Stepping Down to a Mazda3
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Joined: Nov 2002
Posts: 7,731
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From: Calgary, AB
This hurts me a lot, but due to the fact that I have expensive tastes in houses, my $714 car payment affects how much I get approved for on a mortgage. I'm fairly certain I'll have to ditch off my S2000 and get something more "economical" for a year.
This isn't 100% yet, but it sounds like its the "responsible" thing to do, as I figure a house is probably more important than a car. It also depends on whether or not I can actually sell my S2000 or trade in it for a reasonable amount. If this does happen, I'll have quite a few mods I'll be giving the PR's a first crack at for really cheap.
I'm going to look into getting a 2004 Mazda3 GT (160 HP, 150 torque), 5 speed, 17 inch wheels, sunroof, leather... it's a really nicely equipped sedan, and its going to price out to roughly $23k tax in.
What do you guys think of the look of this car?
Anyway... I really want to stay involved in the community because we've got a lot of great people here... and I hope I can still come out to the dinner meet with you guys! I'll have to discuss with Dave whether or not I should be a Community Organizer or not if and when I do decide to unload my car..
If all goes as planned I should buy a brand new S2000 again within 1-2 years... probably this time next year.
This isn't 100% yet, but it sounds like its the "responsible" thing to do, as I figure a house is probably more important than a car. It also depends on whether or not I can actually sell my S2000 or trade in it for a reasonable amount. If this does happen, I'll have quite a few mods I'll be giving the PR's a first crack at for really cheap.
I'm going to look into getting a 2004 Mazda3 GT (160 HP, 150 torque), 5 speed, 17 inch wheels, sunroof, leather... it's a really nicely equipped sedan, and its going to price out to roughly $23k tax in.
What do you guys think of the look of this car?
Anyway... I really want to stay involved in the community because we've got a lot of great people here... and I hope I can still come out to the dinner meet with you guys! I'll have to discuss with Dave whether or not I should be a Community Organizer or not if and when I do decide to unload my car..
If all goes as planned I should buy a brand new S2000 again within 1-2 years... probably this time next year.
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Joined: Mar 2003
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From: Calgary
Ahhh I know the feeling......I think I'm prolonging the inevitable as well hehe
That is a sharp looking car for the price, looks very well equipped. The only other car that can rival that in price and everything considered is the Spec V but the design is quite stale compared to the Mazda 3. Not a bad choice!
That is a sharp looking car for the price, looks very well equipped. The only other car that can rival that in price and everything considered is the Spec V but the design is quite stale compared to the Mazda 3. Not a bad choice!
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Joined: Oct 2000
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Nothing wrong with a Mazda 3..I actually want to look at one. December to early January is when I was told to come in to the dealership.
The P5 has suited me well, so I see nothing wrong with the Mazda 3. Throw a mazdaspeed exhaust on.
The P5 has suited me well, so I see nothing wrong with the Mazda 3. Throw a mazdaspeed exhaust on.
Joined: Jul 2001
Posts: 3,303
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From: Calgary
I think that the Mazda 3 is a great choice. fun, economical and well styled. There again, economical for me equates to a low APR interest rate, since often, this is what makes or breaks your monthly payment.
I have a vague understanding of how banks calculate debt/earnings ratio, and with a $700+ monthly car payment, it is quite possible that your chances of qualifying for a mortgage would be much lower. Banks are often very conservative, or liberal, depending on how you look at it, in how they calculate this ratio. What i mean, is that banks often dictate how much you can afford to pay on a mortgage, and this amount is usually much less than what you can really afford. If, in your own budget, you can afford both the house and the car, why not "sell" the car to a relative thereby eliminating your debt on paper? I kept my S2000 in my parents names, and pay them the monthly payments each month for this very reason. They're not going any place anytime soon, and the large payments on their debt load doesn't hurt them very much.
Good luck, whatever your decision.
Asif
I have a vague understanding of how banks calculate debt/earnings ratio, and with a $700+ monthly car payment, it is quite possible that your chances of qualifying for a mortgage would be much lower. Banks are often very conservative, or liberal, depending on how you look at it, in how they calculate this ratio. What i mean, is that banks often dictate how much you can afford to pay on a mortgage, and this amount is usually much less than what you can really afford. If, in your own budget, you can afford both the house and the car, why not "sell" the car to a relative thereby eliminating your debt on paper? I kept my S2000 in my parents names, and pay them the monthly payments each month for this very reason. They're not going any place anytime soon, and the large payments on their debt load doesn't hurt them very much.
Good luck, whatever your decision.
Asif
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Joined: Nov 2002
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From: Calgary, AB
Actually qualifying for a mortgage wasn't the problem, I've been approved for $237,000. The problem is the house I want to build is closer to $275,000 
The option of selling to a relative had come up, but my father is in the process of building a house as well, and he doesn't need the payment on his credit any more than I do right now.
I think the problem with banks is that they factor in people that buy houses are married with families... not single 20 year old guys that make a relatively good income.
The option of selling to a relative had come up, but my father is in the process of building a house as well, and he doesn't need the payment on his credit any more than I do right now.
I think the problem with banks is that they factor in people that buy houses are married with families... not single 20 year old guys that make a relatively good income.
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Registered User
Joined: Dec 2001
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From: Calgary, Alberta, Canada
You're building? Don't forget about landscaping, fencing, blinds, furniture, etc.
Also, I'm not sure there has ever been a house built for the target price. There are always upgrades along the way...
Also, I'm not sure there has ever been a house built for the target price. There are always upgrades along the way...
Joined: Jul 2001
Posts: 3,303
Likes: 23
From: Calgary
I can't blame you Dylan for wanting the best house you can afford. The house is afterall, an investment unlike the S2000. While $237,000 is a handsome sum, it won't get you anything more than the basic spec home that the builders try to flog on you. Lets face it, $700 a month is likely half your mortgage payment on a house of that price. I think that liquidating the S is a wise prudent decision.
Good luck again!
Asif
Good luck again!
Asif