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12-11-2017, 10:42 PM | #1 |
Scooby Newbie
Member#: 430621
Join Date: Sep 2015
Chapter/Region:
SCIC
Location: OC, CA
Vehicle:2018 WRX STI Ice Silver Metalic |
Can anyone in Subaru sales help me out?
Hello, I'm currently leasing my '16 WRX and in March I'll be 6mo. from the end of my lease. I got into the lease, under my mom's name because of school debt/bad credit, before working for a Subaru dealership. Now I'm hearing that there's Subaru employee discounts on cars and accessories and I'm wanting to get back into an STI (I used to own an '05). How can I get into an STI, even a base model, while keeping my monthly payments lower than $480/mo? So far all the salespeople that I've spoken to have made me feel like I'm being annoying or somehow bothering them. I just want to figure numbers and how much I need to come down with for deposit and everything else. I just want to be ready and I'd like to know how much I'm going to need to save. I was really hoping to do this by March and make it a birthday gift for myself, but 2 of the salespeople told me to wait until a month or two before the end of the lease. If I wait until then to figure out how much I'll need, it'll probably be too late... I'm just trying to give myself time to save. I've already taken all the maintenances, gas, and insurance into consideration. I can afford the car as long as my monthly isn't more than $480. Can anyone help me out to figure numbers out?
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12-11-2017, 11:37 PM | #2 |
Scooby Newbie
Member#: 468390
Join Date: May 2017
Chapter/Region:
South East
Location: Hickory NC
Vehicle:1998 Legacy GT Silver |
Well the major deciding factor will be your credit. Is your mother going to cosign for you, or put it under her name again?
Personally If your credit is still in the crapper I would get yourself into something reasonable for a year or two and work on that. A high interest rate will turn a $35k car into a $45k car real fast. You need to ask yourself is it worth having the car NOW vs waiting until you are ready to not be stretched so thin. Im not sure what the employee discount is but its just say its lower than the average savings on the car. lets ball park $3000 that would put your base model STI at $33k so out the door lets just round it to $34.5k. If you have a decent interest rate at 5% you would have to have a 7 year loan to get your payments down to $480 a month. Then you would end up paying $6500 in interest over the term of the loan. Making your $34k car into $41k.... So lets recap. If you have amazing credit, and about $9k to put down then yes get the car. That would put you within your monthly payment range, and only spending $3300 in interest over the term of the loan. Anything other than that would not be worth getting in my opinion, but hey this is America Screw being responsible!!! Pile on that Debt Play boy!! |
12-11-2017, 11:51 PM | #3 |
Scooby Newbie
Member#: 430621
Join Date: Sep 2015
Chapter/Region:
SCIC
Location: OC, CA
Vehicle:2018 WRX STI Ice Silver Metalic |
Yeah, my mom is willing to help me out again. And thanks for your reply. I guess I kind of needed to hear someone confirm my thoughts. I was already thinking that I’d need about $9-10k down to keep my monthly low. And at the rate that I’m going at, I would probably be better off getting into a base Impreza sport under my name to help repair my credit. I don’t want to jump into another car if it’s only going to spread my finances thin. The point of having a fun car is to enjoy it and still have a life and not just be stuck struggling on just car payments.
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12-12-2017, 12:07 AM | #4 | |
Scooby Newbie
Member#: 468390
Join Date: May 2017
Chapter/Region:
South East
Location: Hickory NC
Vehicle:1998 Legacy GT Silver |
Quote:
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12-12-2017, 10:11 AM | #5 | |
Scooby Newbie
Member#: 330377
Join Date: Aug 2012
Location: Madison, WI
Vehicle:2016 WRX WRB |
Quote:
Your only focus should be how to repair your credit. I don't know your financial position, but I'd talk to someone who can help you get on the right track, even if it means driving a Honda Fit. This isn't what you want to hear, but what car you drive should be super low on the list of priorities. If you need a car, it might mean getting some lame vehicle that just gets you where you need to be for 5 years until you can work on getting the finances in order. |
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12-12-2017, 10:24 AM | #6 |
Scooby Newbie
Member#: 474008
Join Date: Sep 2017
Location: 'Merica
Vehicle:2004 WRX Wagon Silver |
If you’re willing to put down a $9-$10k down payment and you are concerned about you monthly. Why not just buy a fun $9-$10k car and not have a payment. It might not be an sti, but nice 10 year old wrxs can be had for that much. Or if you want to step up a little and only finance $5-$10k, look for a deal on an ‘08-‘14. With the same amount down, you payment is less than $200 for a $20k car. And you would have some play money for go fast bits.
Believe me. Been there, done that, got the t-shirt. The debt isn’t worth it. |
12-12-2017, 10:30 AM | #7 | |
Scooby Newbie
Member#: 443545
Join Date: Mar 2016
Chapter/Region:
RMIC
Location: SLC, Utah
Vehicle:2015 WRX Limited CVT Lightning Red |
Quote:
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12-12-2017, 11:03 AM | #8 |
Scooby Newbie
Member#: 430621
Join Date: Sep 2015
Chapter/Region:
SCIC
Location: OC, CA
Vehicle:2018 WRX STI Ice Silver Metalic |
Thanks for all the advice. All things considered, I’m thinking to just pay off the WRX that I have now being that in the contract the amount would be $21k.
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12-12-2017, 11:28 AM | #9 |
Newbie Moderator
Moderator Member#: 91347
Join Date: Jul 2005
Chapter/Region:
NESIC
Location: Boston, MA
Vehicle:2004 Tacoma Crew Cab 2012 Triumph 1050 |
Put $25k down. That will leave you with $15k left on the loan (assuming $40k vehicle). Divide by 5 years, divide by 12 months, WOW!!! That's only $250/Month!! I'm a genius!
Or, find someone to give you a loan for 10 years. Then you only need to put down $5k up front. Your monthly payment... carry the 1... WOWZERS!! I just saved you even more money!! Only $218 per month!! I am amazing!! Seriously. If you want a new car. Don't look at monthly payments. If you are, you already lost. We don't know what kind of down payment you truly have available. $10k, from your comments, seems like a LOT for you. And that's ok. But if you keep having your mom help you out on everything in life, you'll be living in her basement forever. |
12-12-2017, 11:34 AM | #10 |
Scooby Newbie
Member#: 430621
Join Date: Sep 2015
Chapter/Region:
SCIC
Location: OC, CA
Vehicle:2018 WRX STI Ice Silver Metalic |
All expenses are paid for me... the only thing mom does is use her credit. Only because she don’t want to leave California. She’s retired and has no savings. Once she passes I’m leaving the USA. Thanks for all the advice.
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12-12-2017, 01:04 PM | #11 |
Scooby Specialist
Member#: 460907
Join Date: Jan 2017
Chapter/Region:
RMIC
Location: Colorado
Vehicle:2020 Golf GTI |
Have you considered buying your WRX out from the lease and waiting a few years until you're on top of it, then using the money you make off the WRX for a down payment on the STI? You'll be in a better financial position in a few years and that's the way you can keep a good car for yourself to have fun in but still not murder yourself financially.
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12-12-2017, 01:54 PM | #12 | |
Scooby Newbie
Member#: 430621
Join Date: Sep 2015
Chapter/Region:
SCIC
Location: OC, CA
Vehicle:2018 WRX STI Ice Silver Metalic |
Quote:
This is what I’m planning to do, after having read all the advice and having time to sit down and do some calculations. Thanks. |
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12-14-2017, 04:58 PM | #13 | |
Scooby Guru
Member#: 268310
Join Date: Dec 2010
Chapter/Region:
SCIC
Location: So Kali
Vehicle:2011 SSM STI saloon Church! |
Quote:
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12-14-2017, 11:17 PM | #14 |
Scooby Guru
Member#: 11671
Join Date: Oct 2001
Chapter/Region:
SWIC
Location: Gilbert, AZ
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Go to school. Get an education. Get a big boy job. Stop buying $40k toys when you make $25k/year.
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