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RX-8 Broke Down, Whats My Next Car?


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Whatever car you decide to buy, Lets talk for a minute on how you are going to pay for it.

 

If you need to finance....

 

Shop for the right credit. Comparison shop using resources like bankrate.com and see what low rate you can get approved for. Keep in mind, low rate used car loans from major lenders will limit the car to under 100K miles and under 5 years old and purchased from a franchise dealer. That being said I got a loan on my audi at 1.99% from BofA back in 2011 that I bought from a BMW dealer. I also got approved for a 2.49% loan from PenFed a couple of years ago for a 10 year old under 100K car that I did not buy.

 

You don't want to open too many credit lines, so choose wisely. Once you have the approval letter you can start to shop. If the dealer that that you are buying from has a finance department you can have them run it as well. Car dealers make money off the credit they sell you, so their incentive is to sell you the highest interest rate they can reasonably justify. If you have been pre-approved for a low interest loan the dealer is required to be able to match it (at least in NY, is that true in Ohio?). Why is that important? well, dealers might give you more off the car if you take their financing as opposed as third party financing which is just like a cash purchase for the car. The dealer makes more profit off the interest so you might come out ahead if you are saavy with the math by taking a lower purchase price with a higher interest rate.

 

When having a finance discussion with the dealer, avoid the "four square" conversation. Read this:

https://www.consumerreports.org/consumerist/dealerships-rip-you-off-with-the-four-square-heres-how-to-beat-it/

 

If it is cash, and a specialty car (VW GTI, Miata, wrx, etc) then have a PPI done on the car by either the dealer or a reputable repair shop. It's cheap insurance plus it gives you a punch list on known issues to fix as you go.

 

good luck.

 

Great info. It's kind of surprising how many people fall for the typical salesman BS

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What about a Subaru? An older WRX could be had for half your budget, has awd (so practical year round) and can be quick. Just, when you get one replace the timing belt and throw in some mls head gaskets and don't worry about it lol.

 

DISAGREE haha

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You don't want to open too many credit lines, so choose wisely. Once you have the approval letter you can start to shop. If the dealer that that you are buying from has a finance department you can have them run it as well. Car dealers make money off the credit they sell you, so their incentive is to sell you the highest interest rate they can reasonably justify. If you have been pre-approved for a low interest loan the dealer is required to be able to match it (at least in NY, is that true in Ohio?). Why is that important? well, dealers might give you more off the car if you take their financing as opposed as third party financing which is just like a cash purchase for the car. The dealer makes more profit off the interest so you might come out ahead if you are saavy with the math by taking a lower purchase price with a higher interest rate. .

 

good luck.

 

Not necessarily anymore. A few banks still do this, but they’re rates are much higher than most. The majority of banks, especially credit unions, have gone with a simple flat-rate dependent on credit scores. No more marking it up to make a profit. I do agree with getting pre-approved beforehand to cover your back from any surprises and you’ll have a better idea of what price range you should be in.

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  • 2 weeks later...
well NOW who are they going to sell them to? Teenage girls just don't get their parents to buy them v6 mustangs like they used to

 

The smart parent gets the roaring V8 but then adds a tune that makes the speed limiter kick on at 66 or 71 MPH. Ha...

 

Kidding aside, I've actually did that on request for a guy couple years ago. One guy rebuilt a wrecked 01 Cobra with his young son from age 11 to 16, teaching him how to work on it, and it was a pretty stout head/cam n/a build from what I remember. And the son got a 126 MPH speeding ticket racing a friend the first day he got his license at 16. Dad called me the day after the ticket and said he wants two tunes...one tune to make the car run like a dream up to 65 and at 66 MPH, have the car fall flat on it's face. And then he wanted another tune for when HE borrowed the car and have the speed limiter turned off entirely. lol

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well NOW who are they going to sell them to? Teenage girls just don't get their parents to buy them v6 mustangs like they used to

 

You can program the cars to max out at a certain speed. 45/55/65/80 mph.

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