# Thinking about new cars



## LaserDream (Mar 12, 2017)

So I currently own a 2009 Honda Civic that is already paid off and I'm interested in getting a newer car that I would do uber with and maybe selling the Civic. Right now I'm looking at the 2016 Honda Civic touring trim, and I really want it I was thinking I could Uber off the car payments. The other thing I was thinking about was getting a SUV that can qualify for UberSelect, and UberXL but I'm not sure what to look at under that category do you guys have any suggestions for me to look into?

Edit: my Civic currently has 86,000 miles on it


----------



## G Trip (Jun 20, 2017)

From a financial perspective, absolutely positively stay with your current vehicle


----------



## pacifico (May 13, 2017)

If you don't have any debts and your car is paid off, you can just upgrade if you want, now or later when your car will have say like 120k miles, but you need to pay cash, no financing and no new car for uber only 3 to 4 years old model with low milleage, low in maintenance, that is good for ridesharing and most important a car you enjoy driving, because you are gonna expend hours on it


----------



## LaserDream (Mar 12, 2017)

I was planning on saving up a bit more before I bought anything anyways so when i got to 100-120k miles was when I thought I would be ready anyways =)


----------



## UberDez (Mar 28, 2017)

Keep your car , no reason to spend more money on a new civic that isn't going to make you anymore money. If you're gonna get a new car get an XL/Select car and don't spend more the, $10k on it . Chicago market the 2008 Volvo XC90 qualifies for everything and can be found for super cheap and they're tanks easily can get over 200k miles out of the 3.2 V6 models stay away from the V8


----------



## Mars Troll Number 4 (Oct 30, 2015)

Drive your old one until the wheels fall off.


----------



## steveracer57 (Jul 7, 2017)

If you are in this only to make money stay with your car, if you are just doing this to cover some extra bills and want a new car then get the new car. I drive a Honda Odyssey EX-L and love it. I'm drive because I like it and it's an easy way to make extra money to buy the things I like. This is not and will never be a full time job for me, but by driving I pay for all the things I would have even if I wasn't driving, car,phone, etc. plus I make a few hundred more to blow on other fun things.


----------



## RynoHawk (Mar 15, 2017)

Keep the old car. If you really, really, absolutely must have the new car then still keep the old car for Ubering and use the new one for personal use and *only* if you can afford to pay for it without Uber (i.e. your primary job). Do not count on being able to drive Uber throughout the payment term. Just my 2c.


----------



## manymancruz (Sep 13, 2016)

steveracer57 said:


> If you are in this only to make money stay with your car, if you are just doing this to cover some extra bills and want a new car then get the new car. I drive a Honda Odyssey EX-L and love it. I'm drive because I like it and it's an easy way to make extra money to buy the things I like. This is not and will never be a full time job for me, but by driving I pay for all the things I would have even if I wasn't driving, car,phone, etc. plus I make a few hundred more to blow on other fun things.


What year is your Honda


----------



## Zuper001 (Jul 18, 2017)

Hi I'm trying to find SUV black and step into business and what will be recommendations please!! 5 years driving yellow cab and totally broke,even no money for car!!!


----------



## pacifico (May 13, 2017)

Zuper001 said:


> Hi I'm trying to find SUV black and step into business and what will be recommendations please!! 5 years driving yellow cab and totally broke,even no money for car!!!


Start by redress your finances, keep away from buying anything if you don't have money, look advice, a good one and free I know is Dave Ramsey, look for him in youtube, you will know why are you broke and how to fix it


----------



## Zuper001 (Jul 18, 2017)

pacifico said:


> Start by redress your finances, keep away from buying anything if you don't have money, look advice, a good one and free I know is Dave Ramsey, look for him in youtube, you will know why are you broke and how to fix it





pacifico said:


> Start by redress your finances, keep away from buying anything if you don't have money, look advice, a good one and free I know is Dave Ramsey, look for him in youtube, you will know why are you broke and how to fix it


Thanks for the right advice,I'm thinking same but same time i need more income!!!


----------



## emdeplam (Jan 13, 2017)

Only idiots finance a vehicle. If you don't have the discipline to save don't buy new and find an employer as your own business requires even more discipline


----------



## Zuper001 (Jul 18, 2017)

emdeplam said:


> Only idiots finance a vehicle. If you don't have the discipline to save don't buy new and find an employer as your own business requires even more discipline


That's why I don't have any car!! Thanks lot


----------



## pacifico (May 13, 2017)

emdeplam said:


> Only idiots finance a vehicle. If you don't have the discipline to save don't buy new and find an employer as your own business requires even more discipline


oops! like n millions people in the us and canada only  auto debt is in about 1.2 trillion financig debt in the us as stated in this article :
*American car buyers are borrowing like never before-and missing plenty of payments, too*


----------



## UberDez (Mar 28, 2017)

pacifico said:


> oops! like n millions people in the us and canada only  auto debt is in about 1.2 trillion financig debt in the us as stated in this article :
> *American car buyers are borrowing like never before-and missing plenty of payments, too*


I don't think getting an auto loan is bad as long as you aren't being stupid about it . Find a good deal, put a few grand down , don't get bent over on the interest rate and try to pay it off early . I have financed most of my cars on 5 year loans and I usually pay them off after 2 years . I'd prefer to pay cash for all my cars but I like to keep funds I have available and having a decent loan doesn't cost much . My wife and I own 3 cars , 2 are paid off and the 3rd has a trade in value of $21k and we owe $11k on it so we at least have some equity in it

From my last few dealership buying experiences I can see how people would get sucked in to predatory loans. The car dealership though I was odd for negotiating the price and negotiating the monthly payment . They kept coming back with monthly payment numbers , I kept thinking to myself "what idiot would buy a car only caring about monthly payment costs" but then i see these buy here pay here places, and 22% interest loans it's madness. A friend of mine is a the finance manager at a big dealership in Denver and she was telling me how people who are only making $40k a year are coming in and buying 30,000 cars at 15% interest and sometimes even 22% and when they come in they don't care how much the car is they'll just say "hey I need a car payment under $500" not carrying that they're paying almost double for their car on a crazy 7 or 8 year loan that they're going to be upside down on almost immediately. It's honestly really sad


----------



## pacifico (May 13, 2017)

I think that getting ANY loan is bad, borrowing money is pay more for each dolar you make, pay $1.20 or more for $1 ? very dumb


----------



## S1L1SC (Mar 20, 2017)

pacifico said:


> I think that getting ANY loan is bad, borrowing money is pay more for each dolar you make, pay $1.20 or more for $1 ? very dumb


Not all loans are bad...

Around here rent will run you $800-1,500 for a two bedroom apartment. If you buy a house your mortgage payment will be less than that for a 3-4 bedroom. So the loan actually is cheaper, even though you are paying interest.

Same applies to cars, if your payment for a new car is less than what you are spending on repairs each month for the old one, then it might make sense for you. Same goes for used with warranty...

(Now, financing a luxury car vs. a cheap daily driver is a much different story).


----------



## pacifico (May 13, 2017)

S1L1SC said:


> Not all loans are bad...
> 
> Around here rent will run you $800-1,500 for a two bedroom apartment. If you buy a house your mortgage payment will be less than that for a 3-4 bedroom. So the loan actually is cheaper, even though you are paying interest.
> 
> ...


when you rent you only pay rent, when you buy you pay rent plus everything else attached, when you buy a new car you lost your money quickly


----------



## emdeplam (Jan 13, 2017)

S1L1SC said:


> Not all loans are bad...
> 
> Around here rent will run you $800-1,500 for a two bedroom apartment. If you buy a house your mortgage payment will be less than that for a 3-4 bedroom. So the loan actually is cheaper, even though you are paying interest.
> 
> ...


Depreciating asset versus non. Figured UP understood depreciation by now.


----------



## Titanium Uber (Mar 5, 2017)

pacifico said:


> I think that getting ANY loan is bad, borrowing money is pay more for each dolar you make, pay $1.20 or more for $1 ? very dumb


Car loans are free. 0% interest. They loan you money for free. Same price for the car if you write a check or keep your money and pay over time.


----------



## pacifico (May 13, 2017)

Titanium Uber said:


> Car loans are free. 0% interest. They loan you money for free. Same price for the car if you write a check or keep your money and pay over time.


0% interest is a lie, it is already included in their plan, financial companies aren't so that stupid, the 0% interest rate is only to release your mind and accept anything else they are gonna sell you, so you will think you did a good deal, remember objetive #1 of bussiness is profit, 0% interest is a joke


----------



## Zuper001 (Jul 18, 2017)

Titanium Uber said:


> Car loans are free. 0% interest. They loan you money for free. Same price for the car if you write a check or keep your money and pay over time.


Where's free of interest?


----------



## UberDez (Mar 28, 2017)

pacifico said:


> 0% interest is a lie, it is already included in their plan, financial companies aren't so that stupid, the 0% interest rate is only to release your mind and accept anything else they are gonna sell you, so you will think you did a good deal, remember objetive #1 of bussiness is profit, 0% interest is a joke


0% financing is only offered from the car companies them self . So GM or VW will offer 0% interest from their own financing company it really is 0% but if you came in and paid cash you'd get the car for cheaper . So while there is no interest they basically price the car slightly higher and you're not eligible for the rebate . That's why you see companies offering 0% interest of a $2,500 rebate

Usually the lowest you're going to get is 2.5% on a new car and 3.5% on a used car , a 3.5% interest loan over 60 months on a $25k car is going to make the car end up costing you just over $27k if you just make the minimum payment (which is dumb on any loan) and take the loan to term


----------



## Zuper001 (Jul 18, 2017)

UberDezNutz said:


> 0% financing is only offered from the car companies them self . So GM or VW will offer 0% interest from their own financing company it really is 0% but if you came in and paid cash you'd get the car for cheaper . So while there is no interest they basically price the car slightly higher and you're not eligible for the rebate . That's why you see companies offering 0% interest of a $2,500 rebate
> 
> Usually the lowest you're going to get is 2.5% on a new car and 3.5% on a used car , a 3.5% interest loan over 60 months on a $25k car is going to make the car end up costing you just over $27k if you just make the minimum payment (which is dumb on any loan) and take the loan to term


Thanks a lot


----------



## RealCheetahz (Jun 6, 2017)

emdeplam said:


> Only idiots finance a vehicle. If you don't have the discipline to save don't buy new and find an employer as your own business requires even more discipline


If ppl didn't finance new cars you wouldn't have any used cars to buy.. or they be 10k+what they are now if everyone paid cash. Amazing ppl like you can't see the world past your own nose. Life is NOT ONE SIZE FITS ALL, same thing with buying a car. Same model does not work for everyone. Good gosh, seriously. Imagine if no one anywhere paid finance charges or borrowed any money? What would your 401k and other savings investments do.., absolutely nothing.

Borrowing money is not a bad thing, it's borrowing more than you can afford and having no backups..


----------

