OK Folks, here it goes:

I'm having second thoughts about buying a new R3 that I already ordered. I can afford it on paper, but it's easy to see that there's some expenses you just can't put on paper. I'd like to consider my job security as very stable.

Choice two is an 8 I found for 20K with about 8k miles on it. I believe it's a 2007 Shinka (black seats with red inserts). That would save me about 7k loaned money right off the bat.

What would you do?

 

go with the R3.

 

buy the shinka, that's a lot of money to save right there...you will be just as happy with that car, I'm sure

plus there are more aftermarket goodies for it over the 09's

 

Buy a 370z..

 

I never buy new anymore, there are just too many good deals to find. I bought mine with 12k on it and saved over 10k. If you really want and R3 just wait until a used one becomes available.

 

Shinkas only have the light cream interior.

 

Thanks a lot for the info and quick responses. I think I'm leaning towards the '07. (Which is looking like a GT, thanks Juice)

 

Espicially with the value of the 8's... Either wait for a used R3 or buy used. Realize "first gen" rx8s already have a lot of parts available. The 2009 doesn't yet.

 

I would definitely buy used with steep depreciation on these cars in particular. Only real reason to get a Shinka is if it's Copper Red, which is an awesome color IMHO. No performance upgrades for the more expensive trim levels. For the most part, luxury items like leather seats can be added after market with higher quality and at a lower price.

But don't listen to me--I learned from my Dad to only pay cash for cars. Depreciating assets are consumables, not investments, to be enjoyed, not worried about. If you can't afford to pay cash for a car, you can't really afford it in my creaky old-fashioned brain.

 

I would go with the R3. Financing rates on the R3 will be better than the used RX8. I see on the Mazda website rates of 3.9 and 500 cash back up to 60 month financing. Doubt you can find those rates on a used. Plus nothing better than getting a new car. I would work your Mazda dealer down on the price also, the economy sucks so they will be trying to move all the cars they can.

edit; 2008 RX-8 $4,000 Customer Cash (1) OR
1.9% APR for up to 60 MONTHS PLUS $500 Customer Cash (3) OR
2.9% APR for up to 72 MONTHS PLUS $500 Customer Cash (16)

 

Rate wise, I'm planning on going through my job's credit union where I can get 4.99% up to 5 years...so I'm not concerned about rates.

Thanks for your opinion though...I should've made this a poll haha

 

Best advise yet. Better rates don't mean ****. The depreciation on the RX8 is outragious. Don't buy new unless you have at least 20% down and great credit.

 

I paid for mine with a check. Does that count?

Ken

 

It's not "investment vs money sink". Rather a vehicle is just a necessary part of life unless you want to take the bus.

The only question is, do you want to drive an rx8 or not. It's not about the money.

Myt was new, $31k and I made minimum wage back then. $13k payments left to go. It's all smashed up now. Body panel damages, front undertray ripped up, sun visor ripped off, scuffs here and there, dented front lip, shift **** all scratched up, scuff marks all on interior. But these are all just weathering details that add character. I can say that all these marks, were caused by myself, and myself alone. Never left wondering what some jackhole non-rx8clubber did to it before me, how many times he farted his nasty *** off, where he put his nasty grubby hands.

It's really not about investments. Where did my retirement account go to? Where is my property going that I bought last year? Who cares about that nonsense. A car is to drive, a place is to live and shelter. More important features than the fiscal considerations.

If you don't spend money on the car, don't spend money on the home, don't spend money on the furniture, don't spend money on the food, don't spend money on the clothes, what have you got? Everything is a necessity of life. Money is expendable. Live life.

 

Money talks, buy the '07. Same car without the optional ugly.

 

Do what you gotta do, but writing a check each month for a car you don't like is what will make you miserable. Balance happiness, and what you can afford. Anybody that understands sportscar ownership is wired to make the trade off of "pay to play". If you don't want to waste money, buy a econo **** box.

 

Well, I never said don't spend money on food or clothing or to drive an econobox. I just see people borrowing money to buy or lease new cars and then maybe they can't buy a house when they start a family. There's plenty of great used cars out there that make better sense to me, but that's just me. Live life, absolutely. But I live my life better if I don't owe a bunch of money to the bank or credit card companies.

 

For what it is worth, I have had my 2007 GT for about 8 months and I have enjoyed it immensely. I bought it new including the performance package. Personally, I would not buy one used, I would be concerned about how much abuse a used one may have endured. The dealers are suffering and you should be able to garner a great deal now.

 

Only buy new if you are planning on keeping it at least 5 years, I mean really planning on it.

 

I think the thing you really need to look into is if you are going to keep the car long term. I can't tell you how many times I have seen people post they are going to keep their xyz car forever, then in 2 to 3 years they are getting rid of it for some reason(financial, expanding family, job, etc...). I leased mine for 4 years and think I could have not made a better decision, didn't have to worry about depreciation and I like getting a new car every 3 or 4 years. If you think you are only going to have the car a few years, go for the used, or lease so someone else takes the hit on depreciation.

 

R3.


But, as mentioned previously, only if you plan on keeping it. Hell, I planned on keeping mine and still only bought a base model brand new. It's too steep a drop in value when you buy all the extraneous options like leather, moonroof, heated seats . . .


It'll be awfully rough to find your R3 has the same value as a 'sport' model by spring 2010 if you decide you need to get rid of it.

 

if yu gonna invest that much for a used because is low milleage a will buy the r3 and drive a new car for 7k more... thats just me. think you have a brand new car 2 years newer and take out the depresiation factor and add 2 years of warranty more in the r3, plus oil free changes etc etc...i take the r3

 

Feb 14th marks the 5 year anniversary of buying my 8. I'm actually test driving an R3 on Friday. I'm kind of trying to convince myself that it is worth buying another 8but without any more power, I don't think I'll do it. I want to see if the new tranny feels any different. If I don't buy, my other considerations at the moment are keep my 8 for awhile longer until I find a used '09 grand touring or R3, or find a great deal on a new or used '08 350z.

Above all, I just wish there was more info out on the 16x that would probably greatly help my decision making process.

 

You all do realize telling everyone you see to buy used means no one buys new.....therefore killing the RX lineup. Buy new. Keeps Mazda in business, who cares about mods, you'll wait for the warranty to run out anyways. New warranty rocks way better than any used warranty. You also know exactly who/what/how/where/and when of the vehical.
R3!

 

Buy a used car. Don't take the 7k hit as soon as you drive it off the lot.

What's with buying new to keep Mazda in business? Screw that, I'm not their business plan. Capitalism means they get to figure it out. Not on my dime.

My 5 year warranty just expired last month, and I'm 2 months away from making my last payment. I've been playing $1000/mo. recently to pay off the 5 year loan in 3.5 years. Financed 21k for a car with 3k miles, didn't even have its first oil change yet.

Car payments suck, it's a money sink. Invest in retirement (stocks) OR continue to make "imaginary" payments into a car savings account. That way you earn 3-4% interest on your money when you don't even have the car, and when you do buy another car, you can pay cash. saves 3% (savings) + 5% (loan) = 8% saved on $27k, even more compounded over 5 or 6 years.

Wonder why our economy is in the hole after a huge rally in the 2000's? People buying **** they can't afford on credit. Does wonders for the economy, until the debt collector comes to get his money. Compound interest is the most powerful force on earth and screws over the common man more than you realize. Muslims are on to something with sharia law forbidding interest (called usury), unlike the Jews next door in Israel. Look up the history, it's fascinating. My Muslim friend bought his 3 with cash. Saved him $3-4k in interest which he used to do upgrades. "Free" upgrades.

Anyways, totally off topic. But don't carry a balance on your Credit Card either, unless you like pissing away money. Everyone wants to appear wealthy by buying stuff, when in reality it's making them less wealthy. Oh, the irony.
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Just remember that $20k in your 20s is worth $320k when you're 60. Yes, it's true. People suck at math, so they remain poor. But hey, not everyone can be rich or we'd have massive inflation, so I guess I'm glad the majority of the population sucks at math.