Financing a five year old car without a warranty is not really a good idea. Maybe you could save up the payment for a year or so and try to buy one outright at this time next year? Both cars will depreciate so you should come out even or ahead.

 

If you are financing only about 8300ish. I'd go with the 36 month term. Most banks probably won't let you borrow much longer than that anyway considering it is a 4+ year old vehicle..If your credit history is strong.....maby 48 months

edmunds.com Rules!

 

Very wise words indeed. What if the engine blows? Can you afford to throw down $$$ for a new one? More wisdom:
1) Sell the Nissan yourself. You will almost certainly get more $$$ for it than they will give you on trade.
2) Buy used cars from individuals, not dealerships. This way you will get a better idea about the car's real history and, in many places like here in Georgia, you won't have to pay sales tax.
3) Better yet, scrap (1) and (2) above. Keep the Nissan. Go to college. Earn a degree in something that is in demand in the market. You'll be much better off in the long run.

 

3) is the best idea

to pay for insurance on a S2000, you'll need to work, and work a lot. This means YOU WILL NOT BE ABLE TO GO TO A GOOD COLLEGE. So, you'll be sacrificing future earnings to drive a S2000 today.

Too many of my friends fell into this trap at 18, and they are nowhere near where I am. They bought a car and had to work 30-40 hours a week to pay for it (At 18, you have no real skills that are worth significantly over minimum wage). Sure, they could go to community college part time and get an AA in a few years, but this is not anywhere near a BA from a respected college.

At 18, insurance for a S2000 will probably be around $3-400 a month with a GOOD INSURER. Don't go for an overly cheap one; they will likely skip out on paying claims. there are many insurers who sell cheap, but whose only service is giving you the forms needed to renew a registration. DON"T DO IT.

 

or you could lease a new s2k and invest the 13,000. i have tripled my money on sirius stock this month alone. i would recommend talking to a professional about creating a diversified portfolio. if done right, you could make 15-20% annual return with relatively little risk. at the end of the lease you will have $20,000+ instead of an old s2k worth 8-10k. cars are bad investments, not a good place to put all your money.

 

Thanks for the input guys.

As far as selling the Nissan, the market is virtually zero for a slow 4 door. The dealer I want to buy the s2k from will sell it out to another dealer in a bidding process. If they cant get what I want/need for it, Ill be forced to not jump on the deal.

Im not paying for college, parents are, so thats no really a big issue at all. And Im not afraid to pay for insurance, I know itll be alot but Im ready to pay it. You only live once and you dont get a better spot in heaven if you hoard the most money.

So what do you guys think about it since I dont have to pay for college? I know its a risk w/ an older car but the Nissan is a death trap...

 

15-20% annual return AND relatively little risk over 3 years?!

 

If your parents have some $$$, why don't you try to convince them to give you the additional money? Otherwise you are driving for free right now, why change. You have the rest of your life to make car payments, there will always be used S2000s for sale.

Have you thought about where you are going to keep an S2000 at college? It really needs to be garaged to protect the convertible top. Will your college allow freshmen to keep cars on campus? Can you afford to buy a set of tires every 12,000 miles? Are you going to remember to keep up the service requirements of the car? How are you going to pack four sorority chicks in an S2000 to drive to the local dive bar?

 

I could try and convince them but right now we own 3 houses and are trying to sell 2 of them. So theres not alot of money laying around right now. They really cant stop me from buying another car, but Id like to have their support should I lose my job or something. Hopefully theyd help me out. I still make payments on the car, but just to them. The car is legally paid off.

Good points about college. I got to junior college now so I dont live there, but I will be going to a 4 year sometime next year. And Ive owned 4 other cars, regular car maitnence is nothing new to me lol and Im engaged and not a drinker, the small car wont be a problem lol

 

how are you going to be able to pay the insurance and go to college at the same time, AND keep up grades and do a respectable amount of extracurricular activiites?

working for near minimum or waiting tables will require LOTS of hours just to pay insurance.

My grades suffered when I had to work to pay rent and I'm about as smart as they come (not trying to toot my horn, but to help you).