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Old 07-25-2010, 12:01 PM
 
4,947 posts, read 10,768,363 times
Reputation: 8576

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Greetings from NYC
A few months ago we purchased our dream home in wonderful Henderson NV.
We still work and live in NYC, but plan on jumping ship in Jan 2011.
So...we are going to need a car once we get there {don't own one now}.
No, we don't have jobs lined up just yet--but we've saved enough money to survive for about 2 years.

Question:
We want to take advantage of one of those 0% financing deals and figured we'd have to be currently employed to do so.
We are going to Vegas in early Sept. for 2 weeks and are considering buying a car then and just leaving it in the garage til we get there.

Is this a good idea?
I don't wanna risk getting there only to find out we can't qualify for a bank loan because we are not working.
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Old 07-25-2010, 12:16 PM
 
10,494 posts, read 27,113,448 times
Reputation: 6716
Quote:
Originally Posted by kingfish22 View Post
Greetings from NYC
A few months ago we purchased our dream home in wonderful Henderson NV.
We still work and live in NYC, but plan on jumping ship in Jan 2011.
So...we are going to need a car once we get there {don't own one now}.
No, we don't have jobs lined up just yet--but we've saved enough money to survive for about 2 years.

Question:
We want to take advantage of one of those 0% financing deals and figured we'd have to be currently employed to do so.
We are going to Vegas in early Sept. for 2 weeks and are considering buying a car then and just leaving it in the garage til we get there.

Is this a good idea?
I don't wanna risk getting there only to find out we can't qualify for a bank loan because we are not working.
Ok, you have your priorities all wrong here. You did well by having two years of living expenses saved up. However, why would you even consider financing a car when you do not have a job.....not smart. I hope you realize car insurance and registration for cars out here are outrageous, especially for newer cars. My advice is to buy a cheap reliable beater car for under a $1,000 in cash. Then, when you get a job you can sell it for the same price you bought it for and finance something you want.
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Old 07-25-2010, 12:19 PM
 
Location: north of Windsor, ON
1,900 posts, read 5,871,199 times
Reputation: 656
Bad things also happen to cars that sit that long.
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Old 07-25-2010, 12:58 PM
 
2,557 posts, read 4,548,180 times
Reputation: 2228
There's almost never any reason to buy a new car coupled with the fact that sitting cars deteriorate especially in the heat. Expect to need to buy 4 new tires, a new battery etc. etc. if you go that route. Even a car that's been driven 10 feet off the lot and now classified as used will cost significantly less.
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Old 07-25-2010, 01:30 PM
 
2,076 posts, read 4,051,219 times
Reputation: 2589
Your choice.. I doubt you will be able to qualify for a 0% loan without a job. You're only talking about having the car sit for three months, I don't think that is a huge problem. If you're concerned about the battery, I would buy one of these (Amazon.com: Battery Tender 021-0128 Battery Tender Plus 12V Battery Charger:…). You can connect it to the battery and walk away, it is smart and will not overcharge the battery, I use one and it works great.

It sounds like you have your heart set on a new car, but just so you know, private party vehicle sales are sale tax free in NV, which will save you 8.1%. If you can find something on craigslist a year or two old still you can probably get a vehicle for way less than brand new, save 8.1% sales tax, and still get a car under manufacturers warranty.

Quote:
Originally Posted by kingfish22 View Post
Greetings from NYC
A few months ago we purchased our dream home in wonderful Henderson NV.
We still work and live in NYC, but plan on jumping ship in Jan 2011.
So...we are going to need a car once we get there {don't own one now}.
No, we don't have jobs lined up just yet--but we've saved enough money to survive for about 2 years.

Question:
We want to take advantage of one of those 0% financing deals and figured we'd have to be currently employed to do so.
We are going to Vegas in early Sept. for 2 weeks and are considering buying a car then and just leaving it in the garage til we get there.

Is this a good idea?
I don't wanna risk getting there only to find out we can't qualify for a bank loan because we are not working.
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Old 07-25-2010, 01:35 PM
 
151 posts, read 698,060 times
Reputation: 159
I recommend you drive a used car for a year, then buy a new car with a job
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Old 07-25-2010, 02:28 PM
 
4,947 posts, read 10,768,363 times
Reputation: 8576
I did not know about the private sales being tax free.
Thanks for the info.
Because of the info u all so kindly provided- we will now look into a used car.
Just don't want somebody else's problem.
Kinda hard to buy a used car for 7 or 8 grand when I can get a new Hyundai with no whistles or bells for under 11.

Decisions...decisions....
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Old 07-25-2010, 02:39 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,860,829 times
Reputation: 5050
Quote:
Originally Posted by kingfish22 View Post
I did not know about the private sales being tax free.
Thanks for the info.
Because of the info u all so kindly provided- we will now look into a used car.
Just don't want somebody else's problem.
Kinda hard to buy a used car for 7 or 8 grand when I can get a new Hyundai with no whistles or bells for under 11.

Decisions...decisions....
of course that new Hyundai for 11k with no bells or whistles has no air conditioning and will be worth only $7k when you drive it off the lot, if anything since ac is the 1st thing people ask about.

second, don't say that you can add ac for $1k on the car.. i assume you are looking at the Accent, in which you would have to step up the model to get ac..

and third, you forgot about the extras they charge.. If the car is 11k, you have tax and an outrageous doc fee... you'd be better off buying the 1yr old car for a huge discount, going to the auction, and paying the tax.
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Old 07-25-2010, 02:43 PM
 
2,557 posts, read 4,548,180 times
Reputation: 2228
Quote:
Originally Posted by kingfish22 View Post
I did not know about the private sales being tax free.
Thanks for the info.
Because of the info u all so kindly provided- we will now look into a used car.
Just don't want somebody else's problem.
Kinda hard to buy a used car for 7 or 8 grand when I can get a new Hyundai with no whistles or bells for under 11.

Decisions...decisions....

There are lots of certified used cars. Whatever your savings is, it might look large now but moving here with no job and dropping 11k on a car seems to me like more of a status symbol. A reasonable used car can even be had for 3-4k. A good idea is to take the car to a mechanic to inspect before you buy. Or buy from an old lady who drove it at 20mph the whole time.
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Old 07-25-2010, 02:44 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,108,098 times
Reputation: 3895
Quote:
Originally Posted by kingfish22 View Post
I did not know about the private sales being tax free.
Thanks for the info.
Because of the info u all so kindly provided- we will now look into a used car.
Just don't want somebody else's problem.
Kinda hard to buy a used car for 7 or 8 grand when I can get a new Hyundai with no whistles or bells for under 11.

Decisions...decisions....
If you look at t like that, you must always buy new vehicles? If so, you might as well look into leasing.
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