Trade-in dilemma.

[Glamisduner]

How many times has the transmission / clutches failed on your fiesta? If more than 3 then you might be able to have it bought back.

I ask because I recently had my focus purchased back from ford for the same reasons (it was paid off so I got the full amount).

I went through a couple DCT clutches in the first 100k miles plus a TCM failure. Anyways I didn't think I qualified but I sent my service records to a lawyer and a few months later Ford offered to buy the car back. Ford didn't make these terrible cars on purpose and they don't want their customers to hate them. You might give these guys a call and see if they think you have a case (it is who I used):

Norman Taylor & Associates

I'm not familiar with the deadlines on the class action for the fiesta, I got my car in right before that was due. I believe with the class action it will cause delays if you eligible for a buyback but it could still happen!

The process was me contacting them, they said they think I have a case and I paid a retainer and agreed to pay for their service if they won the case. They asked for service history and some other paperwork. Then a couple months later I was notified of the buyback.

I used some of the money to buy my volt due to Tesla pushing back delivery dates, and plan to use the rest for the down payment. Perhaps a buyback is what you need. Ford will not give you the total purchase price, but they will devalue the car using cost of depreciation up until the first problem occurred, then give you that value.

The 10k tax credit might be reason enough to trade in on the carolla if you can get the 3 this year.

I think you can still get a model 3, if ford will buy back their lemon, the issue could be the time frame and question as to whether or not it is eligible.

 

[MXWing]

Ah, re-reading I missed the credit card debt.

@astrn - you should try and roll your credit card debt into a balance transfer with no interest rate.

There’s factors in addition to just “math” which is going to be potential marital stress. A Model 3 + a divorce is going to set you back pretty much forever.

It’s unsolicited advice but I see this as a huge train wreck...

If I was given the option to be someone who made millions a year but the price was I had to spend all those millions, carry debt and be bad at math.

Or

Make only 50,000 a year but be completely free of debt and be good at math..

I’d take the latter option. It’s better to have little money and sleep well at night than have lots of money and stress about losing it all.

 

[MXWing]

Must have been sweet not having a car payment for that long, though.

I paid off my S4 two years ago and, since then, have enjoyed not having a car payment for the first time in my adult life. The thought of going back to having one with my upcoming Model 3 stings a bit, but I figured I might as well get one now since the tax credit will basically cover a year's worth of car payments.

Go get your Model 3. Sell the S4 though before you have to pay for a real repair outside of Audicare.

 

[NewTMSMan]

I like to spend my money on experiences while I am still younger rather than wait 10-20 years and try to fix your health problems caused by all the stress to put aside all those money with your hard earned money.


Everyone have different money saving goals here. Some of are here paying huge amount of mortgages or student credits which I dont have both gladly. Some of us trying to save tuition for their childs college or such things. Heck I still dont know even if I am going to have a baby.

I am not economist, analyst or some stock brokerage people which is pretty obvious actually. I can paint, take photos, make graphics so I am a designer.


So back to my original question again. Corolla or Fiesta?

OK it's clear you have no understanding whatsoever about finances, and in your exuberance, you just want to buy a Model 3.

So.... what exact "math" help do you need on your already bad financial decisions? Honestly you might as well just flip a coin as it will result in as good a financial outcome as all your decisions so far. If it is not about making a financially sound decision, then what exactly are you asking people?

In the end I would never have bought a Fiesta, get rid of that if you are randomly picking one, or what color are they, we can pick based on that

 

[BestHand]

And also it might sounds dumb at first but everytime when I see myself financially secure and ok I lost my desire to work and become lazy or couch potato. A little more debt is more beneficial for me because it always urges me to work and earn more money.

Ask yourself, what is your goal in life: to work (because you have to earn more money, or enjoy your life (you can call it to be a couch potato)?
Actually you can enjoy your life in a many ways, not just sitting in front of TV, but if you do like watching TV, what is wrong with that?
I came in US from socialist country where people been brain washed that they have to work most of the life.
I came here same as you, but I made a rule for myself: do not buy anything in credit. It does not mean I do not use credit cards. Actually I use credit cards all the time, never use a cash. But I ALWAYS pay my credit cards in full. Never missed. Only once I violated my rule when I bought my house, but I put down 30% of the house (all money I had) and paid off 15 years mortgage in a matter of 6 years, paying principals ahead. My first car I bought was beautiful used Cadillac STS 94 which I loved and I paid cash for it, my current car is Honda Accord V6 which I bought new and also paid cash. I have no debts, no mortgages, have enough money to enjoy traveling, but still think that Tesla is not cheap car to buy, but we have to enjoy the life right? Trust me that time is flying and when you will be 50 years old you will appreciate the right choices you made earlier.
Finally to your question:
Sell Fiesta.

 

[JTesmod3]

Trust me that time is flying and when you will be 50 years old you will appreciate the right choices you made earlier.
Finally to your question:
Sell Fiesta..

The truth is people don't listen, they have to experience it first... So buy the 3P, if you want to be "sensible" buy the awd. But remember to pull out that credit card to go to amazon.com and buy a dragy to give us some performance times and videos; remember you don't want to regret this purchase! YOLO!

 

[rdlink]

Sometimes the best advice we get is advice we're not willing to take. And the advice we're asking for is not the advice we need. This is the case with you right now, my friend.

You have a lot of people giving you great advice that will help you to be able to reverse some bad decisions you've already made. If you just stop for a minute, and think outside of the instant gratification moment you might be able to see the best path.

As a rule of thumb one of the worst financial decisions you can ever make in your like is paying money for money. Especially when the amount you're paying is as high as your current loans. Your lowest interest rate on your car loans is actually higher than what I pay on some of my credit cards. Or at least what I would be paying if I carried a balance.

I won't go as far as some and tell you to not buy the Model 3 (mainly because you wouldn't listen anyway). But you should do everything possible to get out from under both of those car loans ASAP. Sell the Corolla on the open market, and use the cash you get back to refinance the Ford with a lower interest loan. If you pay on that loan for a few months (6-8?) I think you'll find that you will be able to get a much better interest rate on a Tesla. And when you buy the Tesla either be very aggressive on shortening the term in order to use the disposable income you claim to have to get out from under the loan asap, or be disciplined and double up on payments.

And set aside some money RIGHT NOW to put into a retirement account. If you're as young as you claim a Roth IRA invested in a diversified fund would be your best bet, long term. But in the future you need to make sure to pay yourself into that account before buying anymore toys.

 

[willa1975]

Go get your Model 3. Sell the S4 though before you have to pay for a real repair outside of Audicare.

Will be trading it in when I take delivery on the Model 3.

The car has been great, though. The only actual repair I have needed on it after 72,000 miles has been a faulty oil pressure sensor that was replaced under warranty.

I would seriously consider the e-tron quattro had it made it to market by now, but am not convinced that they, or the other big automakers, are committed to selling EVs over here in any meaningful volume or investing in charging infrastructure the way Tesla has.

 

[willa1975]

The other thing to consider is that you don't want to be 50 or 60 with no money in the bank and still working your ass off to service debt.

At a minimum, you should have a retirement account that you contribute to with every paycheck and 2-3 months' salary set aside in cash before you go spending big money on fun stuff.

 

[Dana1]

Well my main question was not should I buy Tesla with my income ratio.


I dont want to save until I got 50-60, live frugally and amass a couple of million dollars when and buy Tesla after those years.


I like to spend my money on experiences while I am still younger rather than wait 10-20 years and try to fix your health problems caused by all the stress to put aside all those money with your hard earned money.


Everyone have different money saving goals here. Some of are here paying huge amount of mortgages or student credits which I dont have both gladly. Some of us trying to save tuition for their childs college or such things. Heck I still dont know even if I am going to have a baby.


I dont eat outside. Even if I do so I try to spend no more than $10-15 a meal which is pretty much rare. I am not under huge amount debt, which is around 20k currently including all of my credit cards and credit accounts. I was living of 3k a month with my wife including almost a year ago while I was paying both of these cars and credits. Dont ask me how I could be able todo it but it was pretty hard times for me because I moved from another country without knowing anyone here, getting used to cultural differences, language, food, climate, everything you can imagine. Adding all of these it was pretty hard to find a really paying good job if you dont know anybody.


While I have still time and being young I want to enjoy my hard earned money during my youth. I will definitely regret it in future if I dont enjoy my money while I was young. You can replace what you lost depending on how hard to replace it. But can you replace your time or do you have extra life potion hanging around assuming you are dead because of some stupid accident? I dont think so. My time is much more valuable than money. I dont work for money. I work for enjoying. No one knows what is going to happen tomorrow. So that is my point of view to life. Even if I have huge problems in future I have a choice to get back to my country and live without any financial problems. So no big deal for me.


I can also go and buy Model X or much more fancier cars right now with insane amount of APR, but I am not that stupid as well. I can buy what I can afford and 50k is easily affordable in my current income situation. And no P is a little extreme for me


I am not economist, analyst or some stock brokerage people which is pretty obvious actually. I can paint, take photos, make graphics so I am a designer.


So back to my original question again. Corolla or Fiesta?

Sell both. Go to a CarMax, Autonation etc. Eat the upside down value so it’s not hanging over your head. Have one car, period, which simplifies payments, insurance, etc.

 

[willa1975]

Sell both. Go to a CarMax, Autonation etc. Eat the upside down value so it’s not hanging over your head. Have one car, period, which simplifies payments, insurance, etc.

His wife needs a car too. One car for two people won't work in LA.

 

[JTesmod3]

His wife needs a car too. One car for two people won't work in LA.

My wife and I do it, luckily our work is 3 miles from each other and we have similar hours. our other car was a BMW but now its UBER ; it's actually cheaper

 

[willa1975]

My wife and I do it, luckily our work is 3 miles from each other and we have similar hours. our other car was a BMW but now its UBER ; it's actually cheaper

How does Uber compare to the car sharing services?

 

[JTesmod3]

How does Uber compare to the car sharing services?

lyft might be a little better but for the most part its the same, the best one is the one that has the biggest discount whenever I use it.

 

[CrazyCoconut]

A lot of good advices all around. To OP - if you can delay your gratification just a little, I would pay off your existing car debt first, then pick up a 2018 Model 3 in a year. You get an almost new car at a huge discount.