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Do exactly as LegalSmash says. A new car depreciates at least $1,000 the second you exit the car sales lot. There are tons of mid-1990's cars that can be had for less than $5k. I have a 1994 Camaro Z-28 that has over 300 hp and gets 24-26 mpg (considerably less if you drive it hard). This car is presently worth about $3,000 to $4,000.

 

The trade-off is reliability. If you know how to turn a wrench, an older car is a excellent option. If you don't know how to change the oil, a late model car may be a better choice because repairs done at an auto shop can be expensive. I think most auto shops charge about $70 an hour to work on cars.

 

I have know a lot of people that have borrowed the maximum amount they could to buy a car. So far, all of them have stated that they wish they hadn't done it.

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Yeah seriously, get the cheapest/best car you can find, preferably Japanese. I'd say a civic, only thing about older civics is that they get broken into and chopped a lot because they're so popular.

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Just to play devils advocate...

 

There are those out there (my brother in law) that can't "wrench" or lack mechanical skills & also lack budgeting skills or foresight enough to put aside money for when an older car needs repairs. Also there are those that just like new things & are willing to pay the price.

 

That being said there are occasions when a new car with a full warranty is a good fit.

 

If you fall into that category new is fine.. but buy a late model year vehicle and push for the lowest price you can out the door.

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Er my advice would be to buy a car which is about 3-5 years old. For the sort of money you have you could easilly get a fully functional car of about $40,000 for under $20,000 if its 3 years old, maybe less if its older. Things you have to look out for are the electrics especially if it is an automatic and miles to the gallon because that can be a lot less than when it is brand new. Its also good to buy a car from a dealer because they are going to have the spare parts you need.

 

 

I dunno what sort of car you are looking at but getting a Japanese car is a good option. Most have great MPG and aren't that bad after a few years still...also they aren't slow either..

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Just to play devils advocate...

 

There are those out there (my brother in law) that can't "wrench" or lack mechanical skills & also lack budgeting skills or foresight enough to put aside money for when an older car needs repairs. Also there are those that just like new things & are willing to pay the price.

 

That being said there are occasions when a new car with a full warranty is a good fit.

 

If you fall into that category new is fine.. but buy a late model year vehicle and push for the lowest price you can out the door.

 

ROFL. This is EXACTLY the mentality that has hundreds of thousands of imbeciles crying about foreclosed houses, properties, cars, etc.

 

GENERAL RULE: If you cant buy it at time in full or within 1 year, WHILE being able to pay ALL other bills without incidence, DONT buy.

 

Second rule: If you can find a basic _______ that will achieve purpose ______, get it, and invest the rest, save rest, use it for effect.

Part of the problem with the "good fit" is that no one ever learns how to be self sufficient, and then we are forever going to the shop for something you can fix yourself. this is how geeksquad stays in business.

 

Lastly, with the economy being what it is, gas prices being retarded, and many places no longer taking credit as payment, I'd get the most fuel efficient car possible, IF I didnt just say forget it and ride a bike while investing the $ into something that can lend me equity.

 

The problem with the economy is that we have too many people like your brother in law, fucking the balance of nature up.

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I buy all my cars with cash..

 

Those who understand interest earn it..

those who don't pay it!

 

Like I said.. I was playing devils advocate..

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learning how to rotate my own tires, change my own oil fiter, oil, air filter, intake filter, brake fluids, brake pads, rotors, transmission fluid, power steering fluid etc etc etc on my new car has literally saved me hundreds of not thousands.

 

Plus I don't have to wonder if I got ripped off by some douche bag doing a half-ass job.

 

It also adds points to your mancard.

 

Use the internets to look up how to change/do whatever you need. Cars really aren't that complicated. Think of it as a PC that won't die if you accidentally shock it and is a lot tougher.

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By the way, I'm not really worried about financial issues down the line. Working about 50 hours a week making about $600 a week (after taxes) and I get health care and dental insurance. My step-father has been working for this company for about 13 years and his father has been working for this company for 40 years. They are fairly loyal to their employees and that's why it has taken me so long to get a job in this company. Jobs usually only open up if someone passes away or retires. The person who I'm taking over for passed away (cancer).

 

I still want to a fairly new car even if it takes me a year or two to pay it off. Right now I'm not paying any bills and I want to take advantage of this and pay off a nice, new car.

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