did you put down any down payment?

 

Well i ran a carfax on my RX8.... Turns out the engine has been replaced 3 times within 50k miles. So im taking the car back tomorrow. SUCKS i really liked this car, oh well time to see what else i can get.

 

Nope, sign then drive. zero money out of pocket.

 

well if the paper is on the way to mom and she doesn't sign then yeah i think you'd better take it back.

if you can afford the car then why not just save up money for 6 months or a year and then buy it? dont hassle your moms credit. you must have oterh transportation for now , right?

 

well my point is moot then

 

Nope i dont.. i had my bike, and i wrecked that last month after a driver ran me off the road into a cement wall.

Yea she hasnt signed the paperwork yet though so im going to take it back tomorrow an let the dealership know my findings. Hey- maybe they will take like 7 grand off the price for it being a lemon lol doubtful though.

 

lol....take it back and let us know how things goes!

 

Well i havent signed any paperwork yet, they put me on a buyers order so i could take the car right away cause i was in a hurry, so they will def have to take it back. Whether or not they have something on the lot im interested in is another story... ill keep yall posted tho.

 

I hope it is just a dealership thing on "3 years" and needing a co-signer. Have you applied for any other auto loans besides this one?

I don't know your financial situation, but I do know something about your decision making. I was 23, two months from 24 before I went for an rx8 for my first car. Why do people like us pick an rx8 over a civic? It's not the most financially frugal option. But it makes the most sense from a taste perspective and emotional enjoyment.

I don't know if you are a homeowner or thinking about that yet. But there's a bigger picture outside adding mods to an rx8. I can't be sure if you care about these things because the rx8 was the only thing I cared about getting back then.

I went new in 2005 for $31K, $3K down, $28K @ 5.65%, monthly at $461.50. I think the car lost half its resale value in 2 years. The plus side I didn't have to worry about used car reliability and was able to break in my first vehicle by myself and not drive someone's leftovers. I don't regret new, but I think a certified preowned 17,000 miles would have meant more money later on for down payment, escrow closing, and as far as room furnishing the sky is the limit on how much money one can spend.

Just a handful of minutes are spent in an rx8 every day, versus all the hours elsewhere... overall quality of life and experience... we buy rx8 because we like nice things and have taste, which is why we don't drive civics right?

 

Like Police34 said, if you can afford $450/mo in payment and your mom will cosign, why not get a new one (which you should be able to do in that payment range) and have peace of mind? Plus, your mom may be more amenable knowing that the car is new. I'm assuming you've already factored in insurance cost for full coverage, so the insurance shouldn't be that much higher.

 

you have a pretty good understanding of things. In response to your questions, I dont own my own home currently, my fiancee and i rent a condo currently and we were planning on renting another when our lease is up, i like the lavish lifestyle, so id rather rent a nice place until im financially stable enough to purchase a home that is to my liking, which will be a few years. In regards to your comment about purchasing used over new. I actually just started a thread in this same section about a 2007 im going to check out tomorrow. it has 10k miles on it, its $23k but the guy said he will make it $23k OTD. So im my eyes, i see it like this- i pay 3k more than what i pay now, and i get a car with 10k miles. it has the factory 50k warranty so i can drive it for 2-3 years still under warranty and then extend it to 100k at that point. so thats 90k miles of warranty coverage that i can drive with- roughly 7-8 years. if i sign a 72 month finance agreement, thats 6 years. so even after the car is paid off, i will still have a warranty protecting me, then after the car is paid off, if i like, i can trade it in completely paid off an still get some cash value on a new car.

i think its pretty sensible for an additional 3k... not to mention its just a nicer car too, its the touring ed. with HID's, bose stereo, sunroof... the one i have now is just the base model with the 18 inch rims.

 

How did you take your other rx8 back. No dealer lets you take 1 of their cars without going through financing.

Look at a new rx8 instead it's better to break it in yourself I think. Extended warranties sometimes have deductibles and that sucks. You could get a sport mt for $22,000 with the current rebate.

 

Just sit tight. I have an 07, got it brand new, for around 23k out the door. Of course I know the salesman but still. Plus, I'm paying 360 and change a month. Just be patient.

 

So wait... you ended up paying over 18k for a car once you figure in the extended warranty (which is for suckers BTW) and gap insurance. You could eaily get an '06 or '07 that has remaining factory warranty and far less miles for less or very similar money. Just be thankful that you can probably get out of the sale.

 

If you read the whole thread you would have saw that my fiancee's uncle is the finance manager. He let me take the car under a buyers order while he mailed paperwork to my mom in new jersey (im in florida). She has refused to sign the paperwork due to my recent findings of the engine been replaced 3 times already. im going to look at the 2007 right now.

 

I would say take the car back and get something more resonable.

Also, kill of some of those credit cards, too many can actually hurt your credit score.

Lastly, if you really want to keep it, look around and check on if you like to tinker with cars because you will be doing that with this car.

 

i got 83k on mine not a single problem except for i flooded it one time

 

Yeah get a more low-key starter car. Maybe like a Mazda3?

 

stick a pin, are you saying you own wirelesstoyz? i'm confused...

because that's a 13 y-o business, which would mean u started it at age 10 ??

 

I think he owns a franchise on it.#

 

If you own your own buiness, it makes business sense to purchase/finance a depeciating asset. For the same montly payment you can be driving a better car with a lease. Plus all expenses incurred with your "company car" will be partcially tax deductible.

It's rare to meet a business owner who actually owns (finances) their car. Lease is the way to go if you own a buisiness - basically drive a better car that you can with a finance payment and make more money on the back end of a tax return, you also can swap to a new care every 36 or 48 months.

Take advantage of owning a business.

 

This thread failed.

 

You didn't run a carfax before buying the vehicle? Ah well, live and learn.

 

You can't get a new Civic for 14K and I can't believe you're 23 and can't get financed for 14K on your own without a co-signer assuming you have some kind of credit card history at all. I bought my RX-8 new in 06 @ 23 y/o without a co-signer and got 5.5% financing from Mazda USA. You should be out of college for a year or so and even if you make 30K you should be able to finance 14K over 4-5 years.

 

No you can't but you don't need gap insurance on a Civic, because the depreciation is so slow compared to an RX8, or any other car, even an already depreciated RX8. The extended warranty also isn't needed on a Civic. So with that in mind, he could have gotten a brand new civic nicely loaded for the overall price he paid.

Sorry man, but when you essentially overpaid for this car, because of the warranty and gap insurance. Just keeping it real here. You are officially MARRIED to this machine if you keep it. All that money for an 04 RX8 with 50k miles on it? OUCH!!!! Take that car back, and get out of this. LIke said before, you can get a better newer less mileage RX8 under warranty for the same price.