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Old 04-16-2006, 08:09 PM   #1 (permalink)
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IceWind just put it into 1st gear on 8thcivic
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Refinance for new Civic or keep WRX?

Ok guys, just bear with me and hear me out. If you can't give any positive or reinforcing advice, dont post please. This is my personal opinion and preferences and im asking for CONSTRUCTIVE outside opinions. If you can't do that, please just walk away now.


I recently got a new job with a substantial pay raise and i've been eyeing the new Civic coupes for some time, but with my previous job, I simply couldn't afford it. I've been fighting for a new IT job for nearly a year after I had enough with my current job after low hourly pay, no benefits, no insurance, no job security whatsoever, don't have the right tools for the job and lack of money to do anything just got old, so i went to work.

Interview after interview, countless hours of resume work, talking, job seaching I finally landed an new job that pays over twice as much now on salary, full benefits and insurance, company rig and ability to move up and relocate as I see fit. I feel very proud of myself of working hard, sticking to my guns and finally moving up and I wanna treat myself to a new car as a result. But now, its within in my grasp but I gotta make a decision.

I currently have a 2003 Subaru WRX with over 75,000 miles mostly highway im currently driving. Its in very good shape and drives well, and I enjoy it for the most part. I am however getting concerned with dropping trade in and selling value of the car as the mileage increases. I don't currently drive very much highway so I only putting on maybe 400-500 city miles a month.

As fun as the car is, I am kinda getting tired of the premium fuel cost and fuel sucking turbo. As much fun as it is to slam the gas and zip around town, I definently pay for it even though I can now afford the gas costs.

I thought about keeping the WRX and making $1000-$2000 in modifications and make it my first "special" car just for me including tinting, new spoiler, stereo and possibly rims.

However, I realize this is money I really won't get back if I try to sell the car later. Not only that, but it limits my market to who will buy it if I modify it from its current stock form.

I currently live in Montana where we have a wide range of weather conditions, so the AWD is definently a nice thing to have though with proper tires and driving, 2WD front cars get around just fine for the most part during winters. But I am getting sick of manual tranny in traffic, it gets so old and fustrating, I miss having an automatic at times.


In the next corner is the new Civic. I absolutely LOVE the new design. It just says to me "freaking cool" "Thats a 21st century car!" I love the interior gauge design, the LCD's, just everything about it I love. I'm dying for a fully loaded white Coupe EX model which will run around $20,800 with shipping and dealer fee's.

I can easily afford a new loan but heres the problem. After 2 weeks of negotiating, the dealership will only give me $11,500 in trade in for my car due to its mileage and current market value which is asinine, but they SAID thats the best they could do. They agreed to drop the saftey deposit from $1000 to $600 cause they would have to truck the Civic I want from another dealership.

With that, I would have to transfer around $4,800 from my previous WRX loan onto my new loan for the Civic which jumps the monthly cost from $360ish to around $430ish.

However, getting the Civic nets me a brand new car with a full warranty so if anything breaks, nothing comes out my pocket unlike if the WRX breaks. The Civic is also very fuel efficent, I will come out ahead in gas costs with my constant in town zipping as well as gets me prepared in case the gas prices go to **** in this country. I also net a slight insurance cost reduction also gets me a very safe vehicle with 6 airbags, ABS and impact door beams, so me and my occupants will be safe in an accident.

I have been trying to sell the WRX via me but iv'e only gotten one bite so far. I have 3 weeks left in a current locally printed for sale automative magazine that gets distributed around my town. Im not getting the attention I thought I would with the car, even with "or best offer" in my add.

So it boils down to this after thinking long and hard

Subaru WRX


Pluses:
Current lower monthly payments which gives me extra spending/saving cash
Fun to drive
Good all weather car, a plus in my state.
Already beaten in so taking road trips with new girlfriend and worrying about paint chips is negated
Turbo nice for emergency get up and go power

Minuses:
High mileage is detracting dealers and private buyers
Value isn't getting better with each passing month
Premium fuel cost
Modding won't add to resale value
MT sucks in traffic


Civic Coupe EX

Pluses:
Kick ass car all around!
Love the new gauges!!!
Drives, handles very nice
Sips fuel for money saving and future proofing
Auto will be godsend in traffic or after long stressful days
Love the stereo/MP3 system
My first new car!!!


Minuses:

Increased monthly costs, especially if refinanced with old loan which = less spending cash
Not the same get up and go in emergency driving situations
Brand new car means afraid to go on road trips and ruin paint
Financial decision may come back to haunt me down the road
Small size may come back around to bite me in butt for future needs.

So i've got 3 options

A: Get rid of the WRX while I can with semi decent trade in value, get the car of my dreams, congradulate myself on working hard the last 3 years at a crap IT job and have my brand new car and pay slightly more per month for it.

B: Bite my tounqe, sit and wait until someone comes and purchases vehicle. No idea how long this would take and cars value decreases each month with mileage adding up

C: Keep the WRX. Mod it to my hearts content and make it my pesonal car but realize that down road if I need sell or trade itit will be even more difficult due to mileage/wear and tear/modifications. Or enjoy it until it falls apart.


What should I or YOU guys do if you were me? Constructive critisism and opinions only please.

And just to be clear........

1: NO, I won't choose a different new car
2: NO, not doing anything is NOT an option. Im not planning on saving for a house/retirement at this point in my life, I wanna have fun with my hard earned money while im young
3: NO, I will not be modifying the Civic beyond tinting windows
4: NO, I don't care if you think im selfish,stubborn or impatient, walk away and dont post
5: NO, I am not investing the money into real estate.

If your answer falls within these options, please don't post.


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Old 04-16-2006, 08:38 PM   #2 (permalink)
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I can see where you are coming from, i was sort of in the same situation when i got my new civic. I owned outright a 2005 ford ranger loaded with every option avalible, i loved the truck but only being a teenager gas money and insurance was an issue, i was only getting around 13mpg, and my insurance was around $200 a month just for liability. After a few months of driving the truck i decided i needed to get something a little more efficent. I knew i was going to miss the ability to go off road and such but at the same time i have always loved cars, At first i didnt bother going to the dealership with my truck because i knew they wernt going to give me nearly as much as i wanted for it ($20,000) so I put it in truck trader and all the online adds that were free, i got tired of waiting after about the first week and went to some dealerships curious of what the market had to offer me. I found a 2006 eclipse base model that i liked and the price in the window said like 19 somethin so i thought well maybe they will go straight across, well the didnt but offered me a fully loaded v6 leather eclipse that was a 2003, i almost took the deal cause i wanted to get a car that bad, then i started thinkin bout it and i would have been going backwards really fast and loseing alot of money. then i found an 06 civic si that had 21,500 in the window and went into the dealer and what do you know they gave me 20 grand trade in for my truck, I was thinkin how happy i was that i waited to get a really nice car insted of an alright car. now that i have my civic I couldnt be any happier, i got the sportiest car intown that everyone stares at and now getting a ton better gas mileage. I dont know if this will help you any, i guess i would say get what you deserve out of your ride, even though the temptation is there for the new car, believe me temptation and impatience almost lost me 7 grand on trade in:SHOCKED:

Wreckless

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Old 04-16-2006, 09:15 PM   #3 (permalink)
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mmm def just put it into 2nd gear on 8thcivicmmm def just put it into 2nd gear on 8thcivic
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Seems like you have a lot of thinking to do. I came from a Stage2 LGT 5sp to a Navi Si and I couldn't be happier....
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Old 04-16-2006, 09:25 PM   #4 (permalink)
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A few years ago I had a heavily modded 02 WRX which I enjoyed driving for a lil while. Mine had 51K miles on it when I sold it and **** was starting to break and I was just tired of it. I sold the subbie and while I miss it once and a while I am still much happier in my 06 Civic, which is ironicaly a White EX coupe
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Old 04-16-2006, 11:51 PM   #5 (permalink)
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subieguy83 just put it into 2nd gear on 8thcivicsubieguy83 just put it into 2nd gear on 8thcivicsubieguy83 just put it into 2nd gear on 8thcivic
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i came from a cobb ap stage 2 05 wrx to a 06 si and i have no regrets hehe im a honda fan
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Old 04-17-2006, 02:55 AM   #6 (permalink)
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What about selling your WRX instead of trading it in? You should be able to get more. You might still have to pay off some of the loan when you sell it, but it'll be less than the difference if you trade it in. That option assumes of course that there's a market for the WRX (which I assume there is) and that you can come up with the cash to pay off the full loan (can't make assumptions there).

Good luck with your decision. It's great to have a new car, and I agree that the new Civic is very cool, but going backwards (so to speak) on loans is no fun.
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Old 04-17-2006, 05:22 AM   #7 (permalink)
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I sounds like your going to be really upside down if you trade in your 03 WRX. Alot of banks will only finance up to $1000.00 in negative equity, meaning that if your upside down almost 4k you'll probably have to end up putting at least $2500 down on the car. Honda is very wierd as they won't finance any negative equity from your previous trade in. I traded in an 01 Accord LX V6 with some major hail damage, and the dealer gave me 9k for my trade in. The car has like 67k miles on it. I believe the dealer fixed the hail damage and resold the car for a profit! I would just take your car to a different Honda Dealer because each dealer will give you a different trade in value!
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Old 04-17-2006, 11:02 AM   #8 (permalink)
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Quote:
Originally Posted by civicboy
I sounds like your going to be really upside down if you trade in your 03 WRX. Alot of banks will only finance up to $1000.00 in negative equity, meaning that if your upside down almost 4k you'll probably have to end up putting at least $2500 down on the car. Honda is very wierd as they won't finance any negative equity from your previous trade in. I traded in an 01 Accord LX V6 with some major hail damage, and the dealer gave me 9k for my trade in. The car has like 67k miles on it. I believe the dealer fixed the hail damage and resold the car for a profit! I would just take your car to a different Honda Dealer because each dealer will give you a different trade in value!
Im going through a credit union which is giving me a screaming APR since im buying new through the dealer, they have a corporate deal. Im already approved for the equity transfer over.
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Old 04-17-2006, 01:37 PM   #9 (permalink)
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u should get the SI screw the EX
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Old 04-17-2006, 02:29 PM   #10 (permalink)
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mmm def just put it into 2nd gear on 8thcivicmmm def just put it into 2nd gear on 8thcivic
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I sold my LGT privately for $23,200. Best I could get trade-in was $18,500. Put her up for sale, who knows.
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Old 04-17-2006, 09:22 PM   #11 (permalink)
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Get the Civic. Seems like you really want one. Do yourself the favor and buy that white EX. I don't think you will regret it. And it sounds like you deserve it after getting the new job. DO IT!!
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Old 04-17-2006, 11:50 PM   #12 (permalink)
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Eh, I'm going to go against popular opinion. While I LOVE my Civic, the WRX is way more fun to drive. If you were comparing against the Si it'd be a different story. And, the upside down on the loan is a BAD idea regardless.

Either live it up with the WRX for a few years or list it and wait till you can cover the loan with the sale price to buy the Civic.
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Old 04-18-2006, 12:20 AM   #13 (permalink)
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well seeing as u sayed that ur tired of the stick and the premium fuel i take it your going for an auto ex. well either way you will have a very nice car. you will definitly have alot less get up and go with the civic but alot more money from the savings in gas. it is up to you. i would probibly go ex just cause i love it so much. if you dont mind me asking why dont you want to mod the civic?
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Old 04-19-2006, 10:21 PM   #14 (permalink)
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Thanks all for your input. Ultimatly, it boiled down to this. Its what I WANTED, period. No one else lives my life or handles my finances, despite what my parents think. I didn't really care much about saving money, I just want the car that I like. I love the new Honda Civic. I feel like congradulating myself on a job well done for working hard these past few years. So, wethers its a future finacially sound decision or not, I can afford the difference.

I traded in the WRX today and got my saftey deposit down for it. The car will be here next week. Can't wait!!

Last edited by IceWind; 04-19-2006 at 10:48 PM.
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Old 04-19-2006, 10:27 PM   #15 (permalink)
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Congrats, you will be happy with your new civic, I told myself i would never buy a civic but i got my si and i will never go back to anything else!

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Old 04-19-2006, 10:39 PM   #16 (permalink)
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Quote:
Originally Posted by IceWind
Thanks all for your input. Ultimatly, it boiled down to this. Its what I WANTED, period. No one else lives my life or handles my finances, despite what my parents think. I didn't really care much about saving money, I just want the car that I like. I love the new Honda Civic. I feel like congradulating myself on a job well done for working hard these past few years. So, wethers is a future finacially sound decision or not, I can afford the difference.

I traded in the WRX today and got my saftey deposit down for it. The car will be here next week.
congrads bro. nice decision!
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