Ara
Looking for 2010, 2011 or 2012 luxury car for around 30,000 with close to 40 mpg. My wife and I don't want to settle for a Prius or Civic, but we do want good MPG because we drive so much. Is this possible without spending too much more?
Answer
If you take a closer look at the Prius, you'll see that you aren't "settling". It has many of features only found in luxury cars. It's a mid-sized car, not a compact like the Civic, so room is not a problem.
Note that decent luxury cars start at about $45,000.
My 2004 Prius has cost 12 cents per mile for dealer maintenance, tires, and fuel combined over the 120,000 trouble-free miles I've driven it so far.
My 2004 Prius MPG from the logbook. (Complete years only):
2003-2004 -- 50.8 mpg 17,628 miles
2005 -- 52.6 mpg 14,688 miles
2006 -- 56.3 mpg 16174 miles
2007 -- 57.3 mpg 18384 miles
2008 -- 59.9 mpg 21755 miles
2009 -- 61.4 mpg 16177 miles
2010 -- 65.2 mpg 12134 miles
http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/20110125/bc_olsen_prius_reliability_110125/20110125?hub=BritishColumbiaHome
If you take a closer look at the Prius, you'll see that you aren't "settling". It has many of features only found in luxury cars. It's a mid-sized car, not a compact like the Civic, so room is not a problem.
Note that decent luxury cars start at about $45,000.
My 2004 Prius has cost 12 cents per mile for dealer maintenance, tires, and fuel combined over the 120,000 trouble-free miles I've driven it so far.
My 2004 Prius MPG from the logbook. (Complete years only):
2003-2004 -- 50.8 mpg 17,628 miles
2005 -- 52.6 mpg 14,688 miles
2006 -- 56.3 mpg 16174 miles
2007 -- 57.3 mpg 18384 miles
2008 -- 59.9 mpg 21755 miles
2009 -- 61.4 mpg 16177 miles
2010 -- 65.2 mpg 12134 miles
http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/20110125/bc_olsen_prius_reliability_110125/20110125?hub=BritishColumbiaHome
Are your chances of buying/leasing a luxury car ($45,000) affected after a short sale?
My wife and I make a combined $130,000 per year. We bought a new house in 2006 while leaving the old one for rent. The tennant left and now i was forced to go through a short sale with the bank. Does this affect our credit? Will this affect me buying car? Our monthly payments on our house are $5000. Will I be able to buy my dream BMW or Mercedes Benz? We are both in our mid 40s
Answer
You already spend almost 50% of your gross income on a house, when average should be generally 28-32%.
Buying or leasing a depreciating asset like a $45K vehicle while you are having money issues is beyond moronic.
You are already having issues with your debt. The answer is not to take on more debt.
A short sale does affect your credit, but not as much as a foreclosure would.
You would probably not qualify for a lease in financial your situation and considering the debt/income ratio on the house.
You already spend almost 50% of your gross income on a house, when average should be generally 28-32%.
Buying or leasing a depreciating asset like a $45K vehicle while you are having money issues is beyond moronic.
You are already having issues with your debt. The answer is not to take on more debt.
A short sale does affect your credit, but not as much as a foreclosure would.
You would probably not qualify for a lease in financial your situation and considering the debt/income ratio on the house.
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