Should I trade in my SRT-4 for an s2000?
01-02-2007 | 04:49 PM
#12
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From: North Las Vegas
Wait a couple months til the Army sends you to Iraq for 1-2 years. Sell your car before you leave. Cancel all your cable, subscriptions, cel phone, etc. Get married on paper before you leave. Save all your combat pay, wife's housing allowance, family sep, and tax free while you're over there. You could easily come home and pay cash for a used S2k.
I'm mostly kidding, but that's pretty much what I did before I went to Korea and I came home with almost $30K saved up...without the combat pay or tax free.
JASON
I'm mostly kidding, but that's pretty much what I did before I went to Korea and I came home with almost $30K saved up...without the combat pay or tax free.
JASON
01-02-2007 | 06:06 PM
#14
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Minus the wife part, if I get deployed the car will be sold befor I go providing I have enough time before ship out... if I get deployed but I will deal with that if and when the time comes but I won't be buying an S2000 when I get home, I will either put a massive down payment on an EVO and the rest on a house or something... or pay for an EVO in full and then use the rest and invest it.... something irresponsible will come out of it, as well as something responsible ahah. My unit has guys that deployed with them the first time they left, the E-4's came home with $30-35,000 in there accounts. HOLY AWSOMENESS!
01-02-2007 | 06:28 PM
#15
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From: Fort Worth Tx
Originally Posted by SRTBoost24,Jan 2 2007, 05:44 PM
SO, I have a 2005 SRT-4 with 33,200 miles on it and some mods but obviously it would be returned to stock. I live in Maine and have been contemplating taking another route as to what kind of car I want to own, something more solid, nice feeling etc. I considered a Legacy GT because of it's performance, clean looks and build as well as it's all season ability. I also considered a used S2000 because they can be found for $15,000-16,000, they are reliable, run to drive I'm sure and the summer fun factor is awsome I am sure. Straight line performance is great in the SRT-4 as well as handling with coilovers, sways and strut bars... better than anyone would expect but it is still front wheel drive and still not very refined and I do not want a Type S. I would sacrafice straight line power for the decently powered and great handling S2000 even if it is unpractical... the power I am making even in stock form the SRT-4 is unpractical in the winter as well. SO the biggest issue is weather or not I can get approved for the damn car. Here are the specs...
-I owe $11,800 on my SRT-4 when I could probobly get $14,000 in trade or almost $15,000 private sale so that gives me $1000-2500 to put down on a new car, between what I owe and what it's worth
- I am 20 and my credit score is not the best, I have been late twice on a credit card payment way back when and I have a decent amount of useless debt... the score is *598*
-I have $1,600 in credit card debt, I have $800 in Dell financial debt for my computer and I have a $2,900 personal loan in my name
-I gross $1,600 per month with the United States Army
I pay $281 per month with the SRT-4 but even with a low payment the car is such a money pit that all my spare cash uncontrolably goes to "what can I do to my car next"... I feel with the s2000 even though the payment may be a bit higher, it is off set by the mods I WONT be doing to it besides wheels, exhaust, tint maybe...
Then the OTHER dilema is weather or not a financial institution will finance an AP1 S2000 for 5 years... it is 5-7 years old! Or if they will finance if I bought through a dealer for 5 years on a 2000 or 2001 which would be a $15-17,000 car. I don't want to bother with the credit inquiry unless I have a good shot at approval because that is just another inquiry on my credit. I did not need a co-signer for the $12,500 financed on my SRT-4 the car was $15,000 private sale 3,000 miles ago.
-I owe $11,800 on my SRT-4 when I could probobly get $14,000 in trade or almost $15,000 private sale so that gives me $1000-2500 to put down on a new car, between what I owe and what it's worth
- I am 20 and my credit score is not the best, I have been late twice on a credit card payment way back when and I have a decent amount of useless debt... the score is *598*
-I have $1,600 in credit card debt, I have $800 in Dell financial debt for my computer and I have a $2,900 personal loan in my name
-I gross $1,600 per month with the United States Army
I pay $281 per month with the SRT-4 but even with a low payment the car is such a money pit that all my spare cash uncontrolably goes to "what can I do to my car next"... I feel with the s2000 even though the payment may be a bit higher, it is off set by the mods I WONT be doing to it besides wheels, exhaust, tint maybe...
Then the OTHER dilema is weather or not a financial institution will finance an AP1 S2000 for 5 years... it is 5-7 years old! Or if they will finance if I bought through a dealer for 5 years on a 2000 or 2001 which would be a $15-17,000 car. I don't want to bother with the credit inquiry unless I have a good shot at approval because that is just another inquiry on my credit. I did not need a co-signer for the $12,500 financed on my SRT-4 the car was $15,000 private sale 3,000 miles ago.
How are you in debt and in the Army. I was in the Marines and still fail to see how single non-rates don't have lots of money. I had two bills. Car and insurance. The rest goes to whatever I wanted. Once you deploy you'll have even more. You might want to make sure you aren't leaving anytime soon or it will be a waste when you could get a brand new one or close to new after you get back.
Anyways it will come down to your debt to income ratio. More than likely they are going to require a co-signer if you go with a credit union. But they will give you a better interest rate and if you got killed or messed up in iraq they will cancel out the debt so you're not stuck with problems of paying w/o having a job.
Hell just go to you're NCO's they should be able to lead you to someone who could help you. I know When we got back and had a bunch of boots I went with a few of them to dealerships so they wouldn't get ripped off or buy something they couldn't afford.
Good luck bro
01-02-2007 | 06:32 PM
#16
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Joined: Nov 2006
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From: Fort Worth Tx
Originally Posted by viper_driver,Jan 2 2007, 08:49 PM
Wait a couple months til the Army sends you to Iraq for 1-2 years. Sell your car before you leave. Cancel all your cable, subscriptions, cel phone, etc. Get married on paper before you leave. Save all your combat pay, wife's housing allowance, family sep, and tax free while you're over there. You could easily come home and pay cash for a used S2k.
I'm mostly kidding, but that's pretty much what I did before I went to Korea and I came home with almost $30K saved up...without the combat pay or tax free.
JASON
I'm mostly kidding, but that's pretty much what I did before I went to Korea and I came home with almost $30K saved up...without the combat pay or tax free.
JASON
Don't be a jackass and spend all your combat pay. I made almost 20k in my 7 month stint in iraq and came home with around 17 of it. Most of the other money went to gear I needed, and stuff to keep me sane for 12 days at a time in some shitty house.
Then put half of your monthly check in a high return savings or mutual fund so that by the time you get back 12-18 months later you'll still have at least 20k on hand and another 20 or so in savings making you a few hundred bucks of interest.
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