Car loans for students

[Snoopy2645]

Re: Car loans for students

Well good for you it seems the dealerships here are the same way the ones out in the middle of nowhere are the big dealerships with the best prices around lots of people from my city go an hour, hour and a half away to buy cars. Good luck to you so what did you buy I would love to get a little newer car here very soon also not sure yet what to get perferablay a van or suv

[Keen]

Re: Car loans for students

wouql,

Sorry to be negative but while your movtivations behind wanting a new car are compelling that does not mean they are correct.

As you state "It makes no financial sense to borrow for anything that depreciates that quickly." That is true.

A new car is only new until you drive it off the lot, then its used! I dont care how much extra money you think you are going to have life happens and I would rather have the 60% that a new car drops in value in the first 2-3 years in my bank account. You never know what you might need it for....House, Wife, Baby, etc.

I know I won't talk you out of a new car but I've got to say...Buying a 2-3 year old low milage car from an individual (NOT A DEALER) for cash, for the rest of your days will change your life.

Just my thoughts, good luck with the new jub, I hope you love it.

[abowers]

Re: Car loans for students

My concern with buying a low mileage 2-3 year old car from an individual would be -- Why is the individual selling his new car after only having it for 2 - 3 years? If you get it from a dealership you know it's being sold that early because it came off a lease, and you should get some sort of warranty.

I bought a new car in the fall because it will be under warranty for the first 5 years and I don't have to worry about unexpected repairs, as I have had in the past with used cars. I am also planning on driving this car well past when I'm done making the payments.

[Snoopy2645]

Re: Car loans for students

I know I always buy used cars because of the depreciation of a brand new car has I always have gotten good cars too. With my dad in the used car business & now my brother I learned how to pick the good cars the last one the one I have now I have had two years & not a single problem its a 99 with over 100k miles now I am looking to trade up not a brand new but little newer maybe 01 or 02. I have never had a car payment in my life & dont plan on starting now.

[Keen]

Re: Car loans for students

There are a ton of people out there with car fever...Just have to have that new chevy HHR...Must have it now!! They pay for a new car when the hot new car comes out, then 12-18 months later things change they are low on cash, laid off, insurance is to high, divorce, whatever happens. They go to the dealer to sell that $18,000 car and the dealer offers them $12,000 IF they are going to trade into something else (new or used). When they tell the dealer they don't need another car they just want to sell this one then the offer to buy goes from a bad $12,000 to a laughable $9,000. KBB tells them that dealer retail on the car is $14,000, private party value it $12,500 so they try to sell it themselves for $10-11,000.

So you could buy the one from the dealer that was a trade for $14-15k or buy it from the private party for $10-11k....The only differance the dealer does not make any money when you buy from a private party.

I don't see a time when I will ever buy a car at a dealer...not with the net and other resources that can find the car you want from a private party. The factory warranty still applies no matter who you buy it from...just run a car fax and have the car check by a dealership before you buy.