Purchasing new or used cars, getting car loans, down payments for cars, refinancing car loans, and car insurance.

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1answer
52 views

What are the running costs of owning a car, aside from fuel?

I'm getting a car later this year and saving up for it currently. However, as a first time car owner, I am not aware of the running costs of owning a car. Aside from fuel, what are the things that I ...
2
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0answers
23 views

With the Fringe Benefits Tax, should I even salary sacrifice for a car?

In Australia, some employers offer an option to salary sacrifice a car purchase. The cost of the car is taken from your pre-tax salary, so your gross income will be less, and therefore, the tax would ...
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1answer
132 views

Can I get charged with theft for taking my car if my boyfriend signs the title?

I am about to end my relationship and am curious to how this would work. I had my boyfriend register my car under his name because I couldn't afford it at the time. I have definitely made up for the ...
3
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2answers
147 views

Is there a way to claim a car purchase in the tax return?

I purchased a car for $19K; $6K was paid upfront, and the rest is financed over 3 years. Is there a way I can deduct the car purchase in certain circumstances? This vehicle is primarily used for work. ...
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2answers
93 views

How do I determine how much I can afford for a car?

I make about $70k AUD per year before tax. I currently have $10k AUD on my car fund. What I did was put $500-700 per week on that account, depending on how much I spent on other wants/needs. Now, I ...
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1answer
181 views

4 months into a 30 month car loan, need new engine, can't sell any body parts

I just recovered from a major health ordeal, and am disabled. I'm just getting back to work, but being that I've been out so long, so finances are very, very thin. The problem is that I recently (4 ...
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7answers
2k views

Is a car loan bad debt?

I've heard people saying that a car loan is considered a bad debt, while a house mortgage is a good debt and so on. My bank is offering 1.49% interest for a 36 month loan or 2.49% for a 37-60 month ...
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0answers
41 views

Can the legal owner of a vehicle cancel a change of keeper request?

I am the legal owner of a car. I don't posses a Full UK Licence (I have a Provisional) so whilst I was waiting for my test I transferred the car to a friend (V5) which made him the registered keeper. ...
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1answer
53 views

Buying car from rental business without title

I am looking to buy a 2013 Subaru Outback from a rental car company for $16.7k. However, when I buy the car, I will not receive the title. They said they do not want to get the title and tie up ...
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13answers
11k views

Should I pay off a 0% car loan?

I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that ...
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2answers
106 views

Are there any tax advantages to having a company car over a car allowance?

I've just got a new job. Part of the deal is a car allowence or a company car. I'm planning on taking the money (I've recently bought a new car so I'm not really that interested in a company car). ...
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5answers
246 views

New car vs used: how to compare value?

When buying a car, I care only about what I'd call "pure utility": maximum usefulness for minimum dollars and trouble. I'd always heard that a new car is nearly always a worse deal than one that's ...
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0answers
52 views

Car loan - Hard inquiry and credit score hit

I recently purchased a new car. Total outdoor price is 20K. I paid 6K and financed the rest. Before I walked into the dealership, I had a preapproved loan from the only bank I applied. It was around ...
3
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1answer
122 views

Should I request an car loan before or after changing jobs?

I have a decent credit score (low to mid 700's) and I'm pretty sure I could get approved for a loan. I'll be taking a new job in a new state in a couple of weeks and I would like to get my wife a ...
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2answers
99 views

Buying car for cash or loan?

As I asked in another thread, I have job and savings of almost 50k. I am looking to buy a car, probably something used 1-3 years old so that I don't get hit by the quick depreciation on a new car. I ...
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2answers
113 views

Advice to decide on buying a newer model used car or old one

I am planning to buy a used car, as everyone seems to suggest that is more financially good decision. I am more interested in being frugal than getting flashy stuff. Going by that, this car is a ...
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10answers
8k views

Is there any reason not to put a 35% down payment on a car?

I went to the car dealership and was planning to finance a car under my brothers name, but since his credit is new AND he just financed a car 2 months ago, the salesman said it probably wouldn't work. ...
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2answers
93 views

How do used vehicle exchange programs at car dealerships work?

I've gotten numerous offers from car dealers in the past to trade in my used vehicle for a new or a [newer] pre-owned vehicle "while keeping my monthly payments the same." They also say that I can ...
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1answer
164 views

Claiming against visa rental car insurance

I'm planning on claiming against my visa cards rental car insurance benefit. For an incident using a zip-car. Will this claim affect my credit score or car insurance rates?
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1answer
103 views

Child is on the way, invest for college and car fund options - opinions

I have a baby on the way and own my own business. Because I have my own business my income is volatile every month, and don't want to count on contributing monthly for 20 years for my child college ...
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3answers
189 views

new car loan vs use mortgage loan to pay for car

We have a mortgage loan for 3.5% and just got a car loan for 1.49%. My husband thinks we should pay off the car with our mortgage loan instead of using the car loan because we can claim mortgage ...
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1answer
72 views

Extend warranty on current car or trade in for new cheaper car?

Three years ago I bought a new Mercedes GLK350 for $45,000. It gets about 19 MPG on average. It now has 49K miles on it, and the original warranty is ending. I have the option to purchase an ...
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2answers
91 views

(Arizona) Bought a car with financing, do I take it to DMV/DOT?

I bought a used car from a dealership with an auto loan they provided. They created a temporary license that they put on the back of the car and said they'd "take care of everything". Since the car's ...
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2answers
179 views

Non Resident Alien(Working full time on F1-OPT) new car sales tax deduction

I am an international student on F1(OPT) visa and working full time off-campus. I bought a car last year and was wondering if I am eligible for sales tax deduction on the sales tax I paid for the car ...
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19answers
18k views

Who can truly afford luxury cars?

I never really thought about money until one day I checked how much I made compared to the rest of America. The calculator said my household income is in the top 20%. Kind of funny to me, because I ...
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1answer
443 views

Can a dealer keep my deposit (on a non-existant car) if my loan is not approved?

I am going through the process of ordering a car. It's a factory order, so it's not like it is sitting in the lot. The dealer said I had to pay a deposit of $1000, which I did. Then I applied for ...
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1answer
59 views

Am I double taxed on a lease purchase?

I'm considering buying my car at the end of its lease. In looking at the paperwork, I paid the State of Illinois 7% sales tax on the entire negotiated value of the car, not just the portion I leased. ...
2
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1answer
142 views

Claiming car as a business expense in the UK

I am filing my tax return as a self-employed in the UK and would like to claim my car as a business expense. I have read the "Rates for cars" section of this website: ...
17
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4answers
5k views

Sales tax “trick” while buying a used car; i.e. declaring sale at lower than actual transaction value?

I am selling my car and have found a potential buyer. After I transfer the vehicle ownership, the buyer will have to transfer the vehicle title to himself, and will also need to pay sales tax on the ...
21
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5answers
6k views

If I plan to buy a car in cash, should I let the dealer know?

Is it desirable for them if I paid in full? Should I let them know or should I keep it to myself? Will I get lower prices if I was willing to pay in full?
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6answers
488 views

Pay for a cheap car or take out a loan?

I have $2,000 in total in my savings account for a car but I am starting a better paying job in three months and I will need a car to get to it. At the moment, I am biking to my current job. I am just ...
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1answer
85 views

When's 0% financing the least costly (best) option?

Kelley Blue Book counters 0% financing (For brevity, I show only each point's topic sentence): 1. 0% financing usually requires a shorter-term loan, which can require higher payments. ...
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2answers
690 views

For a car, what scams can be plotted with 0% financing vs rebate?

7. Consider paying interest Zero-percent financing is like a dinner bell; car dealers ring it and customers come running. After all, it sounds like a great deal when you consider that your ...
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4answers
355 views

Does new car from last year depreciate in value?

Not sure if this is the right area for the question but I am buying a new honda accord 2014 ex-L v6 2014 model. My question is does the value of the car depreciate because it is last years model even ...
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1answer
85 views

Optimal term/number of months for car finance or lease?

How do I choose from the many options? For example, Volkswagen Canada offers in 12-month intervals: for finance, 12 to 84 months; for lease, 12 to 48 months. Does this answer change if the ...
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3answers
455 views

Why not pay in full upfront for a car?

I assume the following 3 hypotheses, which doesn't duplicate and instead only narrows http://money.stackexchange.com/a/38838/10763, http://money.stackexchange.com/a/15812, ...
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1answer
287 views

Can there be two primary owners on a car title while only one takes out the loan?

I am 19 and getting ready to trade in my car and get another one. I need lower insurance on this car I am getting and my parents want to put me on their insurance. The insurance agent said that my ...
16
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4answers
773 views

How to make a decision for used vs new car if I want to keep the car long term?

After 1 year of working my situation changed and I found myself in situation when I need to buy car (for shopping/commuting/...). When I shopped around on web reasonably used cars (<7 years and ...
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2answers
194 views

How much do I ACTUALLY pay when I am going to buy a car?

I am an absolute noob with cars. I have no passion or experience with them, but I acknowledge that they are a great asset for life improvement in general, and I am planning to buy one soon. However, ...
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1answer
58 views

Finance car with or with out a balloon payment

A person called "Bob" is considering buying a car and financing it over 5 years. He has the option to finance the car with a maximum balloon payment of 30%. When financed the load will have an ...
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1answer
127 views

How can I find out how much a dealer would really pay for my car?

I need to sell a car. I want to sell it to a dealer. I checked the estimated price on Kelly Blue Book, edmunds.com, and clearbook.com. According to those sources, it's worth somewhere around $23,000 ...
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3answers
1k views

For a car, would you pay cash, finance for 0.9% or lease for 0.9%?

Everybody knows "buy used car in cash" is the generally accepted, financially sound decision, but let's assume one wants a nice, fresh, brand-new car. Given: Car is $30,000. All-in (inclusive of ...
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3answers
2k views

If I plan to buyout my lease car at the end, do I still pay for excess mileage/wear?

Kinda stupid question, but there are so many "fine prints" when leasing a car. Let's say I plan to buyout my leased car at the end of the 36-month term. My allowed mileage is 20,000 Km/year (60,000 ...
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2answers
272 views

How do I sell a car that was purchased with a loan?

I bought a car earlier this year, and I have been making payments on it regularly for about 7 months. However, I want to sell the car to a private party and buy a cheaper car paying cash in full. The ...
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1answer
220 views

What are the pros & cons of buying a car as a business vehicle

I am planning to purchase a vehicle in the coming months. I have a business of my own formed as a S-corp in Virginia. I will be using the vehicle to commute every day to and from work and for other ...
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3answers
468 views

How much off list price can I reasonably expect to get from a dealership on a used car?

Background: I'm looking at buying a used 2012 - 2013 Honda Civic from a dealership. This is my first ever car purchase, and with my lack of knowledge I am concerned that I will overpay in ...
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4answers
338 views

Lending money to a friend to buy a car

My friend is buying a car. She does not have money for the down payment. So I am going to lend her money. I have two options: I give her a cheque and then she pays to the dealer. I pay directly to ...
3
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1answer
226 views

How to find the right credit union?

I have 3 months left in grad school, currently with about $50,000 in student loans (most of it at 6% interest). I also need to finance or lease a used car. Suppose I select a car with a sticker price ...
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1answer
126 views

drive 100 miles per month for 3 years: the most affordable way

My wife and I live in Brooklyn, NY. I'm working and she isn't - we are waiting for a baby. We have a car-spot in our garage for free included in the rent (which is approx. 2k). What is the cheapest ...
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2answers
80 views

How to insure belongings on road trip?

I'm shipping my car with a reputable carrier across the country. I am going to put some of my belongings in the trunk. I have insurance on the car, but if I wanted to insure the items in the trunk ...