Whats up guys. New to the forum, and wanted to get an expert opinion!
I'm looking to trade in my 2014 Jeep Compass with 20k Miles to something a little more my style.. a certified used 2009 G37xS with 66k Miles. The Car is around 16,900 but with taxes and the amount i owe on the jeep it will come out to about 20k in financing.
It does have a 1 year warranty with the dealership but my concern is i hear around 100k miles Infiniti's can have some pretty expensive issues. I do not mind going upside down a little because i am totally in love with the car. Would this care be worth financing or do you guys think it is to old? Will I be looking at really expensive maintenance at 100k? Thanks for reading.
Should I finance? 2009 G37xS
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arrow23
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Re: Should I finance? 2009 G37xS
$16.9 K sounds like a pretty good price.
I would go for it
I would go for it
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Iwanttogofast
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Re: Should I finance? 2009 G37xS
I definitely want to go through with it, but with that limited warranty I don't want it to come back in bite me in the a** when it comes time for maintenance. It'd be different if i bought the car cash, but i'm worried about the car having major issues while i'm still making payments, know what I mean?
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telcoman
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Re: Should I finance? 2009 G37xS
Iwanttogofast wrote:Whats up guys. New to the forum, and wanted to get an expert opinion!
Okay but the answer is No! No! No!
That is not a valid reason. Foolish in my opinionIwanttogofast wrote:...... I do not mind going upside down a little because i am totally in love with the car. .
Quite possible? It doesn't sound like you have deep enough pockets if you had to suddenly sink a few thousand in repairs.Iwanttogofast wrote:.... my concern is i hear around 100k miles Infiniti's can have some pretty expensive issues.Would this care be worth financing or do you guys think it is to old? Will I be looking at really expensive maintenance at 100k?
Just my $.02
Telcoman
Re: Should I finance? 2009 G37xS
Several things bother me about this deal.
Unless the car has some expensive option packages, $16,900 is about $1,000 too high. The best ones are Premium (look for a sun roof) and Navigation. There is a Technology package with adaptive cruise control and swiveling headlights. You don't want four-wheel steering which was an option on early G37s.
This is not an Infiniti CPO car. To qualify for CPO, it must be less than 4 years old and have less than 60,000 miles. The warranty is just something this dealer is offering and is not backed by Infiniti. Nobody else will honor it. If you move, suffer a breakdown on a trip or switch dealers, it will be worthless. There is a possibility that the dealer's warranty is actually a third party warranty. You should know that dealers make a huge profit on them, which doesn't leave much to pay for repairs, and they tend to contain loopholes for the warranty company to get out of paying.
How is your Jeep holding up? If you have already had several expensive warranty claims, I could understand wanting to get rid of it before the Jeep warranty expires. I looked at TrueDelta's reliability data for the Compass back to 2007. It falls at the unreliable end of the distribution. Once its warranty expires (and it looks like you will reach the mileage limit before the time limit), I expect the Compass will cost more than the Infiniti to keep running.
I am very concerned about the financial aspects. You want to finance $20,000 on a car that will cost you between $16,000 and $17,000 and would bring $14,000 if you were trying to sell it. You won't be "upside down a little". You will be so far upside down that I'm surprised the dealer will go along with it. At the least, you can expect to get hosed on the interest rate.
Usually, my advice to someone in your position would be to keep the Compass and, when it's paid off, deposit the same amount every month into a savings or money market account. After a few years, you will have enough to pay cash for your next car which will save you interest on a loan. The Compass' poor reliability rating may make it expensive to keep that long. I would be far happier if you were interested in a Mazda (2011 Miata or Mazda3) instead of an Infiniti. Mazdas are both fun and reliable and their lower new price makes them far more affordable than an Infiniti. You could take your Compass to a Mazda dealer and see what they will swap for it. You would still lose money because they will want to make a profit on the transaction.
Unless the car has some expensive option packages, $16,900 is about $1,000 too high. The best ones are Premium (look for a sun roof) and Navigation. There is a Technology package with adaptive cruise control and swiveling headlights. You don't want four-wheel steering which was an option on early G37s.
This is not an Infiniti CPO car. To qualify for CPO, it must be less than 4 years old and have less than 60,000 miles. The warranty is just something this dealer is offering and is not backed by Infiniti. Nobody else will honor it. If you move, suffer a breakdown on a trip or switch dealers, it will be worthless. There is a possibility that the dealer's warranty is actually a third party warranty. You should know that dealers make a huge profit on them, which doesn't leave much to pay for repairs, and they tend to contain loopholes for the warranty company to get out of paying.
How is your Jeep holding up? If you have already had several expensive warranty claims, I could understand wanting to get rid of it before the Jeep warranty expires. I looked at TrueDelta's reliability data for the Compass back to 2007. It falls at the unreliable end of the distribution. Once its warranty expires (and it looks like you will reach the mileage limit before the time limit), I expect the Compass will cost more than the Infiniti to keep running.
I am very concerned about the financial aspects. You want to finance $20,000 on a car that will cost you between $16,000 and $17,000 and would bring $14,000 if you were trying to sell it. You won't be "upside down a little". You will be so far upside down that I'm surprised the dealer will go along with it. At the least, you can expect to get hosed on the interest rate.
Usually, my advice to someone in your position would be to keep the Compass and, when it's paid off, deposit the same amount every month into a savings or money market account. After a few years, you will have enough to pay cash for your next car which will save you interest on a loan. The Compass' poor reliability rating may make it expensive to keep that long. I would be far happier if you were interested in a Mazda (2011 Miata or Mazda3) instead of an Infiniti. Mazdas are both fun and reliable and their lower new price makes them far more affordable than an Infiniti. You could take your Compass to a Mazda dealer and see what they will swap for it. You would still lose money because they will want to make a profit on the transaction.
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telcoman
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Re: Should I finance? 2009 G37xS
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
+1
Do not go deep in debt over a vehicle
Telcoman
+1
Do not go deep in debt over a vehicle
Telcoman
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audtatious
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Re: Should I finance? 2009 G37xS
I've been where you are going (stupid X-wife) and it's a bad trip. You never want to go upside down on your payments with vehicles. All it takes is a wreck and the insurance company paying out less than what is owed and you can be in quite a financial bind. Gap insurance (if you can get it on a '09)? Why throw more good money after bad?