Hi and thanks for taking the time to read my post. I've been reading quite a bit on the forum here and figured I'd tag along and seek your thoughts.
I just relocated here to Atlanta GA for a new job and am closing on my first month here, I've been debating which way to go regarding vehicle purchase since I cannot live here without one!
Since I relocated from abroad I had many other expenses additional to the upcoming car purchase, I do not have much to put as a down payment. Probably around 3-3.5k. I have been thinking for a little over a month now which vehicle to buy and into what type of loan I want to get involved with, while just starting a new job in a completely new environment. In my point of view there are 3 options:
1- the cheapest car I can get, with lowest miles from around 2006. Spend somewhere around 6-7k. Hope not to get ripped off by some dealer, fall into a never ending stream of repairs, hold onto it for a few months and trade it in once I have saved more money and feel comfortable in the new change. 2- get a standard 2013-2014 focus\dart etc.. with minimum miles (15-25k) for about 12-15k and still have manufacturers warranty.
3- get a used sporty car, this is where the red line comes in..
So for the redline, I came across a 2008 RL with 33k miles in nearly perfect condition, single owner, no accidents, no scratches dings or anythings besides some scrapes on the bottom of the front which can only be seen when kneeling down and looking under.. I am not nearly an expert or even an amateur when coming to this model, they claim it is a Carbon Flash SE trim but I cannot identify, I've read that it comes with paint and wheel options but I really not sure. The dealer wanted a 16,882 value for the car not including taxes and fees which brought it up to almost 18k out of the door. I managed to bring them down to an out of the door 15k meaning at a 13.4k value. I put a small deposit to hold the car for me till tomorrow evening so I can make the right arrangements with my bank and have a clear mind.
My questions are considering the different paths which would you choose given the following factors:
- Down payment of 3-3.5k, which will leave me with a margin of 1-1.5k in savings for the first month until my next paycheck.
- Remaining loan in payments of 300 per month maybe a tad less which means around a 4 year loan for the RL or the standard focus.
- New environment, job, apt etc.
- As of this job I will be saving $500 per month.
- In case I for some reason, worst case scenario lose the new job, which doesn't seem too probable because I work in a leading enterprise that is constantly hiring right now in ridiculous amounts. but given the current economy you can never know. If at that point I cannot hold on to the car due to payments\repairs\overall costs which vehicle path would be best in terms of reselling with minimum cost losses in a short time?
- I love driving and I've always wanted a coupe\roadster!
Here are links to the vehicle and carfax:
2008 Saturn Sky Red Line Carbon Flash SE For Sale in Buford, GA 30519 - 8Y124160
CARFAX Vehicle History Report for this 2008 SATURN SKY REDLINE: 1G8MF35X68Y124160
Thanks again for any advice, insights and tips!