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Old 06-14-2004, 12:24 AM   #1
Arithmetic
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Exclamation Tips and Help on buying a wrx (serious thread)

Ok, i see alot of people buying wrx lately, rather if its an o4 or an o5 but this topic is on o4. Basically question for those who bought one is, did you have a co-signer? Did you get a good deal (with taxes/fees etc.) Was it a premimum package? Also did you lie and say you made more than you do to get this car?

Thing is i went to 2 subaru dealerships today, Ontario Subaru and San Bernardino Subaru in california. Looking to get a o4 wrx, for cheap because the o5 are in (and maaaaan are they sweet inside ) Well cut to the chase, ontario subaru was an ass, not willing to do anything but view my current car and not even add the rebates. SB subaru was nicer, upfront and told me i didnt make enough and get a raise and comeback pronto. Thing is, he said i have to make atleast 1500 (a month) to even have the banks consider me for a 24k car, and i make 1200 a month and thats just not enough he said.

So in this sutition is there anyway around this? I know i can afford these payments, i live at home and only other bill i pay is cell phone (40bucks). Should i lie and say i make more money, like 1700 a month, and have my boss make mock ups stubs and ok that i do make that much (my boss is cool like that, he said he'll do it)

Help me out here members, i got a deal on and o4 for 21.9k (with all rebates, 200 below invoice) and its with no options, which i dont need a wing, a moon roof etc. Im just afraid that if i tell them, i make only 1200 a month, they'll just turn me down, but i really want a wrx. Also, i dont have a co-signer so its gonna be all on my own.

Thanks.
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Old 06-14-2004, 02:47 AM   #2
Guru Imakuni
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I'm no expert, but if it's what you really, really want then do what you've got to do!

PS. Make sure you can really afford it too! I'm sure they go overboard a bit with the income levels, but they're doing it for a reason.
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Old 06-14-2004, 03:45 AM   #3
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pm'd ya!
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Old 06-14-2004, 05:26 AM   #4
WR^2X
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I did not have a cosigner for the STi and it was not a problem. How is your credit? I would not lie about how much you make... Someone will correct me if I am wrong but I think they check into that.
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Old 06-14-2004, 06:15 AM   #5
AlanWRX
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Another thing to consider is how long do you plan on living at home? If you have a fat car payment for 4 or 5 years you might have a hard time getting your own place, unless you get a nice raise every year.
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Old 06-14-2004, 06:23 AM   #6
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Buying a car that is too expensive is really, really, really dumb. Buy something else. If you search the for sale forums, people selling their cars due to lack of money is the #1 reason for the sales. At least from what I have seen here. If the bank/dealer says you don't make enough, think used or a different car. Never marry yourself to a car or house payment.
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Old 06-14-2004, 06:51 AM   #7
mrfrodo1
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So, he's telling you that you need to make 78k/year (1500*52) to afford a WRX? He's selling you a line of BS - find a different dealer!

Or go to your bank and see if you can get a loan through them.
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Old 06-14-2004, 11:13 AM   #8
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or credit union.
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Old 06-14-2004, 11:19 AM   #9
mrbigisbudgood
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Is working for a car really what you want to do with your life?
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Old 06-14-2004, 11:30 AM   #10
JSork25
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mrfrodo1 - it'd be 1500/month, I think you had that figured out per week!! - so in essence the dealer is saying he has to make atleast (1500*12) $18k per year to afford the car

arithmetic - why not just look into used WRX's? get one off of someone else who took on payments they can't afford and want to get out of.... this way you could afford it more easily (maybe take out a loan? build up some credit!!) and you could even get some options worked in there!! (or even some mods!! )

~ Josh
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Old 06-14-2004, 01:36 PM   #11
Volkov
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Sure, you can buy vehicles for personal or indulgent reasons, but moneywise, NEVER, NEVER buy a car that costs more than your annual income. Anyone in the financial advice world will tell you to spend much less.
Plus don't forget to add $2-300 per month for insurance/gas/maintenance depending on your age and location. That plus your car payment should eat up almost all your take home pay. You really want to be broke for the next 4-5 years? What's worse, if things go wrong and you have to sell it, you'll owe more than it's worth for about 3 years into the contract.
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Old 06-14-2004, 03:10 PM   #12
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Do not lie about your income because the credit comp can/will verify your employment etc. Also, you don't want to be "car poor"; meaning you don't want all of your disposable income going to one thing....the car.

Think about the payments + $200 in insurance+ 50 maintenance costs (gas etc) every month. With a measly $3000 down, you are still looking at 600-700 in just payments every month. Its not worth if you are "working for the car" .

I drove a beater for 4+ years; saved money; invested the money; sold the investments; re-invested the principle...used the profit for a big phat down payment. The payments on my 04 (w/ Prem pack) are less than $280 . And i still drive the beater to work sometimes....

i suggest saving some money for a phat down payment first.

Last edited by SIMPFLY; 06-14-2004 at 03:24 PM.
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Old 06-14-2004, 06:49 PM   #13
samli77
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Just repeating what everyone else has been saying... Do NOT lie about your income. It will be verified and can get you into more trouble than you want later.

Also, if things go badly, you do not want to ruin your credit. I work for a mortgage company. Bad credit will stay with you for a long time and keep you from: 1) buying other cars, 2) buying a house, 3) lower insurance premiums... and on and on and on...
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Old 06-14-2004, 07:39 PM   #14
Bishop
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Quote:
Originally posted by SIMPFLY
Do not lie about your income because the credit comp can/will verify your employment etc. Also, you don't want to be "car poor"; meaning you don't want all of your disposable income going to one thing....the car.

Think about the payments + $200 in insurance+ 50 maintenance costs (gas etc) every month. With a measly $3000 down, you are still looking at 600-700 in just payments every month. Its not worth if you are "working for the car" .

I drove a beater for 4+ years; saved money; invested the money; sold the investments; re-invested the principle...used the profit for a big phat down payment. The payments on my 04 (w/ Prem pack) are less than $280 . And i still drive the beater to work sometimes....

i suggest saving some money for a phat down payment first.

very very smart way of doin it!!!!!
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Old 06-14-2004, 07:51 PM   #15
cjbruce
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Repeat after me:

I do not need a new car.

Okay, now that we've said that...
Buying a 2004 WRX is about the worst thing you could possibly do at this point in your life. It is absolutely not worth your income, and you will be putting yourself in serious debt to an institution for something that you neither can afford nor need.

Save up some dough and buy yourself a decent, reliable used car. Save the WRX for when you are financially independent.
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Old 06-14-2004, 09:48 PM   #16
Arithmetic
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thanks for all the comments, i have a reliable car at the moment. o2 lancer, with 46k miles and runs and works like a charm. Got an evoVII wing, evo grill and axelback exhaust, konig rims and ventus tires, and some other lil things, i love my car and its good on gas and my car gets alot of looks, just one thing is missing.

turbo/awd

its just the more miles, the lesser value, still... if i wanted to work for a car id get an evo and pay like 500 a month, but i want something cheaper but still quick. Only fast car i can afford with my current money is a srt4, and id be dam to own one of those.
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Old 06-14-2004, 11:12 PM   #17
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turbo/AWD and affordable? how about a used Mitsubishi Eclipse GSX.

How much do you owe on the 02 lancer? Chances are, you may be upside down on that loan already. Another user in the Mid-A forums was in your situation with exactly the same car.
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Old 06-14-2004, 11:38 PM   #18
rexfan555
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Boo...I didn't know this was going to be a "serious thread"
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Old 06-15-2004, 02:19 AM   #19
Arithmetic
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Quote:
Originally posted by plunk10
turbo/AWD and affordable? how about a used Mitsubishi Eclipse GSX.

How much do you owe on the 02 lancer? Chances are, you may be upside down on that loan already. Another user in the Mid-A forums was in your situation with exactly the same car.
about 8gs and my car is worth 7.3k, naw im not a coupe guy... give me 4 doors.
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