Need New Car Suggestions!!

[tifnglen]

Hey All,

Its time for me to buy a new car. My 1999 Mazda 626 died with only 130k miles on it. The transmission, cv axles, and other problems would cost me over 3500 to fix. So, I am going to stick with a Toyota or Honda to buy. If it were you, would you:

1. Finance an older car that could be paid off quickly (Found a 2001 Corolla, 69k miles, $4200)
2. Put 2k down on a new car (I found Civics and Corollas that run around 15-16k)
3. Finance a car that is a couple of years old. I notice 2006-2007 run around 11k.

I am leaning towards 1. My friend says I should go ahead and get something newer that is more reliable that I could drive for 15 years.

[GREENBACK]

Option 1 with the low mileage for it's age seems to be a good deal if it's in decent shape. On this option I'd consider tires and other typical maintenance issues as your mileage nears 100k. option 3 may depend on how much of a stretch is 11k to your budget. I personally wouldn't buy a new one but that's my opinion. Some people like to buy cars new and if you can afford it then that's fine. I prefer to let a car depreciate in someone elses possesion.

[tifnglen]

I earn 36k a year so the 11k would be 30% of my annual income, so that does seem a bit excessive.

Thanks....

[snafu]

Before giving up on your Nissan, call your local high school automotive teacher and ask if they could take on the repairs your car needs. The kids do the work supervised by the teacher, you pay for the parts. Usually labor is the major portion of repair cost.

If you're willing to expand your search for an appropriate auto, I suggest you research 2006 or newer Hyundai [Sonata]. Since the quality control team left Honda and joined their Hyundai competitors...the Koreans seem to have well functioning cars [according to Edmunston/Lemon-Aid]

I wouldn't buy a new one as they have no re-sale value.

[MonkeyMama]

I'd personally go for #1. I've said a million times on these boards that some of the longest lasting, most reliable cars I have owned, I paid in the range of $1k for.

I'd go for #1 and save up the cash for a newer car later. My personal rule of thumb is not to finance a car for more than a year. I also drove a 13-year Toyota for 7 years. (years 14 through 20).

That being said, if you can seek out an "older" car that has rarely been driven, you can really get a deal. (This Corolla seems like the perfect case in point - it might last 150k more miles, easy). In fact, it's rare to see Toyotas so affordable, but I hear cars are cheap in this economy. Honestly, I think it's a steal. As long as it's not a lemon or anything.

The key here is to have a trusted mechanic though, particularly to check out the car before you buy it. I notice little difference in our car maintenance bills if the car is 20 years old, or brand new, honestly. We have a very honest mechanic and maintain our cars. My newer American car cost far more to maintain than my 20-year-old Toyota ever did. Right now we have a 2001 and a 2005. The 2001 never needs a thing. The 2005 is always in the shop. Figures.

[tifnglen]

Yes, I'll have to get a mechanic to look at it. The ad for the 2001 Corolla, the person says they have 2 vehicles but they need to get rid of this one. Sounds like they need the money.

[casinoroyale]

try getting a like new car with low mileage the new car loses most of it's value the second you take it off the lot.

[wincrasher]

I'd go a bit newer on the Corrolla if I were you. The 2003 is a much better car and larger. I had one and got good service out of it.

I currently drive an '06 Sonata that I love. Never a day's trouble.

Bought both cars new. That's how I roll.

[tripods68]

Watch this first.

Drive Free. Retire Rich.

[GREENBACK]

Originally Posted by tripods68

Watch this first.

Drive Free. Retire Rich.

I don't agree with a lot of Ramsey concepts but this one certainly speaks the truth.