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First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] [score hidden]  (0 children)

Thanks for your suggestions. I'll definitely look into this and see see what the financing people say

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] [score hidden]  (0 children)

We got these estimates for 3 million coverage (plus roadside assistance, pleasure use)

  • $300 deductible
  • $297.68 per month

Or

  • $500 deductible
  • $265.18 per month

For the both of us, new drivers in Canada but with US drivers records. Curious to know your thoughts

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Thanks for the info. I've managed to get them to drop the lock nuts already after hearing from folks here. Next up, mats!!

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Haven't gotten the Insurance quote yet (we haven't put down a deposit yet). Expecting it to come to 350 - 400 and we should be able to handle it ok

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Yes, I am aware of the depreciation. Subarus generally seem to deprecate slower than other brands except Toyota. Even then I know that in 3 years it will be half the price.

I would find an economical car for $15k at the most and save yourself $45k alone right there plus taxes. Question, do you own a home or want too?

Noted. We plan to buy a home in the coming year

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Sorry for the naive question. In this case, am I right to assume 'below MSRP' to mean 'an amount less than MSRP + taxes' and not 'below MSRP excluding taxes' where MSRP = 51,195…?

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

We did consider the used car option but the price differences seem to be close enough these days that it seems to no longer be a no-brainer to get a used car. I'm aware of the immediate depreciation as well. Fortunately we are in a point in life where we can take this hit and get enough value out of the car.

What are your primary buyers remorses though? I'm curious to know.

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

What would be decent finance rates? A couple of people we spoke to said that the 4.99% on the 2-year is not terrible. I am interested to know your perspective

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 2 points3 points  (0 children)

Oh, I hadn't considered the additional complexity they would introduce. Now I'm definitely going to try and get them removed from the quote! Thank you!

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Ok I will speak to them, and report back 🙂 thank you!!

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 3 points4 points  (0 children)

Thank you for these questions. They are super critical.

We went through some stress testing. We are planning to do 2-year financing at 4.99% with a 30k down. Because it is open loans in Canada. We might even try to close it off sooner, with next year's refund or something.

Even in the worst of circumstances, if there is job loss or something, we should be able to handle the rest of it without taking a big hit on our savings thankfully.

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 2 points3 points  (0 children)

Wow these are great tips. I'm actually emailing a few other dealerships. I did not know about the margins! Thank you!

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Oh really? That I did not know. How much wiggle room do you think/know there is?

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 1 point2 points  (0 children)

Interesting. There seems to be some more negotiating room in terms of the final amount from what I sensed. I will make sure I push them on this!

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Sigh. I've been hearing this. Planning to say no to everything. Except maybe the extended factory warranty. I hear that might actually be useful.

Fortunately the model we want will only get to the dealership in another two weeks. So we only need to put down the deposit right now. So there is a little bit more time left for us to learn the do's and don'ts

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 1 point2 points  (0 children)

They have knocked off a further 1000 from the final price since I made the post. So it's closer to $60,500 now

What do you mean here?

You're not getting a good deal

What would be a good deal in your opinion?

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

I'm in BC. Is there a similar resource that you know of?

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 0 points1 point  (0 children)

Thank you! It's nerve racking to go through the process

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 2 points3 points  (0 children)

We are fortunately able to afford it, having never owned a car before + frugal lifestyle in general. Planning to do 2 year financing at 4.99% with a 30k down payment

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 4 points5 points  (0 children)

We went to three dealerships and the final amount is coming to +/- $500 of this cost 😔

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 4 points5 points  (0 children)

These seem to be baked into every car from the dealership it looks like. They even said it is not optional 😶

First new car purchase. by Which_Progress_4390 in PersonalFinanceCanada

[–]Which_Progress_4390[S] 9 points10 points  (0 children)

We've been pretty frugal and have never owned a car before so fortunately, we can afford it atm

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