Advice on buying a new/used car

[Phatferd]

Here's my deal. I have a car that I got when I was 17 for $3000. It's now worth $1300 and I need to have work done on it which is cost me about $1200. I see no purpose in doing this.

I am moving to Phoenix in a week and this car is not safe enough to have drive out there. I need a new car. I don't want to buy a car for $3000 used and put $3000 into it the 3 years I am at school. I am looking for something I can rely on while out there.

I am trying to keep my monthly cost in the $150-200 range if I fincance. I know this is a low number, but it's what I can afford. $200 may be pushing it, but I could manage.

My dad has the best credit you will see. I believe its his FICA score was a 910. I could get the best interest rate available with him co-signing. He also used to be a car salesman, so he knows how to get the best deal.

Here is where I stand. If I buy a used car in the $6000 range (probly where I would want to get to get something "reliable") I would have to come up with that cash right now or get a loan through my bank and pay them back.

I could buy a new car that is the basic economy car such as a Hyundai Accent, Chevy Cavaliere(sp), Nissan Sentra, etc... However, with this option I would basically need to walk out the door paying $10k which would make my payments $200.

I could lease, which I am leaning towards, and find something in this range. I just hate the idea of paying all this money to not buy something, however, where I am at right now the monthly payment is the most important thing.

We went around a little bit today and Toyota is running incentives on Tundras and I could walk out the door on a 36 month lease extended cab for $224 a month after tax. I would love a Tundra, but this is slightly too high.

Later this week we are gonna go check out all the dealers. I was wondering if anyone knows of some great deals right now or has an idea I haven't thought about.

I would like to put $0 down if possible. I would almost rather keep the money I would put down and pay the difference they throw onto the monthly with that money, if that makes sense. For example, instead of putting $1000 down and taking $15 a month off my montly payment, I would rather keep it and put it aside and take from that each month to pay.

My current car is worth $500 trade in according to KellyBlueBook.com.

[Madison]

Kia Rio? Not the most sporty car out there, but the ads down here have them running $129-$149 per month (MSRP of $7K-$8K). 60,000 mile bumper to bumper warranty, along with a 100,000 mile powertrain warranty. Both of the warrantys come with the car free of charge. Also should be really cheap on the insurance.

I owned a 2002 Kia Spectra and put 80K miles on it (trouble free) before trading it in and buying a 2005 Tiburon last year.

[davidmarver]

If a low maintenance, low cost, reliable vehicle is what you want, then why in the world would you be looking at a Toyota?

You mention a Tundra...if a truck is what you want, then a Ranger is perfect. Durable, not too big, and inexpensive in comparison to other trucks. My '97 (stick shift, v6 4.0L extended cab) gets 22 a gallon and has never had any problems (I just hit 80,000).

Also, why are you moving to Phoenix?

[Phatferd]

The Toyota dealership was right next to another place we went to. Toyotas are very reliable.

As for the Ranger, it's not necessarily cheaper. I am looking at monthly payments. I can't afford anything over $200 a month, it just isn't possible. I know I will be paying it on the back end, but it's all I can do at this point in my life.

Believe it or not the Tundra is less expensive per month than the Tacoma. This is because of incentive plans. My dad was in the business and the angle he works are the incentive plans. You find out what the wholesale (dealership cost) of the car is and tell them you will pay them wholesale for the car and they can make their profit on the manufacturer's incentive plans/rebates. Most dealerships are OK with making $500 in profit.

I would prefer a truck, but I will almost take what I can get. I looked at teh Kia's around here and they don't have auto for their Rio and once you go up they force you into adding all this crap on and its 13k.

[stevethumb]

don't forget to add in to your budget the extra amount you will have to pay for excise tax, registration, and insurance for a newer vehicle

[Phatferd]

don't forget to add in to your budget the extra amount you will have to pay for excise tax, registration, and insurance for a newer vehicle

Have done, thanks.

[Baseballer02]

Just get 90's model sport compact car car. Low price, great on gas, value won't go down much in the coming years, and they're very reliable.

Eclipse, Talon, Civic, Accord, Cavalier, Celica, Galant all come to mind, with the Jetta and Gold being a couple less reliable choices.

If you go for a new car, it's hard to more value out of any car than the Scion tC.

[Phatferd]

Just get 90's model sport compact car car. Low price, great on gas, value won't go down much in the coming years, and they're very reliable.

Eclipse, Talon, Civic, Accord, Cavalier, Celica, Galant all come to mind, with the Jetta and Gold being a couple less reliable choices.

If you go for a new car, it's hard to more value out of any car than the Scion tC.

My biggest concern with a used car is that I will have to come up with 6 grand right now. If I finance then with the higher interest on used cars I will be about even then if I bough a cheap new car with lower interest. I can get a new car anywhere from 0-3%, while the best used rate I have found is 6%. If I buy a cheap 3k used car then I will more than likely be getting a car with 100k+ and will more than likely be dumping money into it.

I feel like I am right in the middle of all these options and everyone is just outside of not making sense for me. I am kind of in that nowhere land.

[RyanK]

would your parents let you take a loan from them and pay them back in monthly installments?

if that could work out you could look the used route and get yourself a mid 90s civic or other low matanaice car. a good way is to look inthe classifieds for a used car, sometimes you get a good car cheap becuase someone is just trying to get ride of the thing since they won it in a divorce case or something, you never know.