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.