CallMeThorn

Hey everybody, wanted to make this post to get your input on buying a used RX8 and if it seems i could afford one, since they are not cheaply maintained. I am nineteen (freshman in college), been working for a couple years and bought my first car 13 months ago (cash). I have only had my license since that time, but no accidents or insurance claims. I have some credit from making payments on my credit card for the past 7 months, havent ever missed a payment and always paid atleast double the minimum (usually much more). Monthly income is about $730. Ive been doing a lot of research etc, and priced a monthly payment on a 60 month loan at about $200. Insurance for an 8 would be a little less than $200, about 170 or 180. Ive been wondering what you guys typically spend in gas and oil (just to refill, not including an oil change etc) in one month. Ive done $100 when doing budget estimations but im not totally sure how accurate that is. I think i would be ok as long as i got a loan i can afford and as long as the insurance quote is fairly accurate, but again, im not really sure about the whole gas/oil thing, as well as other typical expenses. Any input would be awesome. Sorry for the lengthy post and thanks in advance! :D

Renesis07

iTrader: (1)

Ive been selling cars for a long time now as a career. Are you planning to finance on your own or will you be having a co-signer.

You will be rejected imediately due to low income; you may have a slight chance on your own if you try through a credit union.

Next, $200 per month for 60 months will get you about a $10-$12,000 loan if you have good credit. meaning you will need to find an RX8 for $8-10,000 before your tax, title, and license assuming you're putting no money down, obviously your trade in may allow you to get a more expensive 8 for $200 per month depending on the trade value.

To be honest, with $730 coming in every month, this car is going to drain you after gas, maintenance, etc and for the budget you have to spend, its going to be an early build with probably over 60K miles.

Ive been there, I bought my 8 when I was 17, and I had to work 2 jobs on top of school to even afford it. Dont forget, insurance, my insurance back then was almost $300 for full coverage.

You may want to wait until you're making more money or you're through school before purchasing, just my .02.

York

Here's a good thread for you to read with lots of good information on the car, maintenance, cost, etc.
https://www.rx8club.com/new-member-forum-197/new-potential-owners-start-here-202454/

I'd agree with the post above though.

CallMeThorn

I will have a co-signer (my mom has fantastic credit :D), which will definitely help for a loan. I forgot to mention the down payment; $2500-3000. I wouldnt be purchasing until after winter, so id have a good 6-7 months to save some money (wont solve every problem but it'll surely help).

Right now im driving a 1998 pontiac sunfire, and i have grown quite sick of it. I want something nicer. Ive been looking at other cars all summer but always come back to the 8..

CallMeThorn

Thanks ill definitely check it out

*Edit*
Already read it

Krazed_Rx8

iTrader: (5)

Don't think you'd make it with that income.. you'd be tight on money if u did. If I were you I wouldn't.. I wouldn't be able to afford mods etc with 730/month.

fuztupnz

iTrader: (4)

I recommend having at very least a few hundred bucks to 1500 in the bank if you're planning on an 8. Coils, plugs and wires will run you $300 or more every 20 to 30k miles. Brakes and tires aren't cheap either. Bare minimum is $80 for pads all around and that's for cheap off the shelf autozone pads. You're looking at double that on up for name brand performance type pads or just OEM. Tires will run you about $500 after mounting and balancing for the cheapest ones you can find. I would work most of this into your yearly budget for the car.

I've spent about $3000 in the last year and a couple months on a couple performance mods, some reliability mods, general maintenance, snow tires (used) and summer wheels and tires (used).

I'm all for everyone getting an 8, but with your income, you'll really be stretching your budget. I love my car, but not enough to eat ramen everyday.

CallMeThorn

Mods are nice, but not necessary; im not going to race it.


Anyone willing to say monthly gas/oil expenses? Doesnt have to be exact of course, im dying to get some sort of figure lol..

fuztupnz

iTrader: (4)

figure on 1 quart of oil every 1500 miles driven.

I drive 26 miles round trip monday through friday and drive around a little on the weekends (a lot if it's nice). Premium fuel is around $3 a gallon here in Cincy and I go through a tank every 10 days or so since it's mostly city driving for me. So i spend about $40 every 10 days on gas. I've never really factored in oil since i always buy more than i'll need when i change it.

Hope that helps.

Where in Ohio are you?

jiggawha1

I'll sell you mine for $9000 right now!!!!!!!!!

CallMeThorn

Much appreciated. Lucky for me, work and school are about 3 miles away. On the flip side, i do drive around a lot, just for the sake of driving.

I live in a suburb of dayton, so im like an hour north of you.

CallMeThorn

Ill need some more info than that :P

Renesis07

iTrader: (1)

As a daily driver, the average is 12,000 miles per year, or 1000 miles per month. Figuring you'll drive 1000 miles per month at 16-17mpg, you would be spending $150-$200 per month assuming you only drive 1000 miles per month.

Oil Changes are $30, youll need them every 3 months assuming you only drive 1000 miles per month. So $90 for the year.

Wiper blades are like $20 for arguements sake, youll need a set every year if you dont like streaks.

coils, plugs, and wires if you intall them yourself can be done for roughly $300, you will need that every 30K miles.

Cheap Cheap all season are roughly $400 plus mounting, lets say $100 ($25 per tire seems average). So $500 ( you will need this if you see snow, OEM tires do not work in the winter)

You will also need to top off your oil every 1500 miles, lets say every 6 weeks based off that 1000 miles per month figure, which is roughly 8.5 quarts of oil you will have to purchase yourself. lets say $4 per quart which is another $34 per year


This is just basic basic basic maintenance and does not include brakes which you may also need within the first year of ownership.

For arguement sake, lets just take gas, oil, and tire expense into account for the year. (not including ignition tune up, brakes if needed, flushes, or any failures with the car).

Its roughly $2654 based off the figures above for the year (not including tune up, brakes, or anything else; just gas, oil, and all seasons for the winter)

2654/12 months = roughly** $221 per month extra avg.

Plus your $150-$300 insurance payment depending on if you're on your parents policy

Plus your $200 car payment.

See what we're saying...... and this doesnt include a lot of expenses that have a strong chance of occuring. If you're parents are planning on giving you assistance when needed or plan to take care of insurance, etc; then by all means go for it. But if you're doing all this on your own, Don't do it unless you have a nice savings account for a rainy day.

Jacob6875

To be honest I don't think you should be spending that amount of money on any car with your income etc. It isn't a good idea to get a 60 month car loan on a 4-5 year old used car (epically a sports car). Your budget is going to be super tight assuming nothing goes wrong with the car........ but even minor things like new brakes or tires are going to leave you without any money to fix it. Also your going to be parking your car in a college parking lot for three years...... very common for cars to get vandalized in those types of places.

If I were in your situation (and i pretty much was a few years ago) I would finish college / save up my money and buy the car of your dreams when you get out.

CallMeThorn

Wow guys thanks very much for all the info and input. Very much appreciated Not sure what im gonna do but we will see what happens, i still have plenty of time before im making any real purchase.