what would you do? (accident story) - pics on post #32

[renn]

here is my situation.

long story short, i rear ended someone and totaled my car. you could could call it bad luck or being in the wrong place at the wrong time but at the end of the day i am still at fault and my car is totaled with no collision insurance.

i am 20, i pay for all my **** on my own but still make enough where i could handle a $250 monthly car payment. i have about $4k or so in cash, and another $1500 i'll probably make off of parts from my totaled car.

if you were in my spot, would you spend the $4-5k on a beater or use it as a down payment on a ~$10k car and finance the rest. i can get around $250 a month for this for 24 months if i go this route, and like i said, i can afford it. the only things holding me back are that i would need to buy collision for a financed car which is going to cost $$$ with my policy now and that i might get in another stupid accident.

the worst part is the car was up for sale so i could buy an s2000 which is pretty much my dream car and i finally would have had money for a clean one, but now i am back where i started a year ago. if i financed a car it would probably be an s2k.

[evomike]

Put the 4 down on a $15k or less s2k and with a decent interest rate you shouldn't be far off where you'd like to be.

[renn]

hopefully, a: my APR isn't that much higher than 4 or 5 percent with my credit score, and b: i can get a loan. my credit is decent but not great by any means. although at my age i guess no ones really is.

i would probably be looking at an AP1 s2k with higher miles, trying to negotiate whatever i find down to like $10 or 11k if that's the route i go.

[ambitiousCK]

Go for your dream man, if you can afford it

[Chris B.]

Check your PM, I heard about one somewhat low mileage AP1 for sale near me recently.

[300zx_tt]

the ep3?...... go s2k dude put the cash down and finance the rest good luck

[CleanNeon98]

If you can make enough to afford an S2000 props to you. If you can make enough to afford an S2000 and will hardly have **** left for anything else, maybe you should reconsider. Also consider that you're now 20 with an accident record and are jumping into a sports car. Insurance companies will be more than happy to rape you.

[jpalamar]

Your insurance will cost as much as your payment at your age. Get something cheap but nice until you turn 25. No car payment = lots more mod money...

[dudewheresmycar]

i would just wait.lets say you put down 5k on a 12k s2k.you sign a 2 year payment plan.......4 months later, you get into another accident where your at fault,then that 5k goes down the drain,correct? if thats the case, i would just get another miata or maybe save up a more and try to get an m3 vert(e36) or just a regular e36 vert. i dunno....

[461_SS]

Get a car that isn't expensive. Save the money for other things because who knows what might come your way. Insurance companies will rape you. Age 20 + an accident + 2 door sports car = Big bucks! Its just not worth it. You are better off waiting till you are older.

[renn]

Originally Posted by CleanNeon98

If you can make enough to afford an S2000 props to you. If you can make enough to afford an S2000 and will hardly have **** left for anything else, maybe you should reconsider. Also consider that you're now 20 with an accident record and are jumping into a sports car. Insurance companies will be more than happy to rape you.

i do make enough to afford an s2000, and even pay for the insurance it would bring, and have money left to put away. i'm just afraid of something happening down the line a.k.a another accident or my financial aid for college runs out. at the same time though i'd be afraid of buying a beater and having it sh!t out on me and having to put $$$ into that.

i actually have an accident just about to be erased from my record since it's 3 years old. that is only what i recall from memory someone please correct me if i'm wrong.

but if that is the case, hopefully my insurance doesn't go up a lot because of the accident itself. although no doubt it will go up a bunch if i buy an s2 and the comprehensive insurance i'd be stupid not to get with a car that valuable. and would be obliged to get if i got a loan for the car.

Originally Posted by jpalamar

Your insurance will cost as much as your payment at your age. Get something cheap but nice until you turn 25. No car payment = lots more mod money...

i'm going to run a few quotes and see where i end up. although since i've become aware even with my decent credit i would need a cosigner for an auto loan, it might be a possibility to register my mom as the primary driver of the car. although we're on different policies and companies so i'd have to figure that out.

i don't want mod money, the most i would i would do to an s2000 would be coilovers and wheels since i've been offered a set of coilovers for close to 50% off MSRP by a rep from the manufacturer, and wheels are pretty easily resellable.

i'd be happy to leave the car stock though.

Originally Posted by dudewheresmycar

i would just wait.lets say you put down 5k on a 12k s2k.you sign a 2 year payment plan.......4 months later, you get into another accident where your at fault,then that 5k goes down the drain,correct? if thats the case, i would just get another miata or maybe save up a more and try to get an m3 vert(e36) or just a regular e36 vert. i dunno....

m3's aren't my kind of car. never been a fan other than the e30. another miata is a possibility but if i decide it really is a bad decision to get an s2000, i'll probably end up with a jeep or a truck.

Originally Posted by 461_SS

Get a car that isn't expensive. Save the money for other things because who knows what might come your way. Insurance companies will rape you. Age 20 + an accident + 2 door sports car = Big bucks! Its just not worth it. You are better off waiting till you are older.

it's a tough question whether it would be worth it or not, but all the responses in this thread have helped. it really comes down to the ease of getting a loan and how much the insurance companies are going to raise their premiums for a sports car + an accident.

having the car paid off in two years would really help my credit score, and i don't think the car will depreciate that much if any more than a 4000 dollar beater which would be nice to own after i get out of college.

[mcperson2k]

Lease a Yaris, and keep saving.

[enigma]

If you can't pay for something up front, right now, then no, you cannot afford it it. There is a difference between being able to afford something, and being able to finance something. Buy what you can afford now, and save your money towards a car that you really want, as opposed to a passing fancy.
Get a beater car that is proven to be reliable, have low maintenance costs, and it easy on gas. The more you save for a car now, the better your car will be later.

[FocusDude]

Originally Posted by jpalamar

Your insurance will cost as much as your payment at your age. Get something cheap but nice until you turn 25. No car payment = lots more mod money...

I agree. I bought the Focus new thinking it was a econobox and insurance had to be cheap. Car payments were $304, and insurance broke me at $364. Thank gawdz I still lived at mom & dads place at the time so all I had to worry about was car expenses.

Just confirm you insurance rate before buying financing something.
If you can afford then go for it.

[ambitiousCK]

Originally Posted by FocusDude

I agree. I bought the Focus new thinking it was a econobox and insurance had to be cheap. Car payments were $304, and insurance broke me at $364. Thank gawdz I still lived at mom & dads place at the time so all I had to worry about was car expenses.

Just confirm you insurance rate before buying financing something.
If you can afford then go for it.

$364/ month? wtf? speeding tickets, DUI, rape charges? lol im only paying around $300/month for the STi. I have a semi-clean (one speeding ticket that carried no points) driving record and still pay a lot but not nearly as much as that lol. It's full coverage by the way...

[white boy]

its easy for everyone to tell you to go finance a car when it is not them.... Car payments suck!!!!!!!

[ambitiousCK]

Originally Posted by white boy

its easy for everyone to tell you to go finance a car when it is not them.... Car payments suck!!!!!!!

this is true but with the right loan it can be decent depending on your income, i only pay $250/ month for the STi.

[white boy]

Originally Posted by ambitiousCK

this is true but with the right loan it can be decent depending on your income, i only pay $250/ month for the STi.

I am not questioning the amount of the car payment, just the fact that you have to make payments every month for atleast 36 months.. IMO i just hated it when i used to do it.... Its alot easier to get rid of a car if your not in debt to it.. And like most people are, we want to upgrade to a new car before its paid off and most times its hard to flip the loan or get it paid due to vlaue being less then the loan amount.. Its just how i feel, we all know there is not a correct answer to Renn's question, just good advice and personal opinions

[ambitiousCK]

Originally Posted by white boy

I am not questioning the amount of the car payment, just the fact that you have to make payments every month for atleast 36 months.. IMO i just hated it when i used to do it.... Its alot easier to get rid of a car if your not in debt to it.. And like most people are, we want to upgrade to a new car before its paid off and most times its hard to flip the loan or get it paid due to vlaue being less then the loan amount.. Its just how i feel, we all know there is not a correct answer to Renn's question, just good advice and personal opinions

not debating man just giving examples

[enigma]

I love the "only" spending 500 a month on a car and payments. Not like thats a good bit of cash or something.
To put things into perspective, I pay a little more than 200 a month for the following
2001 Dodge Dakota, 1993 Honda civic, 1991 Eagle Talon, 1996 F250, 2005 HD Sportster, 2006 GSXR 750. All but the Gixxer i own outright, the honda is a daily beater that i don't give two ****s about, the ford is a work truck, the dakota is a long term project, and the talon is my fast car.
Not saying you need to have that many vehicles, but making payments sucks. If you buy something outright, you never need to worry about selling it if you loose your job, budgeting for other expenses, or anything like that.
I'm unemployed right now, and have no worries about getting anything repo'd, or having to make payments on anything, other than the gixxer.