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Did Colddiamond102 ever say if the job was a full 40 hour week?
(I need an icon that shrugs her shoulders )
Good point. If OP wants good advice, he/she needs to pony up all the details instead of leaking them one by one. How much are monthly expenses? How much is left over to start saving and pay for new car? How stable is new job? How does op expect life to change over a 3-4 year car note- increase income, full time school, will he/she need to pay rent at some point?! How much is anticipated tax refund?
Without knowing all the pieces, op won't get the best advice for his/her particular situation.
I'd definitely not be spending more than a few hundred bucks. Best bet would be public transportation if possible. Or try to land a 2nd job for a few hours a week to help get some cash.
For pity sake, they guy NEEDS a car, not WANTS a car!
He just got a new job, so don't ask him what he did for transportation before that, obviously his transportation needs were less before the new job. To suggest he get a second job to pay the new car is not realistic, it takes time to land any job, he needs a car NOW!
Used new, you people are acting like he's living irresponsibly, getting a "new" car on a limited budget. This is where all the Dave Ramsey type advice falls apart, sure, he shous have saved up to pay cash for the car, should have a rainy day fund for transportation until he can get the car, yadda, yadda....hey, we don't live in a perfect world, the guy needs transportation NOW!
Look OP, you don't have much in the way of assets, but you have something better than gold---a great credit rating!I found with excellent credit I could negoiate loans, leases, etc, that others making much more simply couldn't get.
You need a car NOW. Doesn't look to me like you're trying to live high, you need transportation NOW. I know I will get flamed for this, but have you considered lease/rent a car for about a month while you get your transportation needs together? Oh, sure, you pay big bucks, but your excellent credit will get you something, put it on a credit card. yes, you go even further in the credit hole, but sometimes you gotta do what you gotta do. You can't afford to lose your job, do whatever it takes.
Whatever you do, don't rely on a patchwork of friends, coworkers, etc to drive you back and forth, that's a recipie for disaster. People always let you down, rely on yourself!
You'd be surprised at what you can negoiate at the dealership with excellent credit and a steady job. If you can get a parent to co sign, even better. I would say go for a new car. A new car doesn't mean you're living some flashy lifestyle, it means its the best choice for your circumstances.
First, its very difficult to find a decent used car nowadays. People simply aren't giving up decent cars. You couldn't pry my Corolla away from me, not at 40 MPG!
the interest rate on used cars is higher than new cars, have the dealer (or bank) run the numbers, you could end up with a note about the same for used or new.
You need decent, relaible transportation, not fix up someone else's headache. How old are you? This is your first job? do you have anyone you can rely on while the car is in the shop for repairs? probably not.
Also, in terms of dollars and cents, get something with a decent waranty, otherwise, you will spend what you saved with the used car in the shop half the time, and what about transportation then?
My first car, I followed all the advice similar to what you've gotten here. I bought a used car, plunked down all the savings I had (about $1000) and got a note for $175/mo. Oh, I had it checked out by 2 mechanics, checked Carfax, did all the right moves. That thing was pure misery right from the get-go. It was a miserable gas-hog, and one thing after another went wrong, constantly in the shop, the used car warranty wasn't worth crap, I was paying out the nose for for repairs, begging rides, nearly lost my job. Now, how would that look, going to another job, reason for leaving last job---didn't have reliable transportation?
Finally I got sick of the damned thing, traded it in on a brand new, fuel-efficient car, my note $79/month. Oh, I broke every financial guru's rules for buying cars,----first, I bought a new car, oh, my it depreciated the minute I drove it off the lot. Well, I wasan't planning on selling it then, anyways, so, WTH difference did that make? And, I got the payments so low by going out 4 years. Oh, dear, never go out more than 3 years, says suzy Orman. Hey, that was the only way I could get the payments reasoable.
So, I got my new car. Not to impress people, not to be the big shot, but because, when I got into my car every morning, and turned the key, I wanted it to work, not an every day anxiety of wondering if it would turn over or I'd have AAA in my driveway, my mother drive me to work, sometimes I had to call a taxi, beg coworkers to drive me home, days of the car in the shop, only to be handed back to me with some other problem.
Of course, I will probably get flames that I needed to maintain the car better---you love it, it loves you---hey, it was current on all maintenance, and don't forget, you have to consider the skills and time of the driver/owner. Not everyone is a shade-tree mechanic. At the time I was a single female, 23 years old, with severe arthritis in my hands, could barely drive, let alone do any simple repairs. I needed a car that simply worked.
Did I commit financial suicide? Did I dig myself further and further in? Well, for a bit, then I climbed out of it. My job was my financial security and future financial security, I needed to do anything to maintain that. In time, about a year, I got a raise, a small promotion, I managed to make double payments, then cashed in a small life-insurance policy, paid it off in about less than 2 years. I believe I had just crossed over the interest portion of the loan, so, no, I didn't get any early payment refund, but the financing had served its purpose, I had transportation to serve my then present needs. I then managed to get a better job in another state, but I needed a car then.
To the OP, do whatever you have to to put yourself in reliable transportation NOW.
get a new car, you can't afford a used one
get something reliable, with a dependable warranty
go in the financial hole right now if you have to, you will survive it, don't let all those financial gurus worry you
Don't wind up with a headache you can't rely on and you spend more time fixing up than riding
One big caveat---new cars do depreciate quickly. make sure to get insurance that covers the replacement value, not the book value. I knew a lady who bought a new car, got into a wreck within a few months, it was totalled, the insurance handed her a check for the replacement value, which was far less than the amount she owed. she still owed the finance company the full amount she financed----don't get caught in that!
I just got a new job where my paychecks are usually abou $200 a week. I am $800 in the hole on my credit cards (Credit rating is a 755), and I dont have much in the way of a down payment. Is there much chance of me getting a nice used car, or are they going to laugh at me? I have very few bills otherwise.
Im not the kind that switches often...this would be the very first car Ive ever bought...So Id drive this new one till it was time for it to go to Car Heaven too..
Also, if you're afraid of car dealers "laughing at you" you can do a lot online, run applications through, etc. Eventually you will deal with someone face-to-face, but you can do a lot of preliminary stuff online to see where you stand.
For pity sake, they guy NEEDS a car, not WANTS a car!
He just got a new job, so don't ask him what he did for transportation before that, obviously his transportation needs were less before the new job. To suggest he get a second job to pay the new car is not realistic, it takes time to land any job, he needs a car NOW!
Used new, you people are acting like he's living irresponsibly, getting a "new" car on a limited budget. This is where all the Dave Ramsey type advice falls apart, sure, he shous have saved up to pay cash for the car, should have a rainy day fund for transportation until he can get the car, yadda, yadda....hey, we don't live in a perfect world, the guy needs transportation NOW!
Look OP, you don't have much in the way of assets, but you have something better than gold---a great credit rating!I found with excellent credit I could negoiate loans, leases, etc, that others making much more simply couldn't get.
You need a car NOW. Doesn't look to me like you're trying to live high, you need transportation NOW. I know I will get flamed for this, but have you considered lease/rent a car for about a month while you get your transportation needs together? Oh, sure, you pay big bucks, but your excellent credit will get you something, put it on a credit card. yes, you go even further in the credit hole, but sometimes you gotta do what you gotta do. You can't afford to lose your job, do whatever it takes.
Whatever you do, don't rely on a patchwork of friends, coworkers, etc to drive you back and forth, that's a recipie for disaster. People always let you down, rely on yourself!
You'd be surprised at what you can negoiate at the dealership with excellent credit and a steady job. If you can get a parent to co sign, even better. I would say go for a new car. A new car doesn't mean you're living some flashy lifestyle, it means its the best choice for your circumstances.
First, its very difficult to find a decent used car nowadays. People simply aren't giving up decent cars. You couldn't pry my Corolla away from me, not at 40 MPG!
the interest rate on used cars is higher than new cars, have the dealer (or bank) run the numbers, you could end up with a note about the same for used or new.
You need decent, relaible transportation, not fix up someone else's headache. How old are you? This is your first job? do you have anyone you can rely on while the car is in the shop for repairs? probably not.
Also, in terms of dollars and cents, get something with a decent waranty, otherwise, you will spend what you saved with the used car in the shop half the time, and what about transportation then?
My first car, I followed all the advice similar to what you've gotten here. I bought a used car, plunked down all the savings I had (about $1000) and got a note for $175/mo. Oh, I had it checked out by 2 mechanics, checked Carfax, did all the right moves. That thing was pure misery right from the get-go. It was a miserable gas-hog, and one thing after another went wrong, constantly in the shop, the used car warranty wasn't worth crap, I was paying out the nose for for repairs, begging rides, nearly lost my job. Now, how would that look, going to another job, reason for leaving last job---didn't have reliable transportation?
Finally I got sick of the damned thing, traded it in on a brand new, fuel-efficient car, my note $79/month. Oh, I broke every financial guru's rules for buying cars,----first, I bought a new car, oh, my it depreciated the minute I drove it off the lot. Well, I wasan't planning on selling it then, anyways, so, WTH difference did that make? And, I got the payments so low by going out 4 years. Oh, dear, never go out more than 3 years, says suzy Orman. Hey, that was the only way I could get the payments reasoable.
So, I got my new car. Not to impress people, not to be the big shot, but because, when I got into my car every morning, and turned the key, I wanted it to work, not an every day anxiety of wondering if it would turn over or I'd have AAA in my driveway, my mother drive me to work, sometimes I had to call a taxi, beg coworkers to drive me home, days of the car in the shop, only to be handed back to me with some other problem.
Of course, I will probably get flames that I needed to maintain the car better---you love it, it loves you---hey, it was current on all maintenance, and don't forget, you have to consider the skills and time of the driver/owner. Not everyone is a shade-tree mechanic. At the time I was a single female, 23 years old, with severe arthritis in my hands, could barely drive, let alone do any simple repairs. I needed a car that simply worked.
Did I commit financial suicide? Did I dig myself further and further in? Well, for a bit, then I climbed out of it. My job was my financial security and future financial security, I needed to do anything to maintain that. In time, about a year, I got a raise, a small promotion, I managed to make double payments, then cashed in a small life-insurance policy, paid it off in about less than 2 years. I believe I had just crossed over the interest portion of the loan, so, no, I didn't get any early payment refund, but the financing had served its purpose, I had transportation to serve my then present needs. I then managed to get a better job in another state, but I needed a car then.
To the OP, do whatever you have to to put yourself in reliable transportation NOW.
get a new car, you can't afford a used one
get something reliable, with a dependable warranty
go in the financial hole right now if you have to, you will survive it, don't let all those financial gurus worry you
Don't wind up with a headache you can't rely on and you spend more time fixing up than riding
One big caveat---new cars do depreciate quickly. make sure to get insurance that covers the replacement value, not the book value. I knew a lady who bought a new car, got into a wreck within a few months, it was totalled, the insurance handed her a check for the replacement value, which was far less than the amount she owed. she still owed the finance company the full amount she financed----don't get caught in that!
Otherwise, good luck!
What new car would you suggest she buy on her credit card while earning $200 a week?
For pity sake, they guy NEEDS a car, not WANTS a car!
He just got a new job, so don't ask him what he did for transportation before that, obviously his transportation needs were less before the new job. To suggest he get a second job to pay the new car is not realistic, it takes time to land any job, he needs a car NOW!
Used new, you people are acting like he's living irresponsibly, getting a "new" car on a limited budget. This is where all the Dave Ramsey type advice falls apart, sure, he shous have saved up to pay cash for the car, should have a rainy day fund for transportation until he can get the car, yadda, yadda....hey, we don't live in a perfect world, the guy needs transportation NOW!
Look OP, you don't have much in the way of assets, but you have something better than gold---a great credit rating!I found with excellent credit I could negoiate loans, leases, etc, that others making much more simply couldn't get.
You need a car NOW. Doesn't look to me like you're trying to live high, you need transportation NOW. I know I will get flamed for this, but have you considered lease/rent a car for about a month while you get your transportation needs together? Oh, sure, you pay big bucks, but your excellent credit will get you something, put it on a credit card. yes, you go even further in the credit hole, but sometimes you gotta do what you gotta do. You can't afford to lose your job, do whatever it takes.
Whatever you do, don't rely on a patchwork of friends, coworkers, etc to drive you back and forth, that's a recipie for disaster. People always let you down, rely on yourself!
You'd be surprised at what you can negoiate at the dealership with excellent credit and a steady job. If you can get a parent to co sign, even better. I would say go for a new car. A new car doesn't mean you're living some flashy lifestyle, it means its the best choice for your circumstances.
First, its very difficult to find a decent used car nowadays. People simply aren't giving up decent cars. You couldn't pry my Corolla away from me, not at 40 MPG!
the interest rate on used cars is higher than new cars, have the dealer (or bank) run the numbers, you could end up with a note about the same for used or new.
You need decent, relaible transportation, not fix up someone else's headache. How old are you? This is your first job? do you have anyone you can rely on while the car is in the shop for repairs? probably not.
Also, in terms of dollars and cents, get something with a decent waranty, otherwise, you will spend what you saved with the used car in the shop half the time, and what about transportation then?
My first car, I followed all the advice similar to what you've gotten here. I bought a used car, plunked down all the savings I had (about $1000) and got a note for $175/mo. Oh, I had it checked out by 2 mechanics, checked Carfax, did all the right moves. That thing was pure misery right from the get-go. It was a miserable gas-hog, and one thing after another went wrong, constantly in the shop, the used car warranty wasn't worth crap, I was paying out the nose for for repairs, begging rides, nearly lost my job. Now, how would that look, going to another job, reason for leaving last job---didn't have reliable transportation?
Finally I got sick of the damned thing, traded it in on a brand new, fuel-efficient car, my note $79/month. Oh, I broke every financial guru's rules for buying cars,----first, I bought a new car, oh, my it depreciated the minute I drove it off the lot. Well, I wasan't planning on selling it then, anyways, so, WTH difference did that make? And, I got the payments so low by going out 4 years. Oh, dear, never go out more than 3 years, says suzy Orman. Hey, that was the only way I could get the payments reasoable.
So, I got my new car. Not to impress people, not to be the big shot, but because, when I got into my car every morning, and turned the key, I wanted it to work, not an every day anxiety of wondering if it would turn over or I'd have AAA in my driveway, my mother drive me to work, sometimes I had to call a taxi, beg coworkers to drive me home, days of the car in the shop, only to be handed back to me with some other problem.
Of course, I will probably get flames that I needed to maintain the car better---you love it, it loves you---hey, it was current on all maintenance, and don't forget, you have to consider the skills and time of the driver/owner. Not everyone is a shade-tree mechanic. At the time I was a single female, 23 years old, with severe arthritis in my hands, could barely drive, let alone do any simple repairs. I needed a car that simply worked.
Did I commit financial suicide? Did I dig myself further and further in? Well, for a bit, then I climbed out of it. My job was my financial security and future financial security, I needed to do anything to maintain that. In time, about a year, I got a raise, a small promotion, I managed to make double payments, then cashed in a small life-insurance policy, paid it off in about less than 2 years. I believe I had just crossed over the interest portion of the loan, so, no, I didn't get any early payment refund, but the financing had served its purpose, I had transportation to serve my then present needs. I then managed to get a better job in another state, but I needed a car then.
To the OP, do whatever you have to to put yourself in reliable transportation NOW.
get a new car, you can't afford a used one
get something reliable, with a dependable warranty
go in the financial hole right now if you have to, you will survive it, don't let all those financial gurus worry you
Don't wind up with a headache you can't rely on and you spend more time fixing up than riding
One big caveat---new cars do depreciate quickly. make sure to get insurance that covers the replacement value, not the book value. I knew a lady who bought a new car, got into a wreck within a few months, it was totalled, the insurance handed her a check for the replacement value, which was far less than the amount she owed. she still owed the finance company the full amount she financed----don't get caught in that!
What new car would you suggest she buy on her credit card while earning $200 a week?
Oh my god....
This is the worst advice I've ever heard.
I figured I would get flames, but you have to take her overall life into consideration, not just the finances. she needs something NOW, she can back over it financially later----
What new car, well, the brand doesn't matter for this discussion, its the financial aspect, obviously get something on the low end. we're not talking about the type of car, we're talking about what is best for her immediate circumstances, or do you suggest she get something that's more repairs, etc, than its worth?
You do have to take into consideration things other than interest rates, depreciation, yadda, yadda. Does she have other means of transportation? Can she survive with the car in the shop frequently? Can she afford frequent repairs/breakdowns? Does she have alternative means of transportation? How far does she drive daily?
Don't suggest public transportation unless you know she's on a line that serves her area and needs, busses don't just go from door-to-door in any area you wish, whenever you wish. also, don't suggest a second job, that is an idea for the future, but what about NOW? it takes time to get a second job, perhaps she could pay off the loan later with a second job? but what about NOW? That's why I suggested perhaps even a 2-4 week lease, I know, its expensive, but solves the problem of transportation for NOW while she's looking for something more permanent. Why didn't she get a car sooner? she didn't have a job, no dealership will finance someone without employment.
sometimes you have to go in the hole for awhile to get ahead, as long as you plan around it, its not so awful.
Basically, the less resources one has, the more they need dependable transportation, that's all they have. If you don't have friends, family, money for taxis, etc, you can't afford to drive a clunker!
I figured I would get flames, but you have to take her overall life into consideration, not just the finances. she needs something NOW, she can back over it financially later----
What new car, well, the brand doesn't matter for this discussion, its the financial aspect, obviously get something on the low end. we're not talking about the type of car, we're talking about what is best for her immediate circumstances, or do you suggest she get something that's more repairs, etc, than its worth?
You do have to take into consideration things other than interest rates, depreciation, yadda, yadda. Does she have other means of transportation? Can she survive with the car in the shop frequently? Can she afford frequent repairs/breakdowns? Does she have alternative means of transportation? How far does she drive daily?
Don't suggest public transportation unless you know she's on a line that serves her area and needs, busses don't just go from door-to-door in any area you wish, whenever you wish. also, don't suggest a second job, that is an idea for the future, but what about NOW? it takes time to get a second job, perhaps she could pay off the loan later with a second job? but what about NOW? That's why I suggested perhaps even a 2-4 week lease, I know, its expensive, but solves the problem of transportation for NOW while she's looking for something more permanent. Why didn't she get a car sooner? she didn't have a job, no dealership will finance someone without employment.
sometimes you have to go in the hole for awhile to get ahead, as long as you plan around it, its not so awful.
Basically, the less resources one has, the more they need dependable transportation, that's all they have. If you don't have friends, family, money for taxis, etc, you can't afford to drive a clunker!
Again, a $200 per week income and financing a brand new car is insanity and asking for trouble.
I'm curious on what kind of new car you purchased for $79/month on a 4 year term.
Only pay cash for a used car that you can afford. You will have to adjust what your wants are with what you can afford. Borrowing money to buy something that goes down in value is not a good plan. Learn to live with less. If you can't afford to pay cash for a car that is in better condition than the one you have... then you must learn to limp on with what you have.
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