards a house or a wedding, should you want to do that.

Subtracting taxes and title, you paid almost $4k for the warranty?

[rallymarty]

you need to obtain some "gap" insurance for this loan. you NEED it.

as others have said, you WAY overpaid for this car. your salesman loves you.

gap insurance will cover the gap amount you owe vs. market price should your car get totaled.

next time you want to buy a car and avoid getting treated like a prison "fish"
1. research what the market rate is for the vehicle your interested in
2. offer the dealer at least $4000-5000 less than what they're asking to start
3. if you don't like the deal, WALK OUT, this tactic is very useful in either getting exactly what you want or having to find another car. let the dealer screw someone else if they're asking too much

[Boxerocks]

ya the warranty was like $3300 and gap insurance was like another $700-800. Maybe I should consider dropping the warranty, I can do the repairs myself, I just worry about buying crazy expensive parts if something were to fail ya know.

[Ridin_The_Short_Bus]

I guess I just got lucky I got my 05 WRX Wagon for $12,300.00 from a private seller paid in full small $4000 loan from the folks, sold my Accord for $4,500 and dug into my savings.

[rkramer]

Originally Posted by Boxerocks

ya the warranty was like $3300 and gap insurance was like another $700-800. Maybe I should consider dropping the warranty, I can do the repairs myself, I just worry about buying crazy expensive parts if something were to fail ya know.

read up on aftermarket warranty services... Pretty good odds that any major repair isn't going to be covered anyway. you have to have immaculate service records, and it can't show any signs of abuse, or anything even remotely resembling abuse.