[MMCD]

HELP!! My other car has died (not an accident just old) worth nothing at wholesale.

I am waiting for my red EXL-RES to come in Oct. Unfortunately my payments will be in the mid $500.

Now I have to get another vehicle. My payments on that vehilce will be the same as my new Odyseey. I can't afford over $1K monthly payments.

The other vehicle I am buying is the lowest Chevy LS 2WD Suburban (DH does not want 2 minvans in our driveway). So I am thinking of Smartbuying or Smartleasing it.

Please advise me of the good, the bad, and the ugly about Smartbuying or Smartleasing it.

We don't want to buy a used car because we are not car mechanic savvy!!

MMCD

 

[Curculio]

If you own a home, you might consider refinancing your home loan and cashing out some of the equity to solve your cash flow problem. See my post under the Auto loan rates topic for the positives and negatives of doing this. We did it because we couldn't afford a new car payment, either.

 

[robr2]

mmcd - do you really need a Suburban??

If car payments are the issue, bite the bullet and get something that will get you the payments you want. Trust me, I hated driving an Escort, but the payments were cheap and the car did the job.

If you absolutely need to go with something like a Suburban, look at 2-3 YO used. They take a beating in depreciation for the first owner and you might be able to get a good deal.

Good Luck

 

[MMCD]

The Ford Windstar broke down. I was trading in my CRV for the Odyssey. Unexpected new baby coming in Nov. Our family size will not fit in a 5 seater.

We looked at 6 seater trucks but price is close to Suburban. Plus we don't want any kids in the front seat.

DH does not want a used car. Too many bad experiences with his parents experiences.

MMCD

 

[TomPauline]

Hi,

I agree with both posts, since that it what I am doing. The home equity loan has a better interest rate and I drive an economy car. The 'family' will get the new Odyssey.
I expect that I will be able to drive it on weekends.

Good Luck,
Tom

 

[slocko]

this may sound retarded, but why don't you buy a 1999-2000 used ody for now, and then trade it in for the new one and then get an economy car. the resale on the odys are very high.

 

[robr2]

mmcd - I just realized my post sounded like I was on a soapbox. Not my intent and I apologize if you were offended.

I'm not familiar at all with either of the GM programs. Perhaps you may want to reconsider the EXL-RES and drop down to a plain EX. You can save some $ there. Also, if DH (I'm one myself and the D doesn't always stand for Dear

)is insistent on an SUV, you may want to consider a Suzuki Grand Vitara XL. Seats 7 and is more reasonably priced. I just checked out their web site and they start out at under $20K and are offering a lease of $249/month. Quality, I don't know enough to answer.

Or do as tompauline said - use home equity and buy an economy car. Will you need (2) 7 passenger vehicles all the time?

Congrats on the unexpected addition. My wife was a suprise to her folks (8 years between her and next sibling) and I'm happy about it.

Good Luck.

 

[MMCD]

Robr2,

I did not read your advise as a soapbox. I looked at the Suzuki XL7. It is quite cute. It is longer than my CRV but way narrower!! Dealers here do not carry the <$20K. The touring one offers the "nice" ammenities that we'd want which prices out to be $25K, ttl included. However I can't see fitting 2 strollers in the back.

The problem with us is DH takes the kids to school/daycare and I pick up.

I'm still negotiating and looking for other options. I am learning that leasing is better than smartbuy.

MMCD

 

[robr2]

mmcd - best of luck. I know the drop off/pick up routine. Luckily only 2 and I know no more on the way!!

Perhaps a used Volvo wagon with the rear facing seat or a new Taurus wagon with the same (do they still offer that)?

As for lots offspring, there is a family at our church with at least 7 kids ranging from newborn to about 12 YO. They drive a full size Ford airport van!!!

Good Luck.