Car Buying Help

Keg you are going to fuck up your slumlord potential, get a Suzuki sidekick and sleep in the creek

I'm talking about a debt to income buster and ROI loser, you're going to spend 600 a month on a car when you could get a 4 unit apartment building for that in the right part of town.

Cad_sl said:

No shit man, invest $200k in 993 porsches 5 years ago and you'd probably have a 300% rate of return even if you just parked them in a garage and let them rot. And generally, those things are pieces of shit. People just like the classics these days.

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Yeah, my bro has a 98 C2S and my dad a 96 or 97 Turbo, as well. My uncle also has a 98 C2S that my dad sold him 10 years ago. Things have gone crazy, price wise. My dad sold his 2008 GT2 and Carrera GT a few years ago and is kicking himself for it. The depreciation of the Canadian dollar by 20% over the past 18 months has compounded the increases, as well. I believe it's only certain models/years of the 993's that have skyrocketed, though. My understanding is that the 98 C2S's have gone up a lot because S's were pretty rare to begin with, and 98 was only a half production year as the factory shut down early to re-tool for the 996's. Similarly, they either didn't make Turbos as a 98 model year or they're incredibly rare, making the 96/97's that much more valuable. If you have a plain old 96 Carrera or something, it's holding value but probably not much more than that. In any case, the mid to late 90's Porsches were the last ones where Porsche was actually a limited availability car. Now, they'll sell as many of the vast majority of their models as they can.

Cad_sl said:

Thats true but I'm not enough of a shitlord to value cars based on rarity yet, I basically just go for performance/value/appearance. I'm not at the "I've got one and you can't even buy it neener neener" stage yet. Haha.

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Nor am I, really. In any case these days you're only going to get that kind of exclusivity in terms of rarity if you're spending half a mill and up on a new car. That's a giant newp for me.

Take this derail to the correct thread

Rerolled Yacht Club

Keep LTV reasonable and shop around? Not that hard to find a good deal. The only 'magic' you will get w/ 0% BS is basically losing bargaining money on a vehicle by subsidizing the interest rate through the NBLs like GMAC and FMC, etc.

Used right?

I would say you're going to end more between 2%-3.5% right now with used.

2.5%ish would probably be a good rate from an independent lender.

I've got 2 used at 2.5 and 3.2...2.5 is nationwide 3 is local cu, buying I'd use cu, mine made it easy even on an out of state purchase. Refinancing is easy as hell and costs 0 so don't sweat it too much. I did the dealerships bullshit for the first one and then refid and it wasn't bad it just hit my credit score a little more.

Those are on 60 month loans. Make sure they don't have early payoff penalty.

kegkilla_sl said:

what should I aim for? 2%?

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With your good credit, you should be able to get up to 60 months for no more than 1.9%. If 0.9 is available for 60 months, it should mean that 1.9 is available for 72.

For used with good credit, maybe tack on a point.

I always thought it was manufacturers coming up with additional ways to move cars

Cad_sl said:

I never understood why used cars pay a higher % interest.What, people with better financial sense than to buy new carsare... higher risk? What?

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Maybe it's to offset/bite-into that. Can't have the customer getting too sweet a deal!

More seriously, maybe auto manufacturers won't tolerate the competition it would cause for new vehicles.

They have to compete