Buying a new car.

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paparoach429
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Postby paparoach429 » Wed Nov 14, 2012 1:44 am

The srt-4 range from 03'-05'. If i got a personal loan from my bank would I still have to have full coverage on the car? The car is "technically" paid off as far as the bank knows.. How do they know what I spent the personal loan on. I dont want a car thats too expensive since I dont drive too many miles to work and pleasure. Also this is only going to be my second car and I dont want to have payments too long and my job isnt too established.. Granted I work at FedEx and I most likely aint going to be laid off but Ive only been working there a little over a year. I want a car that I can pay off in under 3 years and after that I will probably be full time and I will be able to afford a car thats alot better/newer.


kcarter609
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Postby kcarter609 » Wed Nov 14, 2012 7:58 am

paparoach429 wrote:The srt-4 range from 03'-05'. If i got a personal loan from my bank would I still have to have full coverage on the car? The car is "technically" paid off as far as the bank knows.. How do they know what I spent the personal loan on. I dont want a car thats too expensive since I dont drive too many miles to work and pleasure. Also this is only going to be my second car and I dont want to have payments too long and my job isnt too established.. Granted I work at FedEx and I most likely aint going to be laid off but Ive only been working there a little over a year. I want a car that I can pay off in under 3 years and after that I will probably be full time and I will be able to afford a car thats alot better/newer.


You don't technically need it because there won't be a lien against it, but why risk it? What happens if someone stops short and you rear-end them and all of a sudden your new car is totaled after the first week? Do you really want to keep paying a loan for something you don't even have anymore?

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paparoach429
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Postby paparoach429 » Wed Nov 14, 2012 3:27 pm

I was thinking about it because full coverage for my age literally triples or quadruples the price for insurance. I was thinking about having full coverage for maybe the first year and then liability after that. Its also wierd that Progressive quoted me only $210.00 a month when most other places were in the high $300s or $400s. I gave them the VIN for the car so its not like they couldve gave me a quote for a regular Dodge Neon could they?

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Postby kcarter609 » Wed Nov 14, 2012 5:32 pm

paparoach429 wrote:I was thinking about it because full coverage for my age literally triples or quadruples the price for insurance. I was thinking about having full coverage for maybe the first year and then liability after that. Its also wierd that Progressive quoted me only $210.00 a month when most other places were in the high $300s or $400s. I gave them the VIN for the car so its not like they couldve gave me a quote for a regular Dodge Neon could they?


I have Progressive too. They are 1/2 the price of everyone else for me. I found it weird at first, but gave it a shot. I have a 2010 Jetta TDI. It cost me $815 for the first 6 months, I did the snapshot thing and drove like a granny for 6 months, got my 30% discount, and I just renewed 2 weeks ago for $640 for another 6 months. I'm 21, 1 misdemeanor ticket (no points) and no accidents. I also have my coverages at 250k/500k, not 100k/300k. The difference was negligible and it's honestly worth every penny.

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paparoach429
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Postby paparoach429 » Thu Nov 15, 2012 2:27 am

So you think that was an accurate price? I dont know much about insurance coverages so idk what I should go with and what is fair but thats the lowest quote ive gotten for an srt-4. Now I just have to figure out how im going to go about getting the car: Save up the cash, get a bank loan, finance through the dealer etc..

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Postby kcarter609 » Thu Nov 15, 2012 8:55 am

paparoach429 wrote:So you think that was an accurate price? I dont know much about insurance coverages so idk what I should go with and what is fair but thats the lowest quote ive gotten for an srt-4. Now I just have to figure out how im going to go about getting the car: Save up the cash, get a bank loan, finance through the dealer etc..


Personally, I'd tell you to swallow your pride, get over your ego, and drive a beater. It's not worth it at all to pay that much in insurance and car payments. It's totally ridiculous. Just because you like fast cars. Buy one when you're older and can afford one and it'll cost less on insurance too.

But since you want it, learn some more about coverages, or post the coverages they quoted you for here and I'll fill you in on them. Then, drive like a granny for 6 months with snapshot to get the 30% discount. And try NOT to get any tickets during that time.

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Postby djrez4 » Thu Nov 15, 2012 11:00 am

Or, get a fast beater.

A '90-'94 Plymouth Sundance/Dodge Shadow is a total POS with a hot little turbo motor under the hood. There was even a Shelby version, although I'm sure Carroll Shelby had second thoughts about attaching his name to that. It was the '90s SRT4.

A first-gen Mitsubishi Eclipse/Eagle Talon/Plymouth Laser is another good choice. You can find the turbo front-wheel-drive versions cheap.
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paparoach429
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Postby paparoach429 » Thu Nov 15, 2012 11:31 am

I understand what you guys are saying as far as to get another car I just dont want to get myself in the same boat as I got into with mine. Every month something unexpected breaks and Im forking over hundreds of dollars to get it fixed. My clutch went out last year right before Christmas and that was an $850 unexpected charge on my card. Ofcourse there were alot of months all I had to do was put gas in and drive it but there were ALOT of months that repairs were needed. I dont see the point in buying another beater when Im obviously going to run into the same problems. I bought my car for $1000, and in the 2 and a half years Ive had it I put just under 3k into it! If I was going to go the beater route again Id probably stick with another Ford Probe Gt since like I said I have about 3k in parts under lifetime warranty. I just kind of want to take the next step in life and get something bigger and better. As far as the insurance goes it wasnt the plain basic coverage for Illinois (I believe 20,000/40,000) it was the next step up 25k/50k. And how exactly does the "snapshot" thing work?

kcarter609
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Postby kcarter609 » Thu Nov 15, 2012 11:39 am

paparoach429 wrote:I understand what you guys are saying as far as to get another car I just dont want to get myself in the same boat as I got into with mine. Every month something unexpected breaks and Im forking over hundreds of dollars to get it fixed. My clutch went out last year right before Christmas and that was an $850 unexpected charge on my card. Ofcourse there were alot of months all I had to do was put gas in and drive it but there were ALOT of months that repairs were needed. I dont see the point in buying another beater when Im obviously going to run into the same problems. I bought my car for $1000, and in the 2 and a half years Ive had it I put just under 3k into it! If I was going to go the beater route again Id probably stick with another Ford Probe Gt since like I said I have about 3k in parts under lifetime warranty. I just kind of want to take the next step in life and get something bigger and better. As far as the insurance goes it wasnt the plain basic coverage for Illinois (I believe 20,000/40,000) it was the next step up 25k/50k. And how exactly does the "snapshot" thing work?


A) That insurance coverage is absolutely worthless. Don't even bother with those limits. You'll regret it if you ever get into an accident.

B) Snapshot plugs into the computer port under your dash. It looks to see if you tailgate (if you decelerate more than 7mph/second which is considered a "hard brake"), if you drive between midnight and 4am, and if you drive more than 1k miles a month.

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AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

paparoach429
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Postby paparoach429 » Thu Nov 15, 2012 5:28 pm

Why is that insurance useless? They said it was like the middle grade that most people go with.



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