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Old 02-01-2017, 06:59 PM   #11
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For a little history, and a reminder of where you started/are now, joined here in April '16 at 19 with the new to you used Focus.

By may you were 20, and this was teh story in a 'trade for RS' thread:

Quote:
I have a 2013 Performance Blue Ford Focus Sedan (Sport Package), has most of the add-ons including a moon roof. It currently has 65k Miles, an I am the second owner. It's in perfect condition an is well maintained. But the Ford Focus RS is like my dream street car to own. So If i were to trade this Focus SE in, could I get around 7-10k atleast. Then put that money as a down payment for a RS an just finish with monthly payments? hm very tempting. I bet my insurance would be pretty high with a turbo car. It's already expensive now since i'm only 20, and I have 1 accident, and 4 speeding tickets in the last year lol.
So, 21 is a few months away still and that history is still on the record.

Much of the advice then was that an expensive hot car wasn't financially sensible, even if you avoided wadding it up. Probably still applies, and second thoughts about a new ST are reasonable.
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Old 02-01-2017, 07:04 PM   #12
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Quote:
Originally Posted by sailor View Post
For a little history, and a reminder of where you started/are now, joined here in April '16 at 19 with the new to you used Focus.

By may you were 20, and this was teh story in a 'trade for RS' thread:



So, 21 is a few months away still and that history is still on the record.

Much of the advice then was that an expensive hot car wasn't financially sensible, even if you avoided wadding it up. Probably still applies, and second thoughts about a new ST are reasonable.
Okay sailor I get im a huge noob... it was my first time car buying on my own as well. I'm stupid but I'm a car guy. A major car guy. I can go for hours talking about cars. Everyday all day. The ST has been on my mind since I got the base focus. All I do is research it, watch videos on it. Dream think about it etc. just a die hard guy and it'll never fade off me I know that. So knowing that, and getting a super good price on a new ST3... it was extremely hard to say yes or no to that. After the test drive I was just set on doing it.
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Old 02-01-2017, 07:05 PM   #13
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Where did I say 125 lol?
I said $1000 a month .

Also yeah I'm about to break the news to my dad soon lol. I also did call insurance before hand. But everything was going smooth and the day after it hit me more. That it's a huge waste. Yes call me naive but atleast I sat there for a solid 3-4 hours arguing with the salesman lowering price and getting higher trade in otherwise I'd be even more screwed lol. Ima just have to do 700 monthly payments which is double . Get the car paid off in 2.5 years and hope for the best.

That or if I can cancel that would also be great. A car shouldn't raise your insurance $150 a month.... like really ? That mhxh? A 16 year old boy doesn't even pay $500 a month.. they're about 400. My gf offers to pay my entire insurance a month but I rather her not do that lol that's way too nice plus I'd feel like a ***** accepting her money like that ��
At the start you said payments were about the same, and insurance would go from $400 to $525.

That's $125 per month change from the present, and leads to my comment.


Now with your additional comments here, it's not $1k/mo. but $1,225 - $700 car & $525 Insurance. Current Pymt. at $1,100 roughly.

P.S. - now if your payoff for the current loan is $2,200 as mentioned, that will disappear completely in a few months with ~$700 payments. How many more years for the ST?
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Old 02-01-2017, 07:11 PM   #14
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Quote:
Originally Posted by sailor View Post
At the start you said payments were about the same, and insurance would go from $400 to $525.

That's $125 per month change from the present, and leads to my comment.


Now with your additional comments here, it's not $1k/mo. but $1,225 - $700 car & $525 Insurance. Current Pymt. at $1,100 roughly.
No no no

I mean 400 a month was doable


Also 700 a month is paying the car off DOUBLE. It would only be 350. But cuz interest I'll just do double payments for as long as I can. I would have done less mknths. Ur the APr was the same either way so no point. So yeah
Realistically it's $850 a month total.
If she helped me I'd do double payments 700 a month total while she did insurance.
But yeah it's not a major issue . I'm just thinking long term if it's kinda pointless. This is more than enough car than what I'll ever want anyways so no I won't want a new car later down. I still love my SE besides it's small lack of power here an there. So having an ST for 5-7 years is perfect
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Old 02-01-2017, 07:11 PM   #15
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You need to save up cash first before you venture off into the world of credit.

Kids these days iteluwut.
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Old 02-01-2017, 07:33 PM   #16
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You guys don't want to know what my insurance costs are.... Currently I only have 1 ticket, which is a single point, and I have a $2000 deductible with basic collision (not broad). It's not cheap...
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Old 02-01-2017, 07:35 PM   #17
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Agreed Mike, particularly when you haven't figured out how loans work yet.


The only way to really save $ on a car loan is to sign up for fewer years at the start, whether you save on APR or not.

Extra payments at the early end don't save you much, that's when you pay more interest than principle each payment. By the time you reach an early payoff, there's little interest on the $ left to pay to reduce the total. The ONLY savings is on an early payoff, as when you got the payoff number for this deal. They knock off the SMALL amount of interest left to pay on the final few payments.

Unless you've seen it with your own eyes, printed out in an amortization table, you can't BELIEVE how much is interest up front and how little interest is on the later payments.

Years ago I had my own little programs, typed into the old Atari. One for loan payment figuring, and one for the tables.

Loan payment one was great for figuring what I could afford to buy, amortization showed me how MUCH was paid for buying it on long loans - a good convincer to put off the purchase.


Edit - to get back to the start, you pay EXTRA for that long loan period - and with interest paid up front it costs you MORE for a long loan than a short one - even if BOTH were paid off at the same early date.
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Old 02-01-2017, 07:41 PM   #18
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Going from a 04 Focus SVT to a 2013 Focus ST raised my insurance $200 a year. Being in my 40s is a positive and no tickets in 20 years helps. Thankfully I've never been caught doing stupid stuff in my Mustang that goes low 11s. LOL
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Old 02-01-2017, 08:23 PM   #19
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Back in the day we all wanted that bad to the bone car of our dreams. Guess what I'm betting most of us settled on what we could afford the 74 Plymouth valiant given to us by our grandfather. 225 slant six and all.

However some of us gear heads figured out a way to make it happen. Save for it and or build it. Most of the time saving up for it made us want something else by the time we had the money.

Ok let's build it your a young car guy (your words). Learn how now. Buy a totaled st for the price of your down payment. Slowly turn the car you have into an St.

Yeah you'll need tools buy em. Join a car club and suddenly everybody around you has tools. They also know how to make car things happen. You'll have your tools long after the car is gone. You might even make some money with them.

Guess what you pay insurance on an SE. What you now have. Something else you'll have more pride in that car than you ever felt possible. Because you built it and have money to drive it.
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Old 02-01-2017, 08:38 PM   #20
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I'm just about in the same boat as you with the car payment being the same and what not. I did get the optional wheels and tires, 84 month Ford bumper to bumper warranty, and the moonroof with mine though for your price. My insurance went from $165 a month with my 12 SEs to $190 a month with the ST. I feel as if I shouldn't complain.
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