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

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10
votes
7answers
6k views

Paying $1000 a month to keep a car in New York City

I am 25 working in New York city making ~117k a year. After tax and various pre-tax deductions, (mta fare etc) my take home is just shy of 6k a month. I pay $1875 in rent a month for a nice ...
0
votes
0answers
64 views

I'm owed the title of my vehicle [closed]

I paid the final payment with a personal check that said final payment. The dealer cashed the check, but now says I owe more money. What can I do about getting the title to my car?
3
votes
4answers
173 views

Higher auto insurance costs: keep car or switch to public transit?

In the next couple months, my personal situation will change leaving me with an important decision to make vis-a-vis my vehicle and modes of transportation. My current situation: living in the ...
3
votes
3answers
73 views

Trade in car or perform maintenance?

Would it be financially beneficial to trade in a car and buy a used one every 3-6 years instead of keeping one and performing maintenance tasks on it. My thought on it is that I would be able to skip ...
0
votes
1answer
61 views

I signed on as the co-signer on a car loan and somehow ended up being the primary name on the account

Okay. I know a person should never co-sign for anyone. I always have. This is why I feel so stupid but I signed on to a car loan 4 or 5 months ago for my ex. I was against it but the fact she was ...
2
votes
1answer
46 views

How Should I Go About Buying a Car? (College Student)

I am an independent student who's about to start his second year in college. As I begin to consider things like internships and other important businesses in my life, I realize that I need to get ...
1
vote
1answer
79 views

Should I car share or buy a car?

I recently got a job that pays 25k€ a year (I get 1.5k€/month after taxes I live in a heavily taxed country). My company will pay me my master's and engineering degree that I begin in september at ...
4
votes
2answers
175 views

Should I get a car loan before shopping for a car?

I'm looking to buy a used car* for the first time in my life. I already know the price range I'm looking at (Under $10,000) and the loan term I'd prefer (5 years) and the down payment I'm willing to ...
62
votes
14answers
19k views

Paid cash for a car, but dealer wants to change price

My son recently graduated from college, and he and his wife went to buy a car. They never discussed financing with the dealer. They agreed on a price, went to the bank and brought back a cashiers ...
3
votes
3answers
267 views

I plan to buy a car soon and I have the cash. Should I use my credit cards to pay for them?

I have enough cash to pay off a car I'm planning to buy. However, instead of using cash on a debit card, I thought of using my credit cards instead so I can earn points on them. Are there any ...
0
votes
1answer
107 views

should I save more money to purchase a Used car or borrow from my office?

please suggest me should a save more money to purchase a used car or borrow money from my office where I work. I have half of the amount that costs the car I want to buy. kindly suggest me. PS my ...
1
vote
4answers
115 views

Pay off car or use money for down payment

I have a 3 year old car that has a blue book value of around $14k. I owe $7k on the car still w/ 2 years left to repay. I'm thinking about trading it in (need AWD... too much snow in Chicago the last ...
3
votes
1answer
453 views

Buying user car from sibling with totaled amount from Insurance and sibling buying a new car

My car got totaled by my insurance company and I will get a check for about $8500. I plan to give that my money to my sister and take her car. My sister plans to buy a new car with that amount as a ...
3
votes
1answer
613 views

Can I use balance transfer to buy car?

I am in market to buy new car but I am a little short on money. I could finance the car but if buy on cash, I will qualify for additional savings up to $1000. Furthermore even if I finance the car ...
2
votes
1answer
113 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 ...
0
votes
1answer
144 views

How do I get my name out of a bank car loan?

I financed a car and have the title in my name only. My Significant other and I were making the payments together. I had been letting him drive the car while we were together, but after we broke up he ...
3
votes
0answers
40 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 ...
1
vote
1answer
201 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
votes
2answers
173 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. ...
2
votes
2answers
124 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 ...
7
votes
1answer
391 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 ...
13
votes
7answers
3k 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 ...
0
votes
0answers
64 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. ...
1
vote
1answer
119 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 ...
43
votes
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 ...
2
votes
2answers
202 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). ...
14
votes
5answers
378 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
130 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
335 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
135 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
164 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
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. ...
1
vote
2answers
252 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
179 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
107 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
322 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
85 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
120 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
261 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 ...
95
votes
19answers
21k 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
766 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
75 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
158 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
8k 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 ...
22
votes
5answers
7k 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
562 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
89 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
763 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
553 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
103 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 ...