Sonic Loan Roll Call
- Thread starter Preloader
- Start date
PlayCrackTheSky
Member
...and I disagree.
ChicksHateMe
Member
Sorta a dumb reply, with no substance. Don'tcha think?
PlayCrackTheSky
Member
I could say the same about yours. Don'tcha think?
Preloader
The M32 Martyr
While I don't regret buying my Sonic, I will say that I won't ever buy a brand new car again. Being that I'm a well rounded mechanic, I'm the perfect candidate for used vehicles. I've actually never had to pay a shop for anything besides body work, which I can also do myself, but am not passionate about.
My next car will be in the $6-8k range, paid in full and American as always. Buying my Sonic new satisfied my need to own a new vehicle once in my life. But the immediate $4k depreciation would have been better spent on a 2 week vacation to Hawaii.
I'm really growing out of buying things on credit. I am getting better control of my perspective of want vs. need. Although one day I will need an AMC Javelin AMX.
My next car will be in the $6-8k range, paid in full and American as always. Buying my Sonic new satisfied my need to own a new vehicle once in my life. But the immediate $4k depreciation would have been better spent on a 2 week vacation to Hawaii.
I'm really growing out of buying things on credit. I am getting better control of my perspective of want vs. need. Although one day I will need an AMC Javelin AMX.
ChicksHateMe
Member
While I don't regret buying my Sonic, I will say that I won't ever buy a brand new car again. Being that I'm a well rounded mechanic, I'm the perfect candidate for used vehicles. I've actually never had to pay a shop for anything besides body work, which I can also do myself, but am not passionate about.
My next car will be in the $6-8k range, paid in full and American as always. Buying my Sonic new satisfied my need to own a new vehicle once in my life. But the immediate $4k depreciation would have been better spent on a 2 week vacation to Hawaii.
I'm really growing out of buying things on credit. I am getting better control of my perspective of want vs. need. Although one day I will need an AMC Javelin AMX.
I don't regret buying my Sonic at all. I Still tell everyone I talk to how much I LOVE my new car.
I considered used, but it meant a lower warranty period, a higher interest rate on the loan and also, not knowing where that car had been. The length of the loan would have been shorter, but with the higher interest rates, my monthly payments would have been about the same, or higher, for something I had less trust in. Plus I would have had to put down more $$$ out of pocket.
I'm also just getting to the point where I buy what I need, not what I want. Back when I made some decent $$$ I didn't watch what and how I spent so much, I just got whatever I wanted. Now, I am on a more fixed income, so I pay attention to how quickly I let it slip away. I had a monthly target, and I got lucky and hit it with this Sonic.
I still think I stole mine for $16K. I also found a great loan rate in DCU, where I was pre-approved and able to get 120% . That allowed me to cover all the costs, including taxes, plates, etc..... I see a lot of posts here with higher rates and wanna tap them on the shoulder and say "Check out my Bank!!!!".
I couldn't believe I got the rate I did, but I've worked hard to get my credit back to being nearly perfect. Even on a fixed income. Like you said, buying what I need vs want more now.
When I was shopping, I saw something called the "Black Book" right on some of the dealers sites. SO, when I looked at my car choices, I'd immediately go to this Black book link and see what I'd get for the car if I turned around and sold it right back to them. WOW, like you said, about a 4K to 6K drop, right at the sale. I thought that was sorta dumb of these dealers to have this Black book thing right on their sites.
But, I wasn't going to turn it over right away. Last "NEW" vehicle I bought was a 93 Jeep Grand Cherokee. I had that thing for 21 years. 18 without a payment. Not much in the way of major work overall either. I'd do a lot of my own stuff too. But I was tired of that too. In the past, I've rebuilt manual tranny's for 65 Mustangs. Did almost all the work on all my Firebirds over the years too. Fav was my 67 Red Firebird Convertable
I've love to have that back, but 2 daughters, one car. I couldn't see how to split it, so when times got tough I sold it. Wish I hadn't now....Anyway, I did a good amount of work myself as well, but the Jeep was getting older, and there was work needed that would cost me $600.00, and I thought, "Man, that's two new car payments.....". So, I went for it.
I will do most work on this car, but I'd rather not have to. So I am enjoying all the benefits of the new car, but I miss those 18 years without that monthly payment. I have to wait 63 more months to be back to that point again....
Preloader
The M32 Martyr
That parallels my experience. Back before the Sonic I was car payment free. And I was spending any money I had left over after monthly bills without a plan or prejudice.
But a mortgage and car payment has taught me how important every dollar is, especially the dollar that you earned, but is not in your pocket.
Even though my interest rate is acceptable, I still dislike giving up ~$400 every month. And once my loan is paid, I will defer that $400 (actually $1000 that I'm paying each month to end the loan) to saving up for a large down payment on our next house.
Also the warranty was a bit of scam for a guy like me. It was holding me back from doing what I wanted to my Sonic, and even after two years there is nothing I needed the warranty for that I couldn't do myself.
But a mortgage and car payment has taught me how important every dollar is, especially the dollar that you earned, but is not in your pocket.
Even though my interest rate is acceptable, I still dislike giving up ~$400 every month. And once my loan is paid, I will defer that $400 (actually $1000 that I'm paying each month to end the loan) to saving up for a large down payment on our next house.
Also the warranty was a bit of scam for a guy like me. It was holding me back from doing what I wanted to my Sonic, and even after two years there is nothing I needed the warranty for that I couldn't do myself.
ahtoxa
New member
Hear Hear!
I'm also sick of car payments and while I often want a different vehicle just for the sake of a different vehicle, I don't want it enough to overcome my more sensible side, and never will.
In the past I've also been far more lenient with my money. Today, I've buckled down and took care of business.
I'm also sick of car payments and while I often want a different vehicle just for the sake of a different vehicle, I don't want it enough to overcome my more sensible side, and never will.
In the past I've also been far more lenient with my money. Today, I've buckled down and took care of business.
Nimda
New member
Can't believe some of the rates that some members have as well. Or just even the monthly payments.. $400.. $500 a month I've seen from a few of you.. for a car payment?? Was hardly anything, if anything, put down on it when you bought it?? I realize a lot of people might not have the luxury but this is exactly why I've just written a check for the 4 cars that I've owned. Don't have to mess around with a payment, I truly own the car, and I can get rid of it at anytime without having to worry about the lien or any of that.
ahtoxa
New member
400-500 a month will happen if you're in an unfortunate situation where you're carrying over 3-5 grand from a previous loan and putting little to nothing down.
If you're financing 17,500 (about MSRP on LT+connectivity), then adding tax, negative equity and other fees, you'll end up with a total of 23-24k financed. Over 5 year loan that's 400 some bucks right there, depending on how good of a rate you get.
Disclaimer: I didn't do the actual math - just ballparked.
If you're financing 17,500 (about MSRP on LT+connectivity), then adding tax, negative equity and other fees, you'll end up with a total of 23-24k financed. Over 5 year loan that's 400 some bucks right there, depending on how good of a rate you get.
Disclaimer: I didn't do the actual math - just ballparked.
Nimda
New member
Sounds awful.. I would never want to be in that situation. I believe you should enjoy the car you're going to be driving everyday but it's just not worth it to go under on a loan.
attrapereves
New member
A lot of people don't have the luxury of being able to pay cash. However, I am happy that my payments are less than $300 per car. I would never pay any more than $300 for a car payment. If it came to it, I'd rather pick up a slightly used car.
Fempunk
New member
Mines almost 400. I put over 3,000 down. I think 3350. I am young though and have like no credit so i know my interest rate wasnt good.
I dont mind though. I did the sane with my last car n put my tax refund towards it one year abd paid it off almost a year early
Preloader
The M32 Martyr
Mine is $400/month because I put NOTHING down and bought the fully trimmed LTZ.
Short story. In my early 20's I ran up a bunch of stuff on credit and accumulated massive debt. Then fell off the deep end of drugs/alcohol and stopped paying any of it back. My credit needless to say was ruined.
Fast forward to a couple years ago, got clean and sober, paid off all my debt collections and generally got my sh¡t together.
Was driving a "tweeker" looking hooptie for years and felt like I deserved to reinvent my transportation. I applied for a car loan at my credit union, thinking I didn't have a shot in hell.
Well they approved me for $20k and the rest is history.
I would never do it again, but it was a nice confirmation that I was back on my feet enough to be trusted with money.
Short story. In my early 20's I ran up a bunch of stuff on credit and accumulated massive debt. Then fell off the deep end of drugs/alcohol and stopped paying any of it back. My credit needless to say was ruined.
Fast forward to a couple years ago, got clean and sober, paid off all my debt collections and generally got my sh¡t together.
Was driving a "tweeker" looking hooptie for years and felt like I deserved to reinvent my transportation. I applied for a car loan at my credit union, thinking I didn't have a shot in hell.
Well they approved me for $20k and the rest is history.
I would never do it again, but it was a nice confirmation that I was back on my feet enough to be trusted with money.
severedevil
New member
$460 a month 17grand total fully loaded 2.2%
$8grand remaining
34k miles
$8grand remaining
34k miles
94383Z71
New member
Purchased:7/2013
Monthly payment: $172.22
Balance: $7,421
Miles: ~20,000 (from 7,000 purchased)
I'm fortunate enough to be able to make a payment a week as it stands. Pumped to have it paid off within 12mo from now (as is the plan anyways)
Also came from a unique situation where I save more in gas during the average month than my monthly payment. Bought it used as well, ended up as a really good situation.
Monthly payment: $172.22
Balance: $7,421
Miles: ~20,000 (from 7,000 purchased)
I'm fortunate enough to be able to make a payment a week as it stands. Pumped to have it paid off within 12mo from now (as is the plan anyways)
Also came from a unique situation where I save more in gas during the average month than my monthly payment. Bought it used as well, ended up as a really good situation.
Last edited: