The Auto n Sports Blog

trying to get a new car (from a CR-V to an MDX) – really bad at this car-buying-stuff… read?

Question by Rachel *: attempting to get a new automobile (from a CR-V to an MDX) – truly negative at this vehicle-getting-stuff… read?
okay. so, me and my ex purchased a Honda CR-V collectively in April. We overpayed (18,495) for an 04 with 66K miles on it. It’s an EX, has a sunroof, six disc, roof racks, privacy glass, and so forth. We have been finacing 10K on it for 54 months. We now owe about 9K on it. I had a paid off Civic that my insurance was 110 a month (I am 20 many years old) and now that I have this (it really is only titled in my name – but we’re the two on the loan) I have a $ 247/ month payment and my insurance runs about $ 250/ month. He moved out, and is only paying his half of the loan – no longer helping with insurance coverage. I cannot afford to maintain paying the insurance and the payment – I’m looking to knock stuff down to about 400/ month max. I don’t know if that’s doable, but I gotta try!!
first of all, i’ll be purchasing this vehicle on my own. i was currently authorized through honda monetary services, so i’m gonna be sticking to a honda or acura. i like the mdx – it really is this kind of a wonderful vehicle. & rumor has it that it would bump down my insurance since it has a wider base, is decrease to the ground, and is 5 star all about. (the honda had four star rollover and passenger security). also, i will be getting an older a single with higher miles. i am seeking into promoting my car privately and then paying it off and utilizing that as a down payment. i know the trade in worth of it would be horrid. i know a sedan would decrease everything, but i do not like them – and it’s safer in my eyes and i enjoy the “trunk” area. (Massive stroller). the issue is, i do not have great credit (it is not poor, just not constructed up but) and i had it checked at a dealership yesterday and they mentioned they could get me accepted for an 03 automobile that had no more than 85K miles on it.
so i would have to balance every thing out selling my car privately, finding the down payment for the new 1, finding a new a single that they could get me accepted for, producing sure my insurance is gonna decrease on it, make positive my payments are gonna lower, AND not be without a vehicle for even one day.
is this even possible?? has any person accomplished this prior to?? any ideas for how to do this with no screwing myself???

Greatest answer:

Answer by Brad L
At least we do not need to ask any clarifying queries.

Initial rule discovered right here, by no means get a loan with an individual else on the title unless of course you are married. But let’s not beat a dead horse.

You stated that he is nevertheless having to pay half of the loan but not helping on insurance and you would like to maintain it below $ 400 a month. With him paying half, you ought to only be having to pay $ 373.50 a month. Are you afraid he is not going to carry on to help you pay half of the car?

Have you shopped insurance coverage on your vehicle by calling other companies? Try out calling your personal firm and telling them the position you are in and seeing if there is anyway to reduce to the price of your insurance coverage. Jack up your deductibles and bring coverage down to minimum. The cheapest way to deal with this is to keep the vehicle you already have.

But let’s presume that’s not an choice.

What are the best 3 automobiles you would like to have? Make a list of these and phone your insurance agency and get the approximate price to insure them. Now we have some numbers to operate with.

The problem with the Acura is repair fees. You can add several hundred dollars on best of a standard repair since of the name plate. You’re young, so why do you want an Acura? Don’t underestimate the expense of repairs and maintenance for such a car. The purpose people are in the troubles they are in nowadays is because they are overextending themselves with cars and homes they can not genuinely afford. I do not want to sound preachy, but I would hate for you to see a repair bill on an Acura.

I ran above to www.kbb.com to uncover out the value of your vehicle. In excellent condition, you can get about $ 13,400 out of it. It is a Honda and coming into winter time…I assume you probably could get that. The most thrilling point is that you are not upside down in your car loan.

The issue is that you financed 10,000 on a car and you can’t afford to pay that payment. What car do you count on to discover in that price tag range? You will be right back in the same scenario you are in.

This is the route I would advocate:

1. Try to get your insurance lowered. Contact your business initial and see what they can do. Contact other organizations and see what their prices are.

two. Sell the vehicle to a private seller, pay off the loan, and acquire a employed Honda Civic for $ 3500. Drive this for two years although banking $ 250 further a month. At the end of two years, you will have $ six,000 in the bank and you can acquire the automobile you want without having wrecking by yourself financially.

I do not advise you attempt to acquire another vehicle. Financially, it does not make sense for you.

What do you think? Solution beneath!