Chevy Sonic Worth It?

[Truvidien]

Greetings,

So, I posted here a long time ago asking if the vehicle was worth getting or not and this was when I think they weren't out on the lot for long. I think right when the Sparks were being released..? Anyways, due to my budget back then the Sonic's were right out of my price range and the dealership refused to budge so I had to get my dad to cosign, I have a 6 year note, and I've been financing my vehicle for over 2 years now. Story goes:

I had to get a 2012 Ford Focus, I don't like the car as much as I thought I was. Was going to be my first car that was mine.. Well.. Half mine. Dad cosigned for me, then three 3 days later he goes and buy's the exact same car but with all the extra stuff with it. I guess I got caught up in the whole first new car thing and I just went with it without really thinking of the car itself. Been keeping my eye out on the Sonic hatchback. Is it worth trying to trade the Focus in for one? I thought about waiting for the 3 year mark and then seeing what the numbers look like if I were to trade it in..

Just wondering if that is a good decision or just wait?
Thank you.

P.S. Just my parents consider his car the better car and mine is just "plain" and I'm wanting to get my dad off the note.

 

[jgrote]

Plan on losing another couple of thousand dollars to buy a new car right now. If your Ford is doing okay, keep it. Just because you CAN afford something doesn't mean you should go buy it. If you want to get your dad off the note, refinance your car. Now that you've built some credit, you should have no issue doing just that. If you can now afford a little more in payments, maybe look at shortening the term while you're at it. Trust me; I've bought WAY too many cars in my life, and I know what it's like to spin down the toilet bowl of new cars every 2 years. (FWIW, I'm 37 and have owned 36 cars. I know a little bit about losing money in cars.)

 

[Calculon]

Worth is a very subjective thing. From a financial perspective, I think you're better off keeping your Ford cause you'll lose a lot on the trade in. Maybe you can do better selling it yourself, but that presents problems of its own.

I would think if you've been making on-time payments for two years and don't have any major blemishes on your credit, refinancing your note and removing your dad should be doable.

 

[CheapFuneral]

I'm a gm guy but to be honest the focus has more power and may actually be a better car as ford has taken over the cheap American car market for a few years now.


If I die, bury me in my truck, because it's never been in a hole it can't get out of!

 

[pounamu]

I had to drive a 2013 Focus hatch for 2 weeks while my car was in the car hospital (cosmetic damage). If your experience driving your Focus was the same as mine, I understand your desire to trade. The engine is fine, and it handles well, but it's much better on the highway than in the city. The dual clutch auto transmission is so horrible, I honestly don't understand how they released it as it is. In the city it's like you're a dog on a leash, and the owner keeps yanking you back. The car kept stalling and lunging back instead of taking off after a stop. I hear that the manual in the Focus is much better. It gets really good mileage, and if you drive mostly highway and have a manual, it's a good car.

So depending on whether you are experiencing those issues, that could add to your decision to trade. The Sonic (turbo/auto) is smooth as butter compared to the Focus. BUT. If your car drives fine and you are happy with it overall, I say stick it out another year or two. Definitely do refinance - I recommend going to a credit union and NOT the bank (I have my auto loan with DCU (https://www.dcu.org/), they are fantastic, highly recommended. Since the Focus is considered an energy efficient vehicle(35 mpg combined?) you will get an extra quarter percent off for that. Their used car finance rates are the same as the new car finance rates (as opposed to other places where they charge you a lot more on the used cars).

Based on what you told us, you ended up with a car you didn't really like precisely because you weren't 100% financially independent. If I were you, my goal would be to become completely independent - this may mean refinancing (on your own) and continuing timely payments for another year or two. Once your credit is where you want it, and trading the car will no longer be at a loss to you, you can go ahead and trade. Not only will you not lose money on the trade; if you go to the same credit union or institution to get financing for the new car, you will be in much better standing as you will have a positive payment history with them. Trading in now means making the same type of decision you made in the first place - one where you are dependent on your circumstances and other people, as opposed to being in charge of your choices. This means delaying gratification for a while, but will definitely be worth it in the long run, IMHO.

And whether the Sonic is worth it - I think it is. It's a great little car. I would also look at VW Golf VII or Mazda3 once I was ready to trade, though they are a grade up from the Sonic price-wise.

 

[Dirkdaddy]

I'm very mature and can tell you for sure that:

1. cars are extremely poor investments.
2. If you are able to afford basics like food/lodging/etc and then have money to save, spend as little as you feel you can - and still be happy and confortable as you desire.
3. Before jumping in at #2, I personally would save your money and not take a loan for a vehicle - you are paying someone for use of money, and given your status you won't likely get a great rate either.
4. Stick to used cars. check the value of cars that are two years old vs. original price. This is what you lose, even in best case scenario. A 2 year old car is still under warranty and a great car, but not full price.
5. unlike what advertisements would lead you to think, a flashy car won't really do much for your *** life unless you are chasing some pretty superficial people.

Many may think my advice old fashioned, but it has served me well. Cash is king. Save a rainy day fund of 3-6 months of expenses minimum and have that on hand, so you don't have to use a credit card for things that crop up - getting dental work or new tires, etc.

Just my 2 cents.

 

[PlayCrackTheSky]

I'm very mature and can tell you for sure that:

1. cars are extremely poor investments.
2. If you are able to afford basics like food/lodging/etc and then have money to save, spend as little as you feel you can - and still be happy and confortable as you desire.
3. Before jumping in at #2, I personally would save your money and not take a loan for a vehicle - you are paying someone for use of money, and given your status you won't likely get a great rate either.
4. Stick to used cars. check the value of cars that are two years old vs. original price. This is what you lose, even in best case scenario. A 2 year old car is still under warranty and a great car, but not full price.
5. unlike what advertisements would lead you to think, a flashy car won't really do much for your *** life unless you are chasing some pretty superficial people.

Many may think my advice old fashioned, but it has served me well. Cash is king. Save a rainy day fund of 3-6 months of expenses minimum and have that on hand, so you don't have to use a credit card for things that crop up - getting dental work or new tires, etc.

Just my 2 cents.

It's not that I think your advice is old fashioned...it's just that I've always referred to it as something else...

Common sense.

 

[The Champ]

I'm very mature and can tell you for sure that:

1. cars are extremely poor investments.
2. If you are able to afford basics like food/lodging/etc and then have money to save, spend as little as you feel you can - and still be happy and confortable as you desire.
3. Before jumping in at #2, I personally would save your money and not take a loan for a vehicle - you are paying someone for use of money, and given your status you won't likely get a great rate either.
4. Stick to used cars. check the value of cars that are two years old vs. original price. This is what you lose, even in best case scenario. A 2 year old car is still under warranty and a great car, but not full price.
5. unlike what advertisements would lead you to think, a flashy car won't really do much for your *** life unless you are chasing some pretty superficial people.

Many may think my advice old fashioned, but it has served me well. Cash is king. Save a rainy day fund of 3-6 months of expenses minimum and have that on hand, so you don't have to use a credit card for things that crop up - getting dental work or new tires, etc.

Just my 2 cents.

I agree with parts of your post.

But buying new cars "right" (assuming you can afford to buy new) and keeping them is a better strategy than buying used.

I'm 60 years old and have purchased many new and used vehicles.

As you posted, buying a used car saves you the initial depreciation. However, you typically have little, if any, warranty (unless you buy an extended warranty - which I don't believe in) and most likely will be looking at buying tires, brakes, shocks/struts in the near future.

Right now we have two daily drivers that were purchased new.

Our '06 Pontiac Torrent had a $26,000 sticker. I bought it after the '07's came out and after rebate, dealer discount and GM credit card cash (credit cards are a good thing if used correctly) - I paid $17,300 for it and didn't finance it (when we paid off the 3 year loan of our '98 Grand Prix in 2001, we continued to make car payments to ourselves). Vehicle now has 119,000 miles on it and we intend to keep it another 2 - 4 years.

Our '14 Sonic hatch had a sticker of $20,355. I purchased it in September and after factory rebate, USAA rebate, dealer discount, GM credit card cash and ACDelco points I paid $9466 for it. I could have paid cash, but USAA gave me a 1.39% loan, so I financed it for 3 years (I make more than 1.39% on the money that I would have used to pay for the car).

Our plans are to keep this car for at least 5 - 6 years.

The last new car I purchased that I didn't keep for an extended period of time was my first new car - a 1976 Pontiac Ventura. But I did buy that car right ($3250) and when I sold it after nearly 3 years, I got $2750 for it.

++++++++

To the original poster - I don't think there is anyway for you to change vehicles right now without financing a ton of negative equity.

You took out a 6 year note on an "economy car". It wouldn't surprise me if you owe thousands more than the car is worth. The best thing you can do to get out from this situation is to drive this car until you own it free and clear. I bet if you put your mind to it, you could have your current car paid for in a year or two - then you'd have some equity when you go into your next new car purchase.

That may not be the answer you want - but it's the smartest move if you want to get ahead on the car buying game.

Do not buy a car based on "payment". Because if you go that way - there is always a way to make the payment smaller by stretching out the loan. The best way to make a payment smaller is by putting a substantial down payment - reducing the amount you are borrowing.

 

[CheapFuneral]

I agree with parts of your post.



But buying new cars "right" (assuming you can afford to buy new) and keeping them is a better strategy than buying used.



I'm 60 years old and have purchased many new and used vehicles.



As you posted, buying a used car saves you the initial depreciation. However, you typically have little, if any, warranty (unless you buy an extended warranty - which I don't believe in) and most likely will be looking at buying tires, brakes, shocks/struts in the near future.



Right now we have two daily drivers that were purchased new.



Our '06 Pontiac Torrent had a $26,000 sticker. I bought it after the '07's came out and after rebate, dealer discount and GM credit card cash (credit cards are a good thing if used correctly) - I paid $17,300 for it and didn't finance it (when we paid off the 3 year loan of our '98 Grand Prix in 2001, we continued to make car payments to ourselves). Vehicle now has 119,000 miles on it and we intend to keep it another 2 - 4 years.



Our '14 Sonic hatch had a sticker of $20,355. I purchased it in September and after factory rebate, USAA rebate, dealer discount, GM credit card cash and ACDelco points I paid $9466 for it. I could have paid cash, but USAA gave me a 1.39% loan, so I financed it for 3 years (I make more than 1.39% on the money that I would have used to pay for the car).



Our plans are to keep this car for at least 5 - 6 years.



The last new car I purchased that I didn't keep for an extended period of time was my first new car - a 1976 Pontiac Ventura. But I did buy that car right ($3250) and when I sold it after nearly 3 years, I got $2750 for it.



++++++++



To the original poster - I don't think there is anyway for you to change vehicles right now without financing a ton of negative equity.



You took out a 6 year note on an "economy car". It wouldn't surprise me if you owe thousands more than the car is worth. The best thing you can do to get out from this situation is to drive this car until you own it free and clear. I bet if you put your mind to it, you could have your current car paid for in a year or two - then you'd have some equity when you go into your next new car purchase.



That may not be the answer you want - but it's the smartest move if you want to get ahead on the car buying game.



Do not buy a car based on "payment". Because if you go that way - there is always a way to make the payment smaller by stretching out the loan. The best way to make a payment smaller is by putting a substantial down payment - reducing the amount you are borrowing.

Can I take u with me when I buy my next car?


If I die, bury me in my truck, because it's never been in a hole it can't get out of!

 

[stealth]

Greetings,

So, I posted here a long time ago asking if the vehicle was worth getting or not and this was when I think they weren't out on the lot for long. I think right when the Sparks were being released..? Anyways, due to my budget back then the Sonic's were right out of my price range and the dealership refused to budge so I had to get my dad to cosign, I have a 6 year note, and I've been financing my vehicle for over 2 years now. Story goes:

I had to get a 2012 Ford Focus, I don't like the car as much as I thought I was. Was going to be my first car that was mine.. Well.. Half mine. Dad cosigned for me, then three 3 days later he goes and buy's the exact same car but with all the extra stuff with it. I guess I got caught up in the whole first new car thing and I just went with it without really thinking of the car itself. Been keeping my eye out on the Sonic hatchback. Is it worth trying to trade the Focus in for one? I thought about waiting for the 3 year mark and then seeing what the numbers look like if I were to trade it in..

Just wondering if that is a good decision or just wait?
Thank you.

P.S. Just my parents consider his car the better car and mine is just "plain" and I'm wanting to get my dad off the note.

Late to the party on this, But I traded my 2012 turbo sonic in for a 2014 focus ST. Don't know which focus you bought I assume the non ST based on budget. I Love my focus super fast when it was stock, very nice interior, gas mileage sucks compared to my sonic. Again I have the ST though yours might get better. It depends on what you want. Do you want more speed or just different car then your parents. If you can afford it sonic can have nice speed with great gas mileage. I sacrificed Mpg's for more speed and I am happy with my decision. PS I lost my ass on the trade in, But focus has better resell value.

 

[qwed94]

I feel all the advice you have been given to keep your car is accurate. HOWEVER--please do research on the next car you buy. Especially "price". The advice to buy "used cars" is not always good advice-nor is it bad advice.

Ive learned that used cars are not always "cheaper" than a new car. Certain areas of the Country sell used cars cheaper than others. Example--I have seen 2 trucks sell at the dealership I work at for more than a new one would have cost. (This is a used car dealer BTW) Anyway 1 example-A guy bought a 2014 Chevy 2500 Standard cab 6.0l (gassser), auto, 4WD, long bed. 9000 miles. He paid $35000 (no trade in-cash deal) A new truck with the same options would have ran him in the late 20s

Not every deal is that far fetched, but it does happen often. Just research your options. Basically, if you are going to keep your car till its paid off, buy new. If you buy/sell often, used is likely the best option. Either way, research, research, research

 

[Dirkdaddy]

Agree on used not always being great deal, in fact my wife and I did buy our optima new a couple year ago. Used prices on similar size cars that were of decent quality and features were running 18k, no warranty. We found good optimas NEW for just a bit over 20k....and we ended up getting a bit carried away but they had a conquest sale 1000k off, and a financing 1000, off and way below invoice on a '12 that was left over, we took the financing although we didn't need it and then made a full payment a month later. The used market was so hot at the time, getting a used car was a bit problematic but was a strange time.

That story of the Truck being sold for more than a new one is pretty funny.

Sonic's are sort of in demand. I just bought one, a 12 LTZ MT hatch, black, 18k miles, lots of warranty left...paid under $12k which while not "cheap" wasn't a bad deal and below some of the bluebook pricing.

 

[The Champ]

Can I take u with me when I buy my next car?

As a highly compensated "consultant"? Sure...

Nearly 35 years ago, I was upside down in a car. Both literally and figuratively (forced off highway and took a 4 month old Caprice Classic Landau end over end).

It was then that I learned how much it sucks to owe more money on your car than it's worth.

Never again.

 

[CheapFuneral]

Yeah, I'm upside down in my sonic and it was my first new car. Never Again!


If I die, bury me in my truck, because it's never been in a hole it can't get out of!