[mustang766]

Ill be.finamcing but.it better to.get new lancer base model.auto 0 for 84.months.or second.hand but.pau 4.99% finacing
Is.it better buy used or.new
I.want cheaper deal but.4.99% is lot.interest amd i can pay 84..months amd.0%
I probably put down 5k around

Whats ur thoughts

[skiiipi]

problem with a 84 month finance is that you'll end up with negative equity
so if after 5 or 6 years you want to sell the car
there is a good chance the car will be worth less than that you till owe on it.

try to keep your finance to 48/60 months if you can.

[inv4zn]

It would help if you put the actual price of each car.

Also, financially, buying a second hand car will be better most of the time. But there are benefits to buying new obviously, such as knowing the history of the car, whether someone had sex in your backseats, etc.

But honestly, without knowing your financial situation/reasons, financing a base lancer (which isn't that expensive to begin with) for 84 months sounds like a terrible idea. For nearly all of your loan term you will owe more money than the car is worth (ie. you'll be upside down.) - so when you get T-boned through no fault of your own, ICBC will pay you far less than what you owe.

[AzNightmare]

Ill be.finamcing but.it better to.get new lancer base model.auto 0 for 84.months.or second.hand but.pau 4.99% finacing
Is.it better buy used or.new
I.want cheaper deal but.4.99% is lot.interest amd i can pay 84..months amd.0%
I probably put down 5k around

Whats ur thoughts



The hell is wrong with your keyboard/phone keypad, or whatever you're using to type your post??

:fulloffuck:

[Lomac]

84 month loan?

:heckno:

[mos_skeeto]

That was difficult to read. I agree with skiiipi above where it's usually good to stick to 4-5 years for a finance. Don't look at the % too much. Just calculate how much it'll cost monthly and if you can handle the payments.

If there's no other way other than to do a 8 year finance you're probably buying a car you cannot afford.

Also the Lancer's been out for 8 years and it looks a bit dated. They're also super cheap second hand.

[StanleyR]

Lancer is garbage OP/ Do not buy it regardless of the deal they offer
ANY other car in that category is better!

Mitsubishi Lancer Prices, Reviews and Pictures | U.S. News Best Cars (http://usnews.rankingsandreviews.com/cars-trucks/Mitsubishi_Lancer/)

[b0unce. [?]]

If you're gonna get into a base model lancer with auto transmission, you might as well just buy something else with cash. There's a lot of better options for 5k cash.

[SkinnyPupp]

$5000 down... The car will be worth that much when you're still making payments on it 7 years from now.

Just buy a $5000 used car.

[Lomac]

Yeah, a Lancer is a poor choice. It's a terrible car. Been out for years now and has barely been improved since this generation was introduced. Wasn't good when new and it's simply gotten more and more terrible since then. A $5000 used car will likely yield better choices on Craigslist.

And by base model, are you talking about the DE or SE?

[oldsnail]

Check the craigslist goodbuy's thread/

[GLOW]

probably DE, unless naming has changed over the years...i test drove one a 2008 before. heavy, sluggish...really not a car you want to buy new. not sure if the GTS replacement is any better (i forget what it's called, i think SE???).

i'm with skinny, buy a $5k used car or spend a little more and get something way better than a base lancer

[mustang766]

The se limited 2016 is 24k and 2015 se is 22k includes taxes nand everything.
I make 12 hour.or 1966 month and within 3 months on job will make 2000 month
Reason im.getting car is company moving n fraser way. If i transit it be 1 hour 20 if i drive its like 25 min according to google maps.

QUOTE=inv4zn;8727214]It would help if you put the actual price of each car.

Also, financially, buying a second hand car will be better most of the time. But there are benefits to buying new obviously, such as knowing the history of the car, whether someone had sex in your backseats, etc.

But honestly, without knowing your financial situation/reasons, financing a base lancer (which isn't that expensive to begin with) for 84 months sounds like a terrible idea. For nearly all of your loan term you will owe more money than the car is worth (ie. you'll be upside down.) - so when you get T-boned through no fault of your own, ICBC will pay you far less than what you owe.[/QUOTE]

[mustang766]

Check the craigslist goodbuy's thread/

Craiglist is.good is your got knowledge buying used car. I dont. Im going dealership since its safer route but pay more

[GabAlmighty]

Holy fucking shit. I apologize in advance if you have some sort of a handicap which hinders your ability to punctuate and create coherent sentences... My head is hurting reading your posts my friend.

[dared3vil0]

I think it's EFL on this one guy's... (english fifth language... Actually maybe 6th...)

Regardless, I think you should consider a Civic or Corolla instead of the lancer.

[b0unce. [?]]

Craiglist is.good is your got knowledge buying used car. I dont. Im going dealership since its safer route but pay more

Buying a car from a dealership is not always the "safest" bet.

[skiiipi]

The se limited 2016 is 24k and 2015 se is 22k includes taxes nand everything.
I make 12 hour.or 1966 month and within 3 months on job will make 2000 month
Reason im.getting car is company moving n fraser way. If i transit it be 1 hour 20 if i drive its like 25 min according to google maps.


I think I know what you are trying to say, and I understand your need for a car.

But when you are making $2000/month you should not be buying a vehicle that is over 20K.....an 8 year finance does not make sense.

Buy a 5000 car for now, drive it for a few years, and save up. There will be plenty of time left to buy what you want later on.

General rule of thumb is don't spend more than 50% of your annual salary on a car, but NEVER spend more than your annual salary on a car.

you'll make more money later on, and you will be able to get what you want.
you don't want the stress of car payments when you are just starting your career. (Trust me.....I've been there, I bought my Spec B brand new when I was only making $36K/year, and ended up not not being able to afford to insure it and took the bus for a long time)

[dared3vil0]

Yikes with 2k income...

20k+ tax / 84 months = $267/month
Figure insurance ~$200-250
Gas?? $200/month ROUGH estimate.

$2000 monthly gross income is like what, $~1600 net?

Total = $667-717 per month on JUST the car, excluding basic maintenance.

Not feasible man.

[Retrac]

skiipi and others are providing you free sound advice OP, take it!

If you don't trust yourself buying a used car from Craigslist bring a friend and bring it to a mechanic you trust or one of the many wonderful sponsors on this site for a PPI.

It will save you a bunch in the long run.

[Lomac]

Just as an example:

2005 Honda Civic DX VP (http://vancouver.craigslist.ca/rch/cto/5438442972.html)

98,000km's!

There are dozens of great cars under $5k that are highly reliable that would require nothing more than general maintenance (which is something you'll have to do on a new car anyway).

[inv4zn]

The se limited 2016 is 24k and 2015 se is 22k includes taxes nand everything.
I make 12 hour.or 1966 month and within 3 months on job will make 2000 month
Reason im.getting car is company moving n fraser way. If i transit it be 1 hour 20 if i drive its like 25 min according to google maps.

Here are a few things to consider:

1: $12/hour is not a lot of money. And getting a $34 raise per month isn't actually a raise, it's a middle finger from your employer.

2: Banks probably won't finance you at 0% for 84 months. The rate is "on approved credit", and something tells me you won't qualify. Of course, I may be wrong.

3: If you factor in gas and insurance, and occasional maintenance, you will be so fucked up financially, which is why all of us are telling you not to.

I understand you need a car to commute, but don't want to buy used because you don't know much about cars. You probably picked the Lancer because it's cheap, but skipped over the DE and ES trims because hey, it's a new car, you might as well get some nice bells and whistles right?

NO.

What you're doing is "How to fuck things up 101" - it is a terrible decision, and more of a self-justification than an actual decision.

Use the $5000 to buy a $3000 civic with manual windows. Get it inspected before you buy it. Save up the money until you either have enough money to buy a nicer car, or make more money to be able to finance.

The guys here are giving you the best advice anyone can give a stranger. You should probably listen to it.

[skiiipi]

And getting a $34 raise per month isn't actually a raise, it's a middle finger from your employer.


LOL this is so true...but it could be worse.

I got a 0.06/hr raise one year.....and when my boss told me, I was like "seriously....you would've pissed me off less by telling me I'm not getting a raise this year"

[ilovebacon]

If it's your first vehicle, I would suggest you to get a second hand car.

[mustang766]

skiipi and others are providing you free sound advice OP, take it!

If you don't trust yourself buying a used car from Craigslist bring a friend and bring it to a mechanic you trust or one of the many wonderful sponsors on this site for a PPI.

It will save you a bunch in the long run.

PPI?????
Which mechanic place is good you say???it cost like.100 each time get mechanic to.inspect it

3 transfer from my house to north fraser way in bby. Take over one hour..either i get car and if not i quit. I done job with one hour 30 commute each way 3 transfer and its tough for 9 am start so.i have get up like 7.and leave l'îke.730am approx
U miss.one bus or the bus is late your other transfer bus be gone and you be.late

[mustang766]

Might just go back school bcit . dont really like the job and no future too. Its production worker job with all my co workers new immigrants To country with very limited english as majority
Very repeptive work too. Same.old.same.old

[rJZx]

Get a rx8

[dvst8]

PPI = Pre Purchase Inspection

Depending on the cars make/model, take it to that dealer for purchase inspection. BCAA used to do it but they don't offer that service anymore.
Good luck

[Lomac]

Might just go back school bcit . dont really like the job and no future too. Its production worker job with all my co workers new immigrants To country with very limited english as majority
Very repeptive work too. Same.old.same.old

If that's your mentality, then it's definitely not a good idea to buy a new car. Remember, you'll be stuck with a 7 year loan that needs to be paid on time. Going back to school will severely hamper that should you not have enough funds while studying.

[RE-Jo]

OP, you are aware there are other manufacturers out there right?

just saying...

[Timpo]

The current Lancer came out back in 2007. Now it's 2016.
9 years and no change?

Why would you wanna buy a brand new almost a decade old design?
Typically Japanese cars have 4 year cycle. The Lancer is way overdue for update.
The current Lancer should've been 3 generations ago.

https://en.wikipedia.org/wiki/Mitsubishi_Lancer

http://www.larevueautomobile.com/images/Mitsubishi/Lancer/Exterieur/Mitsubishi_Lancer_001.jpg

[GabAlmighty]

PPI?????
Which mechanic place is good you say???it cost like.100 each time get mechanic to.inspect it

3 transfer from my house to north fraser way in bby. Take over one hour..either i get car and if not i quit. I done job with one hour 30 commute each way 3 transfer and its tough for 9 am start so.i have get up like 7.and leave l'îke.730am approx
U miss.one bus or the bus is late your other transfer bus be gone and you be.late

Oh but life is so hard isn't it.

[twitchyzero]

have you looked into car2go/evo?

[Galactic_Phantom]

Maybe you should get a Nissan Micra (aren't they like $10,000 for base model?) and save some money for English lessons

[inv4zn]

have you looked into car2go/evo?

Problem with those are that unless you use them very occasionally, they don't make sense financially.

If you leave it parked, you still pay for it, and you end up paying something like $85 a day. In which case you may as well just buy a car lol

[AzNightmare]

:fulloffuck: :fulloffuck:

Go back to BCIT and take something useful to get a real career job, and take English (or some kind of typing class) while you're at it.
Can't even imagine how your resume looks like if you type like this... wtf.

People making $12/hr shouldn't even be owning a car, but if it's a must, it should be the most basic "A to B" commuter car.

[meme405]

I was going to post about how if the company is moving it might be worth it to look for another job.

I didn't post it because I thought it would look facetious, but the reality is, it's not that hard to find $12/hour jobs. I concede there is situations where you might want to stick it out with that company, but in general commuting long distances for 12 bucks an hour is not going to be viable.

Seems like you have come to the same realization at this point. Just get another job, or go to school so you can get a better job.

[VR6GTI]

Jobs that pay $15/hr+ and no degree needed are all over the place. Its jobs that the younger generation don't want to do.

[GLOW]

not talking about OP's case, but if you plan on driving a car in to the ground, other than being written off, what's the risk of 0% for 84 months? you're decreasing the monthly payments at 0% interest, what am i missing?

[skiiipi]

not talking about OP's case, but if you plan on driving a car in to the ground, other than being written off, what's the risk of 0% for 84 months? you're decreasing the monthly payments at 0% interest, what am i missing?

The car depreciates faster than u are paying it off.

So if ur car gets totalled or stolen say in year 6
Your icbc payout will likely be less than what u still owe on the car

[inv4zn]

^The risk is that very few people actually do drive their cars to the ground.
Situations change, feelings change, and 7 years is a pretty damn long time.

You're severely limiting your options in case something happens - not just a write off, but say you impregnate your girlfriend and she is having triplets, and you need a bigger car. You want to sell it, market value is $4000, but you owe $7500.

I think the general rule of thumb is if you can't afford monthly payments in a 5 year (maximum) term, then you can't really afford the car.

That said, a lot of news articles say a huge percentage of people are in fact financing for 6, 7, and some for even 8 years. It may work for certain people, but generally, it's considered poor financial planning.

Especially for a cheap car like a Lancer.

[GLOW]

ok that's what i figured
i was thinking maybe there was some hidden admin fee or smoke and mirrors where they presented 0% @ xx months where there's some actual cost on the side.

[bcrdukes]

You guys realize OP is joe45, right? hahaha

[GLOW]

yep, one of his many accounts.

[mos_skeeto]

Everyone's shitting on the lancer. I drove one for many years. It's not that bad. It's a little heavy. Suspension is a bit mushy but it isn't horrible. The engine/transmission is decent for city driving and actually picks up speed decently in the 20-80 range. It looks decent.

However, as pointed out it's been out forever, looks dated, and the used market is flooded with them so they have no resale whatsoever.

That said, still a horrible choice for OP because 8 years lol.

[ilovebacon]

http://www.revscene.net/forums/707565-2007-honda-civic-coupe-lx-5speed.html

[Timpo]

Mitsubishi is yet to bring Delica to Canada or USA. I wonder why.

http://livedoor.blogimg.jp/ganbaremmc/imgs/5/7/5760a051.jpg
http://x5082395.xaas.jp/images/material/DSC_2668.jpg
http://www.hikariauto.co.jp/shops/item/img/commodity/503122B-066/3.jpg
http://hikariauto.sakura.ne.jp/data/gallery/45_1372568948.jpg

[Galactic_Phantom]

I saw Timpo as the last poster...and I knew exactly what the post would be about...

[Ferra]

problem with a 84 month finance is that you'll end up with negative equity
so if after 5 or 6 years you want to sell the car
there is a good chance the car will be worth less than that you till owe on it.

try to keep your finance to 48/60 months if you can.
Sorry..horrible advice

(Psychologically, or forced saving is another topic...) but financially, when you have 0% APR, you should always go $0 down and pick the longest term possible.

You are better off saving all those extra cash in your bank, TFSA, or whatever investment you have.
It doesn't cost you anything to hold those extra debt when it is 0% financing. Cash in your own pocket earn you income on the other hand.

Negative equity is a pointless terms when it comes to buying a car...
Regardless of whether you decide to sell the car in 2,3,5,6, or 20yrs etc, you can always pay back whatever is owed w/ no penalty anyway.

Before you decide which routes, you should decide whether buying a car is the right choice for you in the first place tho.

[mos_skeeto]

Sorry..horrible advice

I think that your advice is solid for most people however in this context, where OP sounds sketchy digging himself into debt, I think skiiipi is on the right track.

[PDA_86]

I think you may have some faulty keys on your keyboard.

Here, get this first before we continue:

NEXTECK Wireless keyboard and mouse (http://vancouver.craigslist.ca/rds/sop/5447110153.html)

[westopher]

Buy a 1k civic. Pay for gas. Be happy you can actually afford to live. Buy nice car later.

[tofu1413]

hmmm... feel free to pm me if you have any questions....