Hey guys!

Im brand new here, so please forgive me for any screw-ups or anything. Anywho, Hi. My name is matt and im a 20 year old college student and recently employed warehouse worker. Well unfortunatly this job is a good 45 minute drive and im stuck in a 99' V8 explorer. I adore the car to death but with the way gas is going and the fact that I REALLY want a new car I figured looking for a new (well used) car would be a good option. Now i dont know all the specifics of trying to finance the car and all those money related factors (gotta talk that over with the old man) but I believe that im going to dip a bit into my college funds.

So as of right now Im limited to about 5k without a loan or trying to pay over a certain amount of time. In any case ive been looking around for a used lancer evo in a good price range (Seeing that it is my ABSOLUTE dream car) but unfortunatly to no avail(for good reason though). So im looking at the next best thing: Either a Lancer OZ Rally or Ralliart. Both these look like good solid cars and have several bodykits that I would LOVE to see on a non evolution (evolution style body kits). Im not only looking at getting a new car for gas, but as my first platform car to start learning how to fix and work on it internally (And externally). Of course this includes aftermarket parts.

So now that you know the basics of what im looking for, my real question is: What do you think about the basic Lancer models (Other then the newer 2008 ones) and what are some other options out there for me? Ive been looking at some of the Eclipses as well. I love the 95-99 models and would love to get into a convertible. But either way I really would like to get into something soon for a good price. So any help woud be greatly appreciated. Thanks so much!

 

if you are looking at buying a reliable car buy new.

 

If paying for gas is an issue, you're better off with a late 90's 4 banger or diesel.

Here's something you have to consider also:

Right now, you're young and you don't have any real big financial commitments so your credit history is slim to nil. If I were you, I'd take out a small loan over say 24-36 months of maybe a hundred a month or so.

The upside of this is that you'll be able to afford a better car than you can if you just paid cash and it'll help build a lot of credit for you when you're ready to finance an Evo in the future. The commitment is small but it'll build enough credit that whatever you lose in interest now, you'll more than make up for with a much bigger loan for an Evo later through a smaller APR.

 

I would love to do that, but unfortunatly buying new will cost me FAR more and Im really just getting something so I can get started. Nothing too fancy, just better gas and something that I can enjoy driving to. Plus I dont plan on keep the car for the next 15 years. Right now my goal for this car is to use it to commute to and from work for a decent amount of gas mileage and to work on as a real "first car". I would love to get it together and make it look damn sexy too
Oh yeah, I have really looked into...or understood the finacial part of...well anything. But what you are saying it, I could get a half decent car for a little more If I lay down a loan for a couple years and establish a line of credit, which would make it easier to get a better loan sometime down the road? MMMM I like that. Is it possible for me to get a loan now? I have only started this job within the last week so I dont even know if its possible for me to get a loan. I mean I have been having a LOT of trouble trying to find and keep a job, and this is my first "real" job. (Full-time 8.75 and hour).

But say If I was able to get a loan, what kind of car could I be looking at? Could I be looking at a new 2008 or later Lancer or something a little less then that? Of course im not limiting my options to JUST Lancers, but it would be nice to be behind the wheel of something so close to my dream! Sorry for all the questions, but now that Im a bit more serious about this, I want to make sure Im working on getting something and being happy. Thanks again! I appreciate it!

 

To answer your question:

The 02-06 lancer and ralliart are pretty reliable and are definitely a bargain considering you are paying a markup for the name of a honda and toyota.

Some of the lancer good spots:

-mileage
-solid 5dps. don't know how the auto holds up
-shares various interior parts with evo. swapping to evo interior isn't hard
-unique
-reliable, pretty much the same as any other low output 4 cylinder on the road
-handles well. it does have more vibration and roadnoise than some other brands, but it takes corners better than a corolla, prob on par or better than some civic models
-extremely easy to learn and work on!
-evom

The bad spots:

-very underpowered if performance is on your mind. the ralliart is peppier and has infinitely more NA potential than the oz, ls, es. but then again they are rare and they really aren't "fast" cars. it's up to you. If i could find a ralliart, i would certainly pick one over any other lancer model.
-interior is cheap. but then again it's not as bad as other cars i've been in
-rear drums on oz, ls, es
-no power mod potential for oz, ls, es unless you turbo

There are many many other points to make here. But... I don't regret my lancer purchase at all. it's a learning car for me and it gets me places cheaply and reliably. It's furthered my interest in the evo and i think it looks nice.

 

Hmmm seems like great points. I have to do a bit more research into those as well.

I hate to say it, but the 2008 lancers are really calling me. I would LOVE to drop 5k as a down payment and pay over the next 5 years for around 150 a month. The way I see it, Ive had my Explorer for around 5 years(and put around 35K miles on it.) and have put several miles on it, but it still runs great. If I were to get the Lancer, I plan on loving the hell out of it for the next 5 years, at least. And If im ready, I could turn around and sell if for a good chunk of change (prolly 8k or so I figure). But honestly I would like to buy it close to new if possible. Its a lot of money, but This seems like the right thing to do. I get myself a great car, both looking and gas wise. I get a good starting platform for learning how to work and mod. And I get something which doesnt cost me a fortune in the insurance department. Help prove me wrong, but Im not seeing a downside, aside from making sure I keep up with the payments.

I would love to get the GTS though, and thats a bit out there for the price

 

You pretty much don't want anything that'll f**k up your budget over the next few years. Just remember, you're still in college, your #1 priority should be education, dump as much money into that as possible. Your #2 should be getting ***, as long as you're a decent guy, you don't need a fancy car to do that. #3 should probably be staying out of financial debt, credit cards, etc. Somewhere along the road afterwards should be the nice car.

Right now, the base model 09 lancer is $13735 after the $1500 cash rebate, destination included.



Suppose you have $5000 cash and the trade in for your truck is $5000. That makes $10000. And suppose $13735 becomes $15000 after TTL. So now you have to finance $5000.

Also assume you get a horrible rate like 8.5% APR. Over 36 months (which is pretty short BTW, I put very little down and took a 72month on my ralliart), you're looking at $158/mo for a total payment of $5700. So you lose $700 in interest over the next 36 months. Finance over 60 mo and u drop ur monthly to $103 a month but end up paying $1155 in interest. Hell what you can always do is borrow money from ur parents (After taking the loan out) and double up monthly payments, just specify 1 check for monthly, 1 check for principle. You still build credit but you reduce the amount of interest paid, plus u get to fully own ur car sooner.

Suppose you're done now and you OWN the car. Drive it for a while, save up some dough, trade it in, get like say $5000 for the car, put down $5000 again. Get an EVO for say $35000 OTD, you're financing $25k for 72mo. If you had bad credit, assuming you get the loan at all, and ur rate was 8.5%, you're looking at $444 for 72/mo for a total of $32k paid.

If you had better credit and got say, 6%, your monthly would be $414 for a total of $29800. So you saved $2200 through a better rate because you lost maybe $7-800 now to build credit. That doesn't sound like much but wait till you take out a $350000 mortgage for your house and the interest is in the hundred thousand dollar range, every tiny % you can squeeze off your APR will save you tens of thousands. The whole credit thing is a scam but we all gotta play that game.

Don't forget also INSURANCE. That'll rack up another maybe $100/mo since u'll need full coverage for a new car plus GAP in case it gets totaled.

Of course I'm just farting into the breeze, all of this is hypothetical.

Now going back to it, if you want a reliable car with a warranty and dealer support, something you don't have to think about for the next few years, odds are you're better off going new rather than picking up potentially someone else's problem. I've been there. You pick up a car for say $5000. Next thing you know, BAM, new tires, cv-joints, exhaust, motor mount, AC, radio, transmission, seat's got a weird stain, gf wore too short a skirt sat in the back seat pregnant you didnt even touch her, radiator problems, shocks blown, misaligned, etc. I easily spent like 8 grand on my beater before i realized i should've just bought something new. Of course, it could also be sweet as pie for the next few years of ownership.

Plus there's also the emotional factor of knowing it's new, it's yours, you broke it in your way and you're the one who took care of every aspect, soup to nuts. And honestly, nothing in the world beats new car smell.

In the end, concentrate on your education first, I f**ked up a lot along the way and have a lot of regrets, don't throw it all away for some car or some chick.

 

Wow Great post my friend. Unfortunately there have been a few "developments" since I brought this all up to my pops. Numero uno "problem": I have a mere 3000 at MOST to blow on a car. Numero two: I need to hold onto this truck since my dad needs to use it for moving his boat around (A bit hard to do on an Eclipse). Numero...threeo? I have only been at this job for a week and there is no way a bank would loan me the money for atleast 6 months (According to my dad), AND it is just a temp jobs, so maybe 6 months at the most. Numero 4-O: The insurance. Im still young, 20 to be exact, and the collision on top of the normal insurance, car payments and gas will more than likely raise it to close to 500 bucks a month. Not an easy task for someone that makes 8.75 an hour. And lastly my dad will NOT help me with this car. I asked if HE could get the loan and I pay him over time, but he just got a job recently as well so him getting a loan would be damn hard AND he doesnt want any "bad credit" on his history. So thats the "facts" Ive gotten from my dad, could he be wrong? Yeah thats more than likely. Could I be wrong? Thats almost a defiant.

Either way, It looks like ill end up getting used, no matter how I slice it. I would love to grab an older 2002 or 2003 lancer and slap a body kit on it that slightly resembles an Evo. Im not trying to make it "ricer" or trying to make it an evo, I just love the look of the car. But then the price comes in for that one too. The body kit which is easily 700, but then the installation and paint will more than likely cost a pretty penny as well. Do you guys know what a normal body kit painted, fitted and installed would run for a decent, but affordable price (Not thousands).

Anyway, thank you VERY much for the feed back, its still need to unscramble in my head and needs some more talking over with my dad. Again, and I cant stress this enough, thank you VERY much for taking the time and finger flexing (I dunno, im half asleep) to help me out.

 

Hello,

If you want to establish credit yet are worried about being able to get a loan just open a account and put your 5k in there , then take a secured loan out for 5k with your 5k as collateral. You'll lose some money in paying interest but possibly can save some cash by paying off early.

Justin

 

For 3 grand, I would just skip the body kit and put every cent into the car itself.

http://charlestonwv.craigslist.org/cto/1226704795.html

 

Yeah I agree. Im still way up in arms about this whole thing though. I need to go to someone other then my dad and get another opinion and to see if I can make this work. I dont want to spending a bundle on a new car right now, but I also want something that is gonna last me a good long time. Grrr I dont know who to go to though.

I went back and built up the Lancer I wanted. I picked the ES with front black out kit and rear spoiler coming to 16412 and 223.53 per month for 60 months (0% APR for 60 months according to Mitsu). Now I dont know how much more the collision and such is, but I really need to look at this again. I would LOVE to get into this car, and if the payments arnt TOO high for the collision then I might just grab it. Course Im gonna hear the "Matt, I didnt get my first car till I was 25" speech. Yay.

 

Hello,

My advise would be to use your 5,000 and find a car you can afford in cash. I mean in all honesty it sounds as though your job isnt that stable and last thing you should want to do is get in debt up to your eyeballs. I mean would you really enjoy spending your money all on a car note or would you rather use your money to customize a car to your liking and possibly have some left over to go partying with your friends and etc.

If bodykit and etc is really so important to you then look for car with it already on it as often see cars with rims, body kit and etc selling at or very close to what stock car would sell for. Actually look few posts up and fellow has link to a 4,000 dollar car on craigslist, is a Eclipse with lambo doors and etc, you can afford it cash and no need to spend thousands in customizing it, use your money to party instead lolol.

Dude listen to your dad, he didnt get old by being a dummy and as a father most likely has your best interest in mind, I know at times its hard to listen to them as think they are antiquated and etc, truth be told though they generally know a good bit, Im only now starting to see that and Im already 31 yrs old with 3 kids of my own, in another 8 or 9 yrs Ill most likely be the antiquated bloke that doesnt know anything , wow now thats something to look forward to LOLOL.

Anyway, Making only 8 bucks a hour youd be a foolish to buy a new car, as would take your entire paycheck just to pay the note , insurance and buy gas, if you could even get a loan without a cosigner, in end youd have no money to customize it as all your money plus youd be unhappy as hell as would be broke all the damn time due to the car. Just buy something you can afford to pay cash for.

Justin

 

I bet you can get an 02-03 Lancer for ~4000
Have a mechanic look at it before you buy it to make sure everything is okay, then just do an oil change every 3k and it will last you for quite some time. GL.

 

Comment from Justin is really reasonable. Make sure you can afford the car + daily expenses. I think I left that out.

The feeling of having a new car can quickly get ruined once you realize exactly how much it'll cost you to maintain it and that you can't afford to maintain it. That eclipse is a very nice car for $4000 assuming it isn't haunted or anything. The cost of a good exorcism far exceeds what you can afford right now.

Your dad's right. Cause I'm gonna tell you,

"Matt, I didn't get my first car till I was 24 and it was a hand me down Dodge Stratus ES (with a mitsubishi V6) that I had to put a lot of money into to get it running. I had some good times with it and I completely trashed it w/o a care in the world about maintenence, the paint job, gas, etc."

and,

"Matt, I didn't get my first new car till I was 26 (which I am). I bought the Ralliart and now I'm always worried about the paint, wear and tear, proper maintenence, premium gas prices, etc."

 

well i guess after reading this i should put in my .02

Im 22 right now... currently i own an Evo X, an 07 R1, and a 07 Ninja... i rent part of a townhome, i have a g/f, and my insurance is somewhat reasonable.... I just recently graduated college and am in debt of roughly 70k...

I had 2 hand me down cars until i bought my first real car. 06 vw GTI i was 19 at the time. I had excess loans from school that i used to help put a down payment on the GTI. Ever since then i got into a frenzy of buying toys (evo, and motorcycles) I had an ok paying valet job (roughly $14/hour after tips)...but it was killing me!

now i work as a blackjack dealer and im well of in a sense that i dont have to worry about payments on my car and motorcycles and insurance (which equals to more than what 8.75 full time makes a month untaxed)

What i am trying to say is, dont fall into the trap i fell into. I know I SHOULD have kept my 99 mercury cougar, instead i bought a brand new GTI and everything else is written in stone that weighs roughly 70k!

Take what you have now, buy something you can pay cash and just keep your job and go from there. if you can get a used lancer for cheap, take it...with this economy no job is safe, especially a temp job. Good luck and keep us posted man. Hopefully this kinda helped