Tell me I'm stupid and I shouldn't do this...

Outlaw

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Yesterday evening I went with a friend of mine to purchase a Chevy Spark. He works construction and always has a "beater" that he can get dirty and put 100 miles/day on and not care, his 2006 TrailBlazer's A/C went out and transmission started to slip within the same week or two and he decided it was time for something new. He ended up getting a 2016 Chevy Spark for $11,400.

These cars look terrible and are slow, but, that's about where the bad stops for the price. The car comes standard with a 5-speed manual, which I'm perfectly OK with. They have A/C, Cruise control, 7" TouchScreen with Bluetooth calling and audio, USB and AUX input and a full driver information center that base cars didn't get a few years back... They even have a back-up camera. They drive great and feel solid. I've driven every cheap car under the sun (Versa, Mirage, Fiesta) and this feels better than all of them, and can be purchased for the least by me. With two occupants, they're damn spacious as well, and, if the 3rd guy in the back isn't paying for fuel, he can shut up and deal. Not F350 spacious, but, pretty close to my TDI for sure.

I qualify for an additional rebate he doesn't, bringing my cost to $10,900. I also have $2,500 in GM Card points that are about to expire, bringing my cost to $8,400 for a brand new car :rofl:

I've had my Harley for sale privately for a month or so now with no real interest, and have also been looking for a $3,500ish beater car to rack miles on back and fourth to work and Hayward and take about 20,000 miles/yr of burden off my F350...

What I owe on the bike is pretty much trade-in, which would be a wash, but it would save me about $800 in tax. I could walk out the door with a brand new car for under $9,000. The $140/month payment is $100 less than the Harley, and would also pay for itself in fuel vs. the truck taking 50% of the miles, and would also transfer depreciation off of a $65,000 vehicle to a nothing vehicle...

IDK, on paper it makes sense, what do you think TCG? Tint the windows and drive the bitch for the same payment I had on my ATV or am I nuts? Keep in mind I've put 45,000 miles on my truck in less than a year, and could have kept over half of those off with a normal car.






 

wombat

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You're still looking for a house, right? If so, leave your credit alone.
 
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Outlaw

Outlaw

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You're still spending $8,400.

It's like buying an item on sale, you didn't save $200 off of that $900 item, you spent $700.
Right, but, show me comparables that are the $200 item...

I will be buying something to take the miles off of my truck, this just presents itself as a cheap new vehicle option.



And yes, house is coming within the next year or two, but, this would be paid off by then. I'm also putting 30% down on whatever house I buy, and my Debt:Income ration with the mortgage will be in the mid 30 percentile, so, I'm not overly concerned about getting an approval. I'm looking at cheaper houses as it is.
 

syP

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I Wouldnt worry too much about what you "owe"

I had a shit ton of CC debt.. and 3 car payments equaling $1200/mo (for cars alone)

I got approved for any place I was looking for in our price range, no questions asked. (and yes, I am the only person on title to the house)
 

boostedguy05

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you would be trading in the bike on this yes?

the bike loan would be offset by the car loan, so credit wouldnt be affected much, if anything it might help by taking the bike loan off even if being replaced by a car.
 

1quick

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Id buy it in your situation, it won't affect buying a house anyway, they just look at your gross income to debt per month and your credit score shouldn't make much of a difference in any of those things
 

BeerOrGasoline

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I just don't think I could spend that much time in a car that small. the VW was one thing, this is a-whole-nother can of sardines.
 

wombat

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It being a Hayward vehicle, I hope you don't meet any deer in that thing!
 
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Outlaw

Outlaw

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I Wouldnt worry too much about what you "owe"

I had a shit ton of CC debt.. and 3 car payments equaling $1200/mo (for cars alone)

I got approved for any place I was looking for in our price range, no questions asked. (and yes, I am the only person on title to the house)
Yeah, I'm not overly concerned about an approval. I have very little CC Debt (will be paid in full by August, been making regular payments) so I don't have much at all over my head.

you would be trading in the bike on this yes?

the bike loan would be offset by the car loan, so credit wouldnt be affected much, if anything it might help by taking the bike loan off even if being replaced by a car.
Yes, bike would be going. I started this off looking at buying a RZR or some other SXS or sled and getting rid of the bike, but, this is a bit more practical lol

Id buy it in your situation, it won't affect buying a house anyway, they just look at your gross income to debt per month and your credit score shouldn't make much of a difference in any of those things
That's what I was thinking, the bike will offset this. It will also be paid off by the time I get a house... Credit score has been in the mid 700's, and, as you all can assume, there's a lot of history :rofl:

I just don't think I could spend that much time in a car that small. the VW was one thing, this is a-whole-nother can of sardines.
It's really not THAT bad... There's actually more front driver/passanger space in this than my TDI. The TDI just happened to be fun to drive :rofl:

Only if you throw some wheels on it
22's Nigguh
 

Dasfinc

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I don't hate the face-lift they did for these things, but I feel like even for $8400 you could quite quite a lot of used car for the money that would still be dead-nuts reliable.

$8500 is Nicer used 4 cylinder Acura Territory (TSX/TL) among quite a lot of other options. I can't imagine the Spark would be comfortable for the kind of driving you are planning on putting it through.
 

Intel

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Bigger question is will you hate it in a year and sell it for a loss? Just seems pricy for a "beater" you will sell in less then 2 years.
 
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Outlaw

Outlaw

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Bigger question is will you hate it in a year and sell it for a loss? Just seems pricy for a "beater" you will sell in less then 2 years.
Just looking at prices and what I'm getting in to it for new, I'll essentially be able to "walk away" at any time with little to no loss. Essentially a cheap, unlimited mile lease...
 
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Outlaw

Outlaw

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I don't hate the face-lift they did for these things, but I feel like even for $8400 you could quite quite a lot of used car for the money that would still be dead-nuts reliable.

$8500 is Nicer used 4 cylinder Acura Territory (TSX/TL) among quite a lot of other options. I can't imagine the Spark would be comfortable for the kind of driving you are planning on putting it through.
Acura Territory = Higher mileage, outside of warranty and expensive parts.
 
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Outlaw

Outlaw

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I'm not saying that I'm rushing to the dealership to leave in a Spark by any means lol, just tossing ideas around. Essentially this is going to happen or something I 110% don't need is going to replace the bike :rofl:
 
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Outlaw

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Or someone can give me $11,000 for a like new Dyna Low-Rider and we can forget this conversation ever happened ;)
 

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