How should I go about getting my Viper?

[Bonkers]

Hello all.

Well let me begin by admitting the obvious; vipers are out of my price range. But I still want one...badly.

Okay here's my twisted story; this summer I may be able to scrounge up a large chunk of money, which I will not be able to sit on or invest. With this cash I would like to get an RT/10 to drive when I can afford the insurance. I truly would like to have one sitting in my garage, not being driven, then not have one at all.

Now I've seen the occasional "bargain" pass through the oddball dealership at around $30-36K (this is slightly above my range, but I can do without eating for a few months). I also see many, many wrecks on the WebPages for $20-25k. Now assuming that the one-piece wholesale dealership cars have been insanely abused and the salvaged ones were taken care of until the moment of disaster which would be the more worth wild route to go? Would the costs of maintaining the "good" car be worth the extra $10k or is it just a better idea to go with a well-maintained setup that needs to be glued back together?

I keep an eye out on the Gov auctions, but apparently so do much wealthier people and very rarely have I seen one of these beauties go through at a huge discount. Since I don't want a wholesalers license the salvage auctions are out of the questions as well.

Oh an due to GMAC screwing me over to get my Yukon my credit is now shot so I have zero chance for a low interest loan.

Any suggestions would be greatly appreciated.
BjBonkowski

 

[Jeff Torrey]

I would check the classified section. But you are going to be over $30,000 anyway. Prices come down on high milage cars. As long as they were maintained on a regular basis you can get a good car. But still over $30,000. Maybe you can get a loan through AAA or something like that. Book value will be lower than retail. To get a loan you will have to have some eguity for the bank to be willing. In other words you will either have to put down a good chunk of money, or get a heII of a good deal.

 

[Bonkers]

See that’s the thing though, I had tier 1 credit but a payment plan through GMAC lead to a repo (six months ago.) I think it was a scam, but since I cannot prove it, nor afford a lawyer to help me, my credit is shot. There are no loans with a current active repo and I refuse to pay more than I have to GMAC until I'm sure there are no legal actions left. If I do I'll never see that money again. The few banks willing to front me cash won't go over $10k and won't go under 22%APR.

Since I would like to keep it under 30k my options are extremely limited. I figure since I won't be able to afford insurance for at least three years anyway I might as well get something on the cheap side. After I get this payoff I will not have any free cash for at least eight years (unless of course I hit the lotto or get five promotions) and by that time prices will start to increase again (just because that would be my luck).

Maybe I'll come across a perfect vehicle but I'm not holding my breath. If they haven’t been sold yet, I found one salvage car hit in the rear for 20K and a theft recovery for 7k. I figure if I blend the two together I can get a 99% whole car for about 30k. There are 12 cars on autotrader this morning selling under 35k but I'm not sure of the quality.

 

[Joseph Houss]

Just my opinion:

The way you're describing your dillema:

1) You can only afford $27K
2) You wouldn't be able to drive it for 3 years "anyway"

so:

DON'T BUY IT
INVEST YOUR 27K in a triple tax fee bond fund or conservative mutual fund ....
SAVE the money that you would have spent to put the 2 cars together (probably another 10K)
****! In 3 years you'll have better credit, and 37K to use for a nice, ONE OWNER RT/10!

 

[BigsViper]

www.daveramsey.com

Glad you love the Viper, but you need to get your financial house in order before you buy one. It's just a car (albeit the ultimate in my view); There are more important things in life!