Automotive

What kind of car can I afford?

  • Last Updated:
  • Jan 10th, 2018 12:17 pm
Tags:
Deal Addict
User avatar
Dec 23, 2015
1771 posts
977 upvotes
Newmarket, ON
6mthatch wrote:
Jan 8th, 2018 10:20 pm
Jesus, I wouldnt spend 30k on a car
And I wouldn't spend $120k.

If OP wants a sporty coupe he should get this:

Image
Member
Apr 5, 2017
298 posts
230 upvotes
Edmonton, AB
Those Civic SI are awesome and can be had for 5-6k now for an 06-08. High-ish mileage is nothing for a Honda even a performance-y one, although it's a high revving K20 VTEC with no torque below 4k rpm, so you already know it's been revved to the moon and back plenty. I still really want one. It does require premium for sure, no if/and/buts. A regular 140-150hp Civic of that generation would be a solid buy as well for the OP and would drink regular fuel and be cheaper to insure.
Penalty Box
User avatar
Apr 25, 2013
7030 posts
1227 upvotes
EP32k2 wrote:
Jan 8th, 2018 7:43 pm
Really 3 months salary? Lmfaoooo

Most couldn't even get a mirage for crying outloud.

What are you driving with 3 months salary?
That is why "most" are not retired by 45 with mortgage paid and puffing on a cigar !
Life begins at 45, not 65 !
Deal Guru
Jan 15, 2006
11439 posts
7161 upvotes
Richmond Hill
EdT586 wrote:
Jan 8th, 2018 11:11 pm
That is why "most" are not retired by 45 with mortgage paid and puffing on a cigar !
Life begins at 45, not 65 !
My life began at 38 Pfft
Deal Guru
Mar 22, 2004
11996 posts
2456 upvotes
RFD
YOLO
DecayHeat wrote:
Jan 8th, 2018 8:41 am
Currently drive a 2008 Chrysler Sebring. I've had it since I was 16 and recently the transmission is about to go.

I have about 6 months left in my internship and I return to school in September 2018. I plan to commute to school.
Take home about $3000 a month and pay $200 for insurance and $300 a month for gas. I have about $10000 saved up.

Ideally I'd like a sporty manual coupe that's fun to drive but my commute is long (40km one way) and will not have any income during my final year of university.
What Car can I afford? What would you recommend?

Been looking at the following:
-2012 Audi a5
-2008 BMW 335i
-2013 Hyundai Genesis Coupe
Deal Addict
Aug 10, 2013
2445 posts
1720 upvotes
EP32k2 wrote:
Jan 8th, 2018 10:22 pm
I know right. I'm well into 6 figures with my cars and eat ramen everyday and make min. Payments on my credit cards.
Cars are great and all but 15k can buy a pretty sweet set of wheels and thats only 6 weeks of work.
The math really is not that difficult to understand

Total monthly wage x0.15 is what you can afford.
I'm going to use a hypothetical figure of 3000 a month take home as thats pretty average (I think?) for most.
That gives you 450 a month for all your transportation. Deduct your insurance and your fuelling (use fuelly.com for actual real life reports). Then deduct maintenance. Your remainder is what you can spend on your car note.

The reality is is most people are keeping up with the Jones and overspending on vehicles. Financing vehicles that are way too expensive is just common nature in canadian culture; i was guilty at one time too. Just like renting a water heater (we are the only place in the world that does this!).

So you have a choice in life that will put you on the high road or chance it. Assuming you are still young; can you get by on bus, uber, borrowing your parents vehicle when neccessary. If you dont need a vehicle then holding off and putting those funds away into GICs, high interest savings, etc. is the best possible course of action until you absolutely require a vehicle.

My 2c coming from someone who spent way too much on a vehicle at a young age.
Smash that like button!
Banned
Feb 8, 2017
186 posts
132 upvotes
2008 BMW 335i is probably the best option for you.

It's BMW, sporty, German Engineering, FUN to drive

You're young. Don't buy those slow economy cars.
Deal Addict
Aug 10, 2013
2445 posts
1720 upvotes
Let's list common problems with 335i & the avg. price dealership cost to fix it.
We should able give some reader(s) some expectations on common problems that 335i have & the cost to fix it @ dealership (also add labor hr if availible), since that model has been in the market for almost 6 years. Let's start here & I will edit the list once more information flows in. Keep it simple!

1. Replacing Injectors:
Symptoms: Mis-fire & jerking
Part (each): $ 387 ea.
Labor hr: 3 hours job plus coding hours
Total Cost: $ 2950 dealship cost to replace all 6

2. Ignition Coils:
Symptoms: Jumping RPM
Part (each): $
Labor hr:
Total Cost: $

3. Oil Filter Housing Gasket:
Symptoms: Oil spot in housing area
Part: $
Labor hr:
Total Cost: $ 800

4. High Pressure Fuel Pump:
Symptoms: Half engine SES, lost power
Part: $
Labor hr:
Total Cost: $

5. Low Pressure Fuel Pump:
Symptoms: It start and then idle then die. CODE 2AAF
Part: $ 345
Labor hr: $ 400
Total Cost: $ 745

6. Transmission Oil Pan Leak:
Symptoms: Oil spot on floor (mid section) after three days of non-driving.
Parts: $
Labor hr: 3
Total Cost: $ 1800

7. Door actuator:
Symptoms: Doors will not unlock and vise versa.
Parts: $
Labor hr:
Total Cost: $

8. Software update:
Symptoms: Jerky transmission....& etc.
Labor hr:
Total Cost: $

9. O2 Sensor:
Symptoms: Poor gas mileage & check engine light
Parts: $ 149.00
Labor hr: 1
Total Cost: $ 220

10a. Wastegate Rattle:
Symptoms: Pinging noise on load
Parts: $ 1,500 for 2x turbos (getbmwparts.com)
Labor hr: 12 ~ 16
Total Cost: $ 3,000 ~ 4,000

10b. Wastegate Rattle:
Symptoms: Pinging noise on load
Parts: $ 300 for new actuator and rings and gastkets
Labor hr: 12 ~ 16
Total Cost: $ 2,158


11. B+ Cable burn/discolor
Symptoms: Car would not start w/battery still good
Parts: $
Labor hr:
Total Cost: $

12. Water pump and thermostat:
Symptoms: Yellow coolant warning, BT code: 2E81 & 2E82 and/or overheat
Parts: $ 875 for both ?
Labor hr: 2 1/2
Total Cost: $ 1,200

13. HID leveler
Symptoms: Light pointing down and would not adjust
Parts: $
Labor hr:
Total Cost: $ 1,000

14. Transfer Case
Symptoms: whining/whistling (clunking) noise
Parts: $
Labor hr:
Total Cost: $ 2,960

15. A/C Evaporator
Symptoms: A/C is not cooling enough (ie. showing 65F in temp gauge on 60F setting on HAV)
Parts: $ 300 (+/-)
Labor hr: 10 (needs to remove dash board)
Total Cost: $ 3,600

16. Walnut blasting
Labor: $ 865
Part: 26
Total: $ 891

17. DSC Malfunction:
Symptoms: Error messages on Idrive or head display
Parts: $ 15 (rubber hose to brake)
Labor hr: 1
Total Cost: $ 144.00

18. Cracked Radiator:
Symptoms: Leaking coolant & ?
Parts:
Labor hr:
Total Cost: $ 1100 + tax

19. Charge Pipe Cracked:
Symptoms: surging throttle & boost codes.
Parts: $ 249
Labor hr: 2
Total Cost: $ 600

20. Valve cover gasket replacement:
Symptoms: Oil spots around engine & vacuum leak.
Parts: $
Labor hr:
Total Cost: $ 1097

21. Restraint system malfunction:
Symptoms: Either Airbag light on, Seatbelt light on Or "restraint sys malfunction" in I-drive.
Parts:
Labor hr:
Total Cost:

22. Alternator (overcharging sysptoms):
Symptoms: All SES light on (DSC, Airbag, idrive on & off, wipers on & off, check engine, engine malfuction, transmission malfuction, instrumental radical movement, overheat, engine shut down & transmission stuck at low gear)
Parts: $ 550
Labor hr: 3
Total Cost: $850

23. Battery:
Symptoms: Less than 12v showing on the meter w/ black or bown in the hydrometer peep window. My battery had couple of bad cells cause by overcharging Alternator.
Parts: 210
Labor hr: 45 min. with register
Total Cost: $310

24. Crankshalf Sensor:
Symptoms: Long starting crank, malfuction error in transmission, engine malfuction, brake light, DSC & transmission stuck at 3rd gear. Error code P0335 & P1727.
Parts: $ 127
Labor hr: 1
Total Cost: $350

Most of these repairs are in excess of 1k. No thanks.
Smash that like button!
Penalty Box
User avatar
Apr 25, 2013
7030 posts
1227 upvotes
6mthatch wrote:
Jan 9th, 2018 12:03 am
Cars are great and all but 15k can buy a pretty sweet set of wheels and thats only 6 weeks of work.
The math really is not that difficult to understand

Total monthly wage x0.15 is what you can afford.
I'm going to use a hypothetical figure of 3000 a month take home as thats pretty average (I think?) for most.
That gives you 450 a month for all your transportation. Deduct your insurance and your fuelling (use fuelly.com for actual real life reports). Then deduct maintenance. Your remainder is what you can spend on your car note.

The reality is is most people are keeping up with the Jones and overspending on vehicles. Financing vehicles that are way too expensive is just common nature in canadian culture; i was guilty at one time too. Just like renting a water heater (we are the only place in the world that does this!).

So you have a choice in life that will put you on the high road or chance it. Assuming you are still young; can you get by on bus, uber, borrowing your parents vehicle when neccessary. If you dont need a vehicle then holding off and putting those funds away into GICs, high interest savings, etc. is the best possible course of action until you absolutely require a vehicle.

My 2c coming from someone who spent way too much on a vehicle at a young age.
It used to be financing a car was 3 years, then 5 years and now it's 7 years ! See the trend ?
Car companies what to keep the traditional $199/month payment schedule, but the only thing they can do is extend the financing period.
Quebec is the perfect case, Quebecers want new cars, but have very little capital and live pay cheque to pay cheque and the dealership want to sell new cars.
Newbie
Oct 28, 2011
36 posts
18 upvotes
Aurora, Ontario
So many members are giving good advise to the OP. This forum is great and giving honest opinion to younger generations, and providing free guidance on one's life.

Let me contribute my opinion. I would like to start by some questions:
1. Are you willing to perform DIY for routine maintenance?
2. Are you willing to learn new DIY skill for common old car problem?
3. How much your expected budget to car repair per year?
4. How frequent you willing to visit mechanics per year to fix the car, as well as getting 3 - 5 quotes to shop for cheapest price?
5. What's wrong to keep current car? What is your concern?
6. What is your take about car sharing subscription (zipcar) vs Uber vs used car?
7. What is your opinion about old hybrid cars?

I would like to highlight that many car forum, as well as YouTube have a lot of information for DIY to pick up new skill. Repairing your own car will save you the labor cost, which often is the biggest of the car repair bill, and for German car (BMW, Audi, Benz, VW), this will cost more than the price of the used car.

For example, the 2008 BMW 335i price is about $11k. The common cooling system repair easily cost $3000 at dealer, which includes radiator, water pump, hoses, sensors. Another common item is oil leak, which cost another $3k at dealer. Next common maintenance is fuel injector that cost $3k. These total of $9k of maintenance for any BMW that between 5 - 10 yr old. Unless you know previous owner done all those maintenance, else 99% the maintenance cost is on the new owner, or you will have a broken car engine or transmission. You are not done if you are consider long term ownership..... these are common maintenance expanses every 5 yr or earlier.

Note: Lots of German cars use plastic part to reduce weight, and those items are listed as maintenance part, so above example is applicable to Audi, Benz, VW, etc.

90% of all items listed by @6mthatch are consider "maintenance" item for German car, especially BMW. This is where many BMW owners upset when they found out later. For those who never realize, they will continue to stay frustrated, and sold their, as well as commit that they won't buy another German car.

Once you start working full, you can re-consider the car owning experience. These car won't go away.

Owning a Japanese car as well as DIY will change the maintenance bill tremendously. It might cost $0/yr and possibly $1k (part only) for 5 yr of ownership. The total cost for mechanics repair is estimate to be $1.5k/5 yr. We don't want to consider extreme cases, as those are hard to estimate, regardless it is German, Korean, domestic US or Japanese cars.

You can check following link for used car maintenance, which are common for all used car that are 8 yr or older:
http://singcheong.blogspot.ca/2017/10/h ... -cars.html
Deal Addict
Aug 10, 2013
2445 posts
1720 upvotes
^ for a new member what a great post!
Smash that like button!
Newbie
Jul 8, 2017
86 posts
111 upvotes
Dont be a dumb ass. Get a corolla or civic for under 5k and worry about school. Im 25 and let me tell you. Your car isn't gonna impress me unless its in the 70k range like a c63 or m3 tier. Just buy a cheap car that works and get your toys later when you're established.
Deal Expert
User avatar
Jul 22, 2006
21540 posts
2302 upvotes
DecayHeat wrote:
Jan 8th, 2018 8:41 am
Been looking at the following:
-2012 Audi a5
-2008 BMW 335i
-2013 Hyundai Genesis Coupe
Those cars are going to be money pits and that's the last thing you need while in school and starting a career... Save up and then use the funds to get your career going :D

BeapChastard wrote:
Jan 8th, 2018 10:32 pm
And I wouldn't spend $120k.

If OP wants a sporty coupe he should get this:

Image
Yuck. But if I had to choose only one DD even then meh
Deal Fanatic
User avatar
Jul 12, 2003
9931 posts
2289 upvotes
Markham
Drive a beater until you graduate and found a stable job. You just said you will have no income while finishing your last year or school and you want to buy an Audi or BMW...... Bravo!

Now you are in the stage of minimize your spending , not being a budge baller to get a 10yrs old bimmer.

Good luck with your school and studies. I think this is the most important thing for you at this moment.
Retired Forum Moderator February 2009 - June 2015
Deal Guru
Jan 15, 2006
11439 posts
7161 upvotes
Richmond Hill
george__ wrote:
Jan 9th, 2018 11:21 pm
Those cars are going to be money pits and that's the last thing you need while in school and starting a career... Save up and then use the funds to get your career going :D




Yuck. But if I had to choose only one DD even then meh
For the used it's great value. Agreed its ugly but not as ugly as the current civics.

Top