What are my options?? Need a car!!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I don't really want to finance a car. I just need another car so that I can commute to school. Work is close to my house so that isn't an issue. I really just need the car to last me at least a year or two since I graduate college next year.

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There's the issue right there. You say yourself that you dont want to finance a car and don't need much of a car... but you also want to purchase an $18k car? Makes absolutely no sense. You could buy a brand new Kia for $8,000 that is under warranty and will get you safely from point A to point B for less than half the cost.

If you are dead set on buying a car, then buy a cheap one.

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+100

[p-]

Seriously - you're just starting out - It would me a MAJOR mistake to commit yourself to a 6 year payment on a 20,000 dollar car.  Buy something used in your price range, say 6 to 10k, if you really want to finance, and put the 4k down.  Or, save for a couple of months and buy a private party car for 6k or so.  You can get more for your money that way anyway.

You'll never regret having the extra breathing room in your monthly budget.

If you look at all the problems and stories shared on these boards, it's the same every time - a major unexpected life change - unemployment, medical, etc. led to missed payments, reposession, etc.

If you make smart decisions now, you can save more, and have a nice emergency fund, or start working on a Roth IRA and be a millionaire at retirement.

Good luck!

[Anonymous]

I guess what is the major factor is whether the car I pick is a decent commuter car. My drive to school is twice/week, nearly an hour away from home (53 miles there to be exact) so I'm trying to get something as reliable as possible. I've been looking a Nissan Sentra recently and I think that's a decent price range (depending on the year).

So I'm seeking suggestions on good commuter cars. Also if I try to finance a cheaper car based on my situation (see previous posts), might I be approved. My credit card debt is $3500, by the way. I figure if I pay down at least half before I try to finance a car, my credit score will be higher by then (if I try in Aug). Thanks.

[Noctilum]

You don't appear to be in that bad of a situation (outside of not having a car).  $4000 can get you a perfectly working vehicle off the side of the road and if you can wait until August that opens a ton more doors for you.  Getting a brand-new car is nice, and its a goal to work towards but man, I just bought a car that was 1 year old that had lost half its value in depreciation.  Not only that, but it was private party so there was no TTL.  Steeeeaaaaal.

[p-]

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@Corvidae wrote:

You don't appear to be in that bad of a situation (outside of not having a car).  $4000 can get you a perfectly working vehicle off the side of the road and if you can wait until August that opens a ton more doors for you.  Getting a brand-new car is nice, and its a goal to work towards but man, I just bought a car that was 1 year old that had lost half its value in depreciation.  Not only that, but it was private party so there was no TTL.  Steeeeaaaaal.

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+1 - I just bought a 4 year old Jeep with only 18k miles on it, and I paid HALF of what a new one would be.  For all intents and purposes it's a brand-new car...  Why waste the money?

[StartingOver10]

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@p- wrote:

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@Corvidae wrote:

You don't appear to be in that bad of a situation (outside of not having a car).  $4000 can get you a perfectly working vehicle off the side of the road and if you can wait until August that opens a ton more doors for you.  Getting a brand-new car is nice, and its a goal to work towards but man, I just bought a car that was 1 year old that had lost half its value in depreciation.  Not only that, but it was private party so there was no TTL.  Steeeeaaaaal.

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+1 - I just bought a 4 year old Jeep with only 18k miles on it, and I paid HALF of what a new one would be.  For all intents and purposes it's a brand-new car...  Why waste the money?

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+2  I don't buy new because of the huge depreciation that happens the moment I drive off the lot. New is over rated in my book (besides, I put on too many miles to make it worth while). 

Thinking the car is "more reliable" is a new car dealers way to push you into a more expensive vehicle. Don't fall for it. A car is as reliable as you maintain it. If you don't maintain your vehicle you will have issues. Save your money, but one for cash and keep a maintenance reserve. Don't saddle yourself with a payment now.

[p-]

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@StartingOver10 wrote:

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@p- wrote:

 I paid HALF of what a new one would be.  

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+2  I don't buy new because of the huge depreciation that happens the moment I drive off the lot. New is over rated in my book (besides, I put on too many miles to make it worth while). 

Thinking the car is "more reliable" is a new car dealers way to push you into a more expensive vehicle. Don't fall for it. A car is as reliable as you maintain it. If you don't maintain your vehicle you will have issues. Save your money, buy one for cash and keep a maintenance reserve. Don't saddle yourself with a payment now.

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+3       Yup...  As someone who has lived both over-extended and with a margin for cusion in the budget, I can guarantee your life will be happier if you buy conservatively.  And that HALF comment is not an exaggeration.  I literally went online to costco and USAA and built the new jeep I wanted, scrapped the idea because of the price, and got exactly everything (leather, heated seats, tow pkg, offroad pkg, skid plates, moon roof, etc) for a 50% price.  Every time I send the payment out I think of what it would be if I paid full price.

[Anonymous]

I know it seems like it could work, an 18,000 car, but dont do it. School, employmrnt after graduation, life in general, could leave you on the edge so close that any breeze could blow you off. Save the cash, some of it anyway, pay off the credit cards, bank every single penny you can as long as you can, then buy an 8-10000 car,or less. Once you are out of school and in a stable long term carreer you can think about going into long term debt. Even then though i would urge restraint.