Trying to buy a car without having a payment

[coldfamily]

Our family is debt free except for our mortgage. We have a junior in high school who is hoping to attend a private college a few hours away and will need dependable transportation. I work from home, so do not have a need for a car everyday, so she has been using my car (2000 Ford) to get around town and to school. She has been looking for a job, but you know how that goes. I have been looking at cars in the $3000-4000 range, something used, but dependable. We are trying to save as much money as possible to pay cash for a car, but it is taking sooooo long. Any advise out there??

[disneysteve]

Welcome. If you haven't already done so, comb through your budget item by item and cut anything you can possibly cut, even if just temporarily, until you gather enough money to buy the car. Keep in mind that having 2 cars will mean higher insurance and maintenance costs so factor that in to your budget plan.

If you'd like to post your current budget, there are lots of helpful folks here who are great at picking them apart and pointing out ways to save.

[MonkeyMama]

You could also set your sights lower. My first car cost $1500 (granted, a WHILE ago), but it was an extrmeley reliable vehicle that I drove for 7 years. I drove all up and down the state of California in that car!

Good tips:

1 - It helps to have a really trusted mechanic or mechanic friend who can help you look over a car and assess it's condition.

2 - If you buy from a private party - look the car and engine over. If it's unkempt, don't take it. An immaculate car inside and out is a good clue as to how the car is cared for. (I say this with private parties because a dealer will detail any car to look good as new!)

3 - Best deals to be had, are "granny cars." Something that has been garaged and rarely driven. Some grannies out there like sporty cars, or just richer folk who never drive anywhere. I think this is the best way to grab a bargain on a car - you can get something much newer and nicer to fit in your price range (than the expected old clunker). My friend's daughter just got a BMW which everyone comments on, "must be nice." They got it at a dealership for under $4k. Now is the time to get a deal like that!

4 - I would recommend a Toyota or a Ford though - something easy to repair and maintain. Other makes/models have harder-to-find parts, as my friends was just telling me with her daughter's BMW. (I am sure there are other decent makes/models, but we have mostly driven Toyota and Ford - so came to my mind as easy to maintain/easy to find parts even when REALLY old/long lasting vehicles).

5 - Private party is the cheaper route, but has its risks. But, that said, I think I would lean towards a private party purchase. Just be careful about it, is all.

Good Luck!

[NorCalKid]

My current car is a 94 Honda Civic. It doesn't look great. I have been driving it for 3 years now. Paid $600 for it. $162 for 6 months liability coverage. There out there if you look. Try craigslist.com

[jIM_Ohio]

Originally Posted by coldfamily

Our family is debt free except for our mortgage. We have a junior in high school who is hoping to attend a private college a few hours away and will need dependable transportation. I work from home, so do not have a need for a car everyday, so she has been using my car (2000 Ford) to get around town and to school. She has been looking for a job, but you know how that goes. I have been looking at cars in the $3000-4000 range, something used, but dependable. We are trying to save as much money as possible to pay cash for a car, but it is taking sooooo long. Any advise out there??

If saving $4000 is coming slow, I would ask two questions

1) how long have you been trying to save?
2) how much are you setting aside each month to reach the goal

and my third "editorial"- what was your expectation when you started to save?

[tdls17]

Hi,

Did you review your budget? You may be able to keep more cash by eliminating unnecessary expenses. Our family does this annually and we always have adjustments.

Denise

[snafu]

I'd go for a less expensive, older model car, remember asking price is not selling price. Practice your negotiating skills and love the idea of a 'granny' car.

[livegreeneasy]

Have you tried to find a car through an elderly person who is not driving anymore. We found a good care cheap that way. Retired people tend to use the veichle less and so there is less where and tear on the veichle. What about looking up Dave Ramsey. He gives good advice on stuff like that..I have taken one of his seminars.

[livegreeneasy]

Have you tried to find a car through an elderly person who is not driving anymore. We found a good care cheap that way. Retired people tend to use the veichle less and so there is less where and tear on the veichle. What about looking up Dave Ramsey. He gives good advice on stuff like that..I have taken one of his seminars. Go with cash in hand.

[TheStreetCeo]

Coldfamily- stick with an import. I have been driving Nissan's for 15 plus years and never have any problems with them. You can buy a decent Sentra for cheap and not have any problem going 200,000+ miles.

[Debt Relief]

Originally Posted by coldfamily

Our family is debt free except for our mortgage. We have a junior in high school who is hoping to attend a private college a few hours away and will need dependable transportation. I work from home, so do not have a need for a car everyday, so she has been using my car (2000 Ford) to get around town and to school. She has been looking for a job, but you know how that goes. I have been looking at cars in the $3000-4000 range, something used, but dependable. We are trying to save as much money as possible to pay cash for a car, but it is taking sooooo long. Any advise out there??

I am a big fan of Hondas. Buying used cars requires patience. You will definitely want to buy from an individual, not a dealership IMO. If you're patient, you can often find people getting rid of a 5-6 year old Honda with very few miles that belonged to a parent who has recently passed away. Finding such opportunities where the car has little wear and tear, low milage, and has been well taken care of (typically by an elderly driver) is not as uncommon as you might think. And the longer it takes to find one, the more money you can save... and the more you can pay if you so choose.