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Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

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Old 02-03-2013, 03:33 PM   #26
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Sell your civic, buy an used car (S2K)
All the fun you will have for a young graduate.
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Old 02-03-2013, 03:38 PM   #27
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A real car.
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Old 02-03-2013, 03:45 PM   #28
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i concur with most of the other people in this thread in that your car is still quite new and plenty decent, so you should try to hold off until you become more financially set in your path.

I drove a car with over 300k on the odo until I graduated, and even then, I held off for another year before buying a new one. Making car payments or any payments for that matter sucks unless you have to. If you get new, look for something with zero percent financing so it won't make it as crappy of a deal. Of course you could use the same budget and buy a better value used car outright if you had the cash lying around... which you will if you don't jump into the hole now
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Old 02-03-2013, 03:51 PM   #29
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Sell your civic, buy an used car (S2K)
All the fun you will have for a young graduate.
This is what I did a couple years ago. Traded in my civic and added a couple grand cash to get an s2k. That was more than enough car for me back then and I didn't need to go into debt.
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Old 02-03-2013, 04:10 PM   #30
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since the general consensus here is to stay away from car debt..
It really depends on you man

I financed a car when I was 19 years old. I was in the same boat as you; I lived at home so I didn't have a cost of living and my parents paid for my schooling. I calculated all my costs carefully to see if I can afford an e46 m3. I put more than half down for a initial payment. I financed $8k over 2 years. I paid everything back just a couple of months ago. I had no problems paying it back and don't regret financing a car at all.

If you're looking to finance something new and looking to take out a loan of $20k+ being in the early 20s that's probably going to be a problem. If it's something small <$10k and you calculated your costs correctly, I'd say go for it!
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Old 02-03-2013, 04:11 PM   #31
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I'm 20 and chose to live at home for now, but chose to finance a new car as my family was getting tired of being stuffed into old, small used cars. I am tied down with an 84 month 0% interest term, but I budget aggressively enough that I still have money saved for moving out when I get pay raises as I go through trades training. And at the very least, it's building a credit rating.

It depends on OP's needs, whether they want to move out right away, or stick it out at home for a couple years, and drive something fun.
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Old 02-03-2013, 04:27 PM   #32
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Put it in rrsp/tfsa and save up for real estate
It's hard enough to buy in lower mainland as a young professional
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Old 02-03-2013, 05:14 PM   #33
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Save up and get the car in a few years at a fraction of the price?
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Old 02-03-2013, 05:36 PM   #34
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My situation is quite similar to yours.

Graduated 6 months ago debt free cuz of parents and I always wanted to get a car (Working fulltime now and making a decent salary). I got to use my parents car during my university life (parents live in HK). I used that time to save up as much as I can while working PT with odd jobs here and there. Parents decide to retire when I graduated and move to Van permanently so I had to return the car to them. With the money saved during school I bought a used car (one payment) and now i'm putting everything I earn in a TFSA, RRSP/ other savings so I can pay for my parents next vacation. I will probably still live at home for another 2 years and once I can afford the downpayment i'd be outta here.

Don't buy a new car as its really not the best option for you yet.
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Old 02-03-2013, 05:50 PM   #35
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lol seriously, I'd be more than satisfied with an '08 Civic Coupe
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Old 02-03-2013, 07:12 PM   #36
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it sounds like you have a decent car to start with, why be in debt when you don't have to be?

unless of course you get into a collision, ur ride is stolen or car starting to break down then makes sense to get a new ride

but i don't suggest you get a new car cuz once you drive it off the lot, you will lose at least30% depreciation
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Old 02-03-2013, 08:39 PM   #37
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bro ur doing it wrong

spend 70% on the car, 15% on clothes and 15% on food.

then, spend all your free time in gastown and in the summer drive down robson revving at the hunnies


if anyone else tells you otherwise, THEY'RE DOING IT WRONG.


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Old 02-03-2013, 09:14 PM   #38
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Being in debt feels like you are working for free everyday . As mentioned as some of you guys from above, don't live beyond your means, stick to what you can afford or handle. Who knows what will happen next.

If it makes you feel any better, I have been driving my parents Honda Civic for the past 10 years since I started post-secondary when I was 17. I've finally settled into a good paying career after working and moving up for some time, so I ordered a new car that should arrive sometime this month.
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Old 02-03-2013, 09:21 PM   #39
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Depends what you want eh. My parents taught me to enjoy enjoy life so what they supported me with the benz and BMW. I think I put close to 90% of my income on cars...... Just don't regret
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Old 02-03-2013, 09:35 PM   #40
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I drove a 92 Integra for 10 years - 6 of which were after I finished university. It wasn't until 2010 that I finally bought another car - a beater at that.

But, I do understand where the need to drive a new car comes from. You're young, you feel as if you're on top of the world, and your friends are buying stuff left and right. Quite frankly, you won't own any decent property in Vancouver unless you manage to save about 100-150K (25% down on a 2-bedroom condo or townhouse in the suburbs), so owning a car may be the only real asset you feel you'll ever own.
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Old 02-03-2013, 09:56 PM   #41
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you are in a similar position I was in except I bought my own first car. I knew I wanted a new car after post secondary so I saved up and along the way applied for a line of credit at my bank. The day came I had 8k saved up. Car cost me 15k. I financed 6k @ 4% through the line of credit. Made monthly payments of $400 + whatever interest was and paid it off in 1.5yrs.
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Old 02-03-2013, 09:58 PM   #42
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90% of income on cars..... To each his own to each his own...

Like a lot of others have said, if you really want a new car OP... Maybe sell your civic and get a slightly older car for the same amount of money....

But I don't think financing a car is stupid, if anything it builds your credit... Just pick the times where dealerships are doing promotions....

One thing that is stupid is to finance a used car though so stay away from that

This is my personal choice in the next bit, not saying its right or wrong since everyone has diff priorities but you know for me... I am out of school right now and working full time... I wouldn't say I am making lots but then its not min wage...I live at my wife's house... and and thank god her family is somewhat well off, what a blessing haha. So we don't get rent but pay for the utilities, phone, cable, internet, property tax etc etc...
I drive a 5MT 90hp tin can everyday....which is worth maybe 1500? If not less lol
But it was exactly what I wanted, heat in the winter, AC in the summer, MT, LSD, RWD... For fucks sake Ive stick with my factory 15" tires to cheapo my way thru... But hey the car is great on gas, won't get me into trouble with the cops and maintenance is dirt cheap!

So just think it thru, do talk to your parents and maybe we will get to see your new ride in the summer meet!
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Old 02-03-2013, 11:09 PM   #43
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I don't think it's a good idea to keep suggesting op to put it in RRSP. He's a new graduate and I highly doubly his income is very high. Plus all the credit he got from his tuition, putting extra money in RRSP is not wise. TFSA is better at this stage.

On topic: I agree that you should stay out of debt. Put on a set if new wheels or a jdm body kit and u'll love ur car once again.
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Old 02-03-2013, 11:48 PM   #44
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Old 02-04-2013, 01:05 AM   #45
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But, I do understand where the need to drive a new car comes from. You're young, you feel as if you're on top of the world, and your friends are buying stuff left and right. Quite frankly, you won't own any decent property in Vancouver unless you manage to save about 100-150K (25% down on a 2-bedroom condo or townhouse in the suburbs), so owning a car may be the only real asset you feel you'll ever own.
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Old 02-04-2013, 08:22 AM   #46
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you should do a 8 year lease on a mercedes.
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Old 02-04-2013, 08:44 AM   #47
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Save your money. I was in your spot a while ago and one day a lightbulb went off and I figured I need to move out. Luckily I had enough for a down payment for a condo.
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Old 02-04-2013, 11:03 AM   #48
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I'm 21 and I drive an STI.

lease -> own is my plan.

90% of my income goes straight to the car for monthly/insurance and to buy shit for it, I regret nothing.
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Old 02-04-2013, 11:29 AM   #49
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I'm 21 and I drive an STI.

lease -> own is my plan.

90% of my income goes straight to the car for monthly/insurance and to buy shit for it, I regret nothing.
do u pay rent?
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Old 02-04-2013, 11:33 AM   #50
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I'm 21 and I drive an STI.

lease -> own is my plan.

90% of my income goes straight to the car for monthly/insurance and to buy shit for it, I regret nothing.
Wow. If I only I didn't have a mortgage...

Although, a small part of me wishes I could do the same!
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