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Hi everyone
Not sure if this type of thread would belong here but here it goes
I was wondering if you guys would give me pointers in looking for car.
I'm 20 years old. I live in Southern California in San Bernardino County. I work Part-Time at a job that pays $12 an hour. I get around $500 to $700 every two weeks. Go to a Community College. I really have no bills to pay, only $100 every paycheck to my mom and $70 a month in Car Insurance for the Car I currently drive, which is a Honda Accord (My Dads Car). I have $500 currently saved.
I was leaning to an American car. Thinking of saving this whole 2009 year than buying a new 2010 car. A 2010 Ford Mustang, is what my eyes are set on. Just wondering if this is wise choice. I mean what do you think I should put as a down payment. How much do you think monthly payments will be. Or maybe you guys might have a better suggestion.
This will be my first real car. And I plan on keeping it forever or until it stops working.
Considering the current economy, you should look for something a few years old like a early 2000s Ford Crown Victoria or Mercury Grand Marquis, very reliable and affordable and get the Mustang when the economy recovers, if they still make Mustangs. Based on you're post, you should not buy any new car in my opinion.
OK, I'll throw in my 2 cents.
The "Kids" these days all drive "Tuners". Mostly import cars with "trick" wheels spoilers and stuff like that. You're a So. Cal kid, I KNOW you have friends that have these cars.
They are the "Hot Rods" of today. They are like the cheap Chevy's and Fords of my days in So. Cal. 40 years ago, when I was your age.
If you're to go American, find yourself a 79 and above Mustang 5.0 for a couple thousand $, that runs real good and you can fix up a little bit at a time. There's a ton of parts available for these cars.
Let's face it, California kids have always driven the coolest cars.
That's the way it was in my day and it still is.
Good luck with whatever you get.
Last edited by Another Vet; 03-08-2009 at 03:49 AM..
I hear the new Camaro is supposed to be a real butt kicking machine, even the V6 engine models. Supposedly the V6 Camaros about to come out put out like 300 hp. Though as Ford fan said with things tight might not be the best time to buy new unless there's a sweet deal involved.
now, past the doom and gloom........... in order to recommend a car, it would be helpful to know what you want out of it. i know you said you are looking at Mustangs (great cars, btw), but does that mean you want a muscle car, or would you be OK with just the V6 model? do you need the car to haul stuff, people, etc? is fuel mileage a concern? these kinds of things are important to take into consideration.
that being said, i still HIGHLY recommend you hold off on a vehicle, at least on the 'vehicle that will last you a lifetime' until you're in a bit better of a financial situation. coming from SoCal, i know the cost of living is high even in SB county. from personal experience, i KNOW you do NOT want to be straddled with a high car payment 4-5 years from now when you're trying to afford to get out on your own (i'm assuming you're still living with the folks right now, yes?).
if i were you, unless the Accord is on its last breath, i would just keep driving it. if you absolutely want/need to something else, stick to about a $5K budget and work from there. the payments will be very reasonable and you can still find something to have fun with. yes, it will be used of course, but that just means you can be looking at that shiny new car 5 years from now when the economy has leveled back out and we're all on better footing.
Mike
Last edited by whiteboyslo; 03-08-2009 at 08:20 AM..
I agree, drive the accord in the ground. I am 47 years old and I have never owned a new car even though for the last 20 years i could walk into a dealership and pay cash for one. My last two vehicles were a 94 Dodge Dakota V8 4WD I bought in 2004 and I am now driving a 94 Cadillac SLS. Doesnt sound like much eh, 15 to 20 year old cars. Well they are because what I did is shopped around for vehicles that were old but with low mileage and paid less than $3500.00 for each. Both vehicle have under 40 thousand miles and have been well taken care of. A small repair here and there and I have basically new vehicles. I took the caddy on a road trip yesterday and it road like a dream.
So
What I would do is look on ebay(yes I bought the caddy on an ebay auction), autotrader, local private and used car dealerships, estate sales anywhere you can find a used vehicle. Use cost, low milage and age of the vehicle as priorities. You wont find many that fit those criteria but when you do you know you have a good deal. Bring someone to help you check it out and be aware that its an as is sale. I never let a few smal repairs sway me if the drive train is sound and it appears the vehicle is what they say it is.
My 94 SLS is a beauty and I have several brothers and were all pretty good mechanics and all of them are jealous of the near classic old vehicles I have been able to come up with by sacrificing a little age for low milage.
Remember miles age a vehicle more than time. Driving a new vehicle off the showroom floor depreciates it by as mcuh as 15%. Im sure you could find better things to do with your money than give it to the criminals that have thrown our economy into recession
Although a New Vehicle sounds great, you don't have much wiggle room if you end up needing something for school or other expenses.
You make $500/week and $170 is already committed. That $70 premium is going to be higher with the new car. Additionally, your gas money will be a bigger proportion of the budget with a Mustang. You will also have to consider property tax and your federal taxes into this.
To be honest with you, unless your Accord is about to break down, it is best if the car can last you through college or even your Master's. Honda's are reliable and the fuel economy is very good for its size.
Here is a calculator to calculate your debt regarding loans:
As a college student on a limited budget I would say get yourself an early 2000's model Honda Civic. They are dependable, parts are plentiful which keeps repair costs down, and they are great on gas. Insurance rates will probably be cheaper than a Mustang.
How's your credit? Explore all the options available to you. With this type pf income I would not pursue the mustang but something cheaper. When your income increases and you're ready then go for the best.
BTW check out Metro Nissan of Montclair, I used to work there when I lived in Cali and they have very good deals on used cars not necesseraly of the Nissan brand.
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