I got my first car when I was 15. I've been through several cars before getting my R-Design as a graduation gift. I got the 2012 Outlander, then a 2014 Traverse, then a 2017 XC60 Inscription, then my current car.
I have it financed for 8 years at a 5.5% Interest rate. The monthly is $1,051.94.
I never said I was paying for the paint protection stuff. That's being handled by my uncle who was insistent of doing it when I got my R-Design but I was hesitant until I started noticing rock chips on the hood of the R-Design. Also, I had my mother with me to co-sign the loan, I never said I would do it alone.
Yes, I would be the main owner and Yes it is going on my parent's insurance plan. The insurance coverage would be set for my home state limits and not my college state limits since it is being registered and title back at my home state. The primary residence of my vehicle is my home state and it just happens to be at my college for the majority of the time.
Maybe the OP is really the parent, gathering up support from other like-minded, logical, fiscally responsible parents to show the kid how many parents agree about what an absurd idea it is to consider trading in a 2 year old car with 19K miles on it.
Many insurance companies will require you to insure it in the state it spends over 50% of the time in, and if that is your college state, then they will have to take you off the family plan. What insurance company is it?
Why so many car changes in 4-5 years of driving? Did you total any of them or just get tired of them?
Well, that is one hell of an assumption but no it isn’t. Anyway, I answered all of your questions. I’m definitely ready for the fall semester to begin! I’m locked and loaded ready to go. I just need to do my dorm room shopping with whats left of my paycheck lol.
@jym626 It is Geico and we already consulted with them. So long as the vehicle does not change residency states then it is not required to be removed from the policy. Plus, all I gotta do is just drive it back and forward between the states. Since it has Pilot Assist and Massage seats, I highly doubt that would be a hardship in comparison to my older Volvo.
I have never heard of a car loan with more than 5 years of financing, and even that is a colossally bad idea. (Just read that a very few buyers get a 72 or possibly 84 mo loan- also really a bad idea). The loan alone (not counting the $35K or so you say you got for your trade in) is over $100K on a $80K car ($45 if you really got the trade in). You could hire someone to massage and heat your butt while you are driving for less than that!
I decided not to trade in since everyone was saying it was a bad idea so I kept it as a grocery getter. See I told you I did take your advice seriously. I mean I found it pretty useful they could get it to 84 months. Also, I mentioned those features so that I can bring my point up about having more features as a trade-off for the upgrade.
@Knowsstuff Actually, this reminded me, my dad isn’t happy because he got outshined by his own son lol! He feels his car is now second best in comparison to mines. Well you know, like father, like son! Now he wants to trade in for a T8 XC60 and he just got his June of last year! Now talk about a bad financial decision lol. Anywho, my mom isn’t so happy with this cause she feels now that my dad and I will continue to outdo each other.
Your parents are cosigning $110k of college loans for you, plus a $76k new car loan, and they’re letting you keep a 2-year-old car just to ram around in? And this is on top of your dad’s new car loan for a similarly priced car? It’s a good thing you’re studying economics.
So in post # 84 you claim you “got it to 84 mos” but in post 80 you said you got an 8 year loan. That’s 96 mos, Good grief.
Agree with the posters who see this thread as a great reason to call their kids and tell them we love them. Next I want your parents to adopt me and pay for a new car for me.
Well, it’s paid off so why not? And you all said to keep it, have you not? I’m not studying economics but accounting actually. And so? what’s the problem with the numbers? Everything is floating and nothing is past due nor sinking so I don’t see a problem.
You know people can change their minds right? I thought about it long and hard and made up my mind. I’ll drive the 60 less often which means less maintenance would be required in the long run.
Also, I kept the new car and got a new one as well. Well I mean now I can park up next to the Q8’s, X5’s, Range Rovers at WF’s without feeling out of place. The XC60 was a 2017 and my new XC90 is 2019. The XC60 is fully paid off since you asked. I already stated it at the beginning of the thread.
And about my mother, you would be right. She refuses to upgrade her 2017 XC60 despite me and my dad’s insistence. Hell, she still has her old flip phone. I guess individual differences.
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