Trading in my Type R for a Hybrid , The dealer offered me...

[BryanCO]

Lots of good advice. We certainly don’t know your full financial situation but if your goal is to buy a house...

Sell the CTR and buy something without a payment (or something that will be paid off in less than a year). This past summer I bought a 2011 GTI, 49005 miles, original owner, 30k MSRP, very good condition, manual for $10k. Fun car, solid gas mileage.

If your obsession is more about fuel mileage vs a fun car, then sell the CTR but 10k miles a year doesn’t seem worth the expense to buy a new hybrid. Plus, full EVs choices will be increasing dramatically over the next few years.

Sponsored

 

[Zeffy94]

I'm saving for a house too. I've definitely experienced my fair share of decisions similar to yours, but I was doing the math and even if I didn't have 20% to put down, a PMI payment is about $100-$200 a month from what I've seen. So it's not a total deal breaker. I have over $20K in my savings right now, and I should be getting a raise at work to help with it.

That being said, I still live at home, which was what allowed me to buy the CTR in the first place. I've considered refi, but I've got about 49 payments left and I'm not sure if I want to tack on another year or not. My payment is just like yours, at $526/month, so it's pretty large given how much I make.

Unfortunately I got really attached to the car, but ironically, I've already had it's value eaten by accidents which has inclined me more to just hold onto it. 2020 would be the year I finally make the decision though.

On Reddit there was a post about a guy who had a Corvette Z06 he got rid of to put himself in a better place financially. Definitely a hard decision, but the poster said they believe it was the right choice and would allow them in the future to buy something even better possibly using the money they are saving from it.

 

[NapalmEnema]

I say keep it - reason being if you love it, you will miss it - so invariably you will want to get another one and end up spending more over the long arc than just keeping this one. The change you're talking about doesn't get you that much on MPG's and the monthly note imo compared to enjoyment of life. I'd personally rather pick up a few side jobs / projects to offset the cost and drive the car I love than drive some completely sensible but arguably 'boring' car.

Yolo man - I've not wanted to live with 'well I shoulda' and it worked out in the long run lol. I just know myself and personally I'd end up getting the cheap car then spending more and getting right back into the hotrod.

I'm too far into the dark side to advise any different! Join me....we have cookies

 

[NUshek]

My wife bought a '19 Insight EX earlier this year. As a daily driver, it is fine. Decent acceleration (nothing like an R or even my EX-T) and handles just fine. Nothing exciting though. I do like the infotainment system better than my Civic and it is fun trying to maximize your MPGs. I haven't driven a Type R but I suspect as long as you're not looking for "fun and excitement" the Insight will be just fine. Insight definitely feels better than the other hybrids we test drove (Corolla, Prius (older model)). As others said, a lot depends on what you're looking for when driving. I got back into driving manual a few years ago because I wanted something to enjoy on a daily basis (I like rowing gears to and from work and gives me something fun to do daily).

Good luck

 

[Jwolf]

Get a used econobox, no payments, decent on gas. I feel like it's a pretty bad idea to dump a car you got new, just to get another mildly costly car new.

 

[lid6662]

Thanks for the advice guys !! Appreciate it. Definitely going to take my time making a decision.

 

[rezlab]

Mostly just so I can save a bigger chuck of money per month. My. current payment is 500 and with insight touring I would be at 330 plus about 30 a month cheaper insurance with also cheaper gas. I do again love my type r but I think I would rather own a house than own a type r. The insight touring gets less MPG because it has 17's vs 16's on the ex lx. I'm going to go for another longer test drive in the next few weeks to make sure. Thinking about getting the ivory interior !! Its funny most of the time I drive my type R I am playing the game how good MPG can I get this tank!! This last tank I hit 31.4 for the tank during winter .If I got the ex I would be at like 275 a month but I would like the touring model for sure. Dam expensive taste I have hahah Still playing with this idea haha . Thanks for the reply

 

[Deleted member 31314]

It's a hatch you can live in the R who needs a house!?

 

[rezlab]

Love our 2017 Si. We average 34.9 mpg, and I don’t exactly baby it.
I can relate to the appliance of the Honda turbos. They are so smooth and quiet that they have very little passion. My 2000 Si was a horrible daily driver - 4000 rpm at 70 on the freeway - BUT it was a really fun car - when it wasn’t driving you crazy.

 

[JoYu]

just sayin.. you arent saving much by trading in for hybrid..

cars are depreciating assets.. ctr doesnt depreciate that much.. but moving from one car to another isnt a smart idea.. just stick with what you have..

better off paying one loan off at a time.. going from one loan to another wont make you save faster.. infact it prolongs your way to a house.. if you got 23k left.. pay that bitch off as fast as you can, save on interest if there is any and proceed to save for the next couple of years for a house.

I agree, I would take a look at overall value/savings instead of monthly payments.

 

[Mcgugugaga]

Switching from car to car is a bad financial decision. You might end up not liking the hybrid and switch to something else in the near future. Payoff your debts while build up your credit should be your first priority. Good luck and happy new yr to all.

 

[Deleted member 31314]

In all seriousness I drove a hybrid on loan and could not stand the way it drove. It was just too different from what I was used to, that being said yes fuel economy was better but it wasn't earth shattering in my opinion (probably more to do with my driving style than anything else).

I personally think you should keep the CTR, and find away to make the house purchase work, but that's only if you truly love the car. If not and it's just a passing feeling and you bought it because it was different or hype or whatever then I 100% say sell it buy something cheap so that money can go towards a house and if you want a different car or other vehicle in the future when things are more stable than go for it.

I sort of did that when my kids were first born and ended up changing vehicles a bunch of times from fun and sporty to just plain boring, went back to riding motorcycles, then just rebuilding motorcycles, only to have my wife tell me to just go out and get the car I want, she only had one rule...it can't jeopardize our finances...so no super cars lol.

Enter the CTR, which has easily become my favorite car and I have no intentions or parting with especially with the future state sports oriented cars or lack there of.

 

[jtrader]

Houses are appreciating much faster than the $160 a month you're trying to save. That makes no sense to wait 3-4 years if thats all you're saving. You'll be even further behind, and your down payment will be less (percentage wise) than it is now. You dont think the house you're looking at will cost over $6000 more in 3-4 years? You're going to save $6k and the house is going to be $25k more than it is today lol. You need to rethink your strategy.

That's 2007 talk all over again!

 

[cafecito820]

I know this isn't the exact point of the thread, but Quicken (Rocket Mortgage) has a loan program that lets you pay 1% down for a slightly higher interest rate. My wife and I moved into our home a few years ago for only a couple grand out of pocket, and just recently refinanced to 3.99%.

Unless you are absolutely deadset on the conventional loan structure, you might want to look around man.

 

[football76]

Keep in mind, your Type R is on a very flat depreciation curve. Any other new honda you're looking at is going to lose value immensely in Yr1-3. If I were you and absolutely needed to save for that DP I'd sell the CTR, take the $8k in equity and buy a solid used Civic/Corrolla. No car payment and 30-40MPG easily. Or just hold on to the CTR and enjoy having equity in it until it's time to buy the house then you can sell.

Sponsored