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I need a vehicle to help me get to work, school, and other places, but, so far, I feel like I've wasted money.
Okay, I had a wonderful 2002 Ford Escort that I only paid about $4000 for from the back lot. It ran great, but I got into a wreck due to not being able to see in a bad rain storm, hit a car, and totaled my vehicle. I only had liability coverage, so I could not save my car. I did this in the middle of the school year and needed to find another car quickly, so I found a dealer out of state and bought a car for about $2500 and was back on the road. I remembered my accident, though, and was a little afraid to drive, so I later sold it to my friend for $2000 and moved closer to work so that I could walk or use public transportation.
Really, for my financial circumstances, a car costs too much money, especially a used car. Public transportation can't meet all of my needs, though, as I have received assignments too far away for public transportation. So far, I've come up with a few options:
1. Buy another used car:
Pros:
I can get away with spending less than a third of what a new car might cost.
Cons:
Aside from the pretty obvious fact that I could screw up and buy something that has costly mechanical issues, this is a costly option and could, as with the Escort, mean that I would be out of a lot of money if anything out of the scope of my insurance went wrong. Plus, since used cars are almost always inexpensive to purchase, I normally just get liability coverage. Plus, there's also the issue of finding said used car.
2. Attempt to buy a new car:
Pros:
I don't have to worry about it breaking down or being without a vehicle.
Cons:
Usually, I don't have an awesome credit score, because I do not make a lot of money. I usually only qualify for leasing program options, but, again, these are expensive and have mileage restrictions, the requirement to carry full coverage, and other stipulations.
3. Try a ride share:
Pros:
Overall,I would be paying significantly less.
Cons:
The only issue is that I have to ride on my friends' time and go where they are going. Plus, I would probably also have to pay a fee to cover gas and related travel expenses.
4. Invest in a moped or scooter:
Pros:
I could get a used scooter for much less than a used car, and they get great gas mileage.
Cons:
There are several reasons why this is not the best option:
1. I cannot carry extra materials, things for work or school, on a scooter, because it is too small.
2. If I get in a wreck, I could be seriously injured.
3. I don't know how to repair a scooter if anything goes wrong.
What should I do? Is there an option I haven't considered?
Not that I know of. It's marketed as a car. Will have a/c, power doors and windows. Well, one door. No pwer steering. I don't think it's a motorcycle.
There have been many tri-wheeled cars before.
But no worries, it's not even in production yet. It's a far away bet. I shot for it as if it do come true, it'll be instant classic.
Oh man! I've seen concept cars like this. After production, they cost way more money than speculated. Thanks for getting my hopes up. I was getting ready to reserve one I do know of other three-wheeled vehicles that look and act a bit like cars, but they don't pass certain safety ratings and are marketed as "motorcycles," not as safe, though, because they are just as dangerous to ride as your average three-wheeled bike but have all of the comforts of a car to lull the driver into a false sense of safety.
I was in a very similar position as you OP. I just graduated grad school and my post-graduation job required me to purchase a car. After breaking down my budget, I figured I'd feel safe with a payment of $200-$250 a month. I don't have stellar credit but things are on the upswing. I went into the dealership pre-approved for financing with probably saved me 7%-10% in APR points alone.
Guess what? I bought a Prius. Just over 100k mile for walk-out-the-door for just over $10k (taxes, etc included in that price). I couldn't be happier. I looked at the tires, brakes, and made the 100k service was done. I also made sure all documented maintenance was done. I spend about $15/week in gas. The car is amazing. Seriously. My co-worker has a 2014 Ford Focus and I have more room in the back seat in my 2005 Prius than in her 2014 Focus (I'm only 5' 8"). The car constantly surprises me.
The only modification we are going to make is to get a different stereo in it for the ability to charge our phones (usb port). It's about $150.
Occasionally I run into other Prius owners who have older Prius models. They love them too. Consistently I hear that the only service they've needed to do outside of scheduled service is to change a belt.
depending on the state you will need a motorcycle license. in arizona you do. its a neat concept car, and will probably be a neat production car, if they get that far. it seems as if they might though.
personally i would find something solid and reliable, and cheap like say a nice fairmont or mid 70s nova, or a granada, or something along those lines. these cars are cheap, reliable, easy to repair, and dont cost an arm and a leg to repair them if needed. you mentioned one of the pros of a new car would be its reliability, and yea while they are more reliable than used cars tend to be, it is not set in stone that you wont have problems with the car.
in the end you pay your money, and you take your choice, and the best thing you can do is spend your money wisely to mitigate problems. if you are looking at a used car, then have a mechanic check it out before you buy.
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I do know of other three-wheeled vehicles that look and act a bit like cars, but they don't pass certain safety ratings and are marketed as "motorcycles," not as safe, though, because they are just as dangerous to ride as your average three-wheeled bike but have all of the comforts of a car to lull the driver into a false sense of safety.
