New advice on buying a new car

[HiImBrian]

Haha it's more/less just for fun. Plus my roommate gets $15 just for making an appointment with me hahaha.

[CornFed2.4]

http://www.wi-dsm.com/forum/showthread.php?p=36458#post36458

Located in Central WI, but willing to help deliver almost anywhere for price of gas & a plane ride home if that helps you any!?!?!

[HiImBrian]

^Not a bad find really.

I drove that 06 wrx limited yesterday and that thing was actually pretty sweet. I forgot that the 06+ came with the 2.5 instead of the older 2.0 which really spooled that little turbo right up.
http://denver.craigslist.org/cto/2840974722.html

I've also been chatting with my roommate who works at a mitsubishi dealership here in town as well as chatting with his boss, and it sounds like I could pick up a 2011 wrx for roughly $22000 with 0%APR for 36 months and monthly payments right around $300.
http://www.qualitymitsubishilittletonusedcars.com/littleton%20co-used-2011-Subaru-impreza-sedan-wrx-vid84870814-P7923

I'd rather not pay that much for any car, but my thought is since I can get a good deal knowing somebody that works at the dealership, I could potentially own a car that wont depreciate as much in the next few years. Thoughts on this???

[niterydr]

^Not a bad find really.

I drove that 06 wrx limited yesterday and that thing was actually pretty sweet. I forgot that the 06+ came with the 2.5 instead of the older 2.0 which really spooled that little turbo right up.
http://denver.craigslist.org/cto/2840974722.html

I've also been chatting with my roommate who works at a mitsubishi dealership here in town as well as chatting with his boss, and it sounds like I could pick up a 2011 wrx for roughly $22000 with 0%APR for 36 months and monthly payments right around $300.
http://www.qualitymitsubishilittletonusedcars.com/littleton%20co-used-2011-Subaru-impreza-sedan-wrx-vid84870814-P7923

I'd rather not pay that much for any car, but my thought is since I can get a good deal knowing somebody that works at the dealership, I could potentially own a car that wont depreciate as much in the next few years. Thoughts on this???

$22,000 loan with 0% APR for 36 months is more like: $611.11 with $0 down.

The only way to get to $300/month @ 0 % APR and for 36 months/$22,000 is to finance for 73months and that results in a $301.36.

The other option to keep the 36 month term is to put $11,200 down on the $22,000 loan.

Granted these loans are assuming a $0 payoff at the end, they could be setting you up for a lease or a residual loan.

[HiImBrian]

These numbers are all rough ideas since I didn't have a change to get in and drive the car yesterday.

Assuming I could get the car for $22000, I could put $6000 down and then have 0%APR for 36 months with roughly $300 payments each month. So what about the last $5200...at that point an interest rate would kick in assuming I haven't paid the car off yet. I plan to pay the car off well before the 36 months. I just like the idea of having low monthly payments in case something comes up.

Anyways, kbb estimates this same 2011 wrx to go for roughly $27000 from a dealer and $25000 private party. My thought is if I buy this car for say $22000 now, I'll have a $3000 "buffer" for when the time comes to sell the car down the road. Does this make sense and if so, is this a valid reason to chose the 2011 wrx over the 2006 wrx wagon?

Sry I'ma newb when it comes to buying a nice car lol.

[niterydr]

Buying any new car, I recommend gap insurance.

[HiImBrian]

Buying any new car, I recommend gap insurance.

What's gap insurance?

[tehehodi]

http://en.wikipedia.org/wiki/Gap_insurance

[goodhart]

Yes, would be stupid not to do gap insurance with ANY car you are taking out a loan on. The bank can explain it all to you and work it into your payment. Pretty much if you get into an accident and your car gets totalled, and it gets valued by insurance at say $5,000, but you owe say $8,000, gap insurance picks up the rest so you don't owe $3,000 on a pile of scrap.

[turbotalon1g]

Yes, would be stupid not to do gap insurance with ANY car you are taking out a loan on. The bank can explain it all to you and work it into your payment. Pretty much if you get into an accident and your car gets totalled, and it gets valued by insurance at say $5,000, but you owe say $8,000, gap insurance picks up the rest so you don't owe $3,000 on a pile of scrap.

thx for explaining that.