Can I Afford A 2008 Honda Accord?

[Tons_of_Debt]

I'm in a suburb of Atlanta, and I live about 2 miles from work. Currently, I'm relying on my own legs (walking, bicycle) and public transit. It's actually not been nearly as bad as I thought it would be.

Seeing as how I don't have a car payment (car was totalled out two months ago in a storm), insurance, or gas monthly, I'm using the money to pay off my cc debt...

I'm definitely able to wait until Spring, and in all honesty I want to wait until late october anyway (I'll be 25, insurance rates are about half)... I figure by not having a car I'm saving at least $450 a month (car note, insurance, gas, etc.)

We'll see... not sure what to do, but I want to be ready when it's time to buy

[Ashley1980]

Thats awesome.  Very lucky guy to live only 2 miles away.  Seems like its much better for both of us to wait it out then.  Especially for you and that insurace.  I was so happy when mine went down.  I even had a willful speed competition charge, so you could only imgage how much i was paying ($250 a month, just for liability).  Now i'm only payin 375 every 6 months on my jeep.  When i get my accord it will only be 150 more per six months.  Averages out at 89 bucks a month.

Think i'll wait.

[Tons_of_Debt]

They advised me it would be about $100/mo for full coverage on the civic (after birthday), compared to 180/mo (before birthday)!!!

I'm sure I could get a lower rate if I shopped aroung, but surely the disparity between the two will still be high!!

I'm enjoying some of the additional benefits of riding a bike beyond the cost savings: Staying in shape, being more aware of the community around me (just moved here so this is a tremendous benefit), being eco-friendly, etc. 

[Anonymous]

Congrats to the both of you for waiting! I'm confident you won't regret it and will be in much better place and most likely get an even better deal and better financing!!! Keep us posted and again congrats on your decision (a tough but worthwhile one)!!

[Ashley1980]

Well ALL. My truck is showing signs of a pending death.  It wouldnt start on me so i took it in and of course they are screaming everything under the sun, from brakes and rotors, to a relay switch, to differential problems, and a minute oil leak.  I'm to go to the dealership this weekend.  I still owe 3800 and again lookin for the 2 door v6 accord w/ navi.  I emailed a quote of 29,000 OTD.  How does this sound?

[Ashley1980]

BTW, they use Equifax and Transunion.  My scores are 655(with 2 baddies both paid, newest one was from 2003 but reported again in feb 07) and 648(1 baddie from 2003 paid) respectively.  I made a total of $500 of payment to my outstanding credit balances that total 2549. I have  Any chance for honda financing?

[tralyn05]

Hi Ashley

I was recently approved for a new Honda Accord EXL V6, I financed my car through Honda.... My Transunion Fico score was 607 and my AE Transunion score was 657...big difference only b/c i had excellent History with Car Loans (had over 4 over the years in the last 8 years).. My rate is 8.39 (will refi later). Have you ever tried to sell your truck?  Take it to carmax to get a quote..it's free .. The entire process was pain less.. Always negotiate the price of the vehicle before you go in to the dealership

[Ashley1980]

oh ok cool..  my truck isnt work but about 1500 so i'd be taking negative equity over.. which is why i state 29,000.  how much did you pay for yours?  you got the coupe?  how much are your payments?

[tralyn05]

28,300 paid 2000 down....467 a month

[Tons_of_Debt]

Ashley, do you mind if I ask why you're set on the Accord? It seems rather pricey... even if you can afford it, would you consider something cheaper?