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

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40
votes
13answers
10k 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 ...
2
votes
2answers
78 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). ...
13
votes
5answers
223 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 ...
0
votes
0answers
38 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
votes
1answer
83 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 ...
1
vote
2answers
86 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 ...
1
vote
2answers
106 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 ...
18
votes
10answers
7k 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. ...
0
votes
2answers
54 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 ...
7
votes
1answer
162 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?
0
votes
1answer
102 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 ...
0
votes
3answers
146 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 ...
0
votes
1answer
69 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 ...
0
votes
2answers
87 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 ...
0
votes
2answers
158 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 ...
87
votes
19answers
17k 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 ...
2
votes
1answer
315 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 ...
1
vote
1answer
55 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
votes
1answer
129 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
votes
4answers
4k 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
votes
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?
4
votes
6answers
411 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 ...
0
votes
1answer
84 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. ...
3
votes
2answers
669 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 ...
1
vote
4answers
284 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 ...
1
vote
1answer
79 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 ...
4
votes
3answers
439 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, ...
0
votes
1answer
212 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
votes
4answers
752 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 ...
1
vote
2answers
185 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, ...
0
votes
1answer
55 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 ...
1
vote
1answer
122 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 ...
5
votes
3answers
912 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 ...
2
votes
3answers
1k 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 ...
3
votes
2answers
257 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 ...
-1
votes
1answer
197 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 ...
5
votes
3answers
437 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 ...
3
votes
4answers
319 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
votes
1answer
224 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 ...
1
vote
1answer
125 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 ...
0
votes
2answers
77 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 ...
0
votes
3answers
601 views

Should I sell or keep the BMW car

I bought a RED 2009 BMW from an auto mall in 2011 Jan for $30,000 when it was around 32K mileage. It is now around 81K mileage and I still have a loan of $15,000 on it for 2.5 yr more. I see its ...
-1
votes
1answer
142 views

Car taken out in a dealer

I purchased a car from a dealer. The car is for my use. I have my father as the first signatory. I have co-signed for him. I am making the payment for this car. Can I remove my dad's name and have my ...
0
votes
0answers
27 views

Why does the Lessee pay Additional Registration Tax / Fee on Leased Vehicle as “For Hire?”

Vehicle Registration Renewal has (in Florida, USA - rates differ by state): (6) MOTOR VEHICLES FOR HIRE.— (a) Under nine passengers: $17 flat, of which $4.50 shall be deposited into the General ...
2
votes
1answer
287 views

Is the Chrysler extended warranty coverage worth it?

Is it suggestible to take Chrysler bumper to bumper lifetime insurance? I bought a Jeep Cherokee 2014 and initial warranty info looks like this. Warranty Basic - Miles:36,000 Basic - Months:36 ...
0
votes
1answer
95 views

I have a 2003 Dodge Caravan with 36,000 on it . Auto repairman says age of car means more repairs

I've recently bought another new battery, new tires, new brakes, replaced sway bar links and bushings. Auto repairman says the age of the car is starting to take it's toll, even though I only drive ...
0
votes
2answers
312 views

How does an insurance policies Six Month Premium work?

So, I'm wondering... How does an insurance policies Six Month Premium work? Say full coverage would cost me $200/month and liability would cost me $100/month, but I decided to get full coverage and ...
1
vote
2answers
206 views

Tax on insurance payment due to car deemed as total loss?

What is the the IRS's view on insurance payment for a car that was deemed a total loss? Is the state tax for each state in this scenario the same? Or, do different states have different approaches? ...
5
votes
2answers
603 views

Why does my insurance premium go up when I remove my wife?

I was messing around with my insurance policy to see if I could get my premium to go down a little bit, so I was just curious; How much is my wife making my premium go up? As it stood, my premium ...
1
vote
2answers
237 views

Comparing keeping old car vs. a new car lease

I'm considering replacing my current car with a new leased car. I'd like to compare the total cost of ownership of keeping my car for three years vs. leasing a new one. I'd also like a sensible ...