Am I overspending?

I definitely feel your pain.......I had planned on buying the new Si with cash in 2017, but ultimately found a Type R and bought it. Granted, my financial situation is a bit better than yours......but that unexpected note set me back a year on some of my financial goals. And my trade in was about $5000 short of what I thought, too. Ultimately, I decided to just keep it as a second car......glad I did, since the Type R isn't as versatile (catching badly designed ramps, bad roads and the annual floods).

By my calculations......you take home $2400 and only payout $1800, based on the cashflow breakout I saw earlier in the thread. Maybe you added more in the middle that I didn't read? Also, I believe you said you had some savings saved up? I wouldn't bother refinancing or selling the car......you aren't risking insolvency or anything bad. And both these will just add extra cost or cement a loss with no enjoyment.....especially if you really want the car. If I were you, I would just take any monthly savings you currently generate and throw that at the note. The faster you can bring down the principle now, the quicker you will pay the note off and free up some cash flow. Also, if you do have more than $1000 emergency fund.....you might consider throwing this at the note now, too. You might raise your deductible on your insurance to $1,000, too.....and if something does happen, you got the $1,000 to cover the deductible. If you pay into a 401K in your paycheck beyond any company matches offered, it might be worth considering reducing that until you payoff the note, too. Stock market returns aren't guaranteed, but paying off the note is guaranteed to save you 4.49% in interest on any outstanding balances on the note.

Once you pay off the note, build back up your savings and start pursuing those other life goals. And don't finance anything in the future that is a wasting asset (things that depreciate, like cars). Just my two cents!

Yes, you are over-weighted on total car costs.

As ez12a mentioned, a Civic Si or Veloster N would both be fun and less costly. The Veloster N has the power and customizable throttle, steering, suspension, etc. but the real money saver is the SI.

The Veloster mileage is just not quite as good as the SI. And the SI has more room.

You could really save going down to a Veloster Turbo or Hyundai Elantra N or even Sport. But the shock might be too much after driving a true fwd legend.

I get better combined mileage on my SI than Honda promises - 33 - 35 combined vs the 32 combined they quote. And i have seen high 40's on the highway. Handling is still great, and yes it will be much slower than your CTR, but fast enough to have fun. And a cheap Ktune or Hondata flash will do wonders.
The insurance costs will likewise drop. 41,000 miles in 2 years, no issues. Only mod I have done so far was to change out the stock Goodyear all seasons at 33,000 miles for a set of Michelin Pilot 4S tires and the grip is incredible. Best $ 1,000 I have ever spent on a car.
No, still not as sticky as the rubber bands they have around the CTR, but then again you don't have to worry about wheel damage every time you hit a pothole.

So sacrifice if you must, just get something that is still fun. Nothing European, stick to Japanese or Korean if you don't want to know what real financial pain is.

Life is full of priorities and compromises
When I was back in my late twenties, married with two kids, my wife as we I decided to buy our first Home. So out with the 1972 BMW 2002tii
and in with a high milage but reliable Chevy land yacht compared to my BMW. Bought our first house, cleaned, painted, new carpets etc Sold it for a tidy profit a year later. Had money to buy a another house to flip and another BMW 1977 BMW 320i So over the years after many flips we went from some amazing BMWs between flips to AMC Gremlin, Honda Civic CVCC old Mazda 626 Olds Deta 88 just to name a few. So when the time came to find another flip, out went the nice car.
Obviously not everyone is going to to flip homes, but whatever your endeavors will be, try to keep your dept load as low as possible at all times, don't spend money you don't have and make all your payments on time. On a side note, It was rare that I bought a new car ( even though I could) it would have to be three years old coming of lease and if possible a CPO car
I preferred some else paying for most of the depreciation. So in life sometimes you do have to compromise, but it can pay big dividends down the road of life. Good luck with your decisions and endeavors and you sure have youth on your side!!

I would put it into this perspective as I am 31 years old and I still live at home by choice. I live in the Midwest and make almost exactly what you do. 45K base but usually 50K+ thanks to overtime.

Do you want a family? Because I’ve made the decision that I definitely never want to be married or have children. That being said I know I spend too much on my Type R but I also don’t care. I only have myself to worry about.

The reason I live at home is because I want to. I refuse to pay rent towards something that builds me absolutely zero equity. I will move out eventually. But I’ve been here since your age and have no intention of bailing anytime soon. Does it bother you that you live at home? It’s funny in my experience. It pisses everyone else off because they are jealous or don’t understand. I joke that I’m “Live in Tech Support” because I’m always fixing things and setting up the new gadgets.

I would say this. Keep doing you and saving up for your down payment on your first home. I know you want to move out and have that pride of adulthood. But what difference does a few years make? Live there for 2-3 more years and don’t stress about it. I think you’re gonna be surprised how much your life will change by the time you turn 30.

My dealer said they would give me 27.4K for it, giving me $1.4K back. I know it's not the best decision but I considered trading it in for a 2017 CPO Accord Coupe V6 Touring automatic with 35K miles... the savings I estimate between the payment and having to fill up with less expensive fuel are almost $15K in 3 years... not exactly small money by any means. I test drove it, and I love how it drove, I absolutely love the V6, it's fully loaded - and it's in fantastic condition. All I have to do is make one call back and schedule the appointment. If I don't, someone else will buy it (my salesman showed me proof). I have until tomorrow morning. I seriously considered doing it. I am almost there but...

I have literally spent the past half an hour crying thinking about it. I don't know if I can do it. It'll put me in a much better spot but holy crap there's so much sentimental value in it. I don't know what to do. I've never felt this way about any car before.

The RAV4 is being used somewhat by my other family members and I really need something to make commutes not suck. If that puts me in a slightly worse off spot than having no car payment, I'm willing to sacrifice a few grand for that satisfcation. I just don't know if I can...GAH

DON'T TRADE IT IN FOR 27.4 are you INSANE.

If you're dead set on selling it - sell it private party.

Don't make more bad decisions on top of your original bad decision - you need to slow down and plan and not jump from bad idea to bad idea.

Good luck but stop lol

NapalmEnema said:

DON'T TRADE IT IN FOR 27.4 are you INSANE.

If you're dead set on selling it - sell it private party.

Don't make more bad decisions on top of your original bad decision - you need to slow down and plan and not jump from bad idea to bad idea.

Good luck but stop lol

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No, I'm not insane, it already lost value from the one accident being reported, and it has 20K miles already. Also, it looks like some bumper clips on my front bumper are missing, god knows how that happened, and my dealer pointed that out to me.

Unless I get that fixed (AKA more freaking money) even I'm skeptical of getting more than 28 for it selling privately.

Serious question...do people really have any luck selling these things private party? I know it's a way to maximize the sale price, but it seems like it would be difficult. It's not a cheap car

redwing497 said:

Serious question...do people really have any luck selling these things private party? I know it's a way to maximize the sale price, but it seems like it would be difficult. It's not a cheap car

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I don't know, and quite frankly, taking the time to provide test drives, make sure people aren't stupid with it, seems like a lot to me...

Zeffy94 said:

I don't know, and quite frankly, taking the time to provide test drives, make sure people aren't stupid with it, seems like a lot to me...

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Depending of your sales tax rate... you will have to make about 1.5-2k more on the private party sale on a car to make the same as using the current car on a trade... though trading out for another near-30k is probably not the route you’d want to take either.

Doing the PPS means if you turn around to buy another car, you’ll pay the full amount of sales tax on the other car.

Selling an old car for a few grand vs trading in for well less can be worth it. When your trade has a substantial amount of value and you’re buying another relatively high value car... that grand or two of sales tax savings can help be an equalizer for trade in value vs PPS value. You just have to make sure you’re getting a good deal on your trade. They can really take you to the cleaners if you’re not careful. Figure out what your car is worth and go for that number. If they low ball you... well... screw ‘em and walk. If they want to make a deal, they’ll call you back. I don’t sit around and let them sweat me over a deal. I give them my number and if they don’t take it I leave. I’ve never had anyone not call me back. I’d rather deal in my own home on my terms than under their roof and play a game that’s on their time table. It doesn’t have to be rude. I just tell them if they change their mind... call.

Zeffy94 said:

No, I'm not insane, it already lost value from the one accident being reported, and it has 20K miles already. Also, it looks like some bumper clips on my front bumper are missing, god knows how that happened, and my dealer pointed that out to me.

Unless I get that fixed (AKA more freaking money) even I'm skeptical of getting more than 28 for it selling privately.

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You should absolutely spend $13 (or less) to replace those missing bumper clips whether or not you're selling it.

https://www.amazon.com/GOOACC-Retainer-Plastic-Fasteners-Chrysler/dp/B07L6FJGR4/

Zeffy94 said:

No, I'm not insane, it already lost value from the one accident being reported, and it has 20K miles already. Also, it looks like some bumper clips on my front bumper are missing, god knows how that happened, and my dealer pointed that out to me.

Unless I get that fixed (AKA more freaking money) even I'm skeptical of getting more than 28 for it selling privately.

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Seriously, I don't know why you are focusing in on the gas cost.......over the 20,000 miles you have put on the car, assuming the Accord does about the same MPG as the CTR and a 50 cent diff, you are talking about maybe $350 over a year. If that is breaking your bank......you need to sell the CTR and drive the RAV4 full time. But you don't really seem to be in that position. And quite honestly, every trade you make is going to cost you more due to dealer premiums on a used car and seller discounts for convenience when you sell the CTR. The CTR will probably last you 10 years if you take care of it......amortize that $47K it cost you over the 10 years isn't that bad. Much less, you will likely pay what.....$20k for the Accord or so? Add what you lost in depreciation on the CTR to that and then amortize it over the 7 years of life the Accord might give you. You are just churning and burning cars......and your wallet is taking the beating.

charleswrivers said:

Depending of your sales tax rate... you will have to make about 1.5-2k more on the private party sale on a car to make the same as using the current car on a trade... though trading out for another near-30k is probably not the route you’d want to take either.

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I think PA is 6.75% but can't remember.

The Accord is 18Kish which is almost half of what my current loan is

Hello - if you get rid of the type r to save money then do it 100%. Don’t get the accord. That’s a bad financial move too. If you are going to make a bad financial move may as well let it be worth it.

sell the civic private party and dont bother with an accord for now. the two transactions should be entirely separate. This goes without saying but the dealer always comes out on top with trade-ins. They're low-balling you on the type R and making the accord seem like a better deal. Dont get suckered in twice.

It's your money in the end. But up to now it's been spent unwisely.