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Old 02-17-2011, 05:59 PM
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I might do the unthinkable.

I figure what better place to talk to other car enthusiasts about my situation than a great forum with great members. So let me explain my situation here. I am 30 years old and own my own townhouse that I purchased new in 2007. I recently got married to my wonderful wife back in May and we are expecting a baby which is due in August. I have always been used to the single life and have a nice six figure career which allows me to do pretty much what I want as far as cars go. I havent always made the best decisions as far as cars go as I tend to go through them too quickly and as everyone knows its not the best thing to do financially. When I first laid eyes on the new Overland it was something I was instantly interested in and knew I wanted to get one. As you all probably know sure enough I went ahead and ordered one and now I am having second thoughts on this. I want to try and change especially now that I have much greater responsibility with a wife and now a baby this summer. My wife recently quit her job since she is pregnant and we have been talking about selling the townhouse and buying a single family home in the not too distant future. I have decent savings but certainly not enough to pay cash for the Jeep and still have enough to get myself out of this townhouse and a downpayment on a new one. Sooo with all that said I think the responsible thing to do is cancel the order for my new Overland and stay car payment free until its a little more feasible to get back into a $45,000 car. My wife is by no means making me do this however obviously she doesnt recommend it, but she told me to get it if I want it. We certainly arent struggling by any means, but if I were to buy a new Overland it would make things a little tight in the near future if we were to consider moving. The other thing that is swaying me to cancel is I can always consider buying a new 2013 or something in a couple years which will have even more goodies and updates or even a SRT8 who knows. I know I pretty much answered my own question, but I was more or less just looking for a little pep talk from my car friends.
I only paid a $250 deposit which I cant remember if it was refundable or not but thats not really a big deal. If I do decide to cancel would there possibly be anyone here interested in taking over the Jeep described in my signature? I negotiated a damn good price (in the $41's) that maybe the dealership could work out with the new person. I am 35 days into the order and am in D status with a VIN. Also, for whats its worth I certainly dont need a new car. I dont tow, I dont offroad, I dont haul a lot of people I simply love the Jeep and enjoy driving. My current Lexus ES300 is a great car with no issues and is paid off. Alright guys tell me what I already know

Thanks,
James
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Old 02-17-2011, 06:07 PM
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Re: I might do the unthinkable.

Hi James.
You could be having what is known as buyer's remorse, either that or you are thinking "smart" and keeping a bit in reserve.
If I were in your position, I would likely wait a couple of months and find a near new 2nd hand jeep with low miles. The depreciation is such that you can save a damn lot of cash letting someone else take the first hit.
2nd hand vehicles can still be placed on a loan or leased, you'll just be saving a bunch.
I have never bought new, always a few months old, with low miles. I've saved myself many tens of thousands of dollars doing that.

Good luck with your decision mate!
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Old 02-17-2011, 06:10 PM
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Re: I might do the unthinkable.

I agree with Ben on this one.

You can always wait to get a second vehicle, do you have a vehicle that is capable and safe to carry you're baby?

If so then don't worry about it and get a second hand used car.
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Old 02-17-2011, 06:17 PM
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Re: I might do the unthinkable.

James,

I think the fact that it's come to this pretty much answers your question. Let me tell you my story and you can at least know that even us died in the wool car guys make decisions that are tough when it's the right thing to do. 5 years ago I was in the position to buy a Cayenne Twin Turbo so I did. It was everything I expected it to be and more. about 1 year into ownership we purchased some property over on the coast and not long after that things changed with my job so I could go full time VO. We decided to build on the property and move. About 1/2 way into the project it became painfully obvious that the Cayenne and it's fairly steep monthly payment was not the smartest thing to have when you are trying to build your home and the market is starting to go sour. I sold the Cayenne and went to a Trailblazer SS that cut our monthly nut by more than half. I kept that for 3 years and weathered the storm of horrible property values, reduced income without bonuses and everything else that came from the recent depression (sorry, recession isn't nearly strong enough to describe what's happened in our little part of the US, 40% property devaluation, 14% unemployment, etc. etc.). We're coming out the other side now and honestly, I don't miss the Cayenne and it's $1200 payment.

I think you need to get your family started and hold off on any new vehicles until things settle after the baby is born and you get your housing settled. These vehicles will be here in a year or so and like you said, the SRT8 will probably be the SUV that really floats your boat. Take the money you save on depreciation between then and now and buy a bigger house
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Old 02-17-2011, 06:18 PM
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Re: I might do the unthinkable.

Wow, James....first off congratulations on the two counts (marriage and baby) and secondly it's nice to know there are still some responsible youths around to give me hope that my country may not go the way of Rome. That said, my advice is to NOT rush into buying a home.

IIRC, you're in the Chicagoland area like me, and prices have a way down to go. With a child under four or so, a single family home is not essential and may actually hamper you more than you think. Unless you buy a new home, you are going to have things to fix, change, update, maintain, etc. even if you think "..oh this house is perfect and needs nothing!". I've owned several homes, and I said the same thing to myself every time. Take time to evaluate what school districts you like (District 102 is outstanding, BTW) because that should be priority one for your child when the time comes.

The WK2 is already purchased, and you'll lose on the sale so you must consider the loss on that and weigh having a reliable new (opening can of worms here) vehicle vs how much you want to save. You'll make some money selling your townhome, yes? In another two to three years I anticipate townhome demand should be up as people who cannot swing a single family home enter the market.

While I understand the urgency, the rush to do things is not the right speed; slow down, evaluate, plan, evaluate, adjust the plan, evaluate it again and then chart your course of action. If you didn't already buy a WK2, then not buying one would have been more prudent.

However, unless you cannot make the payments AND set aside enough money over the next few years, it is better to not take the financial loss on the vehicle..One additional thought: by making vehicle payments you are helping your credit score which will be helpful when it comes time to apply for a mortgage. Credit history matters and a payment helps.
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Old 02-17-2011, 06:21 PM
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Re: I might do the unthinkable.

Quote:
Originally Posted by Bmwister View Post
The WK2 is already purchased, and you'll lose on the sale so you must consider the loss on that and weigh having a reliable new (opening can of worms here) vehicle vs how much you want to save.
He hasn't bought anything, he just put down a $250 deposit to place an order. He has no obligation to purchase and has at most the $250 to lose.
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Old 02-17-2011, 06:22 PM
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Re: I might do the unthinkable.

A firstborn should fetch enough to pay off a new truck.
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Old 02-17-2011, 06:25 PM
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Re: I might do the unthinkable.

Quote:
Originally Posted by Repo503 View Post
A firstborn should fetch enough to pay off a new truck.
OUCH, good one but OUCH
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Old 02-17-2011, 06:27 PM
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Exclamation Re: I might do the unthinkable.

Quote:
Originally Posted by Marlin View Post
Hi James.
You could be having what is known as buyer's remorse, either that or you are thinking "smart" and keeping a bit in reserve.
If I were in your position, I would likely wait a couple of months and find a near new 2nd hand jeep with low miles. The depreciation is such that you can save a damn lot of cash letting someone else take the first hit.
2nd hand vehicles can still be placed on a loan or leased, you'll just be saving a bunch.
I have never bought new, always a few months old, with low miles. I've saved myself many tens of thousands of dollars doing that.

Good luck with your decision mate!

I agree with Marlin. Wait for it. Let someone else take the depreciation. Besides, the aftermarket has not caught up anyway, so you will be on the edge of your seat waiting for the mods to come out.
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Old 02-17-2011, 06:34 PM
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Re: I might do the unthinkable.

Quote:
Originally Posted by mjw930 View Post
He hasn't bought anything, he just put down a $250 deposit to place an order. He has no obligation to purchase and has at most the $250 to lose.
Missed that...dyslexic moment/senior moment...bad combo!
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Old 02-17-2011, 06:38 PM
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Re: I might do the unthinkable.

Congrats Pops, and best wishes to mom and baby.

+1 always good to stay conservative with spending, and at this point you just subordinated yourself to your family's needs for the most part.

That said, what car will your wife drive and how many miles on it and the Lexus?
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Old 02-17-2011, 06:48 PM
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Re: I might do the unthinkable.

James, I was (am) in a very similar same situation.....

I got Married in August, turned 29 in Oct and our 1st baby is due mid-march. We bought a single family house prior to our wedding.

My wife had a 2005 C-class and I had a 2006 RR S/C & a 2006 Infiniti G35 coupe (which was sold in when we bought our house for extra cash - see what men do for love, makes me sick). Anyway, she wanted a bigger car, not needed but wanted, andwould drive the Range. So, we traded in my RR on her 2010 R350 in June. I got her C-class. I couldn't stand it. So, I did my research and ended up in the Limited Jeep on Nov 3rd. I could have bought a used vehicle but I wanted what I wanted.

We are making the payments; house and two brand new cars and have money to do the stuff we want and need. My parents and her parents think we are crazy. We set enough aside each month for the bills and the future, if/when my wife stops working we will be OK.

You have to decide if your situation can handle a new car at this time. In ours, it was a yes. Would we have a ton more money if we didn't buy two new cars inside of 5-months, perhaps. But who knows. Now, that we are on a "budget" we cook our own dinner instead of eating out everynight. So who is to say if we would be saving anymore than we are now if we didn't have two new car payments. Only you know if you are able to stick with a plan.

You only go through life once, enjoy it the best you can. New Jeep or not, you have a new wife and a new baby soon enough.
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