should i sell or keep my Altima?

[bina12834]

so in the next couple months im going to be able to fully pay off my car. Should i trade it in and put the money towards something more fun, or keep the Alti and not have to worry about car payments, and most likely higher insurance rates with a "more fun" (read: 350Z or G35) car?

Right now i have a 2.5 sedan, and immediately regretted not getting 3.5 coupe. At the time the 2.5 sedan was the right choice because it was cheaper in every way(car payments, insurance, gas, etc.), but i recently came into a little bit of money that is going to allow me to pay it off and maybe have a little left over.

Im a 25 year old guy with job security, no kids, and a new girlfriend, so i figure now is the best time to have a 2 door spors car before i have to start worrying about lugging a family around.

according to KBB i should be able to get around $18k trade in value, and i figure i would probably throw a couple more G's in to bring the total to around $20k towards a new car.

so my only question is, should i keep my Alti, and save a sh*t ton of money over the next couple of years, or trade it in for something else with a $20k down payment, and only be paying on the new car for a year or 2?

dont get me wrong....im not disapointed with the Alti in the feature department (cant say the same about the performance dept). it has everything that i wanted, minus ipod integration. i dont think i could go back to a "normal" car where i would have to use the remote to open the doors, and stick a key in to start the car. So obviously im thinking of keeping it in the '07+ Nissan/Infinity family.

its just everytime i see a G or Z, i wish it was me in it.

now i know some of you guys are going to say go for a G37 or 370Z, but im not looking to spend THAT much money. Just something where, with a $20k down payment, i would only be paying on $15k or less.

so....what do you guys think?

Modified by bina12834 at 10:17 AM 3/24/2009
Modified by bina12834 at 10:19 AM 3/24/2009

[PHENOMenalVinyl]

Well to start you can get a g37 or 370z for 35g's easily i dont c why that wouldn't be a problem.

i just went with my sister to go look at the new g. Your best bet would be to get a new one bc the apr is like 1.2% and on the used ones "floor models" its at best 5.5% if not more. My friend is the manager and he said you would be better off putting 5k down and paying it off per month rather than putting 20k. With the low interartdeest its a smart decision to buy but you would be better off having your money set aside and have higher payments than get a used vehical and put 20k into it. This is only good if you are a person who wont spend that 15k you have set aside for payments.

thats the best way to buy something but dont buy it used its not worth it unless you get an amazing deal hope that helped if you are around my area let me know i can hook you up

[LongBeachCoupe]

I dont agree with phenom at all... First off you cant determine what someone elses interest rates are which affects your whole argument.

Keep the alti, save your money... Theres not many people who can say they have "job security" right now and the worst of this economic downturn isnt over IMO.

If inflation hits 15% in 2 yrs you will be happy you have the alti... and if things never get worse then now, well you will just have more money saved in the future to put tward your long term goals. Its not like your driving a sputtering 94' hyundai or something...

My .02

[bina12834]

sure i could get a G37 if i wanted to get the base model, but i want features, and when building the G37 i want on infinity's website (which i know is MSRP and i could probably get it cheaper), it comes to around $45k

[bina12834]

I dont agree with phenom at all... First off you cant determine what someone elses interest rates are which affects your whole argument.

Keep the alti, save your money... Theres not many people who can say they have "job security" right now and the worst of this economic downturn isnt over IMO.

If inflation hits 15% in 2 yrs you will be happy you have the alti... and if things never get worse then now, well you will just have more money saved in the future to put tward your long term goals. Its not like your driving a sputtering 94' hyundai or something...

My .02

i see what youre saying, but heres how im currently looking at things:

just looking a carmax (which i know isnt a good idea of price), it looks like i can get a feature packed '07 G35 with low miles for under $30k. With a $20k down payment i could either opt to have a high monthly payment for 1 or 2 years(one i would probably go for), or have very low monthly payment over 5 or 6 years.

so how i see it is the only difference in keeping the altima and getting a G(besides a little higher car insurance) is 1-2 years of saving money.

so i just crunched some numbers, and if i were to put the money that i would be spending on my car payment every month, into my savings acct(which is what i would be doing if i kept the alti after paying it off), it would come out to about $5,400/year i would be stashing away.

looking more into the numbers, depending on how much $$ i have left over after i pay off my alti, i could potentially have enough money(with trading in the alti) to outright buy a $30k car and not have to worry about car payments. With this option all of my bank accts would read $0, but i would be able to start saving immediately.

so i guess the first thing i need to do is get this money, pay off my car, and see what my $$ situation is after all of that.

Modified by bina12834 at 11:09 AM 3/24/2009
Modified by bina12834 at 11:28 AM 3/24/2009

[LongBeachCoupe]

Thats what I like to hear... You are also not calculating in the repair costs on an older car, the increased insurance bc of engine, increased gas price as well..

Everyones all honkey-dory (do you guys use that term lol?) that has a job... but what if things you need, staples, rise in price 15%... would you still be "ok" then?

How about buying a house when this is all over.... You could be telling your kids 20 yrs from now, "well me and mommy didnt get a house until we collected XYZ's life insurance, because daddy wanted to trade in his sweet azz altima for a g37 that someone crashed into anyways"

STICK WITH IT BINA!When things go south, whoever has cash in hand is king... plan for the future if you are doing well now!

[bina12834]

ok ok...so i stick with the altima.....now my next question.

do i stick the money that ill be getting in my savings acct and continue to pay my car off monthly, or do i stick it all towards the altima, pay it off, maybe have a few extra grand left over for the savings acct, and start putting my "would be" car payments in my savings acct every month?

[ohiostate]

To me it sounds like the only payment you have is your car, so no college tuition bills, credit cards bills, etc.

First I would get the money, and pay off all these other bills.. With the way the economy is I would just put the money into savings..

A G is sweet, but I would rather put the money towards a down payment on a house...

I would just keep making payments, maybe throw an extra $100 on each payment, but would rather have the money in my pocket....

[bina12834]

To me it sounds like the only payment you have is your car, so no college tuition bills, credit cards bills, etc.

First I would get the money, and pay off all these other bills.. With the way the economy is I would just put the money into savings..

A G is sweet, but I would rather put the money towards a down payment on a house...

I would just keep making payments, maybe throw an extra $100 on each payment, but would rather have the money in my pocket....

hmm....current bills i have.....rent, car, insurance, phone, cable/internet/phone and small credit card

[dldjros69]

All that drama on the Projector group buy thread, and then u make this thread. I was gonna quote it, but im far to lazy.

[bina12834]

all of that happened before i found out that i was getting this money.

[jungleboogie]

no debt > *

[Christopher88]

Hello bina.

1) Keep your Altima, it's a great car.

2) Pay your car loan off, unless you have a zero-interest loan.

3) Make a sizeable monthly payment to your savings account as if you were making a car payment. Do some searching and find the best interest rate in your area for a savings/checking account. (DO NOT SPEND FROM THIS ACCOUNT!!)

In just a couple of years, you'll have saved enough money to pay cash for a car or put down money on your dream home. (For example, and this doesn't even inlude the interest, if you pay the bank $450/mo. for fiveyears, this comes out to $27,000!) This is a good pattern to be in, because you can "rinse and repeat"!

My .02

[bina12834]

the thing is that i dont see myself keeping this car for more than another year or 2. so should i just trade it in now while its value is still high, and get the type of car i plan on getting a year or 2 down the road, or just wait until then?

[Marisha]

If you hate the car, go get yourself something you'll love. Just make sure you're not settling this time and that you're not overextending yourself. Life's too short to not enjoy your ride

[Christopher88]

Bina, do a comparison. In two years, at $450/month you will save $5400. Remember, that's just a ballpark figure. Do more, if you can.

Do you see your car depreciating $5400 in two years? Quite possibly, I'd think. In that case, buy the car you want, but stay within your means. Don't overextend yourself. Most importantly, buy used. Especially, one that's only slightly used; a year at most with low mileage. That way you get a nice car that has already taken the brunt of depreciation. And, you'll still have the warranty to support your purchase.

Just don't buy a car near it's warranty expiration. A new one is nice, we all like new, but it's so impractical it's not funny.

On a final note, life is short so do what will make you happiest. Again, just don't overextend yourself.

[beeristasty]

Bina, do a comparison. In two years, at $450/month you will save $5400. Remember, that's just a ballpark figure. Do more, if you can.

Do you see your car depreciating $5400 in two years? Quite possibly, I'd think. In that case, buy the car you want, but stay within your means. Don't overextend yourself. Most importantly, buy used. Especially, one that's only slightly used; a year at most with low mileage. That way you get a nice car that has already taken the brunt of depreciation. And, you'll still have the warranty to support your purchase.

2 years = 24 months 24 months * $450 = $10800

Math Police!

[Christopher88]

Thanks for the correction beeristasty.

This mistake makes a big difference, bina. 10G's is a lot to depreciate in only two years... Think hard.

[BlackNWhite]

Keep the Altima. If you're going to be working on a family, you'll need it anyway. You can start saving your money to either buy the car you REALLY want or start savings towards a house.

If you can't find a savings account that gives you highter intrerest than the rate on your car loan, pay it off. Otherwise, save the money and keep making your payment.

[bina12834]

Keep the Altima. If you're going to be working on a family, you'll need it anyway. You can start saving your money to either buy the car you REALLY want or start savings towards a house.

haha...im only 25 with a new girlfriend.....i dont think ill be starting a family anytime soon.

If you can't find a savings account that gives you highter intrerest than the rate on your car loan, pay it off. Otherwise, save the money and keep making your payment.

true that.....thats what most people are telling me. In this economy its hard to find a savings acct that will give me higher than 3.9%, so it looks like ill just be paying it off.

[Curtieson]

New to the board, but I was reading this yesterday and these situations always interest me. I am also 25 (in 3 weeks really) but am on the other side of the situation. I have been married 1.5 years, am done with college and so is she, but she is doing grad school so her money isn't into the picture yet...

At this point in MY life, sitting on a car for 2 years is just out of the picture. Really, buying a car for only 2 years should always be out of the picture. You buy a car because you strive for that 4-5 year period where you don't have to make car payments. During that time, you save up for your next down payment and thus the rinse and repeat cycle.

BUT, I do have some suggestions...

1) Lease! If you are the type to change your mind easily, or REALLY care about what you drive (you are on a car forum, you CARE!) then leasing seems like a logical choice. You pay a touch more that you don't get back...but if you don't like the car, you just give it back and try again. If you love it, you buy it and keep going.

2) Depending on mileage...I think you mentioned carmax...but trade in your Alti for a car you like more with a touch more miles. We all know price = miles x year x make/model...so, you are taking a lower make model in, but you can make up for that in miles. Also, with this situation, depreciation in terms of miles isn't a straight line. Miles 1k to 20k cost WELL more then 20k to 30k. If you go from 40k to 60k in a car, most people don't look at that as a HUGE difference. You know what I am getting at?

Basically...to try to sum...if you turn in an alti with 20k miles for a 350Z with 40k, your car 350Z will be worth more in 2 years w/ 60k then your alti would be with only 40k miles.

That got long...sorry...I am done, haha.

[bina12834]

New to the board, but I was reading this yesterday and these situations always interest me. I am also 25 (in 3 weeks really) but am on the other side of the situation. I have been married 1.5 years, am done with college and so is she, but she is doing grad school so her money isn't into the picture yet...

At this point in MY life, sitting on a car for 2 years is just out of the picture. Really, buying a car for only 2 years should always be out of the picture. You buy a car because you strive for that 4-5 year period where you don't have to make car payments. During that time, you save up for your next down payment and thus the rinse and repeat cycle.

BUT, I do have some suggestions...

1) Lease! If you are the type to change your mind easily, or REALLY care about what you drive (you are on a car forum, you CARE!) then leasing seems like a logical choice. You pay a touch more that you don't get back...but if you don't like the car, you just give it back and try again. If you love it, you buy it and keep going.

2) Depending on mileage...I think you mentioned carmax...but trade in your Alti for a car you like more with a touch more miles. We all know price = miles x year x make/model...so, you are taking a lower make model in, but you can make up for that in miles. Also, with this situation, depreciation in terms of miles isn't a straight line. Miles 1k to 20k cost WELL more then 20k to 30k. If you go from 40k to 60k in a car, most people don't look at that as a HUGE difference. You know what I am getting at?

Basically...to try to sum...if you turn in an alti with 20k miles for a 350Z with 40k, your car 350Z will be worth more in 2 years w/ 60k then your alti would be with only 40k miles.

That got long...sorry...I am done, haha.

that was all very confusing(at least to me).

if it helps, the G that i found on carmax was an '07 fully loaded (minus nav i think) with 5k miles for just under $30k. According to KBB the trade in value of my car(once i get the few scratches fixed of course) is about $18k. with some extra cash that i have i could bump that up to $20k and only be paying on $10k. or i could empty my savings and with my trade in i could outright purchase the G and not have to worry about payments.

[LongBeachCoupe]

Empty your savings into a used car, sounds like a good idea lol!

[bina12834]

Empty your savings into a used car, sounds like a good idea lol!

trust me...theres not much in there to begin with. if i did that it would just allow me to start saving immediately instead of having car payments to worry about.

[Curtieson]

that was all very confusing(at least to me).

if it helps, the G that i found on carmax was an '07 fully loaded (minus nav i think) with 5k miles for just under $30k. According to KBB the trade in value of my car(once i get the few scratches fixed of course) is about $18k. with some extra cash that i have i could bump that up to $20k and only be paying on $10k. or i could empty my savings and with my trade in i could outright purchase the G and not have to worry about payments.

You will have to excuse my post then...I am an engineer so get very mathy at times...it is hard for me to put my ideas into words while keeping it short enough that you might want to read it.

Basically...I am suggesting to get a G from Carmax with 30k miles so you don't have to pay a dime.

Just did a quick search, for $20k you can get 1 of 2 G's with 30k Miles for $20k...you are getting the look with just a swap. Use the saved money for parts/mods/beer.

[bina12834]

Just did a quick search, for $20k you can get 1 of 2 G's with 30k Miles for $20k...you are getting the look with just a swap. Use the saved money for parts/mods/beer.

where did you find an '07 G on carmax for only $20k? The one that i described above is gone btw.

[bina12834]

what year did they start putting in the push button starts and the buttons on the exterior door handles on the G's? For some reason i thought it was '07 just like the Altima.

[legend_217]

07 G35 has all those features. I'd say keep your car. We are in a touch economic time. The government def will increase taxes to reduce their deficits.

[Curtieson]

where did you find an '07 G on carmax for only $20k? The one that i described above is gone btw.

Sorry, they were 04s. Carmax charges out the bum...so that is why I used Cars.com to find my Coupe, but it is a LOT harder to use...

Anyway:

http://www.cars.com/go/search/...=true - $17k with 22k Miles, but private sale

http://www.cars.com/go/search/...=true $20k with 28k miles, but a dealer in NY.

That is just my idea of what I would do...

[bina12834]

07 G35 has all those features. I'd say keep your car. We are in a touch economic time. The government def will increase taxes to reduce their deficits.

i thought i saw those features on some '06 models on carmax.....