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Old 06-13-2003, 01:17 PM   #1
STI 2 NV
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Unhappy Need Some Advice Please

I'm hoping that it's cool if I post this here, but if not I'll understand the move. Anyway, I currently have a deposit down for an STi and I'm getting it for $800 over invoice. However, recent financial changes have left me unsure of things. I have plenty of money set aside, but I'm no longer going to have the same earnings per month as I was before. So, basically I've decided to maybe get an '04 WRX instead. My dealer will give me an '04 WRB WRX w/ options for invoice. Well, the math was figured and I could get the '04 WRX for 60mo at 3.9% for $391 a month or the STi for $445 for 72mo at 5.39%. Both are with $4000 down. I shouldn't have trouble coming up with the extra $55 a month, but it's gonna be a little struggle. I also have a loan out on a '00 OBS. What would u guys do? Thanks in advance for the words of wisdom. ~Nick
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Old 06-13-2003, 01:26 PM   #2
robmarch
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If you're to the point where $55 a month (and a 6 year loan) is making the difference...the WRX is a great car too.

Have a good one.
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Old 06-13-2003, 01:28 PM   #3
Golfa
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work your ass off to get the extra $55....the way I see it is that we dont get too many opportunities like this with cars...if for no other reason, do it for guys like me that are backing out

peace, and good luck
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Old 06-13-2003, 01:42 PM   #4
felonious
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Don't forget the increased costs of ownership with the STi! Namely, insurance, possibly registration and of course those mods you are going to *neeeeed*.

-Ollie
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Old 06-13-2003, 02:16 PM   #5
Janq
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Quote:
Originally posted by felonious
Don't forget the increased costs of ownership with the STi! Namely, insurance, possibly registration and of course those mods you are going to *neeeeed*.

-Ollie
Don't forget to budget in 93 octane fuel (required), winter wheels & tires, replacement all season tires, increased maintenance schedule, higher insurance rate than a WRX, the cost of a radio & speakers, alarm system, as well as mats.

Purchasing an STi is gonna take some $cratch.

And thats not counting the difference in loan costs between 3.99% @ 60mo and 5.39% @ 72 mo. The higher rate and longer term is going to increase your total purchase cost by a large amount.
When it comes to interest its always better for the consumer to pay as little as negotiable for as short a term as possible.
Focusing on the monthly payment only is penny wise but pound foolish.

Keep in mind that this is just a car.
Yeah, I said it...its just _a car_.

If you are sweating a $54 difference today and unsure about your future financial stability (as everyone should be in these times) then this "opportunity" may not be opportune for you.
Have you though about waiting a year or two and picking up a clean low mile STi used...there will be plenty of them (repo's, bankruptcies, etc.).

Don't put your future in a bind over a 'toy'.
As it goes with toys, there is always a newer and cooler toy coming down the pike.

First assess your total financial situation including personal savings (you should be paying yourself at least 15% before anyone else). After you figure out how much 'disposable income' you have then the answer will be evident.

Best of luck!

- Janq
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Old 06-13-2003, 02:20 PM   #6
Janq
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Quote:
Originally posted by Future Rex 0wner
work your ass off to get the extra $55....the way I see it is that we dont get too many opportunities like this with cars...if for no other reason, do it for guys like me that are backing out

peace, and good luck
A PT job delivering papers or pizzas would fully cover the purchase cost (monthly payment) and the car would then become a deduction for work related miles & wear. The deduction would work to reduce your mathematical out of pocket costs (after taxes).

Talk to your financial advisor, CPA and/or tax accountant for more info.

- Janq
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Old 06-13-2003, 02:39 PM   #7
STI 2 NV
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Very good points, but I want to add a couple things. The STi is strictly a summer/good weather ride. I won't be purchasing any winter rims or tires. The car will only see at the most 5,000 miles a year. yes, I know, why buy a car and not drive it? Well, because I absolutely love the STi!!! I love it for everything it is and everything it has the potential to be. Also, keep in mind I do have a second car('00 OBS), so I am not forced to use the STi as a daily driver. I realize my post may seem highyl ludicrous, but I'm just wondering what u guys would do in my situation. I don't forsee going bankrupt, but just that $55 extra a month and the extended loan causes me to question owning the STi. I'm gonna have to do some major thinking on this one. Further opinions are much appreciated. Thanks for the time guys. ~Nick
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Old 06-13-2003, 03:30 PM   #8
riwaki
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Default instinct

Sounds like you already *know* what you should do. The STi is going to be *more expensive* all the way around: gas, insurance .. ect .. if your having issues coming up with that little amount of extra cash $55 a month ... then you should not be in the STi. I know that everyone out there is considering getting rid of their WRX and getting the STi .. But it's 10k more on average than the WRX. I'm going to wait and see what happens to all of these folks driving these STi's off the lot and realizing that they cannot afford it. Do the smart thing .. what your gut is really telling you is to get the WRX and not the STi. There is NOTHING wrong with getting a WRX .. and having some extra cash in your pocket at the end of the month.
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Old 06-13-2003, 03:35 PM   #9
rjh200
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I would say pass on it untill you can afford to by it without any worries. I dont think its a good idea to spend 36k (after interest) on a car that is just gonna be a fun summer driver when you still have a loan out on your daily driver. Use that money to pay off the car you have now and then save up more to make it less of a strain to buy a summer car at a time when it makes more sense.

Randy
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Old 06-13-2003, 03:38 PM   #10
robmarch
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if you have a daily driver in good shape already, I will change my advice.

Keep putting money away until you can comfortably afford the STi as a play car.
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Old 06-13-2003, 03:45 PM   #11
STI 2 NV
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Default Re: instinct

Quote:
Originally posted by riwaki
Sounds like you already *know* what you should do. The STi is going to be *more expensive* all the way around: gas, insurance .. ect .. if your having issues coming up with that little amount of extra cash $55 a month ... then you should not be in the STi. I know that everyone out there is considering getting rid of their WRX and getting the STi .. But it's 10k more on average than the WRX. I'm going to wait and see what happens to all of these folks driving these STi's off the lot and realizing that they cannot afford it. Do the smart thing .. what your gut is really telling you is to get the WRX and not the STi. There is NOTHING wrong with getting a WRX .. and having some extra cash in your pocket at the end of the month.
Well, honestly, insurance for an STi is actually the same as a WRX...until they realize the difference. Anyway, my gut actually tells me to just be happy with the OBS, but I'm not. I got it basically for the winters and I was planning on the STi for the summer. I know plenty of people that do the same thing. Anyway, it's not like I'm without money. I have enough money set aside to pay for a years worth of car payments on the STi along with extra money that will cover about 3 months of rent and the other car loan. All this is just what I have saved, this has nothing to do with what I will be earning in the near future. So, in reality I have plenty of money, but I'm really just wondering if I will be truly happy with a WRX when I have the opportunity to own an STi. ~Nick
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Old 06-13-2003, 03:57 PM   #12
almondjay
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Hold off on the STi and get the wrx, or even better get something like an svt focus or civic si. In the end of it all, as janq said, they are just cars. Even though the STi might be a nice "toy" it is not necessary for you to have em. Save up and work your a@$ off until you will be comfortable paying off a car like the STi. Most likely when that time comes, something better will be around.

As for myself I like to save up at least half of the price of the car as a down so I would not be under on any loan. Hopefully by next year *crossing fingers*. Until then I have to live with my lowly base mustang coupe. But in the end I'm happy with it.

Jerome
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Old 06-13-2003, 03:59 PM   #13
robmarch
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you have a car, and you're feeling like you won't be happy with the WRX instead of the STi. so, why not wait until next Summer to pick up the STi, when you can afford it better? You have solid transportation until then, and can hang out here until then and watch the problems and solutions unfold.

Have a good one.
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Old 06-13-2003, 09:52 PM   #14
kalex
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Default Re: Need Some Advice Please

Quote:
Originally posted by STI 2 NV
Well, the math was figured and I could get the '04 WRX for 60mo at 3.9% for $391 a month or the STi for $445 for 72mo at 5.39%. Both are with $4000 down. I shouldn't have trouble coming up with the extra $55 a month, but it's gonna be a little struggle. I also have a loan out on a '00 OBS. What would u guys do? Thanks in advance for the words of wisdom. ~Nick
This is what I would do....
Save the $445x12==$5340
+ $100/ m insur =$1200
+ $100/ m gas/maint=$1200
===============$7740+/ year all $ approximate.
Automatically deduct this from your paycheck and deposit it in a money market.... in a year, you have substancial deposit and get a newer version of STi..

I don't know what you do or the source of your funds (do you have emergency fund, kids?) Frankly, if you buy this car, you will regret it because of the payments. Sorry to be so frank. Please don't do it.

You ask a suggestion, that is mine. Why I know this? Check my profile. Good luck.
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Old 06-13-2003, 10:20 PM   #15
Zoso
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Deep down inside you already know the answer to your question. Go with whatever that is.
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Old 06-13-2003, 10:21 PM   #16
'04 STi
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Default

Here's another thought. Depending on how much equity you have in the OBS, sell it and buy something for cash that you can drive for a winter car.

Then buy the STi.

But it's not worth being strained financially for the car.


Bill
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Old 06-13-2003, 10:35 PM   #17
STI 2 NV
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well, my mind has been made up...i guess. i called my dealership and said i'd take the sti. basically i look at it like this, i just can't see passing up the opportunity to be one of the first people in ny state, let alone the u.s., to own an sti. i truly think i'd be kicking myself if i decided to wait. i also consider that fact that i have about a month before i even see the sti, so that gives me some time to get things back in order. it's not like i'm $100,000 in debt or anything. i have plenty of money set aside and i'm sure things will be back to normal before my "supply" runs out. i do think i'd be happy with a wrx, but i wouldn't be happy with a stock wrx. i had a civic si and i couldn't help but spend mad amounts of money on that to make it look better and perform better. i just know i'd do the same with a wrx. by the time i would be truly happy i would have spend more money that i would have if i had just gotten the sti. i'm happy with all aspects of the sti, minus the wheels, which aren't bad they just aren't my flavor. so anyway, i look at things this way, we only live once and we can take our money with us when we die, so we might as well spend time doing what makes us happy. for me, having a beautiful car makes me happy. i have a great g/f, we are moving into a nice 3 bedroom home...with a 2 car garage for my sti, which is more important to me than the house. i just sold a veh i had so that was money i wasn't expecting and i have to extra in an account. to make a long story short, this just seems right to me. hey if i get into major trouble i can always sell the sti and hopefully get around what i paid. thanks for taking the time to read this and all your advice is much appreciated. u guys are great group and i hope to maybe meet up with some of u in the near future. ~nick
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Old 06-14-2003, 01:10 AM   #18
TAMI
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I work as the finance manager in a dealership and i strongly suggest that you do not do the 72 month financing. Look at the difference in interest over the term. Also, not knowing your age, credit, etc. you might not qualify for that rate at 72 months but at the subvented rate by Subaru at 3.9% if Chase approves you it doesn't matter what your beacon score is. So, if they haven't pulled credit yet it might be worth your time to have them do that and maybe that will help you make your decision. As posted by others there are a lot of additional expenses with the STI so be careful and don't strap yourself. It's just a car!! Good Luck!
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Old 06-14-2003, 04:53 AM   #19
Janq
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Tami,

Can you confirm lease figures if yet available for the STi?
Specifically money factor, term, allowable mileage, and residual all with the assumption of zero cap. cost and TTL paid in cash.

Thanks,

- Janq
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Old 06-14-2003, 07:43 AM   #20
tolnep
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I have one suggestion. Especially if you have financial issues that have a direct impact on buying a car. Don't get upside down in a loan.. don't get into a situation where if you completely lost your job or whatever you end up oweing more than the car is worth. If you have to sell it or whatever you will have to come up with the shortfall...
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Old 06-14-2003, 10:24 AM   #21
Guyver
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Sell the OBS and buy the STI. Puchace a set of tires for the winter and drive the car. Do not save the car for someone else by not putting miles on it. In 6 years something better will be out. I keep my cars in perfect shape and drive them all winter. Remember a car is a tool to get you from point A to point B. Fun as they are and as much as I love my STi, I will drive it all winter. Just think of the fun you could have with performance snows and 300 HP.

But if you think you will have money problems do not do it, this crappy economy is getting worse. DO NOT wreck your credit with the car, it is not worth the stress. Don't get into the GOTA HAVE IT mind set. Sleep on it, if you cannot get to sleep or have hesitation don't do it.

Follow your heart, you will do what is right for YOU.

Guyver
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Old 06-14-2003, 11:52 AM   #22
mikaust
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I know you will be just as happy with the wrx as the sti. The wrx is more mod friendly. I drove the sti and was very impressed by its braking and handling , yet its power was weak. I raced it and walked it like a dog. I like power, handling and braking are secondary to me. It is not like the wrx does not handle or brake well to begin with. With the money you save you can easily make a wrx as much fun as the sti and still have money left over Thanks Michael
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Old 06-14-2003, 01:41 PM   #23
gtguy
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I know the STi is exciting, but as a general rule, never buy a car that requires you to take a loan with a term longer than 36 months for you to be able to afford it. 60 months is kinda hinky, 72 months is I hear tell from my dealer that they're even doing 84-month loans these days, something that just boggles my mind.

I took out a 36-month loan and paid it off in 22 months. Would have been faster, but we're saving for a house, too.

STis will never be like WRXes in their abundance, but they will be available. It's worth waiting for, until your fiscal situation improves, IMHO.

The fact that you're also upside-down on an OBS is another negative.

Patience, wee hopper. The boost will soon be yours.

Kevin
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Old 06-14-2003, 02:10 PM   #24
STI 2 NV
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everyone is making excellent points. i've already told the dealer that i want the sti, but how awful would it be of me to turn around and say "nevermind"? here's my financial situation: to start, i have excellent credit, i was surprised at how high my credit score was. next, i do have plenty of money set aside, if i were to have no income coming it whatsoever, i have enough to live for about 6 months-this is including rent, student loan, 2 car payments, and other misc such as insurance, gas, etc. however, i will be having income very shortly, not as much as i was making before but enough to cover everything but the cost of the sti, which i would use the money set aside for. things may pick up and be back to normal, but 6 months to look around seems like sufficient time to me. next thing, i currently have no credit card debt, when i was at school i ran those suckers up, but last month i paid everything off and i got rid of a couple credit accounts, such as store cards. i'm not saying i'd ever want to run up the cards again, but i have plenty of money on those in case i ever got in a lot of trouble. i've done it before and i paid them off, without a late payment ever-which is part of the reason why my credit rating is so high. so, basically, i'm doing fine. i'm moving into a house with a g/f who makes plenty of money and in a year will be making even more after she finishes school to be an registered nurse. overall, i try and look at the big picture. i've gone through the last 5 years of my life buying what i've wanted and finding ways to pay for it. will i have to take a job i hate to do it, maybe, but i was just working at a place i hated, but they paid me well so i stayed. i guess i just don't want to live based on regrets. there are so many things i have regreted in my life, i just don't want passing up the chance to own the sti to be one of them. yes, i know i could buy one down the road, but its the enjoyment of knowing i am one of the first people in the u.s. to own such an amazing machine. i don't look at cars and think "it's just a car" or it's only intention is to get me from point a to point b. i love riding in style, it makes me feel good and makes me happy. there aren't many things that have happened in the last 5 years or so that have made me happy, so i'm just afraid to pass on something that i know will bring such immense joy to my life. ~nick
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Old 06-14-2003, 02:17 PM   #25
kalex
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I have a client who drive around in a 2002 BMW 330ci, this person lives in a basement appartment and live paycheck to paycheck....but,
she drives a BMW, and look nice in it.....what is wrong with this picture....you figure it out...

Again, please don't do it, ....you will be very happy with the car, but will regret the payments and the upkeep.

If I were you, I would really look at the good advice of the people here, I think I am the second one in this thread that works in the financial service that said, do not buy it...yet.

Good luck,......

PS. So you are an isurance underwriter...I work for Guardian Life...I won't rely on my insurance commissions to pay for this STi
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