Topic: New mazda3 should I on 55k a year ?

[Shol]

Hi there Just a quesiton I am like a drive away from going out and putting dp on my new car, just wondering what you guys think. I make around 55k a year and have no kids, an rrsp loan and a line of credit, just finished paying off my braces and have also just paid off my college loans. I only pay about 650 a month rent and have lots of extra money around which I enjoy.

Do you think it's cool to spend 25k+ on finance to have a new car, or should I take a step back and get something a few years older. I really like this car and have been contemplating this for a long itme just hard to get the soul to go out and put the money down, its scary since ive never bought a brand new car..and its a scary thing for sure... Just wanted some opinions...

[EV-Light]

Shol the cool thing of owning a new car is that u can get the warranty and ur getting something new like u'll know what u'll with the car during all this time...
In your case I would buy new and keep it for 2 or 3y...u'll save money in repairs...for sure!!

[GTI-Gabe]

What about your RRSP Loan? are you carrying a balance on the Line of Credit?

What about paying those off first before taking on more debt?

Just an idea.

[ArticSteve]

Depends on how many years you have been insured to drive.  How many years have you been insured?



(Message edited by articsteve on February 01, 2005)

[Shol]

Hi there I have a small amoutn of money on line of credit and I will pay that off as I am getting money from my shares for that, and the RRSP loan is like 200 a month not a big deal...

I need to get a new car because my old one is 15 years old 1991 crx, and the body is falling apart on it.....was a bit rusty when i bought it 9 years ago.....

As for the insureance, I called my group insurance firm....and they told me that my current rate of 83.00 a month for min liability wuld goto 164.00 a month for full coverage on the mazda 3, not too bad at all.......I have no claims and no tickets in over 7 years...

Thanks for responding

[mrthompson]

Go for it....just be sure to post some pics of your new ride when you take possession.  

[ArticSteve]

Ouch, Mazda 3 financing is 5.9%

Or get this for $12,500 @ 8% PST only


(Message edited by articsteve on February 01, 2005)

[Shol]

bleh, i love my hatchbacks and I know there are lot cheaper ones out there but oh well hehe

5.9 is on the price of the car for the duration or is that per year ? (do i pay 5.9 on whats left each year, or on the full price of the car total..

[Ex-airbalancer]

buy what you feel comfortable behind the wheel in.
If it is used get an extended warrenty.
try the loan caluator on the home page to find out the amount of interest you will pay.
Also do you plan buy a house soon, because the loan will cut into the amount of a mortage you can get.

[Cableguy]

If you can afford it go for it.  We bought our mazda 3 last feb and love it.  No big problems with it. The right wiper blade doesn't work very well, so they replaced the springs on both and the passenger air bag sensor was recalled.  It is a very fun car to drive.  we have the 3 sport 2.3L manual GT with sunroof.  We ended up leasing for 4 years and with $500 down we are paying $335 a month

[Ghost]

when i was younger, and came out of school, i used the 20% rule when came time to buy my first new car.
basically i tried to keep my car payments within 20% of my gross monthly salary.

[Shol]

ok cool, i make about 3k a month after taxes so I think i fall within that bracket only comment here im worrieda bout is in the future like 3 years or so i want to buy a condo... well I will mbe making more than so lets hope that it will be ok

[Ericthejet]

You may be able to locate someone who'll pay top dollar for the rusty CRX.  Have you factored that in yet?  The Mazda would be a good choice.  Get a sheet of paper and a pencil and do the numbers on your options first and go from there.

[Ghost]

I like to highlight that the 20% guide is not an issue if you live at home and don't have to pay any bills/school debt.

Wanna know why a young kid drives around a Boxster? or an M3?

[Barrie1]

Probably because Ma and Pa bought it for him, thats my guess.

[Shol]

Well the guy who repairs my car is stelling me since it can't be certified i should try and sell it to someone for around 500 or so... so I might have osmoeone who will do that we shall see

[sirAQUAMAN64]

Shol, many factors to consider.

I was going to ask before if your car could be driven for longer, but apparently not. If you need to buy a car, you need to buy a car. Mazda3 isn't an over-the-top purchase - the base ones are superb value and are pretty dang good on their own, as are the Sports and GTs on the upper end are a great combination of style, sport, performance, room, and hopefully reliability. If a car like an Echo or Accent doesn't appeal to you, or lightly pre-owned, then might as well go for the 3.

But, that $17G car can blow all the way up to $25Gs plus tax. All depends on what your priorities are. You're young... start off your independent life wisely and freely. It's great when you're single, or younger with fewer responsibilities like family and house and pets, to be able to take trips (something I like to do), experience new things without having to worry that you can't afford it because 60% of your pay is going for transportation, go out for dinners and drinks with friends, to be able to go to IKEA and get more than just the $1 breakfast. Also, gives you more free fundage to invest or save for that house of yours.  

As I said, the 3 is a great car, and isn't excessive. But, there's lots of time ahead to get exactly the car you want too. And by saving more today, you'll get more than just a car tomorrow. If you were contemplating buying a car over $25Gs I'd be more skeptical, but from what you described of your situation I say let's get another 3 out there on the road!

[Mdxtasy]

I still don't understand why you are asking us how to spend your money Shol.  It's your money, you earn it....do what you want with it.  I can understand if you want opinions on the Mazda 3 itself but to ask a bunch of 'strangers' if you can afford it?  Odd.

[sirAQUAMAN64]

I know MDX. Thought the same. But hey, replied anyhow.

[Shol]

Was just trying to get perspective on what it's like to have a new car and pay for it and what not since I've never head to deal with it. I do agree it was kind of unconventional to post like this, but for what it's worth, the responses and opinions I have received have been great, very worthwhile and informative.

I appreciate whatever anyone has said about this, and sure as described, you are strangers, but this message board was put here for a purpose and that is the sharing of information and ideas, and I do believe fully that it has fulfilled that purpose