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Need a second vehicle looking at options

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Community Leader
Senior Contributor

Need a second vehicle looking at options

We are in need of a vehicle, we just want to buy a used car around 2K range. DH has a gas and I mean gas guzzling diesel truck, it runs fine but has some issues that he can fix and probably sell for atleast 2k or more.

 

We have some savings in our emergency fund, but I would like to keep that intact because in the past we had a job layoff which really hurt us and I want to always have that fund just in case. Anyhow we don't have the money readily available, but we have a few balance transfer offers. Penfed just sent him checks for 0% for 12 months, so I am thinking deposit a check in our account ( I can do that correct) then once we sell the truck , pay this back way before the 0% expires.

 

Just wondering if this sounds like a decent plan?

EXP 760 TU 781 EQ 733
Message 1 of 7
6 REPLIES 6
Super Contributor

Re: Need a second vehicle looking at options

Sounds good to me.  Good luck!

11/01/19 Fico 8: EX 726, EQ 721, TU 747.
11/08/19 Fico 9: EX 733, EQ 740, TU no idea...
Zero percent financing is where the devil lives...

Firmly in the garden until the next pre-approval arrives!
Message 2 of 7
Senior Contributor

Re: Need a second vehicle looking at options

Yes, the 0% check sounds like the way to go, but frankly you won't find much for around $2k - if it starts and moves under its own power will sell for $2k. But then on the bright side that gas guzzler diesel truck should bring better than $2k.

 

I like Autotrader.com for an idea of what's out there for sale, Kelly Blue Book (KBB.com) for an idea of what your vehicle is worth..


Fico 08: 734/716/734 TU/EX/EQ
Message 3 of 7
Community Leader
Senior Contributor

Re: Need a second vehicle looking at options


@DaveInAZ wrote:

Yes, the 0% check sounds like the way to go, but frankly you won't find much for around $2k - if it starts and moves under its own power will sell for $2k. But then on the bright side that gas guzzler diesel truck should bring better than $2k.

 

I like Autotrader.com for an idea of what's out there for sale, Kelly Blue Book (KBB.com) for an idea of what your vehicle is worth..


Thanks. Yes I know 2K sounds like a "clunker" but my dh is very mechanical and we have found some great cars in the past within this range that have ran pretty decent with a little greasework from him. If we have to go a little higher we will of course I am just trying to stay within budget a littleSmiley Happy

EXP 760 TU 781 EQ 733
Message 4 of 7
Frequent Contributor

Re: Need a second vehicle looking at options

My suggestion as someone who post BK drove around in two 2500 dollar cars - save up another 1000 to 1500. 

If you see a car advertised for 4,000, you can get it for 3200-3400 cash. Also, don't underestimate craigslist. I purchased a 7 year old Toyota Corolla (one owner car) from a seller who was moving out of the area, and didn't want to bring their car with them. I paid $80 for a local mechanic to do an inspection prior to buying, and once it checked out, brought the funds (via bank check) to the seller. I gave them a small deposit in good faith (200 bucks FYI) while I had the car for a few hours to test drive and get inspected. That car is still in my family, as I kept it for a few years, and then gave it to my nephew who drives it as his first car.

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Message 5 of 7
Community Leader
Senior Contributor

Re: Need a second vehicle looking at options


@jetsfan2013 wrote:

My suggestion as someone who post BK drove around in two 2500 dollar cars - save up another 1000 to 1500. 

If you see a car advertised for 4,000, you can get it for 3200-3400 cash. Also, don't underestimate craigslist. I purchased a 7 year old Toyota Corolla (one owner car) from a seller who was moving out of the area, and didn't want to bring their car with them. I paid $80 for a local mechanic to do an inspection prior to buying, and once it checked out, brought the funds (via bank check) to the seller. I gave them a small deposit in good faith (200 bucks FYI) while I had the car for a few hours to test drive and get inspected. That car is still in my family, as I kept it for a few years, and then gave it to my nephew who drives it as his first car.


Yeah through the years we have had few diamonds in the rough lol. We paid 800 for a ford Grenada off a little old lady that thing ran for years lol, I got a little Honda Accord 1800 it hit 380k before she died, but yes if we can get a little more together it can widen the search. Would love another gemto find  lol

EXP 760 TU 781 EQ 733
Message 6 of 7
Frequent Contributor

Re: Need a second vehicle looking at options

$2k is plenty if you know what you're looking at and as the OP says her DH is mechanically inclined.  I just bought my son a 2001 Saturn SC with 78k miles on it for $1,700.  It will last him years if he takes care of it, and Saturns are very easy to work on with a ton of them made so parts are readily available.  I wouldn't buy a $2k Mercedes with a ton of miles, because the maintenance will eat you alive even if you are able work on it.  




Message 7 of 7
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