I want to buy a car. Capital one has already approved me for financing. So it's just a matter of deciding whether I want a new or used car. I plan on getting a Toyota Corolla or camry...really leaning towards Corolla. However, would it be better to get an older car with low mileage or a new car. The car I was looking at was an '06 Corolla that only has about 88k miles on it. There was also another with 32k miles. I'm currently in school working two part time jobs. I live at home so I have no rental payment so I can afford either. However, I want to save money to buy my own house after I graduate and have a better job. Any advice?
I'll probably avoid an '06 with 88k miles even if it is a Toyota.
The 32k vehicle would be what I'd look into.
I've always bought new used vehicles with 10k-40k miles... saved me a buck and I got good use out of them.
In January though I bought my first new car... I'm 40 years old. I got a 2015 Challenger... I bought new because it's my dream car and I have no intention of getting rid of it. There are no prior owners and I know all the maintenance that has been done on my car. Since I'm keeping it for the long haul the fact I am in negative equity at the beginning isn't a big deal... because I'm not trading it in at a loss in 3 years.
Those are my reasons why I went new over used.
@Anonymous wrote:
would you rather drive a new car and spend longer to save up for a house or get a used one and get your dream house sooner? i went with the new route and i do regret it from time to time.
I don't really have a dream house at the moment...
I live in Seattle metro where the median house price is $550k... saw a 900 sq ft 2 BR sell for $200k last week.
900 sq ft.
LOL
Buying is on my radar in 2016 when my reports are clear. I'll definitely not be buying in the city though... will look in the outskirts for the more affordable $300k homes... LOL For now I am content with renting a 3BR for $1500 a month and charging my 2 roommates $750 each in rent.