Buying my first convertible!

Hey guys, great to see this site is up and running again, my favourite site on the Internets .

So, about 5 months ago I moved from Toronto, ON, Canada to Calgary, AB, Canada and I've been making killer money out here.

For a while now I've wanted to buy a convertible it's like a "life goal" of mine. I have enough money now to put a healthy amount down, but most likely I'll wait till Summer and buy the vehicle out right or put like 75% down. I just don't like owing money so I'd like to put down as much as possible.

I'm thinking of buying a brand new or slightly used Miata. I'vealso been considering an 09 Pontiac Solstice but the pproblem isPPontiac is out of business so repairs may be costly in the future.

I plan on using the car only in the Summer, so I would have to store it in the Winter (Winters in Canada are brutal).

Do you guys have suggestion on where to store the car?
Which model to get? Any advice or guidance on buying this kind of hobby car?

I'll post a pic of me in the car when I buy it!

Thanks.

Check out the Volkswagen EOS. It's less expensive than most and does not have to be just a hobby car. If you are looking for a soft cover, than forget I posted this.

BoxingSpecialist2 said:

Hey guys, great to see this site is up and running again, my favourite site on the Internets .

So, about 5 months ago I moved from Toronto, ON, Canada to Calgary, AB, Canada and I've been making killer money out here.

For a while now I've wanted to buy a convertible it's like a "life goal" of mine. I have enough money now to put a healthy amount down, but most likely I'll wait till Summer and buy the vehicle out right or put like 75% down. I just don't like owing money so I'd like to put down as much as possible.

I'm thinking of buying a brand new or slightly used Miata. I'vealso been considering an 09 Pontiac Solstice but the pproblem isPPontiac is out of business so repairs may be costly in the future.

I plan on using the car only in the Summer, so I would have to store it in the Winter (Winters in Canada are brutal).

Do you guys have suggestion on where to store the car?
Which model to get? Any advice or guidance on buying this kind of hobby car?

I'll post a pic of me in the car when I buy it!

Thanks.

Click to expand...

My advice? Don’t buy the car. Last year, I believe you stated in another thread that you already purchased a new car, so obtaining a rear-wheel drive convertible (in Canada, of all places) would simply be a luxury item that would double your car insurance, prevent you from saving money, it will lose value early and often (as all cars do), utilize more expensive fuel/parts/labor, make a faceless car corporation rich(er), etc.

Like most, I’ve been driving since I was 16 (about 12 years ago) and you wouldn’t believe the amount of money I’ve saved by not purchasing expensive cars or ever having a car payment. I mentioned this in another thread last year on CF, but I’m only a few months away from paying off my house (30 year old split level home on 9 acres). The reason is because my wife and I have no other debt whatsoever. I know people with car payments exceeding $500 a month (for a 5-year term), which would make me physically ill. I’m not trying to “lecture†you or anything, just a suggestion.

FYI, I’m currently driving a Ford Focus with over 280,000 miles and I paid around $2,500 for it over 10 years ago because it was wrecked at the time and I had to fix it first. It’s never broken down once. My wife and I have two other high-mileage cars that are equally-reliable. I have minimum insurance on all three, which only costs around $700 per year.

It’s never too late to buy an inexpensive “beater†car. Perhaps instead of the convertible, you could purchase something for under $5,000 to “save†wear and tear on the new car you already have?

I agree with Thrashen for the most part. If you are set on getting the "second car" just as a summer fun item, then you would be best served buying something inexpensive and cheap to fix. A Solstice or the Saturn equivalent are nice, but are still pricey, with a low future return. An older Miata with low miles would be good for under $5K (US). Being a Ford guy, I would probably opt for a late '90s Mustang GT convertible. Good looks, super reliable, and a lot of them out there. A really nice one can be found for around $5 grand.

BS2 if you are truly a "baller" making huge dollar, I say buy the upcoming 2016 Miata. The reviews have been great and the car looks insane. But only do this if you truly can afford it and if you have disposable income.

Thrashen, thank you kindly for your advice and there is some great wisdom in your comments. Making car payments suck, as do added insurance premiums. You never want to have more than you can afford.

Maybe I should re clarify a few things though: Yes I recently bought a vehicle in 2013 but it was not a new vehicle. It's reliable, easy on gas, and easy on maintenance. So I use it as my "daily driver" to and from work. Runs great and it's awesome as a daily car.

By August of this year I will comfortably have 20000$ to put down on a car. I'm planning on spending between 10000-25000 depending on the car (Can get a Miata about 1 year used for 25000 or less). Insurance on a Mazda Miata is pretty much the same as my current car. I would insure the Miata only in summer months so I'd effectively be increasing my annual insurance costs by .5, maybe 750$ annually if you include fire & theft which would run year round.

I won't owe any money on the Miata, I'm planning on buying it outright.

Of course, we also have different life circumstances. You are married with a child, which is awesome. I'm just a single guy trying to enjoy life. I have no obligations other than to myself.

Some people would say that I should put the 20,000 down on a property or keep saving. But it's not like I ïhave a family. It'd just me. I would like to own property, but later on.

The only questions/problems I have are as follows:

1) Where will I store the car in the winter? I don't own a garage and currently don't have daily access to one. Could I possibly buy a hard top and just park it on the street in the winter? Alternatively I could rent a garage probably 50-100 a month. My family owns land in Quebec where I could store it indoors for free bbut it's like a 4 day drive from where I'm living.

2) Is it possible someone may break into my convertIble? Ive heard soft tops are bad for break ins? Does this mean I should get a hard top? (Mind you, the car will be insured year round for theft, vandalism, and fire)

3) Is it safe to park my soft top convertible out on the street? I see some people doing it here but I wonder how safe it is?

4) Are there added maintenance costs on a convertible? (My buddy owns a 2012 BMW SUV he told me he pays 300$ for an oil change)? I can do some routine maintenance myself but some newer models it's hard. How is the maintenance on a Miata? Mustang?

Soft top convertibles suck ass and hard top convertibles are expensive. The solution is to not buy a convertible.