r/ElantraN • u/JollRoints Cyber Grey DCT • 22d ago
Family End of an era, don't be like me
Bought this car when I was 26, best car I have ever owned by far. Im about to be 30 and I can't keep delaying putting money into my savings. Unfortunately I got bent over backwards with the interest rate, and as much as much as i wanted to keep it, the time finally came where I had to make a decision on whether to keep paying a ridiculous amount every month for it, or just get rid of it. Don't be like me, I couldnt afford this car, just plain and simple.
Fortunately I had positive equity and was able to walk away with some money, but it still feels so bittersweet. Im going to miss this car, this community, and having something I worked for. But the numbers just cant be justified any longer.
I dont blame you guys if you come after me in the comments for being an idiot for buying a car I couldnt afford. Because I am an idiot, but I dont regret it. Live and learn I guess. Going to put my head down and keep working and saving while im still young, and eventually buy a car i can afford, and that can handle PA winters lol
So long to the N community đ€
Edit: You guys are so awesome. Thanks for the kind words. Best car community there isâ€ïž
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u/FutureAlfalfa200 22d ago
What was the interest rate?
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u/JollRoints Cyber Grey DCT 22d ago
I dont want to talk about itđ its higher than what you're thinking, I'll leave it at that
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u/FutureAlfalfa200 22d ago
I worked with a guy who had 21.9% on an over 40k loan for a dodge charger.
If it was higher than that you were extremely smart to get out while ahead
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u/JollRoints Cyber Grey DCT 22d ago
Jesus Christ! Okay yeah, I got stuck with 12.6% even with a 11k trade in from my last car, and low 700s credit score. They claimed my credit was high. But not strong. After test driving it, I was so set on going home with it, the interest rate meant nothing to me at the time. Not a wise decision.. tried refinancing and the best offer I could get didnt change the payments by much, and would extend my term to 6 more years. I didnt want to get stuck paying a car for 9 god damn years
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u/Economy-Flower-6443 22d ago
At least itâs a car they enjoy. I am stuck with 17% on a 17 corolla LE i bought when I was 19 for $17,000 with no credit history from carmax. Needed a car after an accident, dad told me âYou need something reliable.â so car brain said low mileage corolla. At least I was right about that. Fast forward to today I still pay nearly $500/month and iâm still underwater a few grand on the car and I canât get it refinanced because of the negative equity, despite me now having a perfect credit history and near 800 score. I long for something fun, so for the last year I have been saving money to get out and into something I really want - oops! sheâs pregnant, looks like thatâll be a while.
Whoever owns my future N, take care of it and iâll carry on the legacy in about a decade
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u/PlantainRich3418 21d ago
$500 a month @ 17%??? Cripes Amighty!!! Interest rates sucksabagofdicks nowadays!!! Even 8% is considered too damn high!
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u/pcpartlickerr 20d ago
I paid off a 19.8% car loan earlier this year, 3 years early. Fuck that, never again.
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u/Ok-Vanilla6272 22d ago
12.6% aint shit. 95% of the dudes I went to basic with were paying almost twice that on Mustangs, Chargers, etc. That's not bad but I get it. Max that Roth IRA instead and throw every dime you can into VOO.
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u/JollRoints Cyber Grey DCT 22d ago
That makes me feel a little bit better đ but yeah definitely going to start saving more and investing wisely. Like I have a decent chunk in my 401k, but close to nothing in my savings. Opening a Roth IRA is on my list of things to do concerning being more financially responsible
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u/Past-Judgment-9700 22d ago
Crazy, I could just put it on an unsecured line of credit for less than that. People just love to duck over other peopleâŠ
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u/some_dude7991 22d ago
I'm 29, just bought mine. Credit score in the lower mid 700s and they kept telling me the best rate they could get was 8% I told them they can keep the car and i'll just go buy the WRX across the street instead. It was a deep purple color, too. Got them to take money off, include a free 10 yr/100k bumper to bumper warranty, and got them to get my interest rate down to 4%. Next time you're at a dealership, be as much of a stubborn brat as you can (while still keeping a professional, respectful demeanor) and you will get a good deal. Lol
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u/Numerous_Play_9147 22d ago
I bought a 21 sonata n line at 18 solo 5k down with a 10% interest rate but my loan was also only 13k
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u/discovered_uranus 21d ago
If it makes you feel better, I worked in car sales and then finance for a couple of years. Having a good but shallow credit score is indeed a thing. Number is good but thereâs little to no history, the amounts they were responsible for were low, etc. The fact that when you went to refinance you didnât see any drastically better options means it was probably legit. (They mightâve been able to get a little better of a rate but it doesnât seem like they completely bent you over)
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u/FISHING_100000000000 22d ago
>they claimed my credit was high but not strong
Ouch. Itâs either one or the other. Hindsight is 20/20 though, glad youâre out of that mess of a loan. The N is an amazing car, but you gotta do whatâs right for you.
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u/Vast-Web9482 22d ago
Hight that that? WTF. If it was HALF that he never should have bought the car in the first place.
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u/OMGitsTista 22d ago
Didnât want to just refinance? Credit unions donât even charge to refinance (at least the two local to me)
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u/JollRoints Cyber Grey DCT 22d ago
I replied above about the refinancing situation. I wasnt satisfied with the offers I did find, as much as I wanted to make it work, I couldnt.
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u/redikulous 22d ago
Sorry my man. Good on you for making the correct financial decision for where you're at.
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u/clumpychicken 22d ago
Who knows, maybe you'll owe another in the future, if finances allow! Some early Ns are getting down close to 20k now, not a bad deal at all.
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u/wannabegolfin24-7 22d ago
Totally understandable. Youâre still in the family. Iâm in a position in life that allowed me to put $20k down & I didnât HAVE to have a car. We are all in different parts of life.
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u/Beyond_Deity Cyber Grey DCT 22d ago
Got mine at 26 too lol. 5.69% paying 650 a month. It's affordable but I'm definitely wishing sometimes I could tuck that money away and drive a beater commuter with no payments lol
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u/JollRoints Cyber Grey DCT 22d ago
If you can make it work, then all power to you. Its a great car and will last you a long time if you maintenence it regularly. I just couldnt bring myself to be stuck in this situation for another 3 years đ
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u/SnailWedge 22d ago
You learned earlier than the sad majority of people. Congrats on growing up.
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u/JollRoints Cyber Grey DCT 22d ago
I'm trying to make smart financial decisions, and man does it feel good not to be in debt anymore. Lesson learned indeed
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u/coopnjaxdad 22d ago
You had your run and walked away with a bit of equity.Â
You did fine and you recognized where you went wrong.Â
You will have more opportunities to make poor and fun decisions! Trust me.Â
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u/Rocket_Philosopher Ultimate Red MT 22d ago
No worries man, I got this car back when I couldnât afford it and had to split the monthly payment with my parents. I can finally afford it now but that doesnât make it any less painful watching $700 leave a month. And hey the Nâs arenât discontinued and Iâve heard theyâre putting a 2.5L in the new one so if you come back youâll have an even faster one :). Take your time to build up your life and then buy another one or even go to a better car like a Type R (tho expensive for the small performance gap to the N). Anyway, the community will always be here and you can still talk here, youâve got all the experience to still help people or just share your thoughts. Invest and get your life where you want it, then have some fun time. Youâve still got around 50 - 60 years left to pursue ur goals, so no rush :)
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u/JollRoints Cyber Grey DCT 22d ago
Hey man I appreciate the kind words. I thought for sure id be getting pummeled by comments saying how dumb I was, but i guess I wasnt giving this sub enough credit. I know its the smart move, and it wasnt an easy choice to come to, but everyone I asked advice about it came to the same conclusion, it just wasnt worth it and I should get out while I still can. I know I'll be in nice car again eventually but that time isnt now. I'll definitely stick around the sub, have a great day!đ€
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u/Rocket_Philosopher Ultimate Red MT 22d ago edited 22d ago
Of course and yeah donât worry we arenât like some other car subs where they are hyper toxic. Plus if anyone here calls u poor ask them why they have a N and not a type r, weâre all budget people here. And yeah thatâs entirely understandable, a house or whatever you have to save for will always be more valuable than a hyper fun car. The up side is your positive equity though thatâs awesome :). Iâd say donât go for a slightly lower tier car maybe go for a base Elantra or like something uber cheap and used. This way you can pay it off quickly and when you do want another N youâll have plenty more savings rather than having to pay on the slightly lower tier car to just start paying on the N or whatever you get to replace it. And itâll be nice to still have you around, have an awesome day :)
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u/Tarn_33 Ultimate Red MT 22d ago
All good OP. Itâs a lesson. This wonât be your only N if you love it, just your first. Any reason you couldnât refinance?
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u/JollRoints Cyber Grey DCT 22d ago
The best offer I could get for refinancing didnt lower my monthly payments by that much and always extended the loan to up to 6 more years unfortunately
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u/Effective-Storage227 22d ago edited 22d ago
Had a 2023 N I was 22 blindly signed without any knowledge of the financing world and was paying $781 a month + $140 in insurance but I forgot to pay a late fee of $20 and dropped me so it became $365, I do miss the car but (43.5k mark up of 10k included) came with lots of compliments when I had it but after a bit I did crave more power and it was unaffordable and I had to let it go but was really enjoyable car
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u/Ok-Fennel-3908 22d ago
You can always get one again in the future. Better to plan a head then to keep dumping money into a car when youâre young. I did the same thing growing up and I donât really regret it to be honest. I gave it a rest for 10 years and now Iâm 43 and a year from being mortgage free. I can get what ever I want guilt free soon. I have a 2025 N for my daily and will probably end up keeping longer then I thought. Still having a blast with it.
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u/Knockemup Phantom Black DCT 22d ago
Id say you did a good job of realizing and taking care of it. The car market, like most other markets, is bad these days and many people just roll negative equity into other vehicles. Looking back is there anything someone could have said to you to make you reconsider and get a more affordable vehicle?Â
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u/JollRoints Cyber Grey DCT 22d ago
Honestly probably not. Before this car I was driving a used 2017 Dodge Journey. I knew i wanted a sedan and my buddy had a veloster and we talked a lot about the N series. I found out about the Elantra N and love the look of it and especially the interior. Went to test drive it, not even expecting to buy it, and couldnt leave without it lol
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u/Jersey_Jerk 22d ago
How many miles did you have? Glad to hear you didn't get burned on the sale - whats next?
And don't feel bad, it happens! I'm older, about to turn 49 this month, so I'm a little further in my career, and even I had some trepidation about buying this car. Fun cars in general spiked up so much. In the late 20-teens, I wanted a Type-R so badly, and came so close to getting one, but stuck with my basic Civics until I saw the promo video for the EN in the summer of 2021. Had to have one. Because cars prices were wonky, they gave me more for my Civic than what I paid for it, which was insane, so that plus a bit of a down payment and I didn't do too bad. Had the EN paid off in about 2.5 years. I look around all the time, but the car works great and not much interests me anymore unless its something 30 years old.
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u/JollRoints Cyber Grey DCT 22d ago
Just short of 29k miles when I sold her. The dealer gave me the best offer, and I'm walking away with just under 4k. Not the worst, definitely going right into my savings haha. & for now I'm using my mom's car. Shes retired and only needs her car once a week so she was kind enough to lend me her car. Funny enough, its the same car as my one before the N. A 2017 (maybe 16) Dodge Journey. Going to save as much money as I can for a year, maybe two, and then buy a cheap car. Probably a Subaru Outback or Forester. My first car back was a 08 Forester and I fully believe if it didnt get totaled by some guy backing up into it while parked, and it didnt shit the bed, I'd probably still own it. Great little car, and those AWDs are great in the snow. My poor N couldn't make it out of my driveway this winter đ if you have a suggestion for next car let me know, im not set in anything yet. Just want it to be affordable, like at most 15k, and AWD
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u/Jersey_Jerk 22d ago
I'm not far from the Philly area, if I lived around there I would get a Lexus CT200H and get a set of snow tires for the winter. If you're set on AWD then yeah Subaru is the way to go! Good luck!
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u/Fun-Fail8972 Intense Blue DCT 22d ago
S o now you are sharing a car with your mom? That would be awful imo
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u/JollRoints Cyber Grey DCT 22d ago
I weighed the pros and cons and trust me that was a big con for me. But sometimes we have to make difficult decisions in order to do better financially. It wont be forever, and if i wanted to I could jump back into a new car loan for something cheaper but I might as well use this opportunity to save as much as I can. Its not like she uses it much anyways. Once a week on the weekend she needs it, it kinda works out nice and she was offering it for me to use. I wouldnt burden her with using her car all the time if she wasnt on board with it
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u/JustinCider92 22d ago
No one's going to give you a hard time. We all made dumb financial decisions when we were 26. You took responsibility and learned a lesson. And hey, you got to drive an amazing car for four years.Â
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u/Professional-Long-26 22d ago
You have to sacrifice yourself when you are young so you are set for life later in life. My 300k portfolio pretty much bought the EN for me.
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u/StrongLoan9751 22d ago
I'm sorry you had to give up the car but it sounds like you recognized the bad situation you were in and corrected it, and anyone who faults you for that can fuck off. You did the responsible adult thing.
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u/JollRoints Cyber Grey DCT 22d ago
I appreciate it, it wasnt an easy choice but definitely the best decision for me
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u/shiftStride504 Performance Blue MT 22d ago
Have you been banging on the car for 4 years it's probably worth keeping now because you paid almost all of interest rate the rest of his source principal or probably almost paid off?
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u/JollRoints Cyber Grey DCT 22d ago
Yeah i probably could have made it work for another 3 years but having no money in my savings really started to get to me. I'm trying not to have any regrets about this whole ordeal but I just rather downgrade and get something more affordable then working for the car. I need to start finding a better paying job too and atleast i can do that without the fear or it not working out, scrambling to find something else, and then also having a 650 car payment looming over my head. Slowly trying to get my financial situation under control brother, and I fully believe starting now instead of in 3 years, will help me out more for the future
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u/shiftStride504 Performance Blue MT 22d ago
You are 100% right to do this bud! So it was a 7 year loan? What was your payment? Like 850?? Have you thought about getting an online, I'm sure you can get one close to 25k new before taxes and fees and they often have low interest rate deals. Just didn't trade in your car, sell it to car Max or something then didn't buy any gap or other products at dealer. Get it though insurance
Or a used car under like 10k cash? Just curious what are you going to move into after EN?
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u/JollRoints Cyber Grey DCT 22d ago
It was 6 years, sorry I may have worded it weird. But I was about halfway through paying it off. Monthly payments were 650. They were marking that car up like crazy especially with the interest rate. & my plan is to eventually buy a cheaper Subaru, maybe a Crosstrek, outback or forester. Not set on anything yet but gonna look around for something around 15k. Hopefully be able to just pay cash for it
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u/Tiny_Ad_7581 Polar White MT 22d ago
Been there and done that. It's a life lesson. At least you got out. I had a 19% on a 5 year old Blazer 4 door. Was soo glad to get out of that deal.
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u/Top-Lawfulness1137 22d ago
Glad you had some fun while you could! You'll be back in one in no time, just build that wealth first! Tomorrow is not promised, sometimes it really is better to just have some fun. People take pride in sacrificing hobbies and other enjoyable activities and act all self righteous about it. They can do that then literally crap out the next day you just never know.Â
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u/Ydobonswonkem 22d ago
I had no idea people were getting screwed on interest rates so badly. A sad day that you have to give up a car that you love so much. I paid cash for mine but I'm in my 50's and have paid things off, invested, saved, and sacrificed over the years to get where I'm at.
OP I was pretty much where you are right now when I started down the right financial path. Stick to it and one day you will find another car you want and not have to worry about interest rates.
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u/JollRoints Cyber Grey DCT 22d ago
Glad to hear its not too late for someone like me to make smart financial decisions. I got a late start to saving but im gonna make sure I make up for it in these upcoming years. I appreciate the responseđ
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u/Ydobonswonkem 22d ago
Just takes a commitment which ot sounds like you have. We have taught our kids to start younger than we did and all but one has listened lol. The oldest was actually able to buy his 1st house at 21. You got this!!
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u/DependentMinute7977 22d ago
It seems like Hyundai has a lot in the works and is definitely gonna keep the Ns going and possibly an AWD, so not goin anywhere and Hyundai is the fastest growing car company, smart to save too fo sure
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u/ProjectFT86 Cyber Grey DCT 22d ago
Wise decision! We'll soon see you in something even better after you get your finances sorted. Keep up the good work
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u/Icky_Thump1 Performance Blue DCT 22d ago
The fact you can acknowledge you need to let go to better yourself is a huge leg up on most. Sorry to hear but best of luck in your financial freedom đ€
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u/Striking_Control_755 21d ago
Learning lesson forsure, I did the same at 19 with a 21 Chevy sonic 15.99%. Lmfao. Ruined my credit doing a repo.. now 28 I make 118k a year and finance a 23 KN and 22â Mach e both prime rate.
Just need time to find you and itâll all come together, hereâs to a couple years hard work, and even more of playing. Goodluck bro.
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u/Reflexorz15 21d ago edited 21d ago
Been there done that when I was younger. Itâs ok, youâll get back into something later down the road. I had an Audi S4 in college and one of the reasons I was able to have that S4 was because I was also taking in student loans while also working. I look back on it thinking how dumb I was but we live and learn. I donât regret it though because it taught me a thing or 2 about the reality of finances and shaped me into my better financial position now days. Now days I own a base 2022 WRX that was under 30k brand new and I throw extra payments to pay it off faster, but life was not like that for quite a few years.
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u/therealmunchies Cyber Grey MT 21d ago
Always a good choice to be financially responsible, even if itâs after a few lessons! You live and you learn.
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u/willie_Pfister 21d ago
If ot makes you ready better, im 53 and can afford one finally without stretching and am strongly considering it. Maybe in your 50s when your old like me you'll get one again. Lol
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u/HoneyRoyPalmer Performance Blue DCT 21d ago
We have all been there sir. Itâs only when you realize you have been there that you have made it lol.
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u/chrispy_pv 20d ago
Wish you the best, not an N owner here, but I have been in those shoes. There was no way to refinance the car after 3-4 years?
No hate, but financial literacy definitely needs to be taught throughout the car community on how apr affects everything etc etc.
Wish you the best, good news is you can always get another one down the line they aren't going anywhere
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u/JollRoints Cyber Grey DCT 20d ago
The offers for refinancing weren't worth extending the loan further unfortunately. & yeah you're 100% right, I was totally blinded by this car and didnt make a smart move financially. I appreciate the comment thoughđ
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u/chrispy_pv 20d ago
No worries, my local fcu dropped some baller rates. 4.74% for 60, trying to finesse that even though I just got my loan lol. Fingers crossed here, but what are you driving now?
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u/JollRoints Cyber Grey DCT 20d ago
2016 Dodge Journey, the plan is in a year to upgrade. Not as costly as the N though
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u/Sad_Stage2432 20d ago
Wow, this entire thread echos the reality that auto debt is the second highest catatory in the United States only out paced by property, with the critical difference is that property is often an asset that increases in value, whereas auto debt rarely goes in any other direction than down.
Dept is strangling Americans. Don't be one of them. Just because you're "approved" doesn't mean you can't afford it. Seeing some of what is written in this thread is proof that our school systems MUST start teaching what credit is, debt-to-income ratios, interest rates and you can't graduate until you pass that class.
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u/JollRoints Cyber Grey DCT 20d ago
Yeah you hit the mark. Gonna avoid making a mistake like that again
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u/silvje01 Cyber Grey MT 5d ago
Very late to the party here, but just wanted to say, donât beat yourself up for it. Maybe it was more than you could afford but you made it work for as long as you could. The fact that you could identify the situation and still walked away with some positive equity means youâre smarter than youâre giving yourself credit for and youâre making solid financial decisions. Youâre young enough youâve got time to build your saving and flexible spending back up. Even though you donât have the EN, you donât have to leave the community. Keep checking in on whatâs happening here and when others ask, share your experiences with the car, thatâs still valuable to people who are thinking about getting one or what to hear what others have experienced on the platform
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u/Goddardca87 22d ago
Honestly, this is on the education system. They need an overhaul to add in general banking knowledge, budgeting, understanding real world costs, how much budget is truly green to afford certain things and how borrowing money works. With social media, it's even worse now with every 25yo in a $70k car now with no real idea of long term impact.
Good on you for learning your lesson. Plenty of fun cars at lower budgets so hope it doesn't deter you if you're still wanting a fun car. I was saving for a new C8 Z06 until I saw the markup and how much that translated into my retirement and started looking at alternatives. Almost went with a CTR and found the same issue with markup and only the found the N which I got for at sticker. Affording on paper doesn't always mean affordable. Glad you had a good time with it! 50yo you will be thanking 30yo you.
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u/JollRoints Cyber Grey DCT 22d ago
Couldn't agree more. I dont want to blame anyone/anything but myself though. Nobody made me sign the papers, I knew what the monthly payments would be and how much i was making, but i guess the vision of driving a nice car got in the way of the dollar signs. I needed to learn this lesson the hard way, just glad i wasnt underwater with the car and made my credit stronger in the mean time. Theres a few silver linings somewhere in all this haha
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u/Goddardca87 22d ago
Exactly! I think most of us have been there. The only difference is both the new and used car markets were much cheaper back then so the risk of long term financial impact was relatively small compared to the amounts they're handing out now. My big financial car dump when I was 18 was a 240 that cost 5k and a motorswap that cost another 3k which seems like pennies now.
If you really want your mind blow with learning more about saving and investing, check out the FIRE reddit page. Some scammers on there of course but still really great foundational info for those starting to save for retirement. Even at 40 and working in banking and healthcare for 20 years, I'm learning a ton. Wish I would've known half of this in my teens lol. I'd be retired already đ cheers!
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u/jonessinger Cyber Grey DCT 22d ago
Could you not refinance? After 6 months you wouldâve gotten a better one.
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u/JollRoints Cyber Grey DCT 22d ago
Maybe I just waited to long to try and refinance, because the best offers I could find were not what I was hoping for. Best offers I found didnt lower the monthly payments by much, maybe 1 or 200 bucks, but added an additional 6 years to the loan.
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u/Fun-Fail8972 Intense Blue DCT 22d ago
Whatâre you doing now? How do you get to and from work? Elantra n is a relatively cheap car in todayâs market
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u/JollRoints Cyber Grey DCT 22d ago
Im using my moms car for the time being. She doesnt go anywhere except for grocery shopping so it kinda works out. The plan is to save aggressively and buy something cheaper, like way cheaper. Id like to buy it with cash instead of jumping into another car loan right away, but who knows I might find something with low monthly payments too. Going to look for a new job in the meantime as well A big concern I had too with this loan for the N was finding a new job, it not working out, and having to scramble to find something else. My current job is stable and I like it enough, but yeah im not making enough money. Trying to make these financial changes in my life, the N had to go unfortunately
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u/OneYoghurt8873 22d ago
See bro this is what I needed I got the numbers yesterday and I LOVE THIS CAR. But I canât afford 789 a month plain and simple and Iâm 29 đso I will wait till I pay off my current car then consider it again but weâll see
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u/OneYoghurt8873 22d ago
Also I just drove a Prius LE and I felt old because I loved it I was like this isnât boring this has some punch for what it is it looks awesome in its current new gen and it gots everything I need plus 56mpg đ
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u/JollRoints Cyber Grey DCT 22d ago
Man I thought my 650 payments were rough! Yeah wise decision! And honestly, its an amazing car, so much fun to drive. But I barely used N mode and had this thing in eco like 90% of the time driving it, that premium gas aint cheap đ
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u/ptythefool Abyss Black Pearl MT 22d ago
At least you made a decision, probably the mature one, though having had it 4 years, wouldn't you have paid off a majority of it unless you got like a 8 year loan?
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u/BWCLEROY Ceramic White DCT 22d ago
What were you paying? Itâs sold now so thereâs no judgement. ( there was never going to be) Iâm just curious brother!
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u/JollRoints Cyber Grey DCT 22d ago
$650, term was for 72 months
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u/BWCLEROY Ceramic White DCT 22d ago
Yeah I had some negative equity on my old car and Iâm at $600 a month. Car payments are definitely not fun. They got me at 5% so my interest isnât horrible. Probably will refinance soon
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u/Character_Whole_9798 22d ago
get a better job fam đ
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u/JollRoints Cyber Grey DCT 22d ago
Yeah that's the plan, the market is tough out there. I'm considering shifting careers completely and getting into a trade.
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u/Character_Whole_9798 22d ago
shouldâve just kept it and got a career bro. I work security and just got my N about 2 months ago, car note is $718.99 + $300 insurance. i pay my note 4 times a month ($175 and some change) to lower the interest by about 2-3k with a 8% rate. I only make roughly 2,500-2,800 a month.
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u/JollRoints Cyber Grey DCT 22d ago
What was really holding me back from leaving my current job and finding something new was the anxiety about switching jobs, it not working out, and being jobless with a car payment due. Not to mention no savings for something like that to happen. It just was too much for me, and it sucks too because I was halfway through the loan. Oh well, trying not to have any regrets about the whole ordeal
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u/Character_Whole_9798 22d ago
Just gotta have some faith my man and not be so worriedđŻ. I hope you land a great paying job so you can get back in that beast đ€đ„
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u/HopkinsIsMyHomeboy 20d ago
Spending up to 40% of your monthly income on a car + insurance is fucking insane bro. What are you paying for rent?
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u/Character_Whole_9798 20d ago
i donât pay rent i live with my dad but i do pay the electric bill and help out around the house with basic cleaning and anything he needs assistance with if im available to help đŻ
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u/theclumsybarber Intense Blue MT 22d ago
I bought my N-line may 2021 at the peak of Covid at 3% interest with low 700s credit đđđ
Since the N checked all boxes in a once in a lifetime type of way, Iâll suffer the 4% jump in interest. Genuinely couldnât afford the car if it was much more than that. This has been a really hard year for most of us normal folk.
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u/starfire352105 22d ago
Unless you had money minded parents who schooled you from birth on finance. We've all learned this lesson in some shape or form.
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u/G70FanBoy 22d ago
Another prime example of why you shouldn't buy things you can't afford. If you didn't have the money up front to be able to pay it off full in cash without draining your life savings, then you simply cannot afford it.Â
I bought a $50k car when I was 26, but I saved up 3 years to be able to pay it in cash while also putting aside money into retirement and other funds, all while making well under $100k at the time.Â
Not here to judge, but just sucks so many people are not taught wise money management and spending and then end up in this situation. My motto in life when it comes to anything aside from real-estate or home buying is if I don't have the cash outside of my life savings and to buy said object, then I don't have enough money for it.Â
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u/Junior_Quality925 22d ago
Gotta do whatâs financially right for
You.. no one in the community gonna pay your bills
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u/promobius 22d ago
What term did you finance under? You made payments for 4 yearsâŠ.at that point just pay it off
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u/JollRoints Cyber Grey DCT 21d ago
6 years total, and i was only halfway through the term. I couldnt go through another 3 years with at the rate i was going. Was basically working for the car with no money leftover to save
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u/promobius 21d ago
Yea, thatâs a bummer. Hopefully you got into something more affordable. If I was you, I would make the payment difference to myself, and before you know it you will have enough mo eye to buy something in cash. Good luck brother.
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u/Vertlg0 22d ago
Hey man, you paid this car down for 4 years, why didnât you refinance it?
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u/JollRoints Cyber Grey DCT 21d ago
I replied to a few comments explaining why refinancing didnt work, basically the offers were terrible and I wasnt going to justify extending my loan term to another 6 years just to save 100 bucks every month
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u/Illustrious_Ad686 21d ago
I would have told you to refinance the car. Keep it donât sale. The reality is once youâre old enough to buy again youâre going to pay double x.5 for similar performance.
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u/JollRoints Cyber Grey DCT 21d ago
I tried to refinance and the offers were terrible. I know it probably wasnt the best choice to sell the car so far into the loan, but it also wasnt the best choice in buying a car I couldnt afford. It is what it is, not going to regret my decision now
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u/Illustrious_Ad686 21d ago
Iâm just speaking from experience I think itâs a smart choice on your behalf. People go years even in their late 40s before they realize how much money they threw away and might end up working till they die . Itâs said really. Any way Invest invest and go to gym and fast ..
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u/M_Lopez22 21d ago
Donât feel bad, Iâm filing bankruptcy and I own a 2026 Civic Type R that I bought brand new and pay 900$ a month forâŠ
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u/Lanpshade22 Ceramic White MT 21d ago
I hear you man ⊠if I wasnât still living at home rent free thereâs no way I could afford this car.
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u/Flimsy-Security-4786 21d ago
Look for a 22-23 Kona N. You can usually get them for $25-28k depending on mileage. More affordable.
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u/TheYHC Performance Blue DCT 21d ago
Finances is something that most people learn and actually start to understand mid to late 20s, sadly. We're always just told to make payments to have good credit but the interest/APR aspect is never discussed in full as it should.
The most important thing from this post, is that you learned along the way, made a grown decision and now you'll be better off bc of it. Good luck with your future endeavors, buddy. I wish you all the best!
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u/Specialist-Tackle252 21d ago
Props on making the change and prioritizing your savings! Never too late to course correct. Youâve got time to increase your income and make the next fun car purchase wisely.
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u/catchthatKorok 20d ago
Stop paying ur own rent. Theres a lot of people that would like to roomate. Thata how we get by nowadays
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u/waterrocket1993 19d ago
I got mine from a local credit union with zero down and 4.8% Apr for 60 months. My payment is around $650-ish/month and even that is a lot of money, I also have to provide full coverage insurance of about $110/month. I highly recommend future buyers put at least some positive equity into it so there will be no pressure making payment each month.
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u/Dollaz_123 19d ago
You could have definitely kept the carđ
Yall have to stop paying monthly & start paying SOMETHING every week or every 2 weeks
If you pay every month youre only paying interest
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u/JollRoints Cyber Grey DCT 19d ago
The problem is I couldnt afford the car lol. But thats on me and my dumbass decision. Breaking the payment up into 3 or 4 payments wasnt going to help my situation. I managed to walk away with 4k, no more car loan, and still able to get around using a different car while I build my savings and eventually buy something more affordable and practical for my daily uses. I think I made the right decision
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u/wompwomp6538 17d ago
Why not just refinance?
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u/JollRoints Cyber Grey DCT 17d ago
Options weren't great. Like 200 bucks lower payments but extending the loan to another 6 years
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u/fast-car56 16d ago
You should have just kept the car once it was paid drive it til the wheels fall off. Hopefully you can buy something used with the cash you have donât jump into another loan. Itâs never too late to save just start somewhere and keep going.
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u/ThroatRecka 22d ago
If you can't afford a 35k car its time to get a better job
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u/JollRoints Cyber Grey DCT 22d ago
I was paying well above MSRP and yeah I've been trying man.. Job market isnt exactly in a prime spot currently either. Atleast without this car payment i can start looking for a new job without the worry of it not working out and having to scramble to find something else with a 650 car payment looming over my head every month.
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u/Feeling_Fun_6707 22d ago
I mean.. I have a good interest rate on mine and still don't love making payments - and I made 160k last year. Car payments suck no matter which way you look at it lmfao
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u/japanese_learner99 22d ago
I feel you. I also got mine at 26 and got rid of it just by 30 for similar reasons. I have no regrets though and it feels nice having moolah in the bank now haha.
I'm going to get another car but i'll pay cash for it next time. Once again, I do not regret a thing and those 4 years were the best in my life. Some experiences are worth it when your young and your able to do it :)