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Hi all :p

So, a bit of background.. Right now, im driving a 2008 dodge caliber that i bought brand new back in 2008. I was in the market for a cheap, new car, to replace an old ford focus that was starting to get to the point where it needed a LOT of repairs. So, ive been driving the caliber for the past 3+ years now, and its been a rocky ride to say the least.

I bought a brand new car so i would have something reliable to drive daily, and its proven far from. Right now, the car has just a hair under 29k miles, and i have already had the rear defroster wiring repaired after it stopped working after 5k miles, oil leak fixed, tie rods, control arms, struts, endlinks, steering wheel lock, motor mount, seat molding replaced x3, seat reupholstered, shift knob replaced, and right now, am dealing with the car not starting intermittently, almost seems like its not reading the key anymore.


ANYWAY.. Im starting to look HARD for a used wrx to replace the caliber. My problem right now, is that i still owe for another two 1/2 years on the caliber, and the trade in value is less than awesome. Ive been looking around for quite some time now, and wanted a wrx for a LONG time. I looked at an older bugeye a few months ago, but as i need to finance, and really dont have anything substantial to put down, with the mileage it had, wouldnt have worked.

Recently, i came across two wrx's that im considering, the ONLY problem being that both of them are 4EAT's. I REALLY would like a MTX, but as my caliber is starting to get worse, i would settle for a 4EAT for the time being, until i pay that off and can afford to spend more money on a "big boy" wrx.


So, the first one i found is a 2005, 94k miles, sedan, 4EAT, and in great shape. I have a friend that works for a subie dealer(out of state) and was able to run the history, and said it came back clean with no major problems at all. The dealer its at is only a few miles from my house, and they are only asking 9200 bucks for it. So, given that its an automatic, and in good shape, thats a pretty good price.

The second, is an 05, wagon, 71k miles, 4EAT, shows an accident on record, so i would need to check that one over pretty good, and they are asking 13,9k for it. Service history was good on that one as well.

Both are silver.


So, tomorrow im going to go check out and drive the sedan, as ive never driven an ATX wrx before, and see how i like it. I have been warned that they do suffer from a bit of lag off the line(but have been lurking on here and reading that an up+down pipe, along with tuning, and maybe a beefier tq converter would help that out a lot.

As of right now, im not TOO concerned with building a crazy high HP car, i just want something that starts every day.


Now, as far as financing, anyone have any suggestions? I know financing an older car with higher miles is VERY hard to do. If i can get a 35 month loan, with decent interest, and can keep the payments UNDER 340 a month, i can do it. I also need to call the insurance company before i go to even look at the car to see how much higher it will go, if at all.



So, sorry for SUCH a long intro, and if you read through all that, you get an e-cookie :confused1

Any advice or help is MUCH appreciated. Ill also post up the pics of both the cars from the dealers site in a few minutes

Matt
 

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Financing a car that old, for that long is a mistake. Have you considered waiting and selling your current car? You are going to be upside down on a 7 year old car and financing for another 3. If I were you id take 350 a month and put into a savings account. Sell your caliber now and go get a beater. THEN in 3 years put money down on a 2011

However my guess is that you will think twice about spending that large chunk of cash :) and when you don't stick into a Roth

You're welcome.
 

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I just went through the same thing. I had a 2008 Jeep Wrangler that I bought brand new that was nothing but a pain in the ass money pit. I looked at a ton of WRXs at a ton of different dealerships before I found the perfect deal. I only wanted a bugeye, so the financing was an issue for me. I could have financed it through my credit union, but the interest rate was really high. I listed my Jeep for sale, but nobody wanted it.

I just had to be very patient for that perfect deal to come up.

Eventually, one of the dealerships I went to accidentally quoted me a few thousand higher than they should of for my trade in and I ended up walking out with a 2002 WRX for pretty much nothing. Yeah, it's a total piece of crap with 260,000+ miles that needs a new engine, but I don't have any payments on it. It also starts and drives me to work every day even though the engine is toast. (new engine soon to be shipped :D)

So.. my suggestion? Wait for the perfect deal. Financing that much on a car that old is just nuts! :screwy:
 

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You MIGHT be OK financing a vehicle with 71,000 miles for 3 years assuming an average of 12,000 miles/year = 107,000 miles once the car is paid-off. Depending on the condition of the car, you may have no issues. You also may experience a number of major issues. The same can be said about a WRX with 50,000 miles. It's really a gamble any way you look at it... so the choice is yours.
 

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So I am a little unsure as to why you dont want new, or are looking at such old used... Yea you owe money on your trade in but 95% of the people who trade in a vehicle do. Taking that negative equity if any and slamming it into something (esp an auto) that old is financial suicide. I m sorry but you need to hone in your trade in value and your negotiating skills. Car salesman work for you. You have the power to stand up and walk away. They are selling a car that everyone else is selling, maybe 30 miles apart but that same car is on a lot somewhere else and they will take a deal. Car salesman love to believe the bull**** they spit is magic but in true reality the name of the game is numbers. Slap them in the face with a deal they cant refuse and you can sleep at night with and you win the ball game.
 

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Discussion Starter #7
So I am a little unsure as to why you dont want new, or are looking at such old used... Yea you owe money on your trade in but 95% of the people who trade in a vehicle do. Taking that negative equity if any and slamming it into something (esp an auto) that old is financial suicide. I m sorry but you need to hone in your trade in value and your negotiating skills. Car salesman work for you. You have the power to stand up and walk away. They are selling a car that everyone else is selling, maybe 30 miles apart but that same car is on a lot somewhere else and they will take a deal. Car salesman love to believe the bull**** they spit is magic but in true reality the name of the game is numbers. Slap them in the face with a deal they cant refuse and you can sleep at night with and you win the ball game.
Ive looked at a few 08's online, there is a nice blue hatch, 36k miles, and their asking 19.9k for it.

My biggest stipulation is that the payment stays below 340 a month, ideally under 325.
 

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So why not buy newer and finance for a longer period at a lower rate?
 

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So why not buy newer and finance for a longer period at a lower rate?
Its definitely an option, it would just depend on what the cheapest route is. I could go tomorrow to the dealer that has the 08 for sale, but i KNOW that that car has had its clutch, flywheel, and TOB replaced already. I would essentially need to break even on my car, get a LOW apr, and stretch the loan out to 72 months on something like that in order for me to keep in budget.
 

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You will almost always do better in a private sale than a trade. Unless you are overpaying for your new car, in which case they may give you a "good deal" on the trade.

I agree with SRTSamb. Regroup, and get your finances under control. WRXs keep getting better. In a few years, you can probably get a 2011+ at a good price.
 

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You will almost always do better in a private sale than a trade. Unless you are overpaying for your new car, in which case they may give you a "good deal" on the trade.

I agree with SRTSamb. Regroup, and get your finances under control. WRXs keep getting better. In a few years, you can probably get a 2011+ at a good price.
Right, but my "want" for a wrx is due to a car that is a constant money pit. I dont want to keep the dodge i have now for another 2-3 years. Would it be the "smart" thing to do, yes, but its constantly breaking, and i constantly have to fix things. Right now it starts when it wants to, and its not a cheap fix. Id rather trade the car in, and take a bit of a loss on it, just to not to have to deal with it anymore.
 

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Are you a member of a credit union? If not I would get with them first to see what your interest rate would be. Often times it is so much less that you'll actually be able to afford something newer and still be in budget.
 

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Right, but my "want" for a wrx is due to a car that is a constant money pit. I dont want to keep the dodge i have now for another 2-3 years. Would it be the "smart" thing to do, yes, but its constantly breaking, and i constantly have to fix things. Right now it starts when it wants to, and its not a cheap fix. Id rather trade the car in, and take a bit of a loss on it, just to not to have to deal with it anymore.
Hey man. I hear you. No one wants to deal with that. But if you think buying an older car with more miles more wear and possibly driver abuse, and on top of that extending
Your debt over another 3-6 years is smart you are making a mistake. If the goal is to get out of your current car bc of the maintenance, then purchase a civic dx with 50-70k miles and save your money each month.

Now that being said maybe what you can do is look into financing a 2009-2011 or even new for a smaller amount of finance time at a better rate. Dont mortgage 10 years of your financial future for a car. In this life
Cash is king brother. The more you have the more you can do and accomplish. driving a WRX is fun. But if I could not pay cash for a car I wouldn't buy it. I understand not everyone can, but there are things you can do to mitigate your loss. Going upside down on a trade in and financing a 13000 car at most likely 7-10% for 5 years is what you're looking at. Don't do it brother.
 

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Right, but my "want" for a wrx is due to a car that is a constant money pit. I dont want to keep the dodge i have now for another 2-3 years. Would it be the "smart" thing to do, yes, but its constantly breaking, and i constantly have to fix things. Right now it starts when it wants to, and its not a cheap fix. Id rather trade the car in, and take a bit of a loss on it, just to not to have to deal with it anymore.
This is exactly how I felt and why I made the decision to trade my Jeep for a car that was a total piece of crap. It was an opportunity to get out of my payments and away from my money pit broken Jeep. The way I saw it is that even if I didn't keep the WRX I traded for, I could sell it (all profit) and find a private party sale on a car I did want and be way better off. As it turned out, I fell in love with this car and decided just to put the money into it to fix it, but at least I had options at that point. Right now you don't have a lot of options because you're stuck dealing with dealerships only for the trade in.

I like the idea of trading in your Dodge for a cheap Honda or something for now. Get the best deal you can to get out of your current situation. Drive the Honda until you're able to get into the car that's perfect for you.
 

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Are you a member of a credit union? If not I would get with them first to see what your interest rate would be. Often times it is so much less that you'll actually be able to afford something newer and still be in budget.
Im not a member, but it is an option to go through a credit union to see what they can do.

Is the caliber still under factory warranty?
No, the warranty expired 4 months ago, and the no starting started about two months ago. Funny how that works, eh?

Hey man. I hear you. No one wants to deal with that. But if you think buying an older car with more miles more wear and possibly driver abuse, and on top of that extending
Your debt over another 3-6 years is smart you are making a mistake. If the goal is to get out of your current car bc of the maintenance, then purchase a civic dx with 50-70k miles and save your money each month.

Now that being said maybe what you can do is look into financing a 2009-2011 or even new for a smaller amount of finance time at a better rate. Dont mortgage 10 years of your financial future for a car. In this life
Cash is king brother. The more you have the more you can do and accomplish. driving a WRX is fun. But if I could not pay cash for a car I wouldn't buy it. I understand not everyone can, but there are things you can do to mitigate your loss. Going upside down on a trade in and financing a 13000 car at most likely 7-10% for 5 years is what you're looking at. Don't do it brother.

Yea, to sum things up, i went and test drove the 08 today, and am waiting to hear back from the banks to see what i can do for financing. My credit score is where it needs to be, debt to income is a bit high, but everything else looks OK. Now i just have to wait and see what happens. I told the saleswoman what my HIGHEST monthly payment would be(minus 15%), so they dont try to squeeze me, and now i just have to wait to hear back.

I could get into a cheaper car, but at that point, id still need to finance, and still come out with a longer term of payments and most likely the same payment as i have now because financing on a used cheaper car with higher miles sucks.



While i realize that getting something cheaper is the "better" option, if im going to get another car to replace the caliber, i might as well get something that i will enjoy, and something that i plan on keeping for years to come, instead of buying and trading in cars every 3-4 years, which is what ive done in the past.
 

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Yeah thats a bummer that you are having issues starting so quickly after the factory warranty expired...

Best of luck to you, I hope the numbers work in your favor :)
 

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Honestly I'd say do it. The 08 will still hold some value (at least better than the Caliber lol) and in the end it will make you happier. I myself just got into my first ever car payment and I wouldn't change a thing. I see it as money is buying my happiness :)
 

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Ive looked at a few 08's online, there is a nice blue hatch, 36k miles, and their asking 19.9k for it.

My biggest stipulation is that the payment stays below 340 a month, ideally under 325.
72 months at 2.9% at a brand new 2012 base price of lets say $26,000= $342
 
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