Kind of stuck with what to do. Car totaled
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  1. #1
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    Kind of stuck with what to do. Car totaled

    So I'm somewhat of a dilemma.

    A little under two weeks ago when we had flooding my car(2012 Genesis Coupe) was flooded and deemed a total loss. I owed on the car and came out about 3k on top. Great. So now I'm waiting for the check from Geico and have no idea what to do..
    I'm getting married in less than a year so I'm trying to make the smart financial decision here. I don't want to go into my marriage with debt, but I also don't want to be plagued with nonstop, expensive mechanical issues on an older, cheaper car.

    I see it as 3 options.

    1. Buy an older used car ~3-5k cash and drive it to the ground. The obvious advantage here is that I wont have a car payment and can save a decent amount more money, with the risk that the car might end up causing more headaches than it's worth. Also if I buy this used of a car I can expect to need to car shop again in a few years, if I'm lucky. I feel like this option is more of a temporary bandaid than a long-term solution. And I would hate to have money-eating problem after problem and defeat the whole purpose of buying cheap..

    2. Option 2 is buy a used car in the 10k range or so. I would have to finance this since I only have the 3k to put down, but could probably pay it off in 18 months max. Advantages here are obviously a newer car with less mileage and hopefully more reliable and longer lasting. Down side is now I have a payment again, albeit a small one.

    3. Then there's the 3d option. Basically buy a newish car(2013 WRX to be exact :P) with low miles around the 20k mark. The upside here is that I can expect the fewest issues, and the car will hopefully last me many many years. Downside is I'll have a nice car payment again and the loan term will be starting all over again. This is the most appealing option to me, I'm just not sure it's smart going into a marriage with a nice new 20,000 debt.

    So what do you guys think is the best option? Am I missing a viable option all together?
    Any input is appreciated.


    Thanks
    Last edited by kevin217; 08-27-2014 at 09:06 PM.

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  3. #2
    Registered User 100plus2Vegas's Avatar
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    Do you want the car to break down on your honey moon?

    What does your fiancé drive?

    You pay to operate cars whether it's on repairs/upkeep of older cars, or higher insurance and payments of newer cars.

    Me personally I'd rather make payments on a new car and just drive it.
    14 sedan Limited: AEM intake, Tomioka IC hose, Cobb AP V3, Invidia down pipe with 3" cat, custom 3" mandrel bent single exhaust, Aem air fuel gauge,Cobb knob,Perrin Pitch Stop mount, SPT front strut tower brace, K-Sport coilovers@1.5" drop.

    07 Duramax LBZ- 26psi,intake, TBE, Diablosport programmer, Edge Insight with EGT, EGR block off, BD exhaust manifold, PPE fuel valve.

  4. #3
    Bill Freakin Murray TownLine500's Avatar
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    Quote Originally Posted by kevin217 View Post
    So I'm somewhat of a dilemma.

    A little under two weeks ago when we had flooding my car(2012 Genesis Coupe) was flooded and deemed a total loss. I owed on the car and came out about 3k on top. Great. So now I'm waiting for the check from Geico and have no idea what to do..
    I'm getting married in less than a year so I'm trying to make the smart financial decision here. I don't want to go into my marriage with debt, but I also don't want to be plagued with nonstop, expensive mechanical issues on an older, cheaper car.

    I see it as 3 options.

    1. Buy an older used car ~3-5k cash and drive it to the ground. The obvious advantage here is that I wont have a car payment and can save a decent amount more money, with the risk that the car might end up causing more headaches than it's worth. Also if I buy this used of a car I can expect to need to car shop again in a few years, if I'm lucky. I feel like this option is more of a temporary bandaid than a long-term solution. And I would hate to have money-eating problem after problem and defeat the whole purpose of buying cheap..

    2. Option 2 is buy a used car in the 10k range or so. I would have to finance this since I only have the 3k to put down, but could probably pay it off in 18 months max. Advantages here are obviously a newer car with less mileage and hopefully more reliable and longer lasting. Down side is now I have a payment again, albeit a small one.

    3. Then there's the 3d option. Basically buy a newish car(2013 WRX to be exact :P) with low miles around the 20k mark. The upside here is that I can expect the fewest issues, and the car will hopefully last me many many years. Downside is I'll have a nice car payment again and the loan term will be starting all over again. This is the most appealing option to me, I'm just not sure it's smart going into a marriage with a nice new 20,000 debt.

    So what do you guys think is the best option? Am I missing a viable option all together?
    Any input is appreciated.


    Thanks

    Brotha you will be in debt forever.
    Once you get married you'll probably buy a house, that's about 20-30 years worth of debt.
    So what's a new car?
    I don't know a single person who doesn't have a mortgage or a car payment.
    Myself included.
    STINK EYE MOB #500

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  5. #4
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    Quote Originally Posted by 100plus2Vegas View Post
    Do you want the car to break down on your honey moon?

    What does your fiancé drive?

    You pay to operate cars whether it's on repairs/upkeep of older cars, or higher insurance and payments of newer cars.

    Me personally I'd rather make payments on a new car and just drive it.
    Fiancee has a 96 Thunderbird with 70k on it. She inherited it form her grandfather and is very happy with it. Should last a while, hopefully.
    Trust me, I'd rather a newer car too. I just need to make sure I'm making a smart decision here.
    Thanks for the post.

    Quote Originally Posted by TownLine500 View Post
    Brotha you will be in debt forever.
    Once you get married you'll probably buy a house, that's about 20-30 years worth of debt.
    So what's a new car?
    I don't know a single person who doesn't have a mortgage or a car payment.
    Myself included.
    Yea, this is definitely true. But trying to minimize / manage that debt as much as possible can be the difference between ending up owning the home and foreclosing, know what I mean?

    Thanks guys

  6. #5
    Bond, James Bond McBill's Avatar
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    This of it this way, If you buy a newer wrx you may have monthly payments. But if you manage to stay of the mod bus and keep the power train stock, you should have zero mechanical issues. And at 20k miles, in the unlikely event you do have a mechanical failure, it should be covered by the manufacturer warranty! Before you buy though, check with the dealer and make sure that it has without a doubt never been modded in the past. And if they tell you it has never been modded, get it in writing so it doesn't come back to bite you in the a$$ in the unfortunate event of a problem.
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