A new STi in the near future.
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A new STi in the near future.
I just bought a 1999 Ford Explorer XLT 4wd w/81,000 miles in great shape, one owner for $7,295.00. I bought it from Patriot Subaru about 20 mins from my house in Maine. I am 19 years old and though I am happy with this truck for the time being I cannot help but think of the near future... roughly this time next year getting into an STi. My payments at the moment are $256.17 per mo. and $267.00 for insurance, I just got my license about a week ago. I can afford this for sure and I would not be getting in over my head, my credit is very good for my age my credit score is 687 at the moment. I spoke with my dealer that sold me the Explorer and he told me the next time we will go for the STi, the thought alone. I am planning on paying extra on my payments to get what I owe down so it is easier for me when I go for the STi in the spring. I am hoping that my credit score being what it is currently that after a full year of on time flawless payments with this vehicle I will be able to get that STi no problem, my insurance is only $20 more per month for it too.
I was looking for some advice on a game plan, I test drove a black one last night with 10 miles on it just to see how it felt and it was love, true love... I was scared of monsters when I was a little boy but I love this one, a street legal race car IMO. I was thinking of paying down the Explorer, and then trading it in so it is pretty much the equivilant of a good sized down payment, I would only owe about a $1000-$2000 on it this time next year if I payed $400 per mo. instead of my $256.17. I also was curious if I should buy used low mileage (25,000-30,000) for $24,000-$25,000... or buy brand new and pay $30,000 and have that much more of a car payment per month. I have to have one of these and I am determined, I know that people beat these cars and buyers usually love new because they know everything has been done right... because 0 miles you really can't do too much to hurt it vs. some moron that traded in his STi because he couldn't handle it or just didn't care about it... a car can look clean and have been abused. Looks can be diceiving. Thanks for the help.
I was looking for some advice on a game plan, I test drove a black one last night with 10 miles on it just to see how it felt and it was love, true love... I was scared of monsters when I was a little boy but I love this one, a street legal race car IMO. I was thinking of paying down the Explorer, and then trading it in so it is pretty much the equivilant of a good sized down payment, I would only owe about a $1000-$2000 on it this time next year if I payed $400 per mo. instead of my $256.17. I also was curious if I should buy used low mileage (25,000-30,000) for $24,000-$25,000... or buy brand new and pay $30,000 and have that much more of a car payment per month. I have to have one of these and I am determined, I know that people beat these cars and buyers usually love new because they know everything has been done right... because 0 miles you really can't do too much to hurt it vs. some moron that traded in his STi because he couldn't handle it or just didn't care about it... a car can look clean and have been abused. Looks can be diceiving. Thanks for the help.
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Joined: Dec 2004
Posts: 293
private party
buy one private party from an older guy. About half of the STi's sold go out as mid-life crisis cars or weekend cars for guys that are 40-50. Those cars are immaculately cared for by their owners, who have plenty of money, and enjoy fine automobiles. In many cases (about half) these people find that after a year or two (sometimes less) the car is just not right for them, and what they really need is a Lexus SC430 or BMW M3, or some other luxo-sportscar. Those cars are the ones to have. Cars that are daily driven by teens and twentysomethings (like myself) generally see much harder conditions, and while we do our best to take care of them (some better than others), we tend to push them more, and mod more ourselves (rather than professionally), which can cause issues.
That having been said, in trade, your Explorer with 100,000 miles on it (which it will have by this time next year most likely) is probably not going to be worth much more than 3-4K (guessing here.... no flames please). So even if you only owe 2K on it, your downpayment will basically only cover the tax on the STI. A 60 month payment on 30K at 5% (who knows what rates will be...) is about $600 per month. Even at 0%, it's over $500. Just to make sure you know what you're getting into before you get your hopes up, and find out that you actually can't afford the car. and Whatever you do, DON'T get a ticket with the STi once you get it, because your insurance will go through the roof.
That having been said, in trade, your Explorer with 100,000 miles on it (which it will have by this time next year most likely) is probably not going to be worth much more than 3-4K (guessing here.... no flames please). So even if you only owe 2K on it, your downpayment will basically only cover the tax on the STI. A 60 month payment on 30K at 5% (who knows what rates will be...) is about $600 per month. Even at 0%, it's over $500. Just to make sure you know what you're getting into before you get your hopes up, and find out that you actually can't afford the car. and Whatever you do, DON'T get a ticket with the STi once you get it, because your insurance will go through the roof.
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Joined: Dec 2004
Posts: 293
credit scores
your credit score is more than just a number. The number means a lot, and anything 720+ will generally qualify you for any automotive programs on the market, 700+ should get you most programs. But it also depends on how many large $ long term loans you've had, and how you've done with them. If you are a 680 now, and you make on time monthly payments for a year on that truck, you'll probably tip 700 within a year.
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Joined: Dec 2004
Posts: 293
680 = average?
if 680 is average then my store, and every store I've worked for dredges lots of customers off the bottom of the barrel.
Although I don't know what the average is, my guess is that the reason freecreditreport.com, and other lending servies say stuff like 'the average american's credit score is 680, what's yours?" is so that when you find out that your score is 580, you think that you're really low, and will sign up for credit counseling or accept a higher loan rate, or something like that
Although I don't know what the average is, my guess is that the reason freecreditreport.com, and other lending servies say stuff like 'the average american's credit score is 680, what's yours?" is so that when you find out that your score is 580, you think that you're really low, and will sign up for credit counseling or accept a higher loan rate, or something like that
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Well mine is currently 687, I have been paying on my credit card for the past ten months, I have had a balance and made consistant high above minimum payments, I took out a $500 loan in October and that is being chipped at. I know have the Explorer, I am hoping with my score now and a year of consistant payments with it and saving up some cash on the side (about $2000 bucks)... I will have them pay the $2500-$3000 that I owe on the Explorer and put the $2k down and I am hoping I will have no problems what so ever getting into an STi... or EVO, AH! Did I say that out loud?
Registered User
Joined: Feb 2004
Posts: 8
so you don't have a problem with paying 600 dollar a month payments and the whopping 250 on top of that for insurance? that comes out to 850 a month just for your car. You said you were 19? My advice to you is, save up some more money for a down payment before you commit to that much money a month, the last thing you want to happen is to get trapped into your payments bairly being able to make them.
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I would just buy a used STi, low low low miles... and make sure it has gone through some thorough look throughs before I buy it, in that case I could find one for $25000-$27000 and finance $23000-$25000. My payment would be close to $450 with that and I can definately handle that, it is going to be used weather it's an EVO or STi.
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