Questions for some of you guys that work at Corwin
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well i am looking to get about 6grand for my mustang and i have always been against the whole leasing and loan kinda shit because i dont wanna be in debt but my step mom thinks i should sell it and use this as a stepping stone to build some credit and this way i will have a newer car with less milage and we wont have to worry about any major problems soon and stuff. She told me to look with about 10-15 grand on my mind but i might as well get something nice right? And i told her i don't want to be spending $400 a month on a car payment but like she said i will be making 2500-3000 a month so its not all to much.
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wishinsky;310113 wrote:
well i am looking to get about 6grand for my mustang and i have always been against the whole leasing and loan kinda shit because i dont wanna be in debt but my step mom thinks i should sell it and use this as a stepping stone to build some credit and this way i will have a newer car with less milage and we wont have to worry about any major problems soon and stuff. She told me to look with about 10-15 grand on my mind but i might as well get something nice right? And i told her i don't want to be spending $400 a month on a car payment but like she said i will be making 2500-3000 a month so its not all to much.If you want a car to build your credit, buy something in the 10k range, have $6k to put down, have a loan for 4k, then build your credit that way until you figure out how to manage your money and live on your own. You'd be surprised what other priorities you have in life...plus a car is basically the WORST investment you can make. Get a small credit card, pay your bills with it, pay it off every month, and thats how you get credit without losing your ass. At worst case scenario, I wouldn't rush this until you completely understand what you are getting yourself into with a car payment...
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You going to be around tonight Jake? We I'd love to help you decide your best path.....that might mean that you don't buy from me and I fine with that. I can assure you I will direct you in the direction that makes the most sense for you.
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Rexwagon;310118 wrote:
good luck getting 6k on your mustang for trade.Agreed, a friend of mine traded in a ~02-03 Mustang V6 with like 30k miles on it and got $3-3.5k for it, you won't get anywhere near that.
You sound like you are headed towards a horrible financial situation, and your step mom sounds like she gives horrible financial advice. Where are you going to be working right out of high school starting at 2.5-3k a month?? Is this before or after taxes?? It can be done, i used to make $4k+ a month in the summer, but most jobs you won't start out anywhere near that with just a high school diploma. I think you are in for a rude awakening in the real world.
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If you know of a job that pays that much right out of HS let me know, I'll move down to Fargo and work with ya.
-Eric
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Rexwagon;310118 wrote:
good luck getting 6k on your mustang for trade.No i ain't looking at a trade in. I am just going to try and find some one to buy it
Trafik Jamz;310123 wrote:
You going to be around tonight Jake? We I'd love to help you decide your best path.....that might mean that you don't buy from me and I fine with that. I can assure you I will direct you in the direction that makes the most sense for you.Nah not tonight i won't be.
inspector01;310124 wrote:
Agreed, a friend of mine traded in a ~02-03 Mustang V6 with like 30k miles on it and got $3-3.5k for it, you won't get anywhere near that.Thats why i am hoping to sell it instead of trading in. I mean its in mint condition damn there. But it needs new tires and it has 97k on it now
You sound like you are headed towards a horrible financial situation, and your step mom sounds like she gives horrible financial advice. Where are you going to be working right out of high school starting at 2.5-3k a month?? Is this before or after taxes?? It can be done, i used to make $4k+ a month in the summer, but most jobs you won't start out anywhere near that with just a high school diploma. I think you are in for a rude awakening in the real world.
Actually idk about the whole financial thing. I took 5 classes school wise for financial stuff and i scored a 92% on a test which put me in the top 10% in the nation and i was one question from getting a free grand. I am pretty smart with my money for the most part. ( I work at ND Natural beef-Dakota farm, tender bison) i will be making $2500 to $3000 a month and pracs on the weekends so i shouldn't be hurting for money to bad. And my step mom did the same thing when she graduated she traded in her Grand am got 10k put 5k towards a 16k Gtp and paid off a 11k loan in a couple years and she is doing just fine.
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wishinsky;310133 wrote:
Actually idk about the whole financial thing. I took 5 classes school wise for financial stuff and i scored a 92% on a test which put me in the top 10% in the nation and i was one question from getting a free grand. I am pretty smart with my money for the most part. ( I work at ND Natural beef-Dakota farm, tender bison) i will be making $2500 to $3000 a month and pracs on the weekends so i shouldn't be hurting for money to bad..lol That's funny.
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wishinsky;310133 wrote:
Actually idk about the whole financial thing. I took 5 classes school wise for financial stuff and i scored a 92% on a test which put me in the top 10% in the nation and i was one question from getting a free grand. I am pretty smart with my money for the most part. ( I work at ND Natural beef-Dakota farm, tender bison) i will be making $2500 to $3000 a month and pracs on the weekends so i shouldn't be hurting for money to bad. And my step mom did the same thing when she graduated she traded in her Grand am got 10k put 5k towards a 16k Gtp and paid off a 11k loan in a couple years and she is doing just fine.Like many before in this thread have said, you'll be surprised what it's like once you get out in the world. We all graduated high school thinking we'd grab the world by the throat and make it our bitch buuuttt it's not exactly that easy. Why does it sound like your step mom is like 23?
Either way, just seriously think about your future. You talk about how much money you will be making, but have you thought about if you will actually LIKE the job for an extended period of time? Why don't you worry about staying at the job for 6 months to a year before you bank on a lot of money from it. Since it seems like it offers a pretty hefty paycheck, I have to believe it's not exactly rainbows and butterflies on the job.
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PSiedTSi;310139 wrote:
Like many before in this thread have said, you'll be surprised what it's like once you get out in the world. We all graduated high school thinking we'd grab the world by the throat and make it our bitch buuuttt it's not exactly that easy. Why does it sound like your step mom is like 23?Either way, just seriously think about your future. You talk about how much money you will be making, but have you thought about if you will actually LIKE the job for an extended period of time? Why don't you worry about staying at the job for 6 months to a year before you bank on a lot of money from it. Since it seems like it offers a pretty hefty paycheck, I have to believe it's not exactly rainbows and butterflies on the job.
Shes actually 32 haha and going to law school at UND. Yeah i know what you mean and i do want to save up some money to and i know you guys are just trying to me the truth and that it isn't all to easier. And i know what it is like for an extended period i worked there all last summer for about 2.5 months and then every sunday and saterday for the last 6 months and i have been working there for about a month.
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Leasing isn't a horrible idea, especially if you have a vehicle that has a high residual value. We have plenty of customers every day that stop in and trade their 1 year old leased vehicle in on a new model year version because the cars hold their value so well. It is true that you are essentially "renting" your car when you lease, but it's not like you are building equity by owning either.
With a lease you are financing the difference between the residual (aka buy out) value and the purchase price. If at the end of 3 years (typical lease term) your vehicle is worth less than the buyout value you can just toss the keys back to the dealer and walk away from the deal...now if the vehicles value is equal to or higher than the buy out you have a couple of other options. First you can buy out the vehicle and turn around and sell it for a profit....OR the dealer may buy the vehicle back from you at a higher than buyout price, at that time you can put the money in your pocket or use it towards the lease/purchase of your next vehicle.
Typically with a lease you are never not in warranty, so you never have to worry about repair costs. There are some vehicles that I would NEVER consider leasing, and they are all GM/Ford/Chrysler and that is only because of the rate at which they depreciate vs Honda/Toyota/Nissan/Subaru...meaning you almost always end up upside down at the end of a domestic lease (there are exceptions) and are pretty much left with the option of turning in the keys.
FWIW, most of the sales guys that work @ Corwin in sales lease their Honda's/Toyota's, even though we can buy them at wholesale prices.
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Trafik Jamz;310080 wrote:
Jake, you have my phone number (701.541.3484)...call me sometime and we'll figure out a time to look for a good car for you. I can help you out on any of the 3 corwin lots AND can help you find the car that is both fun and reliable and affordable (payments AND insurance). I'm there from 11:00 to 9:00pm tonight and 8 to 6 Fri & Sat.Trafik Jamz;310081 wrote:
Also, just because you don't see a car on our lot it doesn't mean that we don't have it. We have from 30 to 100 cars waiting to be cleaned up at any given time.Trafik Jamz;310100 wrote:
It's for sale...what do you want to know about it?Trafik Jamz;310123 wrote:
You going to be around tonight Jake? We I'd love to help you decide your best path.....that might mean that you don't buy from me and I fine with that. I can assure you I will direct you in the direction that makes the most sense for you.Trafik Jamz;310149 wrote:
Leasing isn't a horrible idea, especially if you have a vehicle that has a high residual value. We have plenty of customers every day that stop in and trade their 1 year old leased vehicle in on a new model year version because the cars hold their value so well. It is true that you are essentially "renting" your car when you lease, but it's not like you are building equity by owning either.With a lease you are financing the difference between the residual (aka buy out) value and the purchase price. If at the end of 3 years (typical lease term) your vehicle is worth less than the buyout value you can just toss the keys back to the dealer and walk away from the deal...now if the vehicles value is equal to or higher than the buy out you have a couple of other options. First you can buy out the vehicle and turn around and sell it for a profit....OR the dealer may buy the vehicle back from you at a higher than buyout price, at that time you can put the money in your pocket or use it towards the lease/purchase of your next vehicle.
Typically with a lease you are never not in warranty, so you never have to worry about repair costs. There are some vehicles that I would NEVER consider leasing, and they are all GM/Ford/Chrysler and that is only because of the rate at which they depreciate vs Honda/Toyota/Nissan/Subaru...meaning you almost always end up upside down at the end of a domestic lease (there are exceptions) and are pretty much left with the option of turning in the keys.
FWIW, most of the sales guys that work @ Corwin in sales lease their Honda's/Toyota's, even though we can buy them at wholesale prices.
By chance are you a used car salesman? lol, I am playing with you Chuck...I like the hunger!
OP - If you have no debt now, and will be making $2500-$3k month, I would advise you to buy a cheap $500 car to get you to and from work, then save as much money over the summer, and pay straight cash for your car come fall. 4-5 months at $3k month will give you $10-$12k to buy the car outright, and I will agree with those that said buying a $10k used car is a much wiser choice than a new/newer $25k car...everyone has different situation and finances, so this rule may not apply to a family that is 'well off' and willing to help or purchase a car for their kid, but if you plan to work your butt off, do so and be proud on the day you can pay for your car in cash, and don't give away free money to banks.
- Jason
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I make about that much a month and im still broke. And I dont even have a car payment.
But if I was you Id get a car. You dont work to save money, you work to spend it.
If you can get a loan go for it. Thats my problem my parents wont cosign for me, so im just saving up to pay in cash. And you can usually get a better deal paying cash.
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FG2;310154 wrote:
OP - If you have no debt now, and will be making $2500-$3k month, I would advise you to buy a cheap $500 car to get you to and from work, then save as much money over the summer, and pay straight cash for your car come fall. 4-5 months at $3k month will give you $10-$12k to buy the car outright, and I will agree with those that said buying a $10k used car is a much wiser choice than a new/newer $25k car...everyone has different situation and finances, so this rule may not apply to a family that is 'well off' and willing to help or purchase a car for their kid, but if you plan to work your butt off, do so and be proud on the day you can pay for your car in cash, and don't give away free money to banks.- Jason
I agree with Jason... however it is kinda hard to build credit this way (this is why i have no credit, i save and pay in cash for everything)...
If his step mom is who I think she is (some lady had the same last name and bought some parts for a Bravada at work one time) iirc she looked pretty good, lol...
haha 1 wheel spinning for the win!
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