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My Poor Decision
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metalfab
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PostPosted: Fri Jan 17, 2014 5:03 pm    Post subject: My Poor Decision Reply with quote

Embarassed
The last 3 months we have had have been awful and I'm 100% to blame.

Oct of 2012 we bought a Mazda 5. I was a bit worried about the size for things that we like to do; camping, weekend trips, etc. Summer 2013 we went on a 2 week camping trip across BC/Alberta. We were completely packed: 2 adults, 2 kids, tent, 4 sleeping bags, related camping gear, small BBQ and burner, pillows, clothing, 4 folding chairs, etc. Thing is, it fit and worked but getting at something required moving everything.

This past October I decided to go big and trade in the 5 for a truck for future trips and the like.

We still owed a lot on the 5, only a year into the financing. The truck we bought was basically doubling the new finance amount in the 72 month term. Being caught up in the moment and not thinking I dove in.

The payments and the new travel time (gas) to work are just too much. We aren't in the red but we are way to tight on cash. Trading the RAM in for a car with a lower payment and better gas is not possible. It just doesn't jive with the bank; the new car that is affordable is not even worth half the debt load so financing will be declined.

So now we are looking at another option, line of credit acting from our mortgage. We'll pay out the financing (save on the interest in the process) and then use the full value of the truck to get something else. A Mazda 5 would be just fine as well! I did the math, it saves us a ton in interest and a few thousand on top of that. Also the gas will drop 40% and insurance will be cheaper. We'll know next week if we can get the line of credit.

I tried to reverse the deal but the dealership had the money and the deal was final. I'm not being hard on myself, I was stupid to do this and set the family back financially. Life lesson learned. [/ Embarassed ]

2015 Mazda 5 GS w/CP
Mazda OEM rack w/Thule Atlantis 1600
Mazda 1.25" Hitch w/ Thule Helium Aero

Past: 2014.5 Mazda CX-5 GT, 2012 Mazda 5 GS, 2003 Mazda MPV DX
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aha
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PostPosted: Sat Jan 18, 2014 12:26 pm    Post subject: Re: My Poor Decision Reply with quote

i'm very sorry to hear that, man. i was surprised you disliked the 5 but i said nothing because i do have friends who are tall and they just don't fit in the 5.
what about creating a side business so that your fuel expense can help you with tax? if it were lease it would give you a tax break as well in US, at least.

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metalfab
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Location: Burnaby, BC, CA

PostPosted: Sat Jan 18, 2014 6:58 pm    Post subject: Re: My Poor Decision Reply with quote

aha wrote:
i'm very sorry to hear that, man. i was surprised you disliked the 5 but i said nothing because i do have friends who are tall and they just don't fit in the 5.
what about creating a side business so that your fuel expense can help you with tax? if it were lease it would give you a tax break as well in US, at least.


I didn't know what I had with the 5. It's a great car and I hope to own one again soon if the bank approves the line of credit.

My current job is pretty intense. I do 4x 10hrs Mon to Thurs. By the end of the week I'm exhausted. I do the shift mainly because most people don't like a 3:30pm to 2am deal. In the summer its great, 3 days a week to spend with the family as kids and wife are home (the better-half is a teacher).

Some way or another this will all work out. I wasn't thinking. I do 35KM to work and 35KM home plus a fairly regular driving routine on the weekends. 500KM a week using a 5.7L. I was in camping/travel mode when I made the choice. Should have kept the 5!

Looking at the numbers I hope we can get a 5, maybe a 3 Sport (might all we can afford). One other option is the Dodge Dart with the 1.4 turbo, even less than a 3 Sport (at least here). We'll see next week.

2015 Mazda 5 GS w/CP
Mazda OEM rack w/Thule Atlantis 1600
Mazda 1.25" Hitch w/ Thule Helium Aero

Past: 2014.5 Mazda CX-5 GT, 2012 Mazda 5 GS, 2003 Mazda MPV DX
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aha
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PostPosted: Sun Jan 19, 2014 7:41 am    Post subject: Re: My Poor Decision Reply with quote

Good luck, man....hope it all works out. Smile
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metalfab
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PostPosted: Mon Jan 20, 2014 3:22 pm    Post subject: Re: My Poor Decision Reply with quote

aha wrote:
Good luck, man....hope it all works out. Smile


Thanks aha, appreciate that.
I'll update once I know whats happening.

2015 Mazda 5 GS w/CP
Mazda OEM rack w/Thule Atlantis 1600
Mazda 1.25" Hitch w/ Thule Helium Aero

Past: 2014.5 Mazda CX-5 GT, 2012 Mazda 5 GS, 2003 Mazda MPV DX
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Manitoba MPV
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PostPosted: Mon Jan 20, 2014 9:09 pm    Post subject: Re: My Poor Decision Reply with quote

Hey Metalfab, that's painful, I sure hope it all works out for you.

We bought a used 5 (2009) about eight months ago, and are overall very happy with it. Got the 5-speed manual, which is very nice to drive but is geared such that the revs are pretty high on the highway. However, it still turns in fine mileage.

As far as the interior room, I installed a hitch for trips. I know it's not rated for towing, but we have plugged in a bike rack with as many as four bikes and it's been good on long trips. (The bike carrier says it's not to be used in a Class 1 hitch when loaded with four bikes, but I rigged up a strap to take the bounce out of the assembly, and to reduce the tongue weight.)

In theory we could plug in our hitch-mounted package shelf instead. In any case, camping and road trips are quite doable.

I had a bit of buyer's remorse at first, but it's been flawless so far (52K - 68K) and has served us well. LemonAid rates it as one its only three recommended minivans.

As far as the RAM, your biggest cost at this point will be depreciation. I hear you on the fuel, but you might be better off keeping it anyway. The new RAMS are advertised as being good on fuel, although real life is often different. (That's probably the new 3.6, not the 5.7 anyway.)

Could you ride a bike to work once a week? (I don't drive to work - I ride three seasons, and run or walk in the winter, but am not 35 km out either.)

How about a scooter for non-rainy days? Good on fuel, and cheap to insure.

Just brainstorming here ... let us know how you're doing.

Manitoba MPV

'82 GLC 1.5 5-speed ('82 - '95); '79 GLC Sport 1.4 5-speed ('87 - '89); '85 626 2.0 5-speed ('97 - '05); '90 MPV 2WD 2.6 5-speed ('96 - '01); '95 Bawngo GL Super 9 pass 2.0 5-speed ('03 - '04); '97 AllSport 2WD 3.0 auto ('01 - ?); '01 Protege 1.6 5-speed ('05 - '13); '09 Mazda 5 GT 5-speed ('13 - ?)
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metalfab
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PostPosted: Thu Jan 23, 2014 2:23 pm    Post subject: Re: My Poor Decision Reply with quote

An update.

Used Google Maps to find every Mazda dealership and other major players near me. I looked at every one of their websites for new and used Mazda 5, 2010 or newer. Because I owe so much on the current financing the rejection rate is high for a trade-in/refinancing.

The good news is our bank might bail us out by giving us a loan to cover the entire amount on the truck and kill off 2 credit cards as well. I find out tomorrow.

Another piece of news is I found a mint 2010 Mazda 5 GT with the 2.3L and only 55,000KM. The previous owner also bought the 7yr/140K warranty of which 3 years or 85,000KM is still valid. It's priced at just under half the cost of new. It's the best used one I have found. I priced out a 2014 GS (I had the 12 GS) with fog lights and the difference is $8000 from the above 2010.

Time to be smart about this, that 2010, if it checks out ok, sounds like the solution. This cost will allow us to play catch up faster over the next few years.

I'll be finding out tomorrow, on pins and needles right now!

2015 Mazda 5 GS w/CP
Mazda OEM rack w/Thule Atlantis 1600
Mazda 1.25" Hitch w/ Thule Helium Aero

Past: 2014.5 Mazda CX-5 GT, 2012 Mazda 5 GS, 2003 Mazda MPV DX
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metalfab
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PostPosted: Fri Jan 24, 2014 8:16 pm    Post subject: Re: My Poor Decision Reply with quote

Our bank said they only thing we can do is re-mortgage and pay out the existing financing and then buy a new car. i don't want to do that right now, if possible.

I went to see what Mazda could do with just a refinancing of the entire deal.

The numbers just don't work on the 2013 or 14 Mazda 5 GS or the mint CX-7 GT we saw.

So, we are trying for something unexpected: a 2014 CX-5 GT fully loaded. All in all it will be cheaper by $100/m than what we are paying now. Very excited but its going to be really close to getting it approved. I'll know by tonight or tomorrow. Red or white?

2015 Mazda 5 GS w/CP
Mazda OEM rack w/Thule Atlantis 1600
Mazda 1.25" Hitch w/ Thule Helium Aero

Past: 2014.5 Mazda CX-5 GT, 2012 Mazda 5 GS, 2003 Mazda MPV DX
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Manitoba MPV
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PostPosted: Sat Jan 25, 2014 7:26 pm    Post subject: Re: My Poor Decision Reply with quote

The SkyActiv powertrain in the CX-5 is said to deliver in real-life driving close to the Transport Canada ratings.

You can add the gas savings to the monthly payment savings.

The base model (with the 2.0 litre engine) is available with a manual tranny, which I find very appealing.

The 2.5 litre AT combo is said to be great.

Manitoba MPV

'82 GLC 1.5 5-speed ('82 - '95); '79 GLC Sport 1.4 5-speed ('87 - '89); '85 626 2.0 5-speed ('97 - '05); '90 MPV 2WD 2.6 5-speed ('96 - '01); '95 Bawngo GL Super 9 pass 2.0 5-speed ('03 - '04); '97 AllSport 2WD 3.0 auto ('01 - ?); '01 Protege 1.6 5-speed ('05 - '13); '09 Mazda 5 GT 5-speed ('13 - ?)
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aha
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PostPosted: Sat Jan 25, 2014 8:25 pm    Post subject: Re: My Poor Decision Reply with quote

CX-5 is definitely a great car/suv but be sure it has more cargo than Mazda5 since you like to go camping and stuff. Although I'm sure either vehicle is fine because you can add a cargo on the roof. I'd definitely go with white instead of red but that's just me Laughing

On the side note, "you said "the numbers just don't work" - are you saying MZ5 is more expensive than a CX-5 in your area (Canada)?

* 2016 Kia Soul EV
* 2012 Toyota Sienna LE
* 2012 Mazda 5 Touring with S&S - clear water blue mica
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metalfab
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Location: Burnaby, BC, CA

PostPosted: Sat Jan 25, 2014 9:05 pm    Post subject: Re: My Poor Decision Reply with quote

aha wrote:
CX-5 is definitely a great car/suv but be sure it has more cargo than Mazda5 since you like to go camping and stuff. Although I'm sure either vehicle is fine because you can add a cargo on the roof. I'd definitely go with white instead of red but that's just me Laughing

On the side note, "you said "the numbers just don't work" - are you saying MZ5 is more expensive than a CX-5 in your area (Canada)?


The numbers didn't work on the 12-14 5 and 11 CX-7 as they were less expensive than the entire balance of the financing owed. If that doesn't make sense hold on! Wink When we traded the 2012 5 for the RAM we still owed a large chunk of cash. We meshed the 5 financing to the balance of the RAM. Yes, that's where the mistake happened and it will haunt me for a long time. The only way to get out of the RAM and away from the poor Dodge service/communication was to get a car that was worth more to the bank. See, we couldn't trade the RAM for a car like the 5 as the 5 was just below the halfway point of the total financing amount. We had to spend a slight bit more to make the numbers work. Mazda gave us a good price on the RAM, about $2500 more than expected.

I'm neutral on the 2 of the 3 choices (white, red, black), black being a No. Looks nice when spotless, but scratches, dings, dirt, etc show up far to easy. My daughter went from red to white to red again; final is red. My son chose red from the start. My wife was to be the tie breaker, she chose red as well. It's looking like the Soul Red Mica is the color.

2015 Mazda 5 GS w/CP
Mazda OEM rack w/Thule Atlantis 1600
Mazda 1.25" Hitch w/ Thule Helium Aero

Past: 2014.5 Mazda CX-5 GT, 2012 Mazda 5 GS, 2003 Mazda MPV DX
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aha
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PostPosted: Sat Jan 25, 2014 10:24 pm    Post subject: Re: My Poor Decision Reply with quote

I see....now I understand about the number. Congrats! Red is nice, too....Very Happy
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