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I found out that I need a car to drive to my internship. I was trying to get away without having to get one and just rely on the bus, but my shift ends after the bus stops running. My other option would have been to take a cab, but even that doesn't work, because the person I'm working under wants me to have transportation ready when we get off, and we get out at different times, so it looks like I'm stuck looking for a car yet again.
Here are the options I was interested in:
Lease a vehicle for about $200 per month. I think the more fuel efficient vehicles will add up to less money used when you factor in fuel and maintenance costs. There is less that can go wrong with a new car than a used one. I could easily be looking at $1000 or more in necessary repairs for a used car. A vehicle lease also usually requires a lower credit score than a vehicle purchase.
Buy a used car off of Craigslist or from the back lot of a dealership. This is where I've gotten many of my cars in the past. I know of a mechanic who can check them for me, and I know a few of the signs of a bad deal--the car has to crank and run, it has to have clean parts, the fluids must be clear, the seller can't act like he/ she is in a hurry to get rid of it, it shouldn't make any unusual noises, the owner shouldn't be afraid to drive it, and it shouldn't be priced too far above or too far below its suggested resale value. A lot of research is required to get a car that will potentially last, and usually even careful searching leads to cars that need significant repairs.
What should I choose? I will need a car until about January.
Can you work out a long term rental? It may be worth doing something like that. With coupons and discounts and since you don't need it past 4-5 months even if it costs slightly more than 200 a month you're not stuck with a used car or a 24-36 month lease
In your case, I say go buy a used Honda Civic for $10k and call it a day. Leasing in general is a "waste" of money, because you're paying for a car just to drive it(its favored among people who like to change cars often). Where as buying a car, you own it after you finish paying it off and only end up losing money to depreciation. With leasing, since the car is new and new cars typically depreciate more, you are paying more in the long run.
Not all used cars are bad and require $1000 in repairs. I picked up a used Corolla once and all it needed was $100 worth of work(TCU reset and 2 new tires).
'because the person I'm working under wants me to have transportation ready when we get off.'
Why? Is that a job requirement? Sounds like they plan on bumming lots of rides from you. Bad enough it's an internship and you won't be paid.
Get a cheap beater, the appeal of riding with you will fade fast. In no way should you incur auto debt for an internship.
It would help if we knew what the budget was.......
Really, I want the cheapest thing I can get away with. I would take a beat-up $500 junker if I knew it would run well and get me to and from my internship on time for the few months that I need it. I'm still a college student; we don't have a ton of money.
^^^ Then do it. That's the way to go. Just get AAA for emergencies. I do that with new cars, too. Get something like a blue hair ride, a Crown Vic or Buick. They will never want a ride.
My '02 LeSabre is bulletproof and it would retail for 3500 top end.
^^^ Then do it. That's the way to go. Just get AAA for emergencies. I do that with new cars, too. Get something like a blue hair ride, a Crown Vic or Buick. They will never want a ride.
My '02 LeSabre is bulletproof and it would retail for 3500 top end.
The more I think about it, that does seem like the way to go.
kmb, if ye have never heard of him please Google Dave Ramsey Financial Peace University.
A job does not make debt okay. You are still gambling on future returns. Play with what you know you have now.
Crown Vics, Malibus and other police type boats are easy to work on and everybody knows how to. Yeah, Toyos and Hondas are the reliability staple but they also have that cool factor. Get a geekmobile and kiss your coworker goodbye. Also, the bluehair rides aren't as desireable so they can be had el cheapo.
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