# New cars for under 20k... **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [January 21, 2010, 9:58am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469 "2010-01-21T09:58:58Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![MrSmith](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mrsmith/32/5254_2.png) [@MrSmith](https://forums.speedlife.net/u/MrSmith)\ **Post date:** [January 22, 2010, 9:41am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/41 "2010-01-22T09:41:18Z")
Base 2010 Impreza. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 22, 2010, 9:45am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/42 "2010-01-22T09:45:27Z")
Wait, you owe 7k. Why don’t you just refinance the 7k at a lower rate for a longer time if you don’t mind continual car payments, and keep driving the car you like? ---
**Author:** ![rdandy5875](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/rdandy5875/32/7511_2.png) [@rdandy5875](https://forums.speedlife.net/u/rdandy5875)\ **Post date:** [January 22, 2010, 9:51am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/43 "2010-01-22T09:51:31Z")
> [@ultradriver10000](#): > > I LOVE that you think you’re really going to save a ton of money going from one 20K loan into another. :picard: > > Have you even checked the insurance rates of these other vehicles? > > Say you are 4K up on your loan and trade it in on something new valved at 21K, yes you get a lower interest rate, but you’re also getting into a longer loan. > > If I were you I’d check different insurance companies rates and see if you can save anything by switching. $150 per month is HUGE just for insurance on one car. I don’t pay that per month for a corvette, an M3 and a chevy all fully covered. I would check some places on insurance for the new car as well. Insurance for my speed6 wasn’t any more than any other $20-30k car/suv I’ve owned (about $700/yr). And yes $150/month is super high. They didn’t consider it rare or anything for me; You may just be in a higher risk pool and will not save much on insurance by switching cars. The new car will have a higher value and you will very likely see an increase in comp. and collision. And while you are at it shop around for new quotes for your current car, I just switched to geico and my premium for 2 cars went from $1900/yr to $1200. Saved over $50 a month with just a few mouse clicks. I just don’t see how going from a $7k loan to a $20k loan is going to save you money. I would see about refinancing your ms6, mayby for a little longer and a lower rate to lower your payments, get your insurance straight, and if you are worried about the car breaking down get an extended warranty if you can. A new car would be peace of mind and maybe less operating costs, but not as fun for a “car guy”, and the loan would last for many years to keep the payments down. ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [January 22, 2010, 10:00am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/44 "2010-01-22T10:00:44Z")
well, hes not exactly trying to save money, hes trying to lower his payment. joe, loan him the 7k to pay it off, give him 120 months @ 75% ---
**Author:** ![Clean\_Baldy](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/clean_baldy/32/7308_2.png) [@Clean\_Baldy](https://forums.speedlife.net/u/Clean_Baldy)\ **Post date:** [January 22, 2010, 10:11am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/45 "2010-01-22T10:11:34Z")
^ finally someone who gets it! 🤣 Only took 44 posts for someone to realize what I’m trying to do, rather than trying to be H&R Block telling me my financial status and how my decisions affect my future. As for a 7k loan for 10 years at 75%, my monthly payment on that would be $437.80 a month. I’m saving a whole $2.20 🙂 And by the time it’s all done in January of 2010 I’ll have paid $45,536.39 of interest! So, a total of $52,536.39. Even funnier is that the first payment -\> $437.80 of which $437.50 goes to interest and $00.30 goes to the principal! 🖕 ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [January 22, 2010, 10:15am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/46 "2010-01-22T10:15:40Z")
> [@Clean Baldy](#): > > ^ > finally someone who gets it! 🤣 Only took 44 posts for someone to realize what I’m trying to do, rather than trying to be H&R Block telling me my financial status and how my decisions affect my future. > > As for a 7k loan for 10 years at 75%, my monthly payment on that would be $437.80 a month. I’m saving a whole $2.20 🙂 > > And by the time it’s all done in January of 2010 I’ll have paid $45,536.39 of interest! So, a total of $52,536.39. > > Even funnier is that the first payment -\> $437.80 of which $437.50 goes to interest and $00.30 goes to the principal! 🖕 ok so maybe you can lowball him to 50% or something. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 22, 2010, 10:17am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/47 "2010-01-22T10:17:44Z")
I’ll tell you what, I’ll give you a deal just for you cause you look like an honest guy. No one else can get this deal. 10 years at 24.9%. Continuous compounding. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 22, 2010, 10:20am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/48 "2010-01-22T10:20:51Z")
I’ll loan it at 24.2%, lol… ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [January 22, 2010, 10:22am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/49 "2010-01-22T10:22:07Z")
> [@Joe](#): > > Continuous compounding. lawls ---
**Author:** ![Clean\_Baldy](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/clean_baldy/32/7308_2.png) [@Clean\_Baldy](https://forums.speedlife.net/u/Clean_Baldy)\ **Post date:** [January 22, 2010, 10:25am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/50 "2010-01-22T10:25:40Z")
> [@theblue](#): > > I’ll loan it at 24.2%, lol… $155.31/mo. for 10 years. Total interest paid: $11,637.68 Total payment at 120 months: $18,637.68 First payment: $14.15 to principal / $141.17 to interest And, I’ll still be paying into this loan well after the car is rusted and broken into small pieces. The loan doesn’t help with the auto repairs. Does it come with some sort of car warranty? 🤣 ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [January 22, 2010, 10:27am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/51 "2010-01-22T10:27:52Z")
hey man, any way you slice it you are going to be paying MORE MONEY. might as well pay it on something you like. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 22, 2010, 10:28am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/52 "2010-01-22T10:28:47Z")
There are some guys on Hertel Ave. that can hook you up with any type of loan you’re looking for. Except if you miss a payment you’ll be the one rusted and broken into small pieces. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 22, 2010, 10:30am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/53 "2010-01-22T10:30:46Z")
How about you sell me your car for $10k and I’ll lease it back to you for 3 years at $250 a month? ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [January 22, 2010, 10:32am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/54 "2010-01-22T10:32:53Z")
one of you two needs a different avatar ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [January 22, 2010, 10:34am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/55 "2010-01-22T10:34:03Z")
I hate this thread. Buy Newman’s Rabbit isn’t that under wart still? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 22, 2010, 10:35am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/56 "2010-01-22T10:35:03Z")
> [@travisn](#): > > one of you two needs a different avatar I can’t change mine any more. Or have a sig. Because I called JEG stupid when talking about politics. Fucking onyx. ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [January 22, 2010, 10:35am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/57 "2010-01-22T10:35:30Z")
I’m going to change everyone’s av to that. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 22, 2010, 10:37am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/58 "2010-01-22T10:37:49Z")
start with bad hulk ---
**Author:** ![Deathproof](https://avatars.discourse-cdn.com/v4/letter/d/dec6dc/32.png) [@Deathproof](https://forums.speedlife.net/u/Deathproof)\ **Post date:** [January 22, 2010, 11:49am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/59 "2010-01-22T11:49:26Z")
Once the car is payed off you won’t have make any payments. You’ll save all of your $440 a month. And then when you do need to make a repair, you’ll have put that $440 into a saving account every month and you’ll be set. Are there $440 worth of repairs going into your car every month now? I would sell it and buy something in cash. I bet you could get over $11k for it, buy something decent for $5k, pay $500/yr insurance, and save $550 a month total. That’s plenty of extra money to cover a repair here or there, plus cheaper gas, and probably better fuel economy. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 22, 2010, 11:57am UTC](https://forums.speedlife.net/t/new-cars-for-under-20k/78469/60 "2010-01-22T11:57:40Z")
^^^ and then you can go to the grave being one of those people who lived a miserable life driving a POS, but rest in peace knowing how much money you died with. [Previous page](https://forums.speedlife.net/t/new-cars-for-under-20k/78469.md?page=2) [Next page](https://forums.speedlife.net/t/new-cars-for-under-20k/78469.md?page=4)