Having a car payment vs having the warranty

Ladys man

Ladys man

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My wife is debating on getting a new 2018 Hyundai Sonata she has a 2014 sonata that we bought new and never had a problem out of but since we live in the boonies and drive a good distance to take my step daughter to private school it’s racking up the miles. We have about 89,000 miles on her car so pretty much means her warranty will be up by next summer and with this being best time to buy a new car we started looking for a warranty again. My wife has been a stay at home Mom for last 2 yrs and plans on going back to work this year and with numbers crunches our payment only went up $40 dollars a month, But we went to the dealer and they are working withus so now so we went back to original sales person we bought 2014 from and am really getting a good deal but my question is it worth paying her car off in 2 yrs and hoping for no mechanical break downs or getting a new car and brand new 100,000 warranty?

My step daughter also plays traveling basketball, plus school ball and modeling so we drive a lot.

Just asking for opinions we made ours (I think) but am looking for some opinions

I forgot to add this is the car she’s alway wanted with a sunroof with all the goodies and I was always taught nothing worse than paying for something your not happy with
 
Spurhunter

Spurhunter

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I hate car notes. You can pay for a LOT of repairs with the money you save on a $400 or $500 a month car note. Today's vehicles will go a long way when maintained correctly. My last truck had 324k on it when I sold it. No way I'd be worrying about a vehicle with less than 100k.
 
rem270

rem270

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I always like keeping something fairly new that I can jump in and go across country if i had an emergency. And having my wife in a newer vehicle eases my mind some when she travels etc. 89k isn't that many miles on yours. Once it got to 130-150k I might would consider trading. That's totally up to y'all though.
 
woodyard

woodyard

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The 2014 is probably good for many more miles without too many problems. It all boils down to how much is " piece of mind " worth to you.

I personally like for my wife to have a newer vehicle in order that she most likely will not have trouble. Especially since I am away on fishing trips out of state several times a year. I also like to have a newer truck since I don't want trouble especially on those out of state trips.
I might add that we usually pay for them and don't have payments at this point in our lives.
 
cecil30-30

cecil30-30

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Keep your 2014 and save your money. 89k miles isn't alot of miles in my book. A new car is a giant rip off imo.

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U

Urban_Hunter

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I think your car is still pretty new and just as dependable as a brand new one for the next 50-60k. However if you are wanting to upgrade for the new car smell and some more bells and whistles then only you know what that is worth
 
fairchaser

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I’m normally against buying extra warranties but my friend’s Sonata blew a motor out of the blue. Fortunately it was covered by a recall and he got a new motor but it would have totaled his car out. This happened right around 100k Miles so you never know when something crazy like that will happen.
 
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bloodtrailing

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Depends on how good of shape it is in. You also need to consider total cost of the car and not just the payment impact. It sounds like you are financing over 5 years. Unless you are getting zero percent financing you need to question if you can afford the car if you have to finance for five years.




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Ladys man

Ladys man

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bloodtrailing":3cwit9hu said:
Depends on how good of shape it is in. You also need to consider total cost of the car and not just the payment impact. It sounds like you are financing over 5 years. Unless you are getting zero percent financing you need to question if you can afford the car if you have to finance for five years.

Be 6 yrs


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P

pass-thru

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I would keep the car you have until it's paid off. Then I would still keep it and put the payment amount aside each month, and when if dies by something you can afford with the amount saved up. This how one gets ahead financially in life.
 
Bambi Buster

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bloodtrailing":jjkm3f2g said:
You also need to consider total cost of the car and not just the payment impact. It sounds like you are financing over 5 years. Unless you are getting zero percent financing you need to question if you can afford the car if you have to finance for five years.

^^^^^This^^^^^^

pass-thru":jjkm3f2g said:
I would keep the car you have until it's paid off. Then I would still keep it and put the payment amount aside each month, and when it dies buy something you can afford with the amount saved up. This how one gets ahead financially in life.
^^^^And this^^^^^^

Worked for me.
 
sgtwebb1

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Bambi Buster":qait604m said:
bloodtrailing":qait604m said:
You also need to consider total cost of the car and not just the payment impact. It sounds like you are financing over 5 years. Unless you are getting zero percent financing you need to question if you can afford the car if you have to finance for five years.

^^^^^This^^^^^^

pass-thru":qait604m said:
I would keep the car you have until it's paid off. Then I would still keep it and put the payment amount aside each month, and when it dies buy something you can afford with the amount saved up. This how one gets ahead financially in life.
^^^^And this^^^^^^

Worked for me.


Agree 1000%.

Save the amount you'd pay in car payments.
You'll have an emergency fund to cover any repairs, and when you're ready to buy another, buy one that's a year or 2 old--let someone else suffer the depreciation.
Do this religiously, you'll always have a dependable vehicle, paid off, and money to repair whatever goes wrong.
Saving $500/month is $6000/yr per vehicle.
No car gets $6k in repairs annually. You'll always be $$ ahead on your vehicle budget. Foolproof.
It's one of the main tenets of Dave Ramsey.
 
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bloodtrailing

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My advice is worth what you pay for it.

If you have to go 6 years you are buying more than you can afford. With the miles you drive you may be upside down after 4 years. If you have two cars when will the other need replacing? Need to consider this.

My advice wait until she gets her job. Save money for a down payment or repairs and do it 6 months to a year from now.


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B

bloodtrailing

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Although I have been married for twenty years and my wife has had three new cars and I have had one. My cars had over 150k miles when we traded up. Consider the source.


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Snowwolfe

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There are so many loop holes in extended warranty's I would be wary of any except one offered by the factory. And then you better have proof that everything, and I mean everything listed in the maintenance section of the owners manual was done.
There is no guarantee a new car will not have issues. Keep your current car, low payments, and low insurance and save some cash every month for potential issues.
 
griz01

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I despise having to buy any new car, but I was just forced to. Had a 2006 with only 100,000 miles on it, paid off for years. I did service it regularly. But had to put $4800.00 in repairs to it in 2016, and was just told it needed $19,000 more in rusted body repair, rebuilding the trans, and either rebuilding or replacing the engine! It is now gone. There comes a point where dependability and peace of mind that you family won't be stranded in some strange place out ways the hit to the pocket book.
 
E

eightpointer

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Id say yall have already decided to buy new. Momma like the new smell..sun roof, cute lights and bells. And thats perfectly ok. But just consider before you sign the line that you will always be in the same position if you never pay one off. In 2 years you'll be in the same position. Im not saying thats a bad thing but just be sure you realize it. Theres tons of folks who never pay a vehicle off. They trade or lease every 2 or 3 years. Just do what you really think is best for your $$$ and peace of mind.
 
AT Hiker

AT Hiker

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What about these Toyata dealerships that are offering lifetime warranties?
To good to be true? If not, that might be a route you look in to.


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H

Hduke86

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In my opinion I would keep what you have and pay it off. There comes a time when everyone has bad luck or gets in a tight spot. I would love to have a new truck but the prices are crazy and so I keep driving what I have which is a 2005 f150 about to roll to 300k but my theory is with my truck and my wife’s expedition which is the exact same drivetrain I can fix pretty much anything on them myself which saves a TON cause I’m familiar with the triton 5.4 and also my piece of mind is that 800-1000 a month I would save and put back between new car payments and new insurance. There’s nothing like having your stuff paid off and being financially secured and you don’t have to make 150k a year to have that freedom.
 
Snowwolfe

Snowwolfe

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AT Hiker":210ltpmy said:
What about these Toyata dealerships that are offering lifetime warranties?
To good to be true? If not, that might be a route you look in to.


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Plenty of dealerships offers there around where we live. But here again, the bottom line is you better be able to prove everything mentioned in the maintence section was performed on time. If you had all the stuff listed done at the dealership it would cost a lot of $$$$. Oil changes are easy, save the receipts. The rest.....well you can just bet they would find a reason to deny the claim. Some might come out ahead if you keep the car forever. But most dealerships are banking you get rid of the car before it gets to old.
 

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