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I need help buying a new car

I

iggy

Elite Mentor
Platinum
What do you guys think about this 99' mercury cougar? is it overpriced? ($4,990 with 53,888mi) (i plan to talk them down a bit though).
www.cars.com/mercurycougarohio

Do you guys have any tips on buying cars in the winter?

Are there any legit websites online to look for cars besides cars.com?

I finally got my rental car last saturday after not having it for over 20 days. Nationwide told me they are going to quit paying for it on the 17th of January with no exceptions. (yes, i bitched a lot.... only thing i haven't done was call corporate).

So basically, I have till next week sometime to find a car.

My price range is up to $8,000.

I was considering buying a very shitty car or beater now, and then buying a nice car sometime in the summer when I have more money and more time to look around.

suggestions?
 
also, they said they're giving me $6,000 for my 01 cougar since it was in excellent condition....
 
Here is a tip, make them replace that fucking cassett player.
 
Do you have a steady job iggs? I know youre in school. I'd put the money down on a late model car with low(er) miles.

I wouldnt pay 5g for a 12 year old car.
 
Buy from Plank, that ngr gots them bomb ass deals, and his shit don't have cassett players.
 
CARFAX, make them show you the fucking Carfax
 
SouthernLord said:
Do you have a steady job iggs? I know youre in school. I'd put the money down on a late model car with low(er) miles.

I wouldnt pay 5g for a 12 year old car.
Click to expand...
I work some construction with my dad, and do some lighting for the local theatre.
Been trying to get a bartending job around here for awhile.

this summer i'll probably do some landscaping again.
 
Not only are they chick cars, they're driven by chicks with big hair that smoke capris that tell their kids to shut the fuck up at red lights. (I saw this just this past summer and wanted to punch the bitch in her fupa.)
 
go through a dealer, dude, and get like certified pre-owned or whatever. your luck is so bad i'm like scared for you to buy from a private seller. please don't
 
Buy a honda accord/civic, toyota corolla, nissan sentra
You can get late model low miles for $8k and it will run forever
Dont fuck around with 12 year old american POS cars
 
nimbus said:
go through a dealer, dude, and get like certified pre-owned or whatever. your luck is so bad i'm like scared for you to buy from a private seller. please don't
Click to expand...

don't buy a cert pre owned. It's a waste of money.

They're all fuckin' certified, it's just a fancy name that allows a dealer to charge over book for them.
 
Get a Yugo or a Le Car. Pacer and Gremlin are righteous too.
 
Honestly no opinion on the Cougar, other than it sounds a bit high for a 12-year-old Ford product, and those (and T-birds of those years) have a reputation for needing $1500 anti-lock brake modules (even at low miles). If I were in your shoes, I'd look at everything in the price range, and try to avoid payments if you can. I always buy from private sellers, and never from a dealer. You might get a so-called warranty from the dealer on a used car, but I think it's easier to get the car for 20% less from a private party, and get it fixed at your cost and at your convenience, by a shop you pick, IF & when anything goes wrong with it. If it's a big problem, you might still have some factory warranty transferrable from a private party. Just saying.

Case in point: My latest buy; an '05 Tacoma Prerunner crew cab, loaded, which sells at Toyota used lots for about $19K, I got from a private seller for $13K with 105K miles and the airbag warning light on, and some damage in the back seat upholstry. I had the air bag light diagnosed and fixed the problem for $300, and I bought a new back seat off Craigslist from a smashed truck for $150. Now I have a nice $19K truck for $13,450. My wife got her 2-month-old Lexus RX350 with under 1000 miles on it from a repo agent for $10K under wholesale bluebook, and it still had full warranty, and clean title, and all. All I had to do was polish out a few scratches, wax it and vacuum it out, and it was good as new from the Lexus dealer!

When you buy vehicles, all it takes is some smart thinking, and you'll do fine!!!!

Charles

Mr. dB said:
Pacer and Gremlin are righteous too
Click to expand...

Don't laugh... They're starting to turn up at car shows and auctions, and going to collectors for big $$$.

DISCLAIMER: I don't want one!

Charles
 
PICK3 said:
Weren't the old cougars a rebadged Mitsubishi product?
Click to expand...

No. Rebadged Mitsubishi products are sold by Chrysler, not Ford. Ford sells rebadged Mazda products. However the Cougar wasn't one of those, it was a coupe based on the Ford Contour/Mercury Mystique, which was the US version of the Euro Ford Mondeo.
 
Mr. dB said:
No. Rebadged Mitsubishi products are sold by Chrysler, not Ford.
Click to expand...

that's right

I remember the original Dodge minivans that had Mitsu power plants were descent in terms of performance and reliability. The Chrysler built engines were POS's.
 
miplank said:
is it a benz?
Click to expand...

Holler!!!!!!!!

LPG%20Sprinter%20in%20London%20-%20resized.jpg


Mine actually has no badging :(
 
Mr. dB said:
I bet you would if they made diesel versions.
Click to expand...

:idea: Don't even SUGGEST that!!!!! It's bad enough that there was a Sentra, a Maxima, a Chevette, a Citation, an Escort, a Tempo, (and Mercury versions of those), a Lincoln Continental, and a Chevy Luv mini truck... All made with factory Diesels at one time. I still "need" one each of those, of course, and I have no room or time as it is!!!!!

So far, I have these Diesels:

'82 Cadillac Eldo
'84 Buick
'84 Camry
'84 Corolla California Special (2 of them)
'85 Toyota 2WD California Special mini truck
'79 Toyota 4x4
'96 German Toyota Hilux 4x4 truck
'93 Toyota Chaser Mk II (well, only the front half of it cut off and shipped to me in a crate from Japan)

It's an addiction :(


Charles
 
ya a caravan is a good choice lmfao...... only cougar id be interested in is a 1970 eliminator with a boss 302 an 4 speed :)

get somthing cool like a 9c1 caprice with a lt1 or somthing, you can find em for that price range and they make nice comfy daily drivers
 
Are you paying cash or taking out a loan? Do you know the relative going interest rate range for car loans?

I probably need to get a new car in the near future... and although I abhor the idea of paying interest for something when I don't have to, if car loans are in the 3-4% range, it seems financially stupid to not take the loan and put the rest of the cash somewhere that yields more than 5%.

Then again, I'm only guessing that car loans have moved down along with tbills and mortgage rates, which may not be the case.

(I've obviously never had a car loan before, lol. I don't even know who issues them.)



:cow:
 
samoth said:
Are you paying cash or taking out a loan? Do you know the relative going interest rate range for car loans?

I probably need to get a new car in the near future... and although I abhor the idea of paying interest for something when I don't have to, if car loans are in the 3-4% range, it seems financially stupid to not take the loan and put the rest of the cash somewhere that yields more than 5%.

Then again, I'm only guessing that car loans have moved down along with tbills and mortgage rates, which may not be the case.

(I've obviously never had a car loan before, lol. I don't even know who issues them.)



:cow:
Click to expand...

If you get a car loan from the dealer, it'll be through the manufacturer's loan arm, they all have them. The interest rates can be insanely low. I'm paying 1.9% to VW Credit. Domestics sometimes make offers as low as 0.0%. Also look for other incentives on the mfg's web site.
 
samoth said:
Are you paying cash or taking out a loan? Do you know the relative going interest rate range for car loans?

I probably need to get a new car in the near future... and although I abhor the idea of paying interest for something when I don't have to, if car loans are in the 3-4% range, it seems financially stupid to not take the loan and put the rest of the cash somewhere that yields more than 5%.

Then again, I'm only guessing that car loans have moved down along with tbills and mortgage rates, which may not be the case.

(I've obviously never had a car loan before, lol. I don't even know who issues them.)



:cow:
Click to expand...
i'd never take out a loan. my last car was paid in full and totaled in mid december last month. the insurance company is giving me $5,800 for it.

the guy who is a very good friend of my dads is asking for $6,200 for his 02 ford focus which is in great shape and has 36,000 miles in it.
 
first off...

Don't use KBB to value a car. It's always an inflated figure. Use NADA for you valuations.

Secondly, I have no idea what your credit is like (probably shitty) but if it's halfway decent get an auto loan. The interest rates are so low now for prime buyers that you can do exactly what samoth said and invest your money and basically make more on your money elsewhere while building credit.

Interest rates depend on the year/term of the car but for prime buyers expect somewhere in the neighborhood of 3.5-4.5%.

$6,000 might not be a bad deal depending on the trim level and options it has as well as condition. You didn't give any of that so it's hard to tell if you're getting a fair deal or not.
 
miplank said:
first off...

Don't use KBB to value a car. It's always an inflated figure. Use NADA for you valuations.

Secondly, I have no idea what your credit is like (probably shitty) but if it's halfway decent get an auto loan. The interest rates are so low now for prime buyers that you can do exactly what samoth said and invest your money and basically make more on your money elsewhere while building credit.

Interest rates depend on the year/term of the car but for prime buyers expect somewhere in the neighborhood of 3.5-4.5%.

$6,000 might not be a bad deal depending on the trim level and options it has as well as condition. You didn't give any of that so it's hard to tell if you're getting a fair deal or not.
Click to expand...
my credit isn't good since i basically didnt have any a year ago and just started building it using a credit card i pay for gas with every month.
 
well, you could always pay cash for the car and then take the title and do a secured loan to build your credit up.
 
miplank said:
well, you could always pay cash for the car and then take the title and do a secured loan to build your credit up.
Click to expand...
is working extremely hard to build my credit really that important at 21 nowadays? or can it wait two years till i graduate?
 
iggy said:
is working extremely hard to build my credit really that important at 21 nowadays? or can it wait two years till i graduate?
Click to expand...

how is that working hard?


Take your $6000 car, go to you bank and borrow say like $3000 against it. It'll give you some spare cash to go buy something (new camera, etc).

It'll generate you some installment credit, boost your score and get you started on the right path.

Do you have to do it right now? No, but it never hurts to start now.
 
miplank said:
how is that working hard?


Take your $6000 car, go to you bank and borrow say like $3000 against it. It'll give you some spare cash to go buy something (new camera, etc).

It'll generate you some installment credit, boost your score and get you started on the right path.

Do you have to do it right now? No, but it never hurts to start now.
Click to expand...
yes, good point.
i'll consider it.
 
miplank said:
first off...

Don't use KBB to value a car. It's always an inflated figure. Use NADA for you valuations.

Secondly, I have no idea what your credit is like (probably shitty) but if it's halfway decent get an auto loan. The interest rates are so low now for prime buyers that you can do exactly what samoth said and invest your money and basically make more on your money elsewhere while building credit.

Interest rates depend on the year/term of the car but for prime buyers expect somewhere in the neighborhood of 3.5-4.5%.

$6,000 might not be a bad deal depending on the trim level and options it has as well as condition. You didn't give any of that so it's hard to tell if you're getting a fair deal or not.
Click to expand...

Why don't you hook a young bro up?
 
iggy said:
is working extremely hard to build my credit really that important at 21 nowadays? or can it wait two years till i graduate?
Click to expand...

no, but as far as "working hard", youre not having to do any more work, its just different forms of paying for something. some ways build your credit but cost a little more money (finance charges) some cost less (cash money).
 
miplank said:
how is that working hard?


Take your $6000 car, go to you bank and borrow say like $3000 against it. It'll give you some spare cash to go buy something (new camera, etc).

It'll generate you some installment credit, boost your score and get you started on the right path.

Do you have to do it right now? No, but it never hurts to start now.
Click to expand...


I agree that having good credit is 100% important at any age, but one thing I'd do, is just turn around and put the borrowed amount in a CD at whatever is the best rate they have, and forget about it until the loan is paid back. You still will be out the cost of the interest on the car loan; probably 12% apr on the loan, which in a 3-year loan would be about $1080. But if you borrow the $3000 and use it for other things, you're out $4,080 for the same good credit boost.

If all you want is to build good credit, there are a lot of much cheaper things you can do, including the VERY BEST one, which you're already doing!!!! Having a credit card and paying it off to 0 every month, is what leads to platinum credit. A car loan is good credit too, but a car loan isn't any better for the record than a Visa or MasterCard, and if properly handled, the credit card won't cost you anything (except maybe for an annual fee of $50 or $100 if you're young with little or no credit). If you pay it off to zero every month, there is no interest. The car loan WILL cost you Big time. Also, think about the hassle of selling a car that has a lien on it. A lot of people won't want to bother to come look at the car, if you can't say "clean title; pink slip in hand" because there's a loan on it.

Charles
 
kx250rider said:
I agree that having good credit is 100% important at any age, but one thing I'd do, is just turn around and put the borrowed amount in a CD at whatever is the best rate they have, and forget about it until the loan is paid back. You still will be out the cost of the interest on the car loan; probably 12% apr on the loan, which in a 3-year loan would be about $1080. But if you borrow the $3000 and use it for other things, you're out $4,080 for the same good credit boost.

If all you want is to build good credit, there are a lot of much cheaper things you can do, including the VERY BEST one, which you're already doing!!!! Having a credit card and paying it off to 0 every month, is what leads to platinum credit. A car loan is good credit too, but a car loan isn't any better for the record than a Visa or MasterCard, and if properly handled, the credit card won't cost you anything (except maybe for an annual fee of $50 or $100 if you're young with little or no credit). If you pay it off to zero every month, there is no interest. The car loan WILL cost you Big time. Also, think about the hassle of selling a car that has a lien on it. A lot of people won't want to bother to come look at the car, if you can't say "clean title; pink slip in hand" because there's a loan on it.

Charles
Click to expand...

The reason I suggested for him to use it towards a camera is because I know he's been shopping for one. Currently (atleast in my area) a secured loan typically is only prime +1 or 2...i forget.

I properly handled credit card isn't going to fair as well as an installment loan. While some revolving credit is infact good for you credit it won't do as well as an installment. Installment loans will give you bigger line items on you bureau and show the banks a better picture of your payment history.

I see it all the time with people that will have one or maybe 2 small credit cards with perfect pmt history. They'll be a/a+ paper and the bank will not even consider them and the reason for turndown will be "no comparable credit".

As far as selling his car in the future...he's looking at borrowing a few thousand, not 30,000. Something that can easily be payed off in the event he wants to sell it.
 
miplank said:
The reason I suggested for him to use it towards a camera is because I know he's been shopping for one. Currently (atleast in my area) a secured loan typically is only prime +1 or 2...i forget.

I properly handled credit card isn't going to fair as well as an installment loan. While some revolving credit is infact good for you credit it won't do as well as an installment. Installment loans will give you bigger line items on you bureau and show the banks a better picture of your payment history.

I see it all the time with people that will have one or maybe 2 small credit cards with perfect pmt history. They'll be a/a+ paper and the bank will not even consider them and the reason for turndown will be "no comparable credit".

As far as selling his car in the future...he's looking at borrowing a few thousand, not 30,000. Something that can easily be payed off in the event he wants to sell it.
Click to expand...

Valid point.... I guess it depends on what he's planning to use the credit for in the next 5-10 years. I'm a tight-wad, and I always look at what something costs at the bottom line first.

Charles
 
miplank said:
also, the interest on 3 years at 12% is only $604.68
Click to expand...

I did it based on $3000 x .12 (or 12%) = $360, x 3 years = $1080. It would vary depending on how they compound the interest, or if they add it all up front, etc. Most car loans are added up with interest as one beginning lump sum, then divided by the number of months = the payment.

Charles
 
kx250rider said:
I did it based on $3000 x .12 (or 12%) = $360, x 3 years = $1080. It would vary depending on how they compound the interest, or if they add it all up front, etc. Most car loans are added up with interest as one beginning lump sum, then divided by the number of months = the payment.

Charles
Click to expand...

.12/12=.01

.01x3000=30


30/1-(1+.01)^-36=99.64


99.64x36=$3587.04

$3000 Principle
$587.04 Finance Charge

:D
 
kx250rider said:
I agree that having good credit is 100% important at any age, but one thing I'd do, is just turn around and put the borrowed amount in a CD at whatever is the best rate they have, and forget about it until the loan is paid back. You still will be out the cost of the interest on the car loan; probably 12% apr on the loan, which in a 3-year loan would be about $1080. But if you borrow the $3000 and use it for other things, you're out $4,080 for the same good credit boost.

If all you want is to build good credit, there are a lot of much cheaper things you can do, including the VERY BEST one, which you're already doing!!!! Having a credit card and paying it off to 0 every month, is what leads to platinum credit. A car loan is good credit too, but a car loan isn't any better for the record than a Visa or MasterCard, and if properly handled, the credit card won't cost you anything (except maybe for an annual fee of $50 or $100 if you're young with little or no credit). If you pay it off to zero every month, there is no interest. The car loan WILL cost you Big time. Also, think about the hassle of selling a car that has a lien on it. A lot of people won't want to bother to come look at the car, if you can't say "clean title; pink slip in hand" because there's a loan on it.

Charles
Click to expand...
As miplank mentioned, if you already have a car you can just use it as collateral, but if you dont or if you have no credit or bad credit you cant get a car or even get a credit card...
 
nangiggles said:
As miplank mentioned, if you already have a car you can just use it as collateral, but if you dont or if you have no credit or bad credit you cant get a car or even get a credit card...
Click to expand...
yeah, i know this nan. i've got a credit card.

anyways bros and broettes, i made a mistake.
i test drove it today and it's a 2005 ford focus with 38,000 miles. it's in very good condition, but not excellent. the bro is asking $6,600 for it.

i'm pretty sure i'm going to buy it, take good care of it, and sell it after a year two.
 
nothing wrong with that car (except its ugly). It will easily go another 100k miles and iggy said he doesn't plan on keeping it all that long anyways.


the equivalent honda/yota are pieces of shit too. Yeah, the motors last longer but the fit and finish is still cheap.
 
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