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      04-16-2017, 09:48 PM   #1
venturecapital
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Next car, need some advice

Hi Everyone,

First post, but long time reader. Figured I'd ask for advice to see what the best decision would be given my situation.

Purchased my car in 2010 with 54k miles and now it has 210k miles (first car and 3rd owner). Currently KBB values the car at $2,900, CarMax values the car at $1,500. Just had tune up, valve adjustments, coil packs, and spark plug done. Out of college 2 years and hoping to do a masters in my near future.

My car needs new tires, a timing belt, and brakes later this year. I have been offered $2k on Craigslist (asking was $3k).

Options:
- Keep car
- CPO
- New car

Cars that I am looking at:
- VW GTI
- Subaru WRX
- Anything else you'd suggest? Auto and under 20k miles.

* Plan to own next car for at least 5-7 years, cannot lease due to my mileage.

Deals I've found:
- New 2017 VW GTI S --> $25k --> MSRP $28k
- New 2017 Subaru WRX --> $30k - More than I want to spend and dealers not willing to discount

Or do I wait for this summer were the redesigned models are out, but less incentives?

CPO
- 2015 VW GTI SE (leather, navigation, back up camera) for $21,500 with 6,000 miles
- 2015 WRX Premium - $26k with 22,000 miles

Aggressively paying loans. Do I want an BMW? Yes, but there is a right time and place for everything. Hopefully theres an m3 in my future

Last edited by venturecapital; 04-16-2017 at 09:59 PM..
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      04-16-2017, 10:13 PM   #2
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Okay, I'm just going to say it.

If you're paying off loans and aren't leasing your car, get away from dealerships.

Buy a relatively new but second hand car. The money you save by being the second owner far outweighs the incentives dealers get you to buy new.
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      04-16-2017, 10:27 PM   #3
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Quote:
Originally Posted by xQx View Post
Okay, I'm just going to say it.

If you're paying off loans and aren't leasing your car, get away from dealerships.

Buy a relatively new but second hand car. The money you save by being the second owner far outweighs the incentives dealers get you to buy new.
CPO the way to go then?
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      04-16-2017, 10:28 PM   #4
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Keep the car for now. The automotive biz is primed for a big crash in the next 2-3 years, used car values should drop dramatically. As long as the car is running well, keep it and prioritize other stuff.
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      04-16-2017, 11:44 PM   #5
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I wouldn't touch the WRX. Not a fan of those cars and their glass motors.

If you have loans to pay off maybe look at used, reliable cars like a Civic or Corolla. Look at spending like $10-12k on one of those, leaving you more room to pay off the loans quicker. Sooner you pay the loans, sooner you can start saving for the car you really want.
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      04-17-2017, 07:46 AM   #6
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Quote:
Originally Posted by NickyC View Post
Keep the car for now. The automotive biz is primed for a big crash in the next 2-3 years, used car values should drop dramatically. As long as the car is running well, keep it and prioritize other stuff.
Just curious what makes you say this?
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      04-17-2017, 07:57 AM   #7
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Quote:
Originally Posted by venturecapital View Post
CPO the way to go then?
Yes.
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      04-17-2017, 08:19 AM   #8
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Stay away from WRX. A friend of my is a mechanic for Subaru. He lost count of how many motors he had to rebuild.
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      04-17-2017, 08:31 AM   #9
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Quote:
Originally Posted by damnitBobby View Post
I wouldn't touch the WRX. Not a fan of those cars and their glass motors.

If you have loans to pay off maybe look at used, reliable cars like a Civic or Corolla. Look at spending like $10-12k on one of those, leaving you more room to pay off the loans quicker. Sooner you pay the loans, sooner you can start saving for the car you really want.
The GTI is the only contender however at the same time I really don't like the idea of buying a car. I am on track to pay off my loans in less than 5 years excluding any promotions and bonuses and my masters program. My car currently is paid off and not having a car loan is awesome.
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      04-17-2017, 08:39 AM   #10
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Quote:
Originally Posted by venturecapital View Post
The GTI is the only contender however at the same time I really don't like the idea of buying a car. I am on track to pay off my loans in less than 5 years excluding any promotions and bonuses and my masters program. My car currently is paid off and not having a car loan is awesome.
A used GTI might work if you have to get something, or maybe a used VW R. I like those two except for the 60/40 weight distribution. I had a WRX and I think it drives like a cheap car. The VW Golf line is more refined, but it is not a BMW.

Since BMW does not presently make a hatchback or wagon with stick shift, I probably would consider a VW R if I had to make a change.
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      04-17-2017, 08:40 AM   #11
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If you do the CPO GTI, how much would you put down, and how would you handle the financing? If unsure, make arrangements with a local credit union or where ever you find the most competitive rate- chances are you'll save a point or two over the dealer financing. With an aggressive DP chances are decent that planned maintenance you have coming up will be balanced by several car payments and you'll have that warranty to cover your ass while you're working on a Masters.

Otherwise, just keep what you've got and wait.
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      04-17-2017, 09:31 AM   #12
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Accord Coupe, a touch sporty and will run for a million miles until your loans are paid off.
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      04-17-2017, 10:03 AM   #13
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Quote:
Originally Posted by Bluewater328iT View Post
A used GTI might work if you have to get something, or maybe a used VW R. I like those two except for the 60/40 weight distribution. I had a WRX and I think it drives like a cheap car. The VW Golf line is more refined, but it is not a BMW.

Since BMW does not presently make a hatchback or wagon with stick shift, I probably would consider a VW R if I had to make a change.
I sat in the new WRX and honestly felt let down with how much people are paying for it. My colleague purchased a new 17 for $35k out the door. The interior feels lack luster and the quality seems cheap. He paid $35k for the WRX with auto transmission and that was it. Too much money for to little a car. Car doesn't seem responsive. I considered it for AWD but thinking more about it now its most likely going to come off my list. I looked at 328xi's with the M sport package but its hard to find ones that come in CPO. 335xi's are hard to find without mods and a CPO given the price range I want to be at.

Quote:
Originally Posted by 1and1 View Post
If you do the CPO GTI, how much would you put down, and how would you handle the financing? If unsure, make arrangements with a local credit union or where ever you find the most competitive rate- chances are you'll save a point or two over the dealer financing. With an aggressive DP chances are decent that planned maintenance you have coming up will be balanced by several car payments and you'll have that warranty to cover your ass while you're working on a Masters.

Otherwise, just keep what you've got and wait.
Not going to place much down (maybe like 2k at the most) as it only decreases the monthly payment. I can tolerate an m3 lease if I was reckless and chose to sink the rest of my income on a car. But I also like to travel lol. So ideally looking to be under 350 a month. I would most likely prefer getting a loan with a local credit union as most people such as you have said the same. My fear is if I keep my car, the repairs will continue to get costly to the point were what I am spending on repairs could go into a monthly payment for something that is more reliable.

One of my smaller loans will be paid off by next year which frees up $400 a month.

Quote:
Originally Posted by Alfisti View Post
Accord Coupe, a touch sporty and will run for a million miles until your loans are paid off.
Have an Accord now. Lets just say I don't ever want to deal with the Honda brand again.
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      04-17-2017, 10:08 AM   #14
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      04-17-2017, 10:27 AM   #15
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If you're doing 20K~ miles a year, you don't drive too much to lease, imo.


That said, if you are adamant about buying, I'd buy barely used, if possible. I wouldn't buy a 2015 GTI, because there were first year teething issues, and the 2016 got a larger screen with USB port, and AndroidAuto/Apple Carplay. But my DD is a 2016 GTI w/ Perf Pkg, and I love the car. A note on that 16 SE- it doesn't have Nav.

Not much of a fan of the WRX. Doubly so for a car I'd be putting a bunch of miles on. I'd rather have a standard Golf over a Subaru. Maybe even consider a Jetta GLI. They're not as good as the GTI, but residual value is worse, and you can pick low mile ones up for plenty cheap. Plus, they ride well, and have a big back seat.
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      04-17-2017, 10:37 AM   #16
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I don't think you mentioned what kind of car you have now? If it is reliable, just keep it until it is completely broken and not even worth repairing.

If you drive a lot of miles and travel long distances, then you want something reliable (if buying is an option). It does not matter if you have CPO as if your car breaks down in the middle of nowhere, that will not help you then.

And of course, if you are on a budget, getting into another loan is not the best idea.
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      04-17-2017, 10:41 AM   #17
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+1 don't get into another loan if you are not yet financially stable. You should be putting no more than 10% of your income on a car.

Unless you have tier 1 credit, think about how much $$ you're giving away on interest with your small down payment. Plus at your age insurance will be high. I would just stack for the time being.
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      04-19-2017, 08:59 AM   #18
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Quote:
Originally Posted by Fade135is View Post
Just curious what makes you say this?
Signs are all around.

https://www.bloomberg.com/news/artic...as-debt-slides
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      04-20-2017, 03:43 AM   #19
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Quote:
Originally Posted by Fade135is View Post
Just curious what makes you say this?
Not OP, but agree entirely.

Tesla, google and apple.

The speed at which smartphones replaced Nokia phones in practically every economy was staggering. They went from 0 to >80% market penetration in about five years.

The reason Tesla is currently valued more than Ford is that the people in the know expect the same thing is going to happen with electric self-driving cars.

The combination of Uber/lyft + self driving electric cars will see the rest of the country's car ownership mimic that of Manhattan.

It is entirely likely your current or next car will be the last daily driver you own.
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      04-20-2017, 05:06 AM   #20
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What car do you currently have that you're asking 3k for?
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      04-20-2017, 05:47 AM   #21
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Quote:
Originally Posted by xQx View Post
Not OP, but agree entirely.

Tesla, google and apple.

The speed at which smartphones replaced Nokia phones in practically every economy was staggering. They went from 0 to >80% market penetration in about five years.

The reason Tesla is currently valued more than Ford is that the people in the know expect the same thing is going to happen with electric self-driving cars.

The combination of Uber/lyft + self driving electric cars will see the rest of the country's car ownership mimic that of Manhattan.

It is entirely likely your current or next car will be the last daily driver you own.
Okay, put down the crack pipe...
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      04-20-2017, 05:49 AM   #22
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Op, this is a BMW forum and it appears you have a Honda Accord with 210,000 miles on it. Stick with a mainstream Japanese product. Do not get a BMW, you will be disappointed with it.
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A manual transmission can be set to "comfort", "sport", and "track" modes simply by the technique and speed at which you shift it; it doesn't need "modes", modes are for manumatics that try to behave like a real 3-pedal manual transmission. If you can money-shift it, it's a manual transmission. "Yeah, but NO ONE puts an automatic trans shift knob on a manual transmission."
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