x2 with JayS about cosigning for a gf, that is rediculous. Odds are you will not spend the rest of your life with her, odds are greater we will see you on Judge Judy
Dude, let Beck run some numbers…at least consider the option… if you’re still not sold on the lease option, read Honda4Life’s thread where he was looking for a car for his g/f in nearly the SAME pricerange with nearly the SAME criteria…he ended up putting her in a brand new 2013 focus SE hatchback for less than $200/mo, and that’s optioned out. In three years she SHOULD have done something more with her life, saved some money, and be able to use her then-better credit score to her advantage to get a great used car if ownership is what SHE wants…
http://www.nyspeed.com/showthread.php?233507-Car-for-700
http://www.nyspeed.com/showthread.php?234631-Went-out-for-a-new-stove…
I got a 95 Buick Century, 284,982 miles (this will go up, as I am currently DD’ing the car). Car was Steel Blue, until the paint chipped off all the doors. Tires are 1/32’nds and corded, but it’s my experience that you can drive for another 200-5,000 miles on corded tires. Brakes squeal and ABS light is on. Interior is gorgeous and for being almost 20 years old and having only a handful of ass-juice stains and 50-60 burn holes in the back seat and headliner is very nice. I’m thinking $3500, let me know what you can come up with?
^Is that a joke?
HAHAHA, I remember that PM.
You know how much I paid for my Miata, right? lol.
Obviously not a dealer but still.
Proves the point that 5k can get you a VERY nice car. Hell, I paid $1500 for my Prizm and it’s proven to be the most reliable and fun DD ever. AND I have a fucking plaid roof.
Ok now that we have a bunch of awesome financial advice I have to ask, did she piss off her parents or what? They can’t get a measly $5000?
Well considering he’s willing to cosign for her, I’d think he’d be willing to do some brakes for her too.
Same car, 2 years/25k miles apart, current KBB values:
$5000 can get you a very decent car. Just find and older civic, toyota, or accord. I don’t see why this is a 3 page thread. Sheesh
.
12% on a used auto loan? seriously? when i was 20 having zero loans before i got 6.5% interest rate with no cosigner on a 4500 loan towards a car i paid 5400 for. as for your comment about getting 3k for a 5k car 3 years later, i sold that car without even trying or listing it forsale for 4200. not bad at all considering by the time i sold it it had over 200k miles. tranny/motor letting go? nope, all orginal and a compression test showed all cylinders at 190-195psi, all withing 2.5%. tires/brakes/other shit? well jee, that all comes in to the original purchase. its all about being smart about what you buy. find the car with brand new brakes and tires so you dont have to worry about it. look only at cars that are known for being problem free and reliable.
for what its worth, my dad paid just over 2k for his car. he has put 94k miles on it, and has only done 1 set of tires and brakes since, as well as radiator fan,swaybar endlinks and a waterpump. all relatively inexpensive and common maintenence for any car. was well maintanted by previous owner, the car now has about 156k on it. it needs struts right now, but the car doesnt owe him anything and has a ton of life left in it. anyone that thinks you cant get a good car for 5k or less is a fucking moron. its all about being smart with what you buy. as for needing to work on it, the girl has a bf, he should be the one fixing it. if he doesnt know how, well then hes a moron and she should find one that does know how to turn wrenches. lol.
---------- Post added at 12:37 AM ---------- Previous post was at 12:33 AM ----------
Originally Posted by Beck
A $5,000 car today is worth $500 on trade in 3 years, maybe $1,000.
^^exactly why i laugh when im at a dealer and the salesman asks if im looking to trade in. cheap trade in = easy profit flip through auction. the only time you get a good deal on trade in is if theyre getting high dollar for the vehicle youre looking to buy. either way, they get the profit they want to see. lol
95dime I know you lack the ability to read based on multiple other threads…
Nobody was saying you can’t get a nice car for $5000 or less
If you do this pay cash
The entire point was 99% of the time its dumb to finance a 5k car because you end up upside very quickly.
For the same monthly payment you could lease something brand new/reliable while building up better credit.
75,000 miles on 2001? and 100,000 on a 99? :lol:
Realistically the average is 10,000-12,000 miles a year for normal cars/drivers.
I don’t understand what you trying to show you listed really really low mileage cars and that would mean you got either one of those with 20,000 less miles or 30,000 depending on if you kept it 2-3 years.
Your looking at purchasing a car that already has 100k+ on it from the start.
Here autotrader 1997-2006 Civics max price $5000
My point is that it is VERY possible to have a $5000 car retain $3000 of its value in 2 years, despite what you guys said. Who cares what the mileage is of my example, it still demonstrates my point.
I found mileage and year that makes a 5k car, then added 2 years + driving to it. What’s so hard to understand?
Would you like me to find a 5k car with more miles and do the same test? I bet it still works pretty well…
Mileage is a HUGE factor in determining the worth of a used car.
Picking some arbitrary low number doesn’t back up your point at all.
Click the link I just posted from autotrader showing 5k cars and their associated mileage.
nyspeed where everyone makes 80K+ a year and 5k is chump change.
I decided to do one that fits your criteria, and guess what…my point still stands:
Same car, 2 years/25k apart (you can’t see the mileage on the 2004 but I chose 120k to exceed your 100k)
Still holding its value!! You people are depreciating these cars as if they just drove off the lot. Its not a linear depreciation as the car ages…
---------- Post added at 08:35 AM ---------- Previous post was at 08:33 AM ----------
Most of those cars are dealer cars, which we already determined in this thread he should go with private party on a car that “cheap.”
Also, I already proved your wrong.
How is posting a car that is over the 5k starting point even valid? lol
Can you not fucking read either?
The argument we were all making is ITS DUMB TO FINANCE A $5000 CAR FROM A DEALER
We supported purchasing a $5000 car cash from a private party.
THE ALTERNATIVE WE SUGGESTED TO FINANCING A $5000 CAR IS LEASE SOMETHING IF YOUR ALREADY PLANNING ON MAKING PAYMENTS
We were explaining the deprecation on a car purchased at a dealer/buy here pay here for $5000
It’s in the fucking ballpark! Jesus Christ, you just don’t want to be wrong.
I give up, go ahead and give ill-advice.
Your arguing about entirely different concepts
A $5000 private party car is completely different then one purchased from some place trying to turn a profit.
Your 100% better off seeking financing from a credit union and purchasing a 5k from a private party…The down side to this situation is some catastrophic failure tranny/motor and being stuck paying on it…or ending up in 2-3 years with it needing more work then its worth.
YOU’RE both doing it wrong.
this x129038190283
And frankly, at 18, she shouldn’t be financing anything. If she needs credit, then she should get a low limit credit card and start charging her gas to it and paying it off every month.