So jealous!!

[rac2873]

How does one afford a 51,000 car such as the RSpec. The cost to own the car monthly would be $1000-700 car payment plus high insurance plus $75 a tank or more with probably 4 fill ups and state taxes of about $1200 per year. Then factor in maintenance you are looking at 1000-1300 per month for one car. And some people own two cars sometimes 3 all expensive luxury cars.

It blows my mind people could pay that when even though I make decent money I have a hard time swinging $450 per month for a car. I have rent , a kid, Groceries, Health Insurance and all my bills. When you add it all up I might have an extra $100/month to play with.

One other thing that jumped out at me. People constantly trading in cars. Everytime I trade in a car before the loan is up I am upside down. How do you just eat the loss like it is nothing?

Maybe I am in the wrong state. Lol

Thanks for being great sports.

I have my eye on a 09 Gennie with tech for 24K. My state is dry as a bone for other models. Trying to figure if I can swing the extra $40 per month to get the V8.

 

[Gunkk]

Hard work (required) + Education (optional) + Savvy (helps) = good paying job.

Good paying job + savings discipline = cash.

Cash + good negotiating skills = Genesis 4.6 Tech or Rspec

 

[rac2873]

Lol Thanks for the reply. So I feel I have the job and the education but failed at the savings part.

It's hard to save with a wife in school and a 2 year. So looks like a large downpayment is the way to stay ahead?

Time to start saving.

 

[homeofstone]

Education, hard work, good paying job, save for first new car and pay cash, don't buy more than you can afford. then pay cash or near all cash for for cars. Never trade in a car, always sell it yourself, and keep cars for at least five years while saving for the next car. My daughter saved for four years while driving an old junkie car then paid cash for a two year old car. I havve not had a car payment since 1996 and the last one was only 250.00 per month for 3 years.

 

[hwks1]

lease payments are much lower than what you estimated. Also look for used cars that have serious depreciation already applied.

There is money.... and then there is smart money

 

[jaboyd]

You can find a new Rspec for around $40,500 (after rebates) and if you trade then the cost is even lower. Hyundai also offers 0.9% financing on a new Rspec so that really helps. The gas is regular vs premium, which also helps plus I find that I'm averaging nearly 22 mpg in combined driving (27.5 hwy). As far as maintenance goes, other than oil changes, brake pads and tires, there are very few maintenance expenses until you reach 100k mi. Since the car has a 10 yr drive train and 5 yr overall warranty, there shouldn't be alot of interim expenses. I find that insurance is only about 5% more than a VW Passat, so not bad.

All in all I think you'll find that expense wise the Rspec is very affordable over 100k mi. The biggest cost is in depreciation, which is significant for any luxury class cars.

 

[427435]

lease payments are much lower than what you estimated. Also look for used cars that have serious depreciation already applied.

There is money.... and then there is smart money

???????????????????????

Unless you can write off lease payments as part of a business, that is about as far as you can get from smart money.

To the OP, choose your car wisely and (if you can't pay cash) pay it off as quick as you can------------and then keep driving it until you have the cash for the next car. Part of the wisdom for the first car is affordability and long term reliability of the car. I've had a lot of nice new cars over the years. The only one I made payments on was my first one (the '67 Vette) and I had that paid off in 12 months.

 

[homeofstone]

???????????????????????

Unless you can write off lease payments as part of a business, that is about as far as you can get from smart money.

To the OP, choose your car wisely and (if you can't pay cash) pay it off as quick as you can------------and then keep driving it until you have the cash for the next car. Part of the wisdom for the first car is affordability and long term reliability of the car. I've had a lot of nice new cars over the years. The only one I made payments on was my first one (the '67 Vette) and I had that paid off in 12 months.

It appears that we think alike.

 

[rac2873]

Thanks for all the advice.

My lease is up in six months and I need a good size family car. I don't have time to save up cash for a car. I don't mind paying payments but this time I want a reliable car that will last me past my payments.

I have been looking at 09 Genesis with Tech but they seem to be around 25-27K. However I saw one that has 50K on it for 20,500. That would put me in the same payment I am in now which is doable.

So my question is it wise to buy a 3 year old Genesis 4.6 with the warranty pretty much gone. Will the low payments benefit me or should I try to hold out for one with much lower miles. Because there is no way I can afford a major car repair until I build up some savings which will take me a few years.

I don't know if I want to buy an old beater with a 2 year old. I want reliability and safety not a car that may crap the bed. I have had horror stories with cars out of warranties and buying crap boxes. That is the reason why I am in the position I am in now.

I did find out that Leasing is a huge mistake.

Thanks for the advice.

Three different

1. 2009 4.6L Black with Nav 20,975 54K miles
2. 2009 3.8 with Tech Package for 24K at Car Max. 42K miles
3. 2009 Certified with Tech Package for 35,000 for 27K.

 

[rac2873]

???????????????????????

Unless you can write off lease payments as part of a business, that is about as far as you can get from smart money.

To the OP, choose your car wisely and (if you can't pay cash) pay it off as quick as you can------------and then keep driving it until you have the cash for the next car. Part of the wisdom for the first car is affordability and long term reliability of the car. I've had a lot of nice new cars over the years. The only one I made payments on was my first one (the '67 Vette) and I had that paid off in 12 months.

Let's see. My luck with cars is very spotty at best.

Bought and Acura Integra for cheap. My first real car. The camshaft went and took out all the valves. The car was worth 4K it cost me 1600 to have a garage rebuild the head and replace all the bents valves.For what the dealer wanted to fix the car would have been a total lost. SO that lasted for another 1 year before the clutch dropped on me while driving. It was ugly. All my equity went to the Junkyard.

Bought a Taurus for cheap, after many tows the cost for repairs was too much. Another 5K down the drain. To this day I will never buy a FORD Again.

So my next car was a 1996 civic very reliable car but got a job where I had to fight Hartford Traffic my knee took a beating from the constant shfting, also a LX is not a fun car to sit in traffic with. This is the reason I want leather, and a sunroof and a nice stereo and the major reason why I will only own Automatics now.

Tradded that in for a Mazda 6. I liked the car but it was getting 16-17 mpg. It was terrible on gas. I traded it in because I could not live with that gas mileage.

Wanted to try a lease got a Passat loved it but had nothing to show for it.

So then got a 2002 Jeep Overland with 109K on it for 10000. Needless to say I had issues with it. Needed a front bearing and CV joints among other things = $1200. Then it got towed 7 times for various things. Was told I needed new shocks and a new set of tires and the wheels were losing air due to corrosion so would need to refinish them would have cost about 3K-3.5K. Oh and it burned oil, 5 quarts every 1500 miles. So frequent trips to the shop for that. AC couldn't hold a charge etc. I was going to keep it and drive it into the ground but it was not reliable anymore. We just traded that in with less than a year on the payments and it and it was a good thing beacause the state of CT just sent us a emissions test notification and this thing would have failed misreably. Oh and it got 12-14 mpg.

Now I have a Jetta I am leasing but I may be upside down with the mileage 3K miles to go with 5 months left.

So I understand people have great luck with cars, they buy car A keep it and then sell car A for a better car. Well I started out bad never got any equity it was trashed in the salvage yard so I have been behind ever since.

I don't mind low payments for a really nice car and one that I can keep for a long time. I travel in traffic all the time and I want affordable luxury and a quiet luxurious car with a great stereo system and that is why I need a Genesis. lol

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Help support this site so it can continue supporting you!

 

[homeofstone]

Thanks for all the advice.

My lease is up in six months and I need a good size family car. I don't have time to save up cash for a car. I don't mind paying payments but this time I want a reliable car that will last me past my payments.

I have been looking at 09 Genesis with Tech but they seem to be around 25-27K. However I saw one that has 50K on it for 20,500. That would put me in the same payment I am in now which is doable.

So my question is it wise to buy a 3 year old Genesis 4.6 with the warranty pretty much gone. Will the low payments benefit me or should I try to hold out for one with much lower miles. Because there is no way I can afford a major car repair until I build up some savings which will take me a few years.

I don't know if I want to buy an old beater with a 2 year old. I want reliability and safety not a car that may crap the bed. I have had horror stories with cars out of warranties and buying crap boxes. That is the reason why I am in the position I am in now.

I did find out that Leasing is a huge mistake.

Thanks for the advice.

Three different

1. 2009 4.6L Black with Nav 20,975 54K miles
2. 2009 3.8 with Tech Package for 24K at Car Max. 42K miles
3. 2009 Certified with Tech Package for 35,000 for 27K.

I would wait two years and save. In that two years save 300 or more per month by purchasing a 2005 or 2006 Honda civic, Hyundai Elantra, or Mazda 3All are reliable. check out Consumer Reports April 2012.

 

[PMCErnie]

This is a thread for Suze Orman's advice, but at least the OP realizes that leasing is a dead end street. Orman would further advise to buy a gently used Sonata, with lots of warranty remaining, and put the rest of the money into the kid's college fund.

Here's my question for the OP. Why would you buy a four year-old V8 (with little or no warranty remaining) that gets low mpg around town? V8s are going the way of carbon paper and inner tubes.

 

[scottdk]

I would wait two years and save. In that two years save 300 or more per month by purchasing a 2005 or 2006 Honda civic, Hyundai Elantra, or Mazda 3All are reliable. check out Consumer Reports April 2012.

I agree that the OP should not be looking at a luxury car at the moment. Go for a used (or new if you don't want used) midsize Elantra, or an ecobox such as the Corolla. Cheap cars, cheap on gas and reliable.

A 2012 Elantra Limited (loaded) would go for probably around $22,000 give or take and that includes a decent stereo, leather, heated front and rear seats, power everything, Technology package with NAV and backup camera and much more.

 

[waveman]

Thanks for all the advice.

My lease is up in six months and I need a good size family car. I don't have time to save up cash for a car. I don't mind paying payments but this time I want a reliable car that will last me past my payments.

I have been looking at 09 Genesis with Tech but they seem to be around 25-27K. However I saw one that has 50K on it for 20,500. That would put me in the same payment I am in now which is doable.

So my question is it wise to buy a 3 year old Genesis 4.6 with the warranty pretty much gone. Will the low payments benefit me or should I try to hold out for one with much lower miles. Because there is no way I can afford a major car repair until I build up some savings which will take me a few years.

I don't know if I want to buy an old beater with a 2 year old. I want reliability and safety not a car that may crap the bed. I have had horror stories with cars out of warranties and buying crap boxes. That is the reason why I am in the position I am in now.

I did find out that Leasing is a huge mistake.

Thanks for the advice.

Three different

1. 2009 4.6L Black with Nav 20,975 54K miles
2. 2009 3.8 with Tech Package for 24K at Car Max. 42K miles
3. 2009 Certified with Tech Package for 35,000 for 27K.

Based on your original post, it looks like you don't have a lot of discretionary income, so you need to focus on the things that count (family, food, shelter, insurance) as well as on saving - not for a better car, but for unanticipated essential expenses, college, and retirement. If circumstances change and you can eventually afford a better vehicle, great, but that shouldn't be your primary saving objective until everything else is taken care of. For now, I would just look for affordable, reliable, safe transportation.

BTW, there's little point in being jealous of others for their cars or other possessions. For one thing, there are plenty of people who drive high end cars who are living on the financial edge, not a good place to be these days. And, no matter how well off you are, there are always people who can comfortably afford to buy more. The secret is being reasonably satisfied with what you have while not losing healthy ambition to do better.

My two cents.

 

[EXBMWGUY]

Unless you are self-employed, have an executive-level salary, are independently wealthy, or a geezer who has already funded kids college and the really important priorities like savings and retirement accounts and other legacy-builders, don't buy or lease more car than you need. Every unnecessary dollar you spend on a depreciating asset (car) that becomes more demanding with age amounts to building your financial house on the edge of a cliff.

 

[shadax]

I didn't really stretch too badly, my Honda Civic was paid off and worth about 9500, and I got my '12 3.8 for $28,400 + ttl. I believe I ended up financing about $22,600. That's not executive money. I realize those who have the Tech+Premium packages are glad they got them, but I am in love with my car. To me it was the best value for for my money at that price point.

 

[dg_moore]

Lol Thanks for the reply. So I feel I have the job and the education but failed at the savings part.

It's hard to save with a wife in school and a 2 year. So looks like a large downpayment is the way to stay ahead?

Time to start saving.

You may be able to have everything you want, but you can't have everything you want today. Slow down, take a breath, and plan. Rather than twisting youself into a pretzel to figure out how to own something you can't afford, get something you can afford and move up when you're able. I got my Genesis when I was 64, after my 5th child graduated from college. There were plenty of expensive cars I could have bought along the way, but I didn't buy them. Go to CarMax or other reputable dealer - you'll find lots of drivable cars at affordable prices. I'll never be able to afford a Veyron, but that thought doesn't disappoint me in the least.

 

[427435]

Let's see. My luck with cars is very spotty at best.

Bought and Acura Integra for cheap. My first real car. The camshaft went and took out all the valves. The car was worth 4K it cost me 1600 to have a garage rebuild the head and replace all the bents valves.For what the dealer wanted to fix the car would have been a total lost. SO that lasted for another 1 year before the clutch dropped on me while driving. It was ugly. All my equity went to the Junkyard.

Bought a Taurus for cheap, after many tows the cost for repairs was too much. Another 5K down the drain. To this day I will never buy a FORD Again.

So my next car was a 1996 civic very reliable car but got a job where I had to fight Hartford Traffic my knee took a beating from the constant shfting, also a LX is not a fun car to sit in traffic with. This is the reason I want leather, and a sunroof and a nice stereo and the major reason why I will only own Automatics now.

Tradded that in for a Mazda 6. I liked the car but it was getting 16-17 mpg. It was terrible on gas. I traded it in because I could not live with that gas mileage.

Wanted to try a lease got a Passat loved it but had nothing to show for it.

So then got a 2002 Jeep Overland with 109K on it for 10000. Needless to say I had issues with it. Needed a front bearing and CV joints among other things = $1200. Then it got towed 7 times for various things. Was told I needed new shocks and a new set of tires and the wheels were losing air due to corrosion so would need to refinish them would have cost about 3K-3.5K. Oh and it burned oil, 5 quarts every 1500 miles. So frequent trips to the shop for that. AC couldn't hold a charge etc. I was going to keep it and drive it into the ground but it was not reliable anymore. We just traded that in with less than a year on the payments and it and it was a good thing beacause the state of CT just sent us a emissions test notification and this thing would have failed misreably. Oh and it got 12-14 mpg.

Now I have a Jetta I am leasing but I may be upside down with the mileage 3K miles to go with 5 months left.

So I understand people have great luck with cars, they buy car A keep it and then sell car A for a better car. Well I started out bad never got any equity it was trashed in the salvage yard so I have been behind ever since.

I don't mind low payments for a really nice car and one that I can keep for a long time. I travel in traffic all the time and I want affordable luxury and a quiet luxurious car with a great stereo system and that is why I need a Genesis. lol

You have made a bunch of bad choices where cars are concerned. You need to spend some time looking at Consumers Report and on forums for cars that you are considering. Buy a car that fits your NEEDS (not your wants) and that has good Consumer Report data. Then buy one that is 2-5 years old that has been taken care of. Then drive the wheels off it.

By the way, your aversion to Ford products (based on one well worn car) may be part of your problem. The 2002 and newer Taurus, Sables, and Fusions are very reliable and good buys. I (and my son) put over 175,000 miles on a 2002 Sable with only an AC compressor needing repair and he now has a Fusion that he and his wife love.

 

[scottdk]

This is a thread for Suze Orman's advice, but at least the OP realizes that leasing is a dead end street. Orman would further advise to buy a gently used Sonata, with lots of warranty remaining, and put the rest of the money into the kid's college fund.

Here's my question for the OP. Why would you buy a four year-old V8 (with little or no warranty remaining) that gets low mpg around town? V8s are going the way of carbon paper and inner tubes.

Man I wish my rents paid for my college, I'd have much less debt Pretty much all of my friends have a degree and there parents did not pitch in except for books. We all thought they were cheap suckers at the time, but now realize they did the right thing. When/if I have kids, they will be paying there own way. Good life lesson + the person going to college getting the education should be the one paying IMO. That's a whole nother thread though.........

 

[carver2011]

I agree that the OP should not be looking at a luxury car at the moment. Go for a used (or new if you don't want used) midsize Elantra, or an ecobox such as the Corolla. Cheap cars, cheap on gas and reliable.

A 2012 Elantra Limited (loaded) would go for probably around $22,000 give or take and that includes a decent stereo, leather, heated front and rear seats, power everything, Technology package with NAV and backup camera and much more.

I purchased a 2011 Elantra Limited in April with 27K miles and only paid $17,000. I agree with the others that a luxury car shouldn't be a priority, but it's a mighty fine car to dream about!