Would now be the time to score a Hummer? - Page 3 - Fuelly Forums
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Old 06-15-2008, 01:30 PM   #21
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Just a thought: since you are in college and are a full time student, I'm assuming you don't work full time, and unless your parents are planning on making your monthly payments for you, I highly recommend that you DO NOT buy an H3 or a new car at all. Here is a cost breakdown of your H3.

Sale price: 18000
Sales tax (7.5%): 1350
Title, etc.: 270
= 19377

That is your actual price before your down payment. Assuming you make a $3000 down payment, your cost is reduced to
= 16377

* 5% interest rate (this is EXTREMELY generous)
= 818.85

Your total cost of your car loan will be
= 17195 / 60 months

and you are paying $286 per month (and again, this is with a low interest rate which you will likely not get)

I got a quote on the insurance from Progressive using myself as an example and assuming you have a perfect driving record and minimum coverage required for a car loan you will be paying $212 a month for insurance.

If you only drive 6000 miles a year with gas prices remaining around $4 and get a miraculous 25 mpg with the H3, you will pay $960 add $40 for oil changes and that's $1000 or $83 a month. Assume you will pay $600 per year for repair costs and that's an extra $50 a month.

That comes out to $631 a month.

Over the 6 years that you will be paying this car off it will cost you in total over $37,000.

Compare that to a 2002 Toyota Highlander which has 25 MORE cu. ft. of cargo space, has an EPA combined rating of 22 mpg, has a higher maximum payload (by almost 400 lbs.), is considered to one of the most reliable midsize SUVs (by comparison, Consumer Reports states that the H3 has a higher than average problem rate for the engine, drive system, paint/trim, body integrity, and body hardware) In addition to all this, the Highlander will cost you about $10,000 with the same amount of miles as an H3 from a dealer. And if you buy from a private seller, knock about 2 grand off.

In short, if you need something to haul a lot of stuff around, the H3 is the least financially responsible choice. In fact, the only reason I could think for getting one would be to impress your peers, and while it might serve that purpose very well, 3 years down the road, you'll be kicking yourself in the *** for being so irresponsible. I recommend you sweet talk your parents into buying you a used Highlander from a private seller for $8,000. Make payments to your parents, and you will only have to pay about $30 a month for insurance.

Just think about it before you saddle yourself with a $600 a month bill.

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Old 06-15-2008, 02:22 PM   #22
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I appreciate your financial analysis. I have looked into this. At current, my parents pay for my gas usage and insurance. In the next month, my premium will come down to a normal rate. There is no money owned on my Mitsubishi.

I was looking into payments and I assumed an interest rate of 8% over 5 years, which came out to $336 per month on an $18,600 car.

If I work 10 hours per week at $10 per hour, I am left with $400 per month before taxes. Such jobs are very easy to get around campus. There are a lot of internships that pay in the 8 - 10 dollar range. I would be willing and able to work 15 to 20 hours per week even.

Why factor in repair? The Mitsubishi is going to require more repair than any new vehicle I consider getting. This car is already burning a half quart of oil every 500 miles.

Thank you though.


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Old 06-15-2008, 03:52 PM   #23
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Originally Posted by theholycow View Post
Did he park an H3 inside his H2? According to
it weighs 6,400lbs and has a GVWR of 8,600 pounds. He's illegally overloaded it if it weighs 9000lbs.

red91sit's trailer suggestion is a good idea.
Oops, your right, we had to get a 9000lb sticker for it. Although, the aftermarket wheel/tire combination have to be about 150lb each, so I'm sure that bumped it up alot lol...

And its more like this...
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Old 06-15-2008, 06:08 PM   #24
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haha new cars end up breaking more than the "seasoned" cars (more than 50K miles)

what karish said is true, seems like you want one for is to impress people as thats the only thing a hummer is good for...

just buy a smallish suv or truck with a camper toper if you truly want it for hauling stuff around...

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