Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In another thread I mentioned my car accident and my overwhelming search for another vehicle. I found one I liked and was thrust into quick negotiations on a new car, when all along I wanted used. New vehicles just aren't worth the cost to me. Where I live vehicle registration is outrageously high - I've been quoted $600 for this new vehicle! That makes me sick to my stomach.
My dad helped negotiate a price on this new car, and I chickened out. It would have put me $12k in debt, although I am pre-certified through a credit union for an amazingly low 1.75% and have additional funds coming from my insurance company.
My wish is to find a reliable used car for $13k and under. Although a majority of the vehicles in this range I'm finding have 100k miles. I'm not that car knowledgeable to know if I'm buying a mistake or not. I do know that putting new brakes on an older car are sure cheaper than years of car payments ahead of me! I have no idea what to do and need to decide quickly. One thing I do know is that I despise car payments, car shopping, car dealers and this entire overwhelming process.
I take it you are either still at home or somehow dependent upon your parents (maybe dad) for you upkeep.
The last thing you need is a car payment so kudos for you for recognizing that. Car payments are one of the biggest things that hold young people back from moving forward in their lives. A car is transportation. After you've got to where you want to be financially, there is all the time in the world to spend on a luxury vehicle, whatever you see that to be.
You can get a good daily driver for far less than 13k. You can get a reliable brand new car for 13k too if you look around but why 13k?
How about something for 7k? There are lots of cars out there in that price range and while they might not all wizbang, they will perform the job of transportation very well.
Talk to your Dad as he can probably help you select a good used car too. If that isn't his forte, I bet someone you know either knows or knows someone who can check out a used car for condition. Then make your best deal.
The great thing about going for less money on a used car is past the no payments thing. If something goes wrong, you can get it fixed because you have the reserve or if things go complete bad, you didn't get hurt that much.
You should take lots of pride in thinking the way you are.
One last thing. If you can find a new car in your price range with zero percent interest (there are some but it takes hard looking) then that is essentially no cost money to you. Take the cash and save it/invest it. The payments then would not be anything you weren't already prepared to put out of pocket anyway, it is just spread out. Even 1.5% is almost free money so consider that too.
Given your concerns, you are on the right track and it is doubtful you'll have problems with finances going forward.
I guess I don't know what I want or what the heck I'm doing. This accident has thrown me because I loved my Honda Fit that got totaled and never thought about wanting another car.
I'm getting $8k check from the insurance company and have been approved for a $12k loan at an interest rate of 1.75%. But I'd love to have ZERO car payments. Seeing how quickly a loved car left my life makes me not give a rip about a nice car ever again. Just something reliable with good gas mileage.
Debt isn't a bad thing. Rates are still low, mutual funds are paying well above 2.5% right now. $600 registration is what I pay for $30,000 new cars.
If I was in your shoes, I'd get a 2012 certified used car. Just make sure you get a quote on the new model, never know with rebates and interest rates.
I really like 2011+ Kia Optima EXs. You'll get the remaining of a 5yr/60k warranty and they are loaded in the EX models for what you pay. I paid ~$22,000 NEW for mine in 2011. Comes with leather, power seat, bluetooth, push button start, auto climate control, xm radio, homelink, etc. 200HP 4 cycl that gets 35MPG highway.
I take it you are either still at home or somehow dependent upon your parents (maybe dad) for you upkeep.
I'm an adult and have purchased several cars on my own in my past. But these past few years I've been laid off three times, so I never know when the next one is coming and am trying to live as frugally with the least amount of expenses as possible.
Quote:
I really like 2011+ Kia Optima EXs. You'll get the remaining of a 5yr/60k warranty and they are loaded in the EX models for what you pay. I paid ~$22,000 NEW for mine in 2011. Comes with leather, power seat, bluetooth, push button start, auto climate control, xm radio, homelink, etc. 200HP 4 cycl that gets 35MPG highway.
2012 KIA OPTIMA EX
I wouldn't pay more than $17k
2012 Kia Optima EX
18k miles $18k
Thank you for your feedback. We were negotiating on 2013 Chevy Sonic that I really liked. When it came down to it, we were up to $20k - but it had everything I wanted. Then I did some homework (ie vehicle registration) got angry, talked to another friend who was in an accident (misery loves company) and laughed at how driving new, nice cars just aren't worth it.
I guess I don't know what I want or what the heck I'm doing. This accident has thrown me because I loved my Honda Fit that got totaled and never thought about wanting another car.
I'm getting $8k check from the insurance company and have been approved for a $12k loan at an interest rate of 1.75%. But I'd love to have ZERO car payments. Seeing how quickly a loved car left my life makes me not give a rip about a nice car ever again. Just something reliable with good gas mileage.
You're getting $8000 and you don't owe anything on the totaled car?
You can get another Honda Fit, used for $10000 or a brand new one for 16-17000 which would put you 10k in debt.
Personally, I wouldn't go for new unless you have a decent income.
Driving used cars that need new tires, expensive maintenance, and repairs isn't worth it. When I was younger and on a tight budget, I couldn't afford new cars. If you can afford a $20k new car, then do it. It beats gambling on a used car that you could be paying $3k to replace the drivetrain in a year or two out. I've been burnt with used cars costing me downtime and repairs, just not worth it to me.
Driving used cars that need new tires, expensive maintenance, and repairs isn't worth it. When I was younger and on a tight budget, I couldn't afford new cars. If you can afford a $20k new car, then do it. It beats gambling on a used car that you could be paying $3k to replace the drivetrain in a year or two out.
20k for false peace of mind? If you do your research you can do just as well with a used car. And with the money saved, you can put some of that in a savings account for unexpected repairs.
Sure. I haven't financed a car since 1970, Just buy cheap used cars for a couple of thousand, pay cash for them, drive them until they start costing you too much money to keep fixing them (like a $3K drive train), and buy another one. By that time, you'll hve saved several thousand dollars in car payments, and yuou gradually move up the ladder, if a new car is something you really want. Why do so many people under 20 think they already deserve to drive a new car and have earned the luxury?
If you select fairly judiciously, you can look at a dozen $2000 used cars (never from a dealer), and at least ten will last about two years. That's less than $100 a month, $150 if you have to put a total of a thousand bucks into repairs over the two years. Sure, there's a chance you car will die in a few months, but it might last 3 or 4 years, too. It'll balance out, as long as you buy vanilla cars that have been well cared for by their owners.
Used cars are like girl friends. Sometimes you fall in love with a lemon , but it's nice if you can find one that's been treated right.
Last edited by jtur88; 09-25-2013 at 10:38 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
