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I don't think I would ever spend more than that on a car. Used cars can be very reliable if you buy the right car from the right person and maintain it like you're suppose to.
$20k on a new car and have monthly payments? No thanks. Hand over $20k cash for a new car? ROFLCOPTER
Well, I paid more than $5K for the M, but it was and is in excellent condition, they are not depreciating any more. But for a daily driver, I seldom spend as much as $5K. The "Black Rat" Scirocco I bought for $1K, it had some needs but was drivable and usable the day I bought it, and it's been something of a rolling project since. Probably have about $2500 to $3K in it all up now. Camry was bought for $3500, despite the relative reputations of Toyota and VW, I have spent more on the Toy, including a junkyard transmission I had a local shop put in. Whatever. Neither of these have ever cost me as much as a car payment for repairs in a given month, with the one exception of the month the Toy got the new trans. Subaru Legacy bought for $1500, have done some work but not that much, presentable car with decent paint, A/C works, wifey drives it mostly.
I wouldn't ever buy a $5,000 car just because I don't want to deal with it. You can't get much for $5,000 and certainly none of the options I prefer on my cars.
For people who have the ability and equipment to work on cars 5K is a good rule of thumb. But let's face most people don't have the ability or tools to work on their own car and would be better off spending additional money.
In this case I say 10K-15K can get you a reliable car.
I don't think I would ever spend more than that on a car. Used cars can be very reliable if you buy the right car from the right person and maintain it like you're suppose to.
$20k on a new car and have monthly payments? No thanks. Hand over $20k cash for a new car? ROFLCOPTER
For frugality, you can do much better with a $500 car, than a new car. Newer cars are nicer, and much more enjoyable to drive. If I was rich, I certainly would not be driving and old Ford Escort like I do. It all depends on your financial situation.
For people who have the ability and equipment to work on cars 5K is a good rule of thumb. But let's face most people don't have the ability or tools to work on their own car and would be better off spending additional money.
In this case I say 10K-15K can get you a reliable car.
Not true at all. My 1991 Ford Escort is more reliable and cheaper to run and maintain than any car that costs 10k-15k. By the way, I have spent $500 cash total to buy my car, and put less than $250 in maintenance and repairs in the last 2 and a half years I have owned it. It is a daily driver in which I drive 5 days a week to work with, and it has never broken down even once.
Not true at all. My 1991 Ford Escort is more reliable and cheaper to run and maintain than any car that costs 10k-15k. By the way, I have spent $500 cash total to buy my car, and put less than $250 in maintenance and repairs in the last 2 and a half years I have owned it. It is a daily driver in which I drive 5 days a week to work with, and it has never broken down even once.
Just curious: What will your next car be (no offense intended whatsoever) once the 1991 Escort days are over?
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My 1991 Ford Escort is more reliable and cheaper to run and maintain than any car that costs 10k-15k. By the way, I have spent $500 cash total to buy my car, and put less than $250 in maintenance and repairs in the last 2 and a half years I have owned it. It is a daily driver in which I drive 5 days a week to work with, and it has never broken down even once.
