True Car Nut
Join Date: Feb 2002
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Ok, I am not completely following the first post. Please let me know if I have this right:
You have a 92 SE that you just put $2000 into.
The 92 SE has too much rust to make it fixable
You want a 99 SSEi with high mileage for $3100.
You want to sell your sister your 92 SE for $2500
You want to borrow $600 to get the car.
You are broke.
You really want to get an SSEi.
So, assuming this is all correct, I have the following to say. You can disregard it if I am mistaken on any of it, and please correct me if I am.
First off, if you are broke, and have a reliable car, count your blessings, stop looking for mods and new cars, and start saving your money for when you aren't that lucky.
Second, if your car has a lot of rust issues making it unfixable, how would you even consider selling it to your sister (family) for $2500 (Outrageous price for a 92 SE with 137k) when Edmunds Dealer list is $788, and private party is $457 (in Rouch condition, $1200 or $700 in Clean, but with the rust mentioned, it'* far from clean) Sounds like you are screwing your sister over on this deal, even assuming that the rust is just cosmetic and not structural. (*this is one spot where a correction to the above assumptions might change my opinion.)
Third, as someone stated, your insurance WILL go up for an SSEi over an SE, especially being 7 years newer (although both are fairly old to insurers at this point) I had a 93 SSE at 16 and a 93 SSEi at 24, and the SSE was cheaper to insure, and the only difference between the two was the motor. You experience may vary, but so far from what I have heard from many people, this is the case 98% of the time.
Fourth, you are now moving up to a car that needs premium, and gets less gas mileage. You mentioned you are broke. This should be an easy one to figure out.
Fifth, Where would you be borrowing money from? You won't get a used car loan for it. You might be able to get a personal loan, but your interest on that will be much higher (12-24% would be an acurate guess these days.) And if you should happen to not be able to make a payment, you risk hurting your credit, which could hamper you from getting the car you want later on. now, if you are getting a loan from family or friend, you have a better shot, but you also risk losing a friendship over it, or causing issues with family if you are late with a payment, or they decide they need the money and ask you to pay the remaining balance back.
And lastly, i am not going to mention the obvious that you already spent a lot fixing what you have, versus what you might need to fix on the new. That should be a given risk, and there is no way to say what you will run into on that. Mileage will play into this, but once you get up above 100k on a car, anything can go.
If I were you, i would figure out what you would be paying on that $600 loan a month, and bank atleast that or better yet, double that, each month. That should give you an accurate idea of the additional expense, and it will help you saving. Drive your current car into the ground, and only fix those things that need to be fixed. Broken door light housing, no. Door handle, maybe, brakes, yes. Spend as little as possible on the car while being responsible with your safety, and I think you'll find that you'll be in a position to buy the car of your dreams in a year or two. And besides, there are more than one 999 SSEis out there in that color, and probably with less miles on them too.
Good luck with your choice, you are the only one who can make the best choice for you, we are here to just help give you our opinions and suggestions to help you make yours. my post does not judge, and does make assumptions based on things written in this thread. Please correct me if any of the assumptions are wrong, or open a discussion on any of the points I say. I am not attacking you or anyone else, just posting based on experiences in my life. I've dug myself out of over $5k in Credit card debt from my bonnevilles twice now, and wished someone had told me this before it happened.
Good luck with it.
2007 Saturn Aura XR | 1970 Chevy Blazer 4x4 | 1970 GMC 3/4 Suburban 4x4