TheRealSy90

So I've been eyeing this red 2008 HR 350z Enthusiast model at the local mazda dealership. It's got 71k miles and change. The dealer listed it for 17k recently which is WAY over the blue book on this car. I'm assuming I'd be able to get it at a lower price than that, maybe 13k? I've never owned a new car or made payments on a car as I've always bought older cars in cash since I can typically maintain them myself. However I've always wanted a 350z and since I could afford the 2-300 payment a month it's been tempting me for weeks. I currently daily drive an auto 92 coupe and it's boring me to death.


I know the concentric slave cylinder is the main big issue with these, so I'd probably end up ordering the upgraded Z Speed kit for it. But aside from that i'll most likely keep it as stock as possible until it's payed off. Do you guys think this is a decent daily driver car for my first time doing payments on something? Should I just keep driving my daily 240 until I saved up enough to buy a 350z in cash?


If I do get one it's gotta be an HR, I won't mess with the DE or RevUp models.

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spooled240

The only way I'd get it is if:
-I held a stable job making decent money
-I didn't have any other debt (credit cards, student loans)
-I didn't have to commute too far for work. That thing will guzzle gas.
-I could get a low interest rate (under 5%, pref. 3.5%)

e1_griego

If you can afford it (and can get it for a good price that you're comfortable with) then go for it.

I was always really anti car payment but I've had one for the last year and it's totally workable and fine. I bought a (shitty/slow/zomgitsucks) BRZ private party in August of last year. It's basically just my autocross car as I rarely drive it to work, but I like having it

Hit up your local credit union -- I got 1.9% interest.

LockOn!

I had one last year and agree on your assessment between HR and the other models. Looks like you've also done research into the clutch thing, I too had the part waiting on the shelf for if I broke mine.

Frankly it was one of the best cars I've ever owned. Took a beating and kept on ticking. Comfortable, fun, looks decent.

THAT BEING SAID

1. It was so impractical, that I literally went out and bought a 97 Impreza wagon to do things like transport wheels and tires, get groceries, and do anything other then drive myself around and do sweet burn outs. Nothing sucked more then only being able to transport two wheels to the track with the rest in a friends car.

2. Their values are plummeting like a rock. I bought mine mid 2014 with 78K for around 17K, put 5K in parts on it, enjoyed it, moved it back to stock and traded it in for a value of around 13K. Not to terrible considering it had some love marks from the track. You will loose more value on this thing then a honda or BMW or something else, considering your going to be borrowing to pick it up.

BUT I did just watch two recently sell with comparable Mods to mine, on CL for around 11k. Soooo basically in two years, these things have dropped to the tune of 5-10k in value depending on the model and modifications.


All said and done, I now have a BMW Wagon I make payments on, and an S14 I beat on. Much happier now.

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e1_griego

I agree, I saw one a few weeks ago for $11k (prob the same one you saw, Alex) and it was REAL tempting.

LockOn!

Yeah, the silver one right?

Stance coils, wheels, some other nick nacks, basically like my black one minus the KAAZ diff, 80k miles for 11k.

Dealz city.

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MJenkins1101

There is nothing wrong with financing a car. However, there is absolutely, without question, something wrong with beating on a financed car. If you want the Z to baby it to and from work, and build the coupe to beat on, then for it. But do not beat on something that you can end up having to pay for while it sits in your garage colleting dust.

LockOn!

^^^

This is me brappin' my financed 350z. Definitely one of the most ignorant things I've ever done haha.

I thought I would be satisfied with 4 events a year. But sure enough, I did like 4 in 3 months and found myself in a train at PARC. Got sandwiched and was like "lol, looks like a need another S-chassis", de-modded, and traded it in. God forbid I rolled it into the bog and owed stacks on a totaled car. Scaaaary shit.







God damn it I have NO self control.

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e1_griego

I would never drift a financed car, and I won't take my financed car on track, but absolutely autocross the hell out of it. It's a little worse for wear, but oh well.

TheRealSy90

Thanks for all the input guys, I didn't think I'd get this much so quickly I appreciate that. I've got an appointment to go look at the car today, I just have to not let them strong arm me into it and take my time. I'm really curious if it's had the slave cylinder replaced recently, how many owners it's had, and if it has documented maintenance.



I have decent consistent pay currently. Nothing crazy but more than 2x the minimum wage here. Basically after my rent and bills, I've got 3/4 of my monthly income left. Of course some goes to food/gas/etc though.
I don't owe any other debt that I know of, I've never had a credit card or loan before, that being said I probably don't have the best credit because of this. My only "debt" is my track 240 that I just dump money into and still need to purchase some things to be finished lol.
I currently commute about 29 miles to and from work, about 30 minutes of driving each way.
I'm considering switching my bank from Chase to Navy Federal Credit Union as I've heard they offer low interest rates. However I'm not sure if they're going to want to give me the loan as soon as I join them, or if i'll have to wait a while.


I don't really have plans to or want to "beat on" the car. Of course I'm going to stretch it's legs here and there like getting on the highway or something, but I'd want to take care of it.


I actually have a second 240 coupe that I've had since 2008 that is my drift/track car and has an uncountable amount of money dumped in it lol (built sr, z trans, wheels, aem infinity etc). The coupe that I currently daily drive I got in February of this year, and now I'm thinking why the hell do I own two of them?

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spooled240

Definitely go through the credit union, especially if you don't have much credit. I financed a FD rx-7 4-5 years ago through navy fed and they loaned me the money as soon as I joined. I think my APR was 2.9%

future

I have a really clean one I'd sale for way less then 17k and it is bolt on with a tune plus suspension

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enkei2k

First question, and most important: How much money do you plan on putting as a down payment on the car?

Because you don't have credit, you most likely won't get approved for a car note, unless you put a significant amount down (maybe 40-60%? If not more)

And even if you did, the interest rate would be so high, you wouldn't want the car. That 300 monthly payment comes out to about 400-500 after interest rates...not looking that cheap.

Also, another thing to consider is insurance. Because you are financing a car, you will need full coverage insurance (comprehensive and liability) which will double your insurance rates. And because it's an older car, 2 doors, 2 seats, it's expensive. I'm paying about $850 for 6 months full coverage on my Z right now.

You definitely need to have credit first before even thinking about financing a car. Build up your credit first (would take a few years...I built my credit up for about 5 years before financing a 370Z with 0% APR)

I've purchased my car new so I did lots of research...oh and I have experience working in a car dealership

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xquizitditz

TheRealSy90

So yeah, went and looked at it. It runs and drives great, but the paint and body hasn't been taken great care of. And since I don't have a credit score I need a co-signer to get the loan through the dealership. So I guess no 350z for me. My next option is to join Navy Fed and see if they will loan me the money.

Dent in the fender and roof, scratches in the door and rear fender, chips all over Hood. And this weird different shades of paint between the bumper, gas door, and the trim going over the side windows is darker. But they said never been crashed or painted.









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e1_griego

I'd pass on that anyway.

LockOn!

17k? wow Gtfo

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TheRealSy90

They have it on their website for 15. I think I could have gotten it for 13 if I had credit. The guy said my score is literally 0...
Guess I need to get a credit card and use it.


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[240sx]

How did you like driving the Z, compared to the S-chassis?


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TheRealSy90

I love it. Rpm's kind of hang between gears but I think that's normal with newer drive by wire cars. I wish the seat went down lower. I love the power and gearing.


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Rustys14

Edit: more posts came in while I was typing, this post kind of seems out of place now lol.

I figure I'll chime in on this thread since I used to work in the banking industry and have dealt with loans in the past. Disclaimer: These are just my thoughts from what I've seen in general and may or may not apply to your specific situation.

First off its a common misconception that you have to have accounts with an institution prior to being able to apply for credit. While that is the case for some credit unions and banks, the vast majority will extend credit to non account holders provided they meet the institutions underwriting criteria.

Second, credit unions and banks are organized differently from each other and don't necessarily follow the same underwriting guidelines. Generally you will be able to get a lower rate from a credit union then you would from a bank, but lower rates aren't necessarily a reason to switch your accounts. Convenience factors such as locations and atms near you, service charges, etc. should be your primary focus when choosing where to keep your main accounts since you want to have easy access to your money when you need it.

These are all good points that a lot of people don't think about when financing a car. If you have good credit some institutions will loan up to 130% loan to value which would require no down payment however, with no credit history it can be very difficult to get a decent rate without a hefty down payment (a lot will flat out just say no). 40-60% is high but one can expect to put at least 20-30% down. Do you have a spouse or parent with established credit that would be willing to cosign?

In addition to credit, income and debt to income play a major role in the most banks underwriting decision. Things seem to be in your favor here since you say you don't have any debt and make decent income for your area so with a good cosigner you may be able to get a decent rate and smaller down payment.

Insurance is another thing that people don't consider when financing since the whoever you get a loan from will require full coverage (they will check up on it too). Depending on your driving record one can expect their annual premium to at least double over a liability only policy.

Finally, don't be afraid of credit. When used responsibly its a very good thing and you can be left dead in the water without it. A car loan is a big first step for most people but something like a low limit credit card (even if the apr is high) is a great way to build some credit without taking on a large amount of debt (especially if your in your late teens-early 20s). Use it for gas and pay it off every month, after a year or two you should have a reasonable score that can help you step up to better things like car or a house. /rant

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enkei2k

No really, did you see the carfax? If not, PM me the VIN, I'll check it out for you.

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xquizitditz

SupaDoopa

Before creating a thread, I figured you would have at least been pre-approved via a credit union or reputable bank. The car isn't even worth the money to begin with. There are so many problems with your scheme that it hurts my brain.

1. A bank will only approve someone with perfect credit a certain amount which is based off the car's value. If you're looking at a car already thousands of dollars overpriced, you're already fighting a losing battle.
2. The car is beat to balls. It has obvious marks of a shitty previous owner littered all over it for the world to see. I wouldn't have even gotten in that car and drove it unless you're just confirming the fact you want one in the future.
3. You have never established credit or checked your score. No one has a zero score. Regardless if you've used it or not. With that being said, if you're 18, many credit card offers may have shown up at your house. Pick one that will approve you that has the best options and pull the trigger. Use it here and there and pay over the minimum. This will start establishing credit.
4. Your first financed car is going to be a 2 seater, 2 door sports car for someone with zero credit? Not only is the bank going to dick you down on interest, your insurance is going to take whatever anal dignity you have and take it from you. Even if your payment was $300, expect your insurance note to match or exceed it unless you've been driving for 7+ years without ever getting anything more than a slap on the wrist. If you have blemishes on your record, forget it.

TheRealSy90

I'm 26. The man at the dealership told me my credit score was 0, or no score due to no activity.
I wasn't going to pay their asking price either.
I called my insurance first to get a quote on what the full coverage would cost me, if I payed for 6 months like I normally do it was an average of $180 a month on top of the $65 i currently pay for my two 240's.


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rawgarage

get a credit card and use it... having no credit at 26 is like having bad credit.... get the ball rolling...

SoundEfx

Why do you pay so much for your 240's? Isn't one of them suspended while you drive the other?

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TheRealSy90

It would probably make sense to not pay insurance on the second 240 that sits in the garage, but by paying both I actually get a multi-car discount and my payment is barely more than the one car, so I just leave it be.


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SoundEfx

The multi-car discount has to do with the fact that you have two cars, not that you are paying full price for both of them. Don't make them fool you into thinking that you have to pay for both to get the discount.

It might only save you $20 - $30 a month, but it's still something. Why pay extra for a car that is not being driven. That's like paying for a car that's totaled.

In either case, good luck.

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driftsucky

Why penny pinch for a few bux? That's not even worth his time. And, it's not wasting money if you're paying for convenience.

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@be_henney kranstogram is full of nonsense and foolishness.

SoundEfx

True. My scenario is if one car is in the shop or something.
But you're right, I don't know enough to give advice.

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bataangpinoy

Pass on that. The HR motor is nice and all, but for the price.. tough to justify. You can have a nicely optioned DE car for less than half that.

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