Is there anyway to avoid car debt?! (car loan, joint, gasket)
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In another thread I mentioned my car accident and my overwhelming search for another vehicle. I found one I liked and was thrust into quick negotiations on a new car, when all along I wanted used. New vehicles just aren't worth the cost to me. Where I live vehicle registration is outrageously high - I've been quoted $600 for this new vehicle! That makes me sick to my stomach.
My dad helped negotiate a price on this new car, and I chickened out. It would have put me $12k in debt, although I am pre-certified through a credit union for an amazingly low 1.75% and have additional funds coming from my insurance company.
My wish is to find a reliable used car for $13k and under. Although a majority of the vehicles in this range I'm finding have 100k miles. I'm not that car knowledgeable to know if I'm buying a mistake or not. I do know that putting new brakes on an older car are sure cheaper than years of car payments ahead of me! I have no idea what to do and need to decide quickly. One thing I do know is that I despise car payments, car shopping, car dealers and this entire overwhelming process.
Any insights or advice?
Look for a 2012 Impala LTZ, there are basic cars, but they are cheap and reliable. I have seen many for $13-14K with 30-40K miles on them. You can get a LT model cheaper, but their suspensions wallow too much. The only other used carsd i could think of for around 13K with 30-40K would be a Ford Fusion, Chrylser 200, OR Chevrolet Malibu.
It wont match the MPG city wise of a Fit, but you will get atleast 30MPG on the freeway, but the Fusion is a very good car
I paid off my vehicle years ago. I do maintain the vehicle so that it is safe, reliable, and in good shape. Upon your question I researched the cost over the last few years and the cost of maintaining that vehicle is $158 per month based on expenses over a 4 year period. I have not had a car payment for decades but transportation is a monthly cost.
Buy cars under your financial means and research insurance and registration costs before buying and not after.
Yes, this is where I'm at with my situation. I did research on this new car and was just sick after hearing what my vehicle registration would have been.
Thank you for your input, but I'm looking to have ZERO monthly payments.
You stated that you will be getting $8,000. Do you have any other money that you will be using? Take the total of your cash.
Look for a car that is under the amount that you have. Problem solved. In my area you can find cars for less than $8,000 that would work very well and get you from points A to B.
That Scion sure is a pretty color. Nicely formed as well. The Matrix is not offensive either. However the Yaris is nothing but hideous. Still if it is cheap. . . .
Thank you for your thoughtful response. I am nervous to buy a car with 100k miles on it - but if it's a Honda or Toyota, do you think they'll still be reliable?
Thank you for your feedback. I have test driven a Scion. Now, that I'm figuring out what I want to spend, I may reconsider.
May want to check out the Versa hatch.
The 2007-2011 should be around your price range, depending on the trim level and mileage. I bought mine new in 2007 (2008 model year) after comparing the Fit and Yaris. The Yaris was only offered in a 3-door, and while I liked the Fit it was a bit too small in the legroom department and was still in the honeymoon period when dealers were charging $4K over MSRP. The V has lots of interior space, great head and leg room and seats four actual adults. The (optional) smart key is great too. I love mine, and I see a lot of them around.
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