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Old 09-01-2012, 03:35 PM   #1
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With winter coming soon, my car won't get driven and by the time springs comes around I'll be leaving for over half a year, just in time for winter again... Was supposed to go away all winter and it would've worked out perfect but that changed... I don't like the idea of my car just sitting there for a year and a half. Especially since I don't have a garage or anything. I hate the idea of selling my beautiful car which has quite a bit of money into it, but don't like the fact that I'll be making payments for a year and a half w/o ever getting to drive it. Especially when that's money I could be saving. I'd be saving almost $1000+/mo including car payment, insurance and gas which is a lot! That's easily over $12,000 I could save in that time. Figure, if I save at least $10k plus come home with another $30k while I'm away. Well, it doesn't take a math teacher to figure that out. And I should be in time for the 15 Mustang at that point. Plus, at 24, I do need to start thinking about my future, such as a house and all that good stuff that comes with it.. But, looking at it another way, I could completely pay the car off in that time also and put the car in a storage garage while I'm away. What's your guys thoughts on this? What should I do?!
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Old 09-01-2012, 03:42 PM   #2
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Re: Opinions?

sell it and never look back...it's just a car and there's always another down the road
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Old 09-01-2012, 03:50 PM   #3
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Re: Opinions?

If you try and sell it you're going to either lose out big or it will take a while to get someone for the right price. Hold onto it and test the waters for a sell. I won't be parting with mine though unless some emergency comes up.
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Old 09-01-2012, 03:59 PM   #4
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Yeah, would definitely take a loss I'm sure. Which wouldn't be cool.
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Old 09-01-2012, 04:16 PM   #5
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Re: Opinions?

Sell it and take the loss. Cars depreciate, unless you plan on keeping it for over 20 years. If you're not going to drive it for more than a year, you might as well bank that money. $12k down on a house would be a great idea. Besides, there's not much point in paying for something you're not using.

The real question is whether or not you can bank that much without spending it. If you can leave the money alone and let it build, that's the best decision possible.
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Old 09-01-2012, 04:19 PM   #6
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Do not give up that beast!!!! If you don't drive it for a year then you're not going to be putting any miles on which will lessen your depreciated cost and also you will have enough to pay off the car by then so that just one more thing you can check off the list
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Old 09-01-2012, 04:30 PM   #7
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Quote:
Originally Posted by Blue2013
Sell it and take the loss. Cars depreciate, unless you plan on keeping it for over 20 years. If you're not going to drive it for more than a year, you might as well bank that money. $12k down on a house would be a great idea. Besides, there's not much point in paying for something you're not using.

The real question is whether or not you can bank that much without spending it. If you can leave the money alone and let it build, that's the best decision possible.
I'm very good at not spending. I'm the type of person who goes shopping and then comes out with nothing because I don't want to spend the money, every time lol. The only non essential stuff my money goes to is my car. So without that, I don't have anything to spend my money on.
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Old 09-01-2012, 04:36 PM   #8
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Re: Opinions?

I would sell. Tough choice but you will save a lot of cash and not have to worry about it sitting.
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Old 09-01-2012, 04:36 PM   #9
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Re: Opinions?

Downpayment for a House and same amount of money available for new car payment?

Old car and banking money toward a house you'll get later?

In one scenario, you have a house and a new car. In the other, you just have an old car. (Granted, it's a very nice old car, but it will be older than what you could have been driving and you will have to wait on buying a house.)

The loss you take when selling it now will be smaller than the loss you take when selling it or trading it in later.
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Old 09-01-2012, 04:40 PM   #10
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Keep it. If your thinking about getting a house settling down, ect... Then having a paid off car would be a huge step IMO
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Old 09-01-2012, 05:00 PM   #11
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A lot of mixed opinions on here which is nice. It's not an easy choice. I love my car but I could really save a lot w/o it and have money for a 15 or put to a house or whatever. Tough choice. I got a little while to make up my mind
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Old 09-01-2012, 09:43 PM   #12
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Re: Opinions?

Im 24 and bought my house first, mortgaged at 330k last may, now its worth over 380k. I bought my stang in march this year for 33k its probably worth 28 now....with only 4k miles...

Sell your car, at a loss, invest that money while your gone and earn interest on it, go make more money, come home and get into a house so you start building personal equity. Once you have the responsibility of home ownership you can understand what you REALLY can afford which im sure will be a GT.

For this advice all i ask is for your magna comps and quad tip exhaust. After hearing youtube vids i no longer want roush.
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Old 09-01-2012, 10:49 PM   #13
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Lol stig.. Good points btw but it would be hard to part with my baby. I've put so much into her to just sell it. Haven't even had it a year yet. We'll see what I decide though. I've got some time.
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Old 09-01-2012, 11:14 PM   #14
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Im 21 i bought a house this past dec. After i got the first bills it helpd me to know my budget. i felt.like it was the best rout.
The other thing you have to think about is if your credit is good enough to buy house and then turn around and buy a car. Just somthing to keep in mind
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Old 09-02-2012, 01:20 AM   #15
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Having a paid off car just means you can drop that pesky full coverage insurance and you won't be getting that payment every month. Put it to the house or whatever your thinking of. Least that's what I would do. Selling it being this new would be just dumb to me. It's too new and not your DD so it's practically still a brand new modified street machine. And who wouldn't want one of those? You also need a back up car just in case js. That's why we have a seven car garage lol
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Old 09-02-2012, 06:21 AM   #16
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Re: Opinions?

What about the Versa?
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Old 09-02-2012, 07:19 AM   #17
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Re: Opinions?

Quote:
Originally Posted by Whitelightning View Post
Having a paid off car just means you can drop that pesky full coverage insurance and you won't be getting that payment every month. Put it to the house or whatever your thinking of. Least that's what I would do. Selling it being this new would be just dumb to me. It's too new and not your DD so it's practically still a brand new modified street machine. And who wouldn't want one of those? You also need a back up car just in case js. That's why we have a seven car garage lol
Let's say for example this is a 5-year loan on a '12.
That means the car won't be paid off until 2016, at least.

By 2016:

He could make $12k by 2014 by selling a car he won't be driving.
In 2013, he could build his credit rating and score. (Better scores mean lower interest rates and better deals on loans.)
In 2014, he could buy a house and build equity and credit. (That's 2 years of equity by the time the car would have been paid off.)
He could also buy a car in 2014, (assuming the house payment would be the same as his current rent or at least affordable without touching the car payment).

or

By 2016:

He could make payments on the car until 2016.
The downside is that he won't even be able to drive the car for a year.

or

By 2016:

He could make $12k by 2014 by selling a car he won't be driving.
In 2013, he could build his credit rating and score. (Better scores mean lower interest rates and better deals on loans.)
In 2014, he could buy a GT, Boss, or maybe even Shelby with $12k (or more) down.


Credit and money in the bank is far more valuable than a fast V6.
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Old 09-02-2012, 09:20 AM   #18
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Re: Opinions?

Believe me when I say:"""A house is more important then any car ever made"""

When you do get your house be sure to get one with at least a two car or three car garage and no less then two bathrooms.

If I were you I would sell the car now and start saving money. I would think different if you were still going to be driving it but you will not be. Right now you have no garage and renting a storage unit will cost more money. You won't want to drop the insurance if it is in a storage unit just in case of fire or thieves etc.

Sell it, Pay off your loan, save what you were paying for your payments and insurance. When you are finished with school and are working you need to find a house first. One you will be able to afford and want to stay in forever."Remember" Two or three car garage. After that you can get another Mustang. If you don't like the 2015's you can pick up another 2012 or 2013 and start your modding all over again.
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Old 09-02-2012, 09:35 AM   #19
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Sounds like some people in this thread had some mommy/daddy help... If you're not that lucky, sell your car and save the money. The mileage doesn't affect it nearly as much as the age. If you're looking at a year and a half of it sitting, you might as well put her up now and see if you get some bites.

Of course, investing is a crapshoot right now too so...
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Old 09-02-2012, 11:30 AM   #20
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Hope the daddy comment wasnt for me.
iv been working 2 jobs for a while now
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Old 09-02-2012, 11:36 AM   #21
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Re: Opinions?

Quote:
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Hope the daddy comment wasnt for me.
iv been working 2 jobs for a while now
I think he was referring to the people that don't realize the value of having $12,000 in the bank.
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Old 09-02-2012, 11:54 AM   #22
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Lol gotcha. Just took offense quick. Bc it was hard to do it without parents helping with anything in life
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Old 09-02-2012, 12:02 PM   #23
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Quote:
Originally Posted by curtin1991
Lol gotcha. Just took offense quick. Bc it was hard to do it without parents helping with anything in life
Exactly. But I myself have been on my own for about two years now and I still got the car and such. I think of my parents as roommates. But 12k is a lot. You can almost buy any Kia for that lol
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Old 09-02-2012, 12:28 PM   #24
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I agree . 12 is a good bit . I wouldent use that much as a down payment though id put it back for appliances and stuff u need when getting oht on ur own. It adds up quick
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Old 09-02-2012, 02:47 PM   #25
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Well I'd have $10-15k I'd save from the car plus another $25-30k from the deployment. Which is a nice chunk of change. I would like to get a house but not yet. I've got a good deal now on my living situation so want to save as much as possible while I can. But eventually me and my gf would like to get a house. Plus, I've got the VA loan I can use on the house. But NY is super expensive. Anyone from the city or long island will tell you. It's got to be the most expensive area to live in the states so I would like to move. It would be tough to sell my car though, especially when I know I'd be taking a big loss. But I want to keep my options open and get lots of opinions. I appreciate everyone pitching in.

---------- Post added at 03:47 PM ---------- Previous post was at 03:44 PM ----------

Quote:
Originally Posted by the_stig
What about the Versa?
The Versa's paid off so not worried about that. I could sell and maybe get a new DD, something a bit nicer but it does the job for now. It's very roomy inside with great trunk space. But doesn't have any comforts/amenities which would be nice to have in a car that gets driven so much.
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Old 09-02-2012, 07:16 PM   #26
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If you can minimize the loss on your car I would let it go then when you get back make your decision on what's next. A lot can change between now and then.

It's easier to buy a house first then finance the car. No reason why it I just the way it is. Learned that while studying finance and taking a real estate elective course.
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Old 09-02-2012, 11:31 PM   #27
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Quote:
Originally Posted by JAC20
If you can minimize the loss on your car I would let it go then when you get back make your decision on what's next. A lot can change between now and then.

It's easier to buy a house first then finance the car. No reason why it I just the way it is. Learned that while studying finance and taking a real estate elective course.
Verry true!
and i think its bc without the car he will have less debt to income ratio.
And its easier to get approved for a car than a house. Also dont apply for any credit cards or let anyone run youre credit until you buy youre house. Good luck.
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Old 09-03-2012, 12:14 AM   #28
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Re: Opinions?

Actually, any time you let someone run your credit and you dont buy something, it lowers your credit rating. So, don't get a credit check unless you're sure you're going to buy something. They give you a short term stop-gap in which it doesn't affect you before buying, but if you run around every month getting a credit check for different cars/houses/etc, your credit score will plummet. Credit scores are the stupidest things I have ever seen.
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Old 09-03-2012, 04:19 PM   #29
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Re: Opinions?

They are stupid, The more you owe the better your score.

If you have 12 credit cards and don't use but two of them. If you cancel ten of them your whole credit score will go down the toilette so far you can never get it back.

If you take those same ten credit cards and max them all out your credit score will actually go up a lot.

Take that money and claim to be bankrupt and in a couple of years you can actually start getting those ten credit cards back and owe nothing and you will again have a great score.

I stay in debt so I can always have good A good Credit score.

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Old 09-03-2012, 04:48 PM   #30
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At 24, you'll have menu more cars in your future. I'd sell it and free yourself up for some saving.
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Old 09-03-2012, 05:04 PM   #31
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Re: Opinions?

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They are stupid, The more you owe the better your score.

If you have 12 credit cards and don't use but two of them. If you cancel ten of them your whole credit score will go down the toilette so far you can never get it back.

If you take those same ten credit cards and max them all out your credit score will actually go up a lot.

Take that money and claim to be bankrupt and in a couple of years you can actually start getting those ten credit cards back and owe nothing and you will again have a great score.

I stay in debt so I can always have good A good Credit score.


WRONG!!!

It's better to have 12 cards and use only 10-20% of each of them! Maxing them out hurts your credit!

Credit scores are more complicated than that. There are MANY factors involved.

Here's the gist:

ALWAYS make your payments on time or early.
Only use 10-20% of your limits on credit cards, if possible.
Use multiple cards. Remember that your score is based on cards you actually use.
Your credit history spans across 7 years.
The total amount of credit you have total minus the total amount of credit you owe, compared to your gross income, plays a big part in your ability to get loans.
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Old 09-03-2012, 05:32 PM   #32
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Quote:
Originally Posted by Blue2013

WRONG!!!

It's better to have 12 cards and use only 10-20% of each of them! Maxing them out hurts your credit!

Credit scores are more complicated than that. There are MANY factors involved.

Here's the gist:

ALWAYS make your payments on time or early.
Only use 10-20% of your limits on credit cards, if possible.
Use multiple cards. Remember that your score is based on cards you actually use.
Your credit history spans across 7 years.
The total amount of credit you have total minus the total amount of credit you owe, compared to your gross income, plays a big part in your ability to get loans.
Verry true! This post will get u a good score lol. Also if tou have a card without a balance it can hurt you when trying.to get a credit card or loan. < may have beeb stated already.
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Old 09-03-2012, 07:04 PM   #33
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Re: Opinions?

For those who think maxing out his credit cards and claiming bankruptcy will work, WRONG! He is in the military, they will throw him out for not paying his bills and will take his money until he is tossed out.

Two things you lose money on, 1) Car and 2) Ex-Wife. Car Depreciates and Ex-Wife Appreciates the money you will be paying her.

SELL IT OR LET YOUR GIRLFRIEND OR PARENTS TAKE CARE OF IT.
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Old 09-03-2012, 10:49 PM   #34
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My simple 19 year old brain thinks of credit cards like this. The more you use them and pay back the better your credit score is and you just spend more and pay back. Kinda like leveling up in say, a video game. The more you pay back on time the more they allow you to use and you build credit slowly. When I worked in the grocery business, people would buy 3-600 in groceries and use a credit card. That's how I leaned why. Correct me if I'm wrong or off.

About that sweet car. My opinion has changed on it. Minimize your loss on it or let your gf or parents baby it. I mean if your paying for it let someone close to you like them drive it. Then again, 12k plus deployment money is nice. I'm just thinking, back up car. I bought a $1000 pos mud truck for my backup/ toy. I was just raised to always have a plan B. just my new two cents.
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Old 09-04-2012, 05:18 AM   #35
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Re: Opinions?

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My simple 19 year old brain thinks of credit cards like this. The more you use them and pay back the better your credit score is and you just spend more and pay back. Kinda like leveling up in say, a video game. The more you pay back on time the more they allow you to use and you build credit slowly. When I worked in the grocery business, people would buy 3-600 in groceries and use a credit card. That's how I leaned why. Correct me if I'm wrong or off.

About that sweet car. My opinion has changed on it. Minimize your loss on it or let your gf or parents baby it. I mean if your paying for it let someone close to you like them drive it. Then again, 12k plus deployment money is nice. I'm just thinking, back up car. I bought a $1000 pos mud truck for my backup/ toy. I was just raised to always have a plan B. just my new two cents.
Most people use credit cards for reward points...i.e 1% cash back. They pay off the balance every month. I have 1 credit card and use it only for gas/internet purchases and at the end of the year theres enough for a free tank of gas. Credit cards hurt businesses, they can charge around 3% to the retailer, makes everything more expensive for all of us.

All my broke friends think credit card activity and slowly paying off balances is the key to good credit meanwhile theyre in debt and still living with their parents...want to get approved for a mortgage or car loan?....nothing beats cold hard cash in your account, a regular income, and no loans. I have a $2000 credit card limit, i refuse to take on any other debt than my mortgage and interest free car loan. Having high credit card limits and credit lines gives people a false sense of financial security, and the same thing with "credit scores". Worry about retirement savings and having emergency money and a small stock portfolio and ignore the credit crap.
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