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Let’s examine how bad a decision it is to buy a 1992 Dodge Stealth for $3,000.
It’s cheaper than a divorce, a beach house, a big boat or a golf club membership. The residual value is more than an Alaskan Cruise, but the price is about the same.
It’s a harmless hobby car. I wish tbaxxon well with it.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
I should know, I've got it pretty bad.
http://en.wikipedia.org/wiki/Myopic
And please stop feeding the troll(s).
-Mathias
They don't teach us that stuff at clown college...
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Really? Who made YOU the sole arbiter of what is considered a worthy hobby car? There are hundreds of members of the Stealth/3000GT clubs and Forums that would argue that? I could have bought a Mustang. (Hell I can buy a New Vette)......So whats the entry cost of a cherry 67 Mustang with 153,000 on the clock? I'll tell you. Far too much to want to drive it at will. Besides. To each his own. I like the look of the Stealth RT/3000GTs. Mustangs are so....well Mustangs Ho Hum, I would not buy a BMW. Does that make them bad cars? No. They do nothing for me.
I am not worried about it needing much. I did my research and looked at a few cars before I bought this one as everyone should do. Its not like I'm making it a daily driver. I have a great mechanic and parts are easy to get. Whats to fear? I may put 4k a year on it. Wow.....The wheels are gonna fall off. LOL
So where is the financial benefit of losing thousands just signing a piece of paper buying a $40,000 car vs having a car for cheap and not having to worry about it? Really? no one seems to want to answer that question. Well you can but you would look foolish doing so because in reality you are laughing at the price I paid for the car therefore questioning the financial decision. Thats fair. So in what way would a withdrawal of $40,000 been MORE financially beneficial? To the salesman certainly. On so many levels its not but I want to hear the "expert's" viewpoints.
However, you keep asking the same question that noone answers. Know why? Because it has nothing to do with why we are laughing at you.
-MOo
Also according to Webster Myopic means
1: a condition in which the visual images come to a focus in front of the retina of the eye resulting especially in defective vision of distant objects
2 : a lack of foresight or discernment : a narrow view of something
By the context that it was used it is clear that the second definition was ment.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
No one but seeing that you never see those cars at cruises nor do you ever see people belonging to Stealth clubs and the fact that few want the cars strongly supports what I said. My Zephyr if a classic "hobby" car than your Stealth ever will be.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
His question should stand on its own.
Why ARE you laughing at him?
-Moo
tidester, host
SUVs and Smart Shopper
Really? Well I beg to differ. I don't care what OTHERS want or think what is a "happening" hobby car. The fact that I can get a car I like better then any Mustang for no money is a good thing. If everyone wanted one or it was the flavor of the day. I would not pay the prices people would be asking would I? Its nice NOT to belong to the larger group sometimes.....well all the time and a whole lot less expensive. .
But yes there are clubs and a small buy rabid group who enjoy the car. Here is a great site of happy owners.
link title
NO one will answer the question why my purchase is financially foolish yet someone who loses $4000 INSTANTLY on any sports car or just about every car(especially over $40,000 is not. I really would like to hear the answers as it does pertain to getting the best deal and saving the most money. I'll NEVER lose more then the car costs which is $3000. A BMW owner can lose three times that in two years!!!
Well that will pretty much shut down the entire car sales business.
2013 Mustang GT, 2001 GMC Yukon Denali
If you know how to use Excel and have access to it, establish a spreadsheet that allows someone in columns to put down all the costs and the value of the trade (etc), how much one is putting down in cash, any options you are explicity (willing to) pay for, then the doc fees, tags title and tax for a total O.T.D. (one has to be careful as to what is allowable/taxable...), then the terms of financing (Excel has a financial function for amortizing), so you'll see monthly payments, but also what the cost of the loan is going to add in terms of the REAL overall price of the car.
Not only would this help people compare up a few cars, potential deals, but it would also instill some fiscal discipline. People should really be thinking of paying off a new car within 3 years, and if they can't do it, to either wait or consider a cheaper car.
When the financial function spits out the final cost to the user of the spreadsheet at the end of the car loan, people (will hopefully) be amazed at the cost of financing for a long time at poor rates.
But the other elements of the spreadsheet are going to really help calibrate someone and prep them for the F+I experience. The numbers should be within pennies.
While I could post a spreadsheet I developed, even point people to one they can find on the web, I'm thinking the very smart people at Edmunds should put an Edmunds spreadsheet together for their users, or people invest the time to develop their own as part of their purchasing preparation. :shades:
Because he is stating that buying new cars is a losing proposition since you lose value driving it off the lot but he thinks he is smart paying 3 grand (and is willing to spend 4-5 grand more for repairs) for a car that he will most likely only get a grand or so if he sells it.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
Ah you don't have to beg you're old enough to steal. Now as for being a "hobbiest" car it truly isn't. I go to the cruises and car meetings around here and you rarely see a stealth and when you do the other people there are snickering at them.
The fact that I can get a car I like better then any Mustang for no money is a good thing.
The fact is you didn't pay nothing, you paid 3 grand (far more than its worth) and have set aside another 4 grand for repairs.
NO one will answer the question
The question to you is why is it foolish to take a 4-5 grand hit on a new car that won't need major repairs for years but not to spend 2-3 times what a car is worth to buy a car that will most likely need thousands in repairs in the up coming years?
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
Now THAT's Funny. I'm not driving a BMW. Because I don't care for them. Those who like them are more then willing to give up in depreciation to be seen in one.
Nor did I over pay for the car I did buy from what similar cars are selling for regardless of what some car salesmen says I paid. Since when are they to be trusted with car values? LOL
You guys are so sure Im going to spend $4k in repairs on the car doing 4k Miles a year. You have no clue. You are assuming based on using figures that still don't make you right. Just because I set aside $4k does not mean I will use $4k. If I can get a few years out of the car it's well worth it and a lot less cost then any modern similar car. I could care less about the "snicker" factor. I have always liked the car and decided I would look for one and buy one. After reading a number of 3S enthusiasts forums I know I paid the right price for a car in the condition it is in.
The question to you is why is it foolish to take a 4-5 grand hit on a new car that won't need major repairs for years but not to spend 2-3 times what a car is worth to buy a car that will most likely need thousands in repairs in the up coming years?
Nice crafting of words to make it seem logical. $5k hit is a $5K hit. THe loss is the same except I have a CHANCE to recoup some when I sell it to another. Depreciation is gone forever. Value is in the buyer's eye. Not some dealer's opinion. I see no value in a Jaguar. Does that mean they have no value to someone else? No. Most likely need repairs. And a new car will most likely depreciate another few grand in the coming years......Like$15,000- $20,000 on a $40,000 car after four years? Yeah keep em coming Now IM laughing!!
YOu remind me of the naysayers who told me to stay in California and not to buy houses in Las Vegas. It would never be any more then a vacation town. People would not want to live there. There would be water shortages.
People have to realize money is money no matter where its put it does not change. You lose $15k on a $40,000 car in three years or $7k on a 15 year old sports car. I'll take the latter financial "risk." Most people agree with you. Thats why most people are in debt up to their ears and rolling over thousands of upside down equity into their shiny new money pits. Paying interest on all of it. Yeah thats financially smart.......FOR YOU!
Dealers and manufacturers created the mess by offering longer pay off times. Banks as well are to blame. Some of those foreclosures in the housing market were caused by banks. Now the same banks will own homes. They at least have future value. A repo is of no value compared to the loan amount owned.
All cars (save for those few collectibles out there) depreciate. Some, more than others. Kias depreciate the most. I don't know if they're reliable, drive well, are well put together. Most data I see says they are none of those things. That's why I won't consider them.
Used cars depreciate, too...just not as quickly. Anything rebadged, or is umpopular, will have little demand (like a Stealth). Ergo, their worth is less than other used cars out there.
Except for a Honda, or Toyota product...or maybe a Ford/GM truck, I wouldn't touch anything that's got 156K miles on it. Especially, something with a turbo in it. There's good reason you don't see many (if any) turbo Mitsu Eclipses, 3000s (and Dodge Stealths), older Chryco turbos, on the roads today.
BMWs depreciate. Not as much as most, but they do depreciate. They're widely regarded as great driver's cars. If you really enjoy driving, at least test drive one to see what we're talking about.
While some do, don't buy a car because of it's alleged status. Mercedes is one of the more "statused" vehicles out there. But, recent years have seen them plagued with build and reliability issues. Buy whatever mark you want because YOU like it....because YOU see the value in it.
Generally, Hondas and Toyotas, have the best resale values...are worth more in the used market. While GM and Ford have come a long way, and are getting better regarding reliability and build, they're still perceived as something less than comparable products from Honda and Toyota. Thusly, their resale values aren't as high.
Short of the narrow market EVO, and the highly stylized Eclipse, I'm not quite sure why Mitsubishi is still in the U.S. market. That never bodes well for depreciation on any car company's wares.
We don't see much rebadging these days, for good reason. It rarely works. The last rebadge I saw was Chrysler being forced to rebadge a Mercedes car...Crossfire. LIke morst rebadges, that didn't turn out so well.
GG - I agree with most of what you said. However, Mitsubishi seems to be making a "comeback". The '07 Outlander, and new, '08 Lancer are beautiful. The EVO is amazing, and as soon as the new EVO, based off of the new Lancer comes out, that will stir up a lot of needed hype for Mitsubishi.
IF they would re-do the Galant with the same great sense of style they have applied to the Outlander and '08 Lancer, they would probably have a winner on their hands.
They do need to ditch the Raider (rebadged Dakota).
I can't really comment on how much an old Stealth is worth, but having done some recent shopping, you can't really get something that runs for 1K. I will take his word that this one was all rebuilt and in nice shape, but I can't imagine he couldn't get 2K+ if he wanted to sell.
He does make a good point though (almost indavertantly). That is, if you don't spend much, you can't really lose too much. So maybe 3K was too much, but he really couldn't have paid that much extra!
Q, you bought a high mile BMW, not everyone recommends doing that! But, it was what you liked.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I'm a car fanatic. But, I don't even know if the Gallant is still being made. Outlander? I'll assume by it's name that it's Mitsu's version of an SUV or crossover. Lancer? Again, I know nothing about that car. Is it an Accord competitor?
Point being, if a "car fanatic" doesn't know about these models, what's that say for Mitsubishi's efforts here in the states?
In the midwest, at least, they must be flying way under the radar.
You want a rare and collectible car?
Try this one......
http://cgi.ebay.com/ebaymotors/Tucker-Torpedo-48-46-out-of-51-made-Rare-Street-R- od_W0QQitemZ320146570719QQihZ011QQcategoryZ6472QQssPageNameZWDVWQQrdZ1QQcmdZView- Item
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-Moo
Eh sort of...the Subie is AWD and the Mistu is FWD, although supposedly the new RallyArt is going to be AWD Tubro. Perhaps it will align with the WRX while the EVO compares to the STI.
To be honest, I couldn't even tell you where to find the Mitsubishi dealer... :confuse:
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tidester, host
SUVs and Smart Shopper
Year 1 Year 2 Year 3 Year 4 Year 5 5-yr Total
Depreciation $5,569 $2,995 $2,637 $2,336 $2,097 $15,634
Financing $1,686 $1,363 $1,014 $638 $232 $4,933
Insurance $1,175 $1,216 $1,259 $1,277 $1,348 $6,275
Taxes & Fees $2,573 $62 $62 $62 $62 $2,821
Fuel $1,923 $1,981 $2,040 $2,101 $2,164 $10,209
Maintenance $410 $508 $643 $1,070 $766 $3,397
Repairs $0 $0 $106 $254 $368 $728
Yearly Totals $13,336 $8,125 $7,761 $7,738 $7,037 $43,997
For it to be valuable, you'd have to have some comparison vehicle reports available.
Just a handy sales tip from someone who probably couldn't close a sale on an air conditioning unit in the midwest right now.
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Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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Just take whichever quote was lower into the dealership and tell them you want the car at the price quoted.
While it shouldn't matter to you, it may be a split commission between the two different sales people.
Useful none-the-less.
Here's another tip:
Just like a house, the time to consider selling a car is before you even buy it. If others are not likely to see the value in it, then perhaps it is a poor purchase decision, specially if you plan to turn it after the warranty expires.
OK, is someone from Edmund's staff collecting all these nuggets and putting them in one convenient place for all to reference? There's another tip (for Edmunds). :shades:
yes, one of the advantages of a spreadsheet is once it is set up, you can change a number or multiple numbers and see how the result changes. goal seek automates that to arrive at a desired outcome.
another advantage of a spreadsheet is you can replicate a scenario by copy and pasting the column into another column and manually doing a what-if, perhaps on the same car, perhaps on another car.
the third advantage is all the scenarios are present on the sheet and documented for you all at one glance.
there are many others (of course).
downside: i imagine if you walked into a dealership with a laptop running EXCEL, you're a likely candidate for being tossed. :shades:
So at 3k the Stealth may be a decent deal, not so much with 4-5k invested.
That would be an OLD school thought. Ya think. Get tossed for bringing a calculator?
Why would that be? I thought you guys wanted informed and prepared customers.
I love you Tbaxxon!
-Moo
So at 3k the Stealth may be a decent deal, not so much with 4-5k invested.
Nice to see someone actually does some research before making an opinion. I am going to go out on a limb here and assume you are NOT a car salesman.LOL
With the work that has been done on this car, I dont anticipate $2000 worth of problems. I would not have bought one for this price with 90K on it that has never had rebuilt transmission, new clutch timing belt, brakes, and the original untouched motor. The car has just had $4300 worth of work done just so the seller could sell it! I was the only one answering his ad apparently and he took $3k. If this were a collector car he would have had multiple offers and higher ones. I did not buy it as a collector. I have no illusions about it's value as such.
I will get at least $2k for it though if I wanted to dump it quickly. Unlike the loss a new car buyer would take if they wanted to do the same.
AHHHAHAHAHAHAHA. Who didn't know this that has ever sold cars?
I will get at least $2k for it though if I wanted to dump it quickly.
By reselling it to.........?
-Moo
Done! Keep us posted on your pleasure mobile. :surprise:
-Moo
If we had a picture of this transaction we would title it "When Two Fools Meet"
You for buying a car for $3K you think is worth $2K but would spend $5K more on it next week
And the seller for spending $4300 in repairs and then selling it for $3000
But people buy Land Rovers don't they? There's more then proof there is a an [non-permissible content removed] for every seat.
:P
-Moo
I honestly believe you are here just jacking and stirring the pot. You are all over the board to much to be serious about the crap you say.