I have a non DSM related problem.

[alwaysoc0nfused]

Hi guys, this is going to be my first post with new screen name (I havnt been on this forum in a long long time)

I am 20 years old, my 95gs was totaled last year. I waited about half a year and got myself a brand new 2007 Kia spectra EX. It seemed like the right thing to get only because everything had to be under my name and I had to pay for everything from the loan to the Insurance. I also attend full time college, which I pay for.

Here is what I pay monthly for the car:

- Ins costs me $504 a month.
- Loan costs me $384 a month.
- gas is 3.25 a gallon I drive 1500 to 2000 miles a month.

So at the end of the day I pay out a lot of money on this car, and to be honest I dont even like it and i dont want to keep it any more. On KBB the car is valued at less than 10k, I bought it for 16k less than 6 months ago, and because I want to trade it in and get a new car I should do it now before its value depreciates more.

I was looking at other cars, specifically the Civic Si sedan, it is something i can afford even with the remaining balance of the Kia put on top of it.

Should I do it? or am i being childish and stupid? what would you guys do?

 

[JayRolla]

I would trade it in now. You can find a good Evo for a good price. If you where going to stay with a cheaper car you can get a SRT-4 for damn cheap these days and a lot nicer than that kia.

 

[Boost92awd]

$504 a month for insurance for a Kia? Wow you must have a horrible driving record.

 

[Avionixx]

Your logic is sound; I always tell people to sell or trade their cars early if they've thought about the idea at all. Of course in the end you're probably going to owe more money, which is not a good idea especially if you're still coming up in the world. My brother did the same thing with his WRX; he wanted an automatic so he traded it for a Charger R/T. Very cushy car, quick and awesome to look at, but also more expensive. In the end he was paying more for pretty much everything and even though the car was fun to drive, the returns were diminishing day by day.

If I were in your shoes, I'd just keep the Kia. The right time to make the choice was when you first decided to buy a car and that has long since gone.

 

[alwaysoc0nfused]

$504 a month for insurance for a Kia? Wow you must have a horrible driving record.

no no im driving record is PERFECT. I am 20 years old, living in the new york city and i never had a car under my name before this Kia. GS was under parents. so you see not even my fault.

 

[knochgoon24]

Still, $504 a month. Sure that isn't for 6 months?

 

[shuedaman]

I have an '07 Si coupe as my DD, no complaints. Never thought I would buy a honduh, but the talon is getting an overhaul and i needed something practical/reliable for a DD. It's cheaper and has better mileage than the evo/wrx, but i can't wait to have the talon back on the road.

Don't know about your financial situation, but I'm happy with the Si, definitely a step up from your kia!

That is awfully high for insurance. Then again, NYC (high theft), new car, and under 25 makes it add up pretty quick. Just because of the insurance I would find something used with low miles!

 

[Boost92awd]

That is awfully high for insurance. Then again, NYC (high theft), new car, and under 25 makes it add up pretty quick. Just because of the insurance I would find something used with low miles!

Exactly I would just cut your loses now and buy a older car, so your not paying $500 a month for insurance on a Kia.

 

[alwaysoc0nfused]

yeah you guys are right, within the week or so i plan on refinancing the Kia, which will drop my cost on that end, and also i just got quoted for a better ins plan, its not much better but a 100 bucks less a month so i should get the down payment money and do that right away.

 

[Defiant]

- Ins costs me $504 a month.

what would you guys do?

Holy dick-in-the-butt. I'd rent a room outside NY and insure it from there.