Since I’ve been working, I’ve been taking the bus to the warehouse which takes me under 2 hours to travel there and back. I have driven to work which takes about 45 minutes and 25 minutes to return home. I’d like some feedback on how to pay for a car for those planning to buy a vehicle or who currently own a car.
If you have the money, I would just buy a car outright.
Car payments suck, and unless your credit is perfect, the interest rates are ridiculous.
The only advantage to financing a new car or slightly used car is having a warranty.
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My first and only car, I purchased 9 years ago.
I bought it used.
IMO, dont buy anything under $10,000 - $15,000.
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If you are financing a car make sure you have a warranty while you are making payments. Having car payments and having to get maintenance done is a financial burden you don’t want.
You have to ask for extended warranties on used cars and pay for them but it is worth it. Car Max sells extended warranties. I have one car I bought from Car Max and got a 7 year 100,000 mile warranty. The car is a 2014. It is financed.
My other 3 cars are paid off but don’t have warranties so I have to cover repairs but ones a Toyota. Toyota’s are virtually maintenance free and a good choice for a used one. I plan on putting 200,000 miles on my Toyoda before I even think of getting rid of it.
My son has a car that he still owes $6000 on and the engine went out. Installing another used engine is about $5000. It isn’t worth that but he can’t get a new one because the broken one is only worth $1000 not running. Damned if you do and damned if you don’t. It’s going to cost him $5000 to get it fixed or trade it in.
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My preferred method is buying a used one outright. I like to take it to my own mechanic first to have it checked out just in case someone’s trying to hustle me. I was sold a Ford Explorer with a transmission problem once, haunted me for a long time… I beat myself up for not having it looked at first.
I’d never sign myself up for something involving payments… I get a fixed income each month and monthly billing charges just reduce that amount, and I can’t afford for that to happen. Better to just save up, buy, and then be in the clear and free of monthly charges. They can stack up real fast if you’re not careful. I’m only currently billed for my phone bill monthly.
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Buy one outright, it’s the cheapest way to go in long run. Don’t be afraid of used cars, new cars aren’t all they are cracked up to me and insurance is higher on something brand new. I have had several used cars in my life, never paid more than $5500.00 for a single car and all I have purchased have lasted me years as long as you take care of them. Change the oil when it’s due, not after, check the tire pressure with seasonal weather changes, listen to the car. Sorry, off topic, I’d buy one outright and I wouldn’t be afraid of a used vehicle as long as I took it to a trusted mechanic shop to have a once over done it before purchase.
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I’ve never financed or leased a car. I have no desire to have the best vehicle. Just something affordable. My latest car only had 86,000km (53,500miles) and was only granny driven. I only paid $2000. I love my violet.
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Car Max is a great place to buy a car. I highly recommend them. And if you can sitting for the max care plan it’s definitely worth it.
I think leasing a car is a waste of money.
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I just got the title today for a car I bought a month ago for $8000. It didn’t have a warranty but I paid my mechanic to inspect it before purchase and that was well worth it. I love my silver bullet. Don’t forget to figure in what your monthly insurance costs will be as well. I only had $8000 and couldn’t have afforded payments or leasing so I had to buy used. I mostly looked on Craigslist. I used to have a truck but it was stolen on June 9 and totaled and my insurance company gave me the money…my new used car is 11 years newer and a heckuva nicer ride than the truck that got stolen…a silver lining to that cloud.
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This is such a worthwhile thread and just poking my head in to say yes! Buy a good car second hand is the way to go…
I’ve got a good car off a guy at the cricket club that likes me. Paid $1250. He was asking $1500. Great car always been serviced. Paid a little getting a timing chain done but still. I can keep it serviced and still pay for tires and other things that wear out.
Cars are freedom and cutting down that travel time is worth it. I take 45 minutes by car to my volunteer job. If I take the train it’s like 1 and half hours minimum. It’s twice the drama!
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I know this going to the extreme of things but I’d like to switch to a new car every 3-5 years because car technology is changing so fast. Bluetooth enabled smartphone integration with all your songs and play lists being connected to the car. I really want to try Android Auto or Apple CarPlay with whatever smartphone I own at the time. Also GPS mapping for directions and autonomous vehicle control is something I’d like to try out.
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I just bought a used car at the end of May, with money from my savings account. When I go back to work, I am going to pretend I have a $250 car payment and put the money back.
My car is a top-of-the-line Malibu. I recommend you look for the highest quality model of whatever make you end up buying. I can definitely tell the difference with my model vs a regular Malibu. I test drove a 2009 top-of-the-line Malibu and a 2011 bottom-of-the-line Malibu and there was no contest which one I bought. My 2009 is two model years older, but it’s practically an Impala inside. I got a good deal on it.
I’m financing to build credit. Last two we bought outright.
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