First time buying a car on my own...

[Fpoonsie]

So, last Sunday night, a delivery guy leaving an apt complex pulled out in front of my truck and we collided. Today, I learned from my claim's adjuster that my '04 F-150 was totaled. The insurance company's offering around $8,000 for it, so that'll be my down payment on something new/used. I live in Denton, so I'll most likely be shopping the D/FW area.

Any tips on what to look for? Things to avoid? Good dealerships to try? Maybe you're selling your '09 'Vette and looking for a young(ish) college student to do a solid for?


ha! fag! serves your ed hardy wearin' ass right!!!

Figured I'd get that outta tha way early...

[METALMiKE]

Ford Raptorhttp://www.automotorblog.com/wp-content/uploads/2010/05/2010-Ford-F-150-Raptor-SVT.jpg

[Blake]

how bout just buy a car for $7k+ plus tax and have no payments?

[Fpoonsie]

how bout just buy a car for $7k+ plus tax and have no payments?

Not necessarily against the idea at all, just assumed there wasn't a good vehicle out there for that much...er...little.

[Fpoonsie]

Ford Raptor

Raptor? Is that a real Ford truck? It looks a lot like an F-150...

[Sisk]

Raptor? Is that a real Ford truck? It looks a lot like an F-150...

It is an F-150. It's made by SVT and is an F-150 on steroids.

Definitely buy a carfax membership. They're pretty cheap and it can save you thousands down the road.

[ashbeeigh]

Anything around 2004-2005 will cost you between 8-10,000 now. If you don't want a major upgrade just go for something like that.

Was this last car financed by your parents? If it was and you'll be buying this one on your own be ready for a shock in your interest rate if you don't have a lot of credit..even if you have a good down payment. That's all the advice I have. My first car payment interest rate is like 13%.

[Sisk]

Also, what's your budget?

[Fpoonsie]

It is an F-150. It's made by SVT and is an F-150 on steroids.

Definitely buy a carfax membership. They're pretty cheap and it can save you thousands down the road.

Oh, ok. I didn't know you had to BUY a membership. I guess I figured when I found a car I liked, I'd just make the undoubtedly still incredibly hilarious "car fox" joke and go from there.

[Fpoonsie]

Anything around 2004-2005 will cost you between 8-10,000 now. If you don't want a major upgrade just go for something like that.

Was this last car financed by your parents? If it was and you'll be buying this one on your own be ready for a shock in your interest rate if you don't have a lot of credit..even if you have a good down payment. That's all the advice I have. My first car payment interest rate is like 13%.

Well, yeah, the last 2 trucks I had were payed for by my parents. The first one was totaled back in '06 (it was an '01 F-150) and then we got tha '04 with help from the insurance payout. I know it sounds like I'm a shitty driver, but I'm not (recent ticket thread notwithstanding). I've just got shit luck, apparently.

Yeah, the credit thing is definitely gonna sting. Fucking Best Buy with their financing deals IMPOSSIBLE to pass up...

[Fpoonsie]

Also, what's your budget?

I'd like to stick in the 15-17,000 range, if I could. Unless, of course, I go w/ Blake's idea or find that 'Vette I've been lookin for.

[Sisk]

Oh, ok. I didn't know you had to BUY a membership. I guess I figured when I found a car I liked, I'd just make the undoubtedly still incredibly hilarious "car fox" joke and go from there.

The dealership should provide it for you. But if you want to look up a car that a private individual is selling then you have to purchase a membership. You can still use the joke :lol

[Fpoonsie]

The dealership should provide it for you. But if you want to look up a car that a private individual is selling then you have to purchase a membership. You can still use the joke :lol

Ah. Gotcha. That's actually good advice. Thanks.

[Fpoonsie]

Anything around 2004-2005 will cost you between 8-10,000 now. If you don't want a major upgrade just go for something like that.


And, my only concern with something a little older is I rack up a LOT of highway miles going back and forth between the Valley and Denton, so I'm worried about the mileage in an '04 or '05. Otherwise, that price sounds PERfect.

[Gutter92]

Help get me into college (thread below urs) by tomorrow morning, and I'll personally wash your new car every Saturday for a month.

[Wild Cobra]

It is an F-150. It's made by SVT and is an F-150 on steroids.

Definitely buy a carfax membership. They're pretty cheap and it can save you thousands down the road.
Are you selling their product?

Dealers already pay or it, and it isn't that reliable anyway.

[FuzzyLumpkins]

Buying a new car is very easy. You can look up to see what the manufacturer sells to the dealerships for and then give them a 5% or so profit on it. Its the financing that is key.

Used cars are different. You want to check the title but a checklist like http://autos.msn.com/advice/articles/aischecklist.aspx is good to go through unless you want to hire a mechanic. I have been using my mechanic for so long that they will look at any car i am thinking about buying for free.

Good luck with financing. I use USAA but we have been a member there for so long that they treat me differently than they would most others.

[SourCandy]

Ford Raptorhttp://www.automotorblog.com/wp-content/uploads/2010/05/2010-Ford-F-150-Raptor-SVT.jpg

Im not a ford girl but mmmmm hot :hat

[Fpoonsie]

Buying a new car is very easy. You can look up to see what the manufacturer sells to the dealerships for and then give them a 5% or so profit on it. Its the financing that is key.

Used cars are different. You want to check the title but a checklist like http://autos.msn.com/advice/articles/aischecklist.aspx is good to go through unless you want to hire a mechanic. I have been using my mechanic for so long that they will look at any car i am thinking about buying for free.

Good luck with financing. I use USAA but we have been a member there for so long that they treat me differently than they would most others.

I always assumed the "new car" was out of my range, unless I suddenly found the Aveo irresistible. The 5% method is interesting, though.

I've also always wanted to befriend a mechanic, but apparently, those guys are fucking recluses.


Im not a ford girl but mmmmm hot :hat

Sold!

[ineedgoodcredit]

Get yourself the nicest ride your money can buy is all I have to say.

[Fpoonsie]

i just finished paying off my 2nd car, i'm only 21 btw. still in great shape looks nice and only 89,000 miles on it, looking to make it last throughout the rest of college.

[smirk] I can only assume you were addressing this to SourCandy...show off.

[Sisk]

Are you selling their product?

Dealers already pay or it, and it isn't that reliable anyway.

Yes. They're going to find out if Fpoonsie buys a membership and I'm going to get paid commission on the $45 membership fee. It's been a great job.. selling carfax on Spurs Talk.
:rolleyes

Been plenty reliable in my experience.

[Fpoonsie]

i was addressing it to a thread about buying your first car

[smirkier smirk] Alright, I'll believe you...but only because your avatar frightens me.

[Fonzie]

Aaaay....take a good look under the hood and play it cool. :tu

[The Reckoning]

the ford on the front looks pretty ghey but the body is alright. id brown bag it with a grill guard so the ford lettering wouldnt show. i have a personal disdain for advertising whatever i buy.

[PM5K]

Buy a slow piece of crap because you're just gong to get tickets and wreck it anyway. I'd never buy a new car if I was known to be a crash prone ass hat like you.

[TE]

Buying your first car is a pretty neat experience. Still remember a couple of years ago, the feeling is still there... sucks though that I don't use that car anymore.

[Nathan Explosion]

If you're going to travel a lot, I'd think about a car more than a truck. Gas mileage and all. And me personally, I'd go foreign over domestic. I like my cars lasting a long time and keeping some sort of resale value.

But if you're a truck guy, I'm more of a Chevy person myself. Don't know why really as I don't like trucks very much. But something about the new F150s screams "over-compensation". Same with Dodges and their Hemis. My dream Audi has as much power as those Hemis and it could be considered a compact based on size.

Finally, if you do go GM and car, don't buy a Pontiac.

Everyone else pretty much said the rest.

[Useruser666]

http://www.carbuyingtips.com/

[Drachen]

And, my only concern with something a little older is I rack up a LOT of highway miles going back and forth between the Valley and Denton, so I'm worried about the mileage in an '04 or '05. Otherwise, that price sounds PERfect.

Kia Rio for 6995 and 10 year warranty

[RandomGuy]

so, last sunday night, a delivery guy leaving an apt complex pulled out in front of my truck and we collided. Today, i learned from my claim's adjuster that my '04 f-150 was totaled. The insurance company's offering around $8,000 for it, so that'll be my down payment on something new/used. I live in denton, so i'll most likely be shopping the d/fw area.

Any tips on what to look for? Things to avoid? Good dealerships to try? Maybe you're selling your '09 'vette and looking for a young(ish) college student to do a solid for?



Figured i'd get that outta tha way early...

don't take the insurance company's first offer!!!!!

[RandomGuy]

That screamed,

You are in a legal negotiation.

Ask them for more, you can get it, and don't let them get away with bullying you.

They must consider the cost of litigation.

If you go to court, you WILL win a judgement. The only question is how much.

Therein lies the rub.

If that judgment is:

$8,000

The insurance company will be out:

$8,000
+
Legal fees (say $2,000)

The insurance company knows this, and in order to avoid those extra legal costs will be willing to pay you more than their first offer.

[RandomGuy]

http://www.automotive.com/2004/12/ford/f-150/pricing/index.html

Resale range for such a vehicle is somewhere between:

6,000 and 22,000 or so.

They will try to lowball you, and 8,000 seems to be on the low end of that.

Remember, you will be out not only replacing the truck, but your time, and the value of all the sales taxes and so forth.

[RandomGuy]

If you've already accepted their offer, sorry I didn't get to this sooner.

Good luck in finding a replacement.

[CosmicCowboy]

My advise is don't buy a new car. Try to find one two or three years old that someone else has already taken the "new car" depreciation hit on, especially if you are gonna be putting on a lot of miles. If you are a typical college student you need to work this backwards. Decide what the most you can comfortably pay every month for a car is. Don't forget insurance and routine maintenance. Go to a bank and get pre-qualified for an amount you can live with on a 36-48 month note. Then you know how much you can pay and then just find the best deal you can at that price. IMHO craigslist is a great place to look.

[koriwhat]

Figured I'd get that outta tha way early...

you figured wrong! everyone knows homos love them some pt cruisers and bugs.

[CosmicCowboy]

i took a 60 month note just to keep the payment really low and afford something very dependable until i was able to make a little more money. then i just went ahead and paid the rest off 2 years ahead of schedule. but yeah, taking a longer note = a lower payment which is probably good for him as well.

The only problem with a long note, especially on a new car if he's putting a lot of miles on is he will be upside down forever. It depends on his self discipline. If he is willing to drive the car till it's paid off he will come out OK. If he decides to trade up in a couple of years he will be screwed. Too many young kids get in that trap of rolling the old note into the new note and it eventually comes back to kick their ass.

[Sportcamper]

What surprises me is that even in the internet age people still shop for cars within their immediate vicinity…I used to help find cars for a family in Minnesota who would drive down to So Cal to find like new GM Sedan’s…WHY? No rust & thousands of used cars to choose from….In areas like Orange County there are hundreds if not thousands of cars for sale through estate transactions…(Meaning the car was owned by an elderly person who has passed away)…

Just last month I found a Buick Park Avenue with only 25 thousand miles & the asking price was 8k…

But what do I know… A new F-150 or Corvette are more fun to drive…

[Nathan Explosion]

you figured wrong! everyone knows homos love them some pt cruisers and bugs.

Don't forget Minis.

[Fpoonsie]

If you're going to travel a lot, I'd think about a car more than a truck. Gas mileage and all. And me personally, I'd go foreign over domestic. I like my cars lasting a long time and keeping some sort of resale value.

But if you're a truck guy, I'm more of a Chevy person myself. Don't know why really as I don't like trucks very much. But something about the new F150s screams "over-compensation". Same with Dodges and their Hemis. My dream Audi has as much power as those Hemis and it could be considered a compact based on size.

Finally, if you do go GM and car, don't buy a Pontiac.

Everyone else pretty much said the rest.

I'm not entirely dead-set on getting a truck. If I could find an affordable one, I'd consider that a "win." I'm all about spending 30 dollars at the pump each fill-up as opposed to 60-70.

[Fpoonsie]

http://www.carbuyingtips.com/

I'm a little embarrassed for even making this thread seeing as how THAT web address actually exists.

[Nathan Explosion]

Just last month I found a Buick Park Avenue with only 25 thousand miles & the asking price was 8k…

Yes, because we all know how much college students love rolling around in a Park Ave.

You also have to figure that as practical as you want to be, you actually have to LIKE the car you drive too, considering how much time you're going to be spending in it.

[CosmicCowboy]

What surprises me is that even in the internet age people still shop for cars within their immediate vicinity…


Agreed. I bought my SO's current driver (a 2 year old hard loaded Eddie Bauer Expedition still in warranty) in Houston after finding it on e-bay. They didn't get their asking price and I called them and negotiated a deal. Then, just flew down and picked it up. After driving it for two years it's still worth what I paid for it.

[Fpoonsie]

don't take the insurance company's first offer!!!!!

As far as the insurance, a little more background. The accident took place, I was a little rattled. A paramedic-in-training walks up having heard the whole thing coming out of church and she calls the cops. The cops show up about a minute later. This surprisingly quick response time kept the other driver and I separate, unable to exchange info. As I mentioned in the OP, the accident happened Sunday, the 10th, and the officer that responded to the call has yet to turn in the accident report, regardless of the calls, voicemals, and emails he's received.

Anyways, that being the case, I've had to go through MY insurance thus far. We still have no idea if he even HAS insurance. You're suggesting that the insurance co, whether it's the other driver's or my own, will attempt to low-ball me? How exactly would I go about (respectfully?) declining their offer?

The truck has 119,000 miles on it...otherwise, it's in great shape. I assumed, however, that the high mileage drastically reduced the resale value, totaled or otherwise.

[Fpoonsie]

If you've already accepted their offer, sorry I didn't get to this sooner.

Good luck in finding a replacement.

And I haven't accepted anything. My adjuster JUST told me that the thing was totaled and what they were willing to give me yesterday afternoon. We're still waiting on getting the other guy's insurance info (god fucking willing).

[Sportcamper]

Well Nathan…I know used GM sedans are not cool….But I have purchased several of them for cash when I just needed transportation…You don't even have to lock them, nobody wants to steal them..:lol

CC- the Eddie Bauer purchase was made during the 4 dollar gas time right? Lots of Ka-Boys in So Cal could not afford their 1 ton 4x4’s back then & they were for sale everywhere…

[Fpoonsie]

My advise is don't buy a new car. Try to find one two or three years old that someone else has already taken the "new car" depreciation hit on, especially if you are gonna be putting on a lot of miles. If you are a typical college student you need to work this backwards. Decide what the most you can comfortably pay every month for a car is. Don't forget insurance and routine maintenance. Go to a bank and get pre-qualified for an amount you can live with on a 36-48 month note. Then you know how much you can pay and then just find the best deal you can at that price. IMHO craigslist is a great place to look.

Yeah, I've never gotten a new car and heard horror stories about the immediate depreciation of vehicles, so odds are I won't be starting this time around.

The thought of having a monthly car note sucks, but I'm assuming at this point it's unavoidable. And, hell, maybe it could help my battered and bruised credit score.

I'm weary of using craigslist, if for no other reason than my apparent inability to understand each page's listings. I'll look into it, though.

[Fpoonsie]

What surprises me is that even in the internet age people still shop for cars within their immediate vicinity…I used to help find cars for a family in Minnesota who would drive down to So Cal to find like new GM Sedan’s…WHY? No rust & thousands of used cars to choose from….In areas like Orange County there are hundreds if not thousands of cars for sale through estate transactions…(Meaning the car was owned by an elderly person who has passed away)…

Just last month I found a Buick Park Avenue with only 25 thousand miles & the asking price was 8k…

But what do I know… A new F-150 or Corvette are more fun to drive…

:lol

Hell, if you could find me a granny on her deathbed w/ a low mileage compact outside, lemme know.

[koriwhat]

8k is a damn good down payment... i put 5k down on my car almost 5 yrs ago and ended up with a $250/mo payment, will be paid off by the summer or next xmas i believe.

btw, dude who hit me was drunk, illegal, and had no fuckin' insurance whatsoever and ran from the scene. hit me dead on and his huge truck crushed my car and almost threw my shit over the overpass off nw military & 410, left me with a concussion and led me to believe i was paralyzed.

you got off lucky and your insurance co did you well by giving you 8k for a truck with 100+k on it.

[Fpoonsie]

8k is a damn good down payment... i put 5k down on my car almost 5 yrs ago and ended up with a $250/mo payment, will be paid off by the summer or next xmas i believe.

btw, dude who hit me was drunk, illegal, and had no fuckin' insurance whatsoever and ran from the scene. hit me dead on and his huge truck crushed my car and almost threw my shit over the overpass off nw military & 410, left me with a concussion and led me to believe i was paralyzed.

you got off lucky and your insurance co did you well by giving you 8k for a truck with 100+k on it.

Yeah, considering I got 9k for my '01 back in '06 with a little LESS than 100k miles on it, I assumed I was getting a decent return value for it. RG's got me paranoid now, though.

Again, I'm just apprehensive about a monthly car payment at this point, seeing as how I'm about to graduate and student loans are about to bend me over...

[koriwhat]

I'm just apprehensive about a monthly car payment at this point, seeing as how I'm about to graduate and student loans are about to bend me over...

yeah, that's gotta suck. i have no clue about school loans quite yet because i used to get financial aid and now i am paying for school out of my own pocket but i am just at a comm. college for now. i imagine student loans will come into effect for me when i transfer if i do transfer.

i'm still contemplating my next move after getting this bs associates at the end of next semester. i sort of just want to move from tx and do my own thing somewhere else, don't want to be tied down by school but who knows. my first goal is an associates and then whatever happens, happens. most likely a&m sister-school here in SA or out of tx to start anew.

[dickface]

XuCuohleiV0

[MannyIsGod]

Anything around 2004-2005 will cost you between 8-10,000 now. If you don't want a major upgrade just go for something like that.

Was this last car financed by your parents? If it was and you'll be buying this one on your own be ready for a shock in your interest rate if you don't have a lot of credit..even if you have a good down payment. That's all the advice I have. My first car payment interest rate is like 13%.

With 8k down he's not going to get a rate that high unless he's stupid and finances it for something like 6 years.

[MannyIsGod]

The only problem with a long note, especially on a new car if he's putting a lot of miles on is he will be upside down forever. It depends on his self discipline. If he is willing to drive the car till it's paid off he will come out OK. If he decides to trade up in a couple of years he will be screwed. Too many young kids get in that trap of rolling the old note into the new note and it eventually comes back to kick their ass.

Thats not the only problem. The biggest problem is that you inevitably get screwed on interest and end up paying a hell of a lot more for the car.

[MannyIsGod]

What surprises me is that even in the internet age people still shop for cars within their immediate vicinity…I used to help find cars for a family in Minnesota who would drive down to So Cal to find like new GM Sedan’s…WHY? No rust & thousands of used cars to choose from….In areas like Orange County there are hundreds if not thousands of cars for sale through estate transactions…(Meaning the car was owned by an elderly person who has passed away)…

Just last month I found a Buick Park Avenue with only 25 thousand miles & the asking price was 8k…

But what do I know… A new F-150 or Corvette are more fun to drive…

I never once considered buying a car at an estate sale but that seems like an incredibly smart idea. Thanks for the tip.

[MannyIsGod]

Yes, because we all know how much college students love rolling around in a Park Ave.

You also have to figure that as practical as you want to be, you actually have to LIKE the car you drive too, considering how much time you're going to be spending in it.


I'd rather roll around in a cheap Park Avenue with low mileage and and one older owner than buy some over priced piece of shit. I'm a college student too!

Then again I see cars for what they should be seen as: modes of transportation not status symbols.

[MannyIsGod]

Yeah, I've never gotten a new car and heard horror stories about the immediate depreciation of vehicles, so odds are I won't be starting this time around.

The thought of having a monthly car note sucks, but I'm assuming at this point it's unavoidable. And, hell, maybe it could help my battered and bruised credit score.

I'm weary of using craigslist, if for no other reason than my apparent inability to understand each page's listings. I'll look into it, though.


You could definitely avoid a car note with 8k in cash. You're not going to be able to pick exactly what you want in all likelyhood, but if you do some shopping I promise you that you can find some damn good cars for that price.

Don't assume you have to get something financed. 8 thousand will definitely buy you a car.

[phxspurfan]

Agreed. I bought my SO's current driver (a 2 year old hard loaded Eddie Bauer Expedition still in warranty) in Houston after finding it on e-bay. They didn't get their asking price and I called them and negotiated a deal. Then, just flew down and picked it up. After driving it for two years it's still worth what I paid for it.

I'm not usually a SUV fan but I love Expeditions and GMC Envoys. Eddie Bauer version too with the nice seats...I'm sure that thing is kick ass

[101A]

First: BE PATIENT - and don't fall in love with anything you're looking at. A brand new car, or a new used car, is simply "your car" 60 days after you buy it; there are exceptions, but not many. Don't be emotional and do something stupid, like you apparently did at Best Buy.

Then, check the paper/auto trader/etc.. for private sellers. You will save money - do the car fax and you'll be reasonably sure you've got something that hasn't been busted up.

7 - 8k can get you a nice vehicle, that will last for years. My godfather (retired, successful attorney), drives nothing but used, five speed Accords; buys one for $2500 - 3k when they have 150K on 'em, and rides them to 300+. He's on his fifth since the early '80's. Cars last a long time; take advantage of that fact.

I was you twenty years ago, and didn't take this advice; took me a decade to realize how debt is the devil; and without it, you can live more comfortably and peacefully.

Your parents bought you a truck; you had nothing in it; take advantage of that; take the money they have invested, and use it to keep yourself debt free - clean up whatever you have and save yourself the grief of learning the hard way.

I now own outright five vehicles; two I have given to my inlaws (a focus, and a Honda Odyssey); two my family drives (another Odyssey, and an Infiniti QX 56), and I have my '67 Mustang fastback from High School (MY parents contribution)

I drive them 'til the wheels fall off; pay myself the payment that would otherwise go to a bank; then when they die, I have the cash to replace them. You have the opportunity to start this scenario young. Take it.

[RandomGuy]

As far as the insurance, a little more background. The accident took place, I was a little rattled. A paramedic-in-training walks up having heard the whole thing coming out of church and she calls the cops. The cops show up about a minute later. This surprisingly quick response time kept the other driver and I separate, unable to exchange info. As I mentioned in the OP, the accident happened Sunday, the 10th, and the officer that responded to the call has yet to turn in the accident report, regardless of the calls, voicemals, and emails he's received.

Anyways, that being the case, I've had to go through MY insurance thus far. We still have no idea if he even HAS insurance. You're suggesting that the insurance co, whether it's the other driver's or my own, will attempt to low-ball me? How exactly would I go about (respectfully?) declining their offer?

The truck has 119,000 miles on it...otherwise, it's in great shape. I assumed, however, that the high mileage drastically reduced the resale value, totaled or otherwise.

Hmm so you still have time then.

If you are going through YOUR insurance, you might have "no fault" insurance, wherein your company is obliged to pay you even if the other guy has no insurance.

If that is the case, and if you notify your insurance company, you get the advantage of getting them in on the game and adds to your resources. That is because your insurance company doens't want to be on the hook. They will sue on their/your behalf, generally taking the other insurance company to court if they dont' cough up.

Your biggest leverage is with the other person's insurance company, for reasons I have already outlined.

Definitely hold off any concrete plans for replacement until you get a check in hand.

Also,

if you are renting a vehicle, keep the receipt. You can be reimbursed for the cost. No guarantees on this, but if you DON'T have the receipt, you WON'T get reimbursed.

As for going about declining the offer, just say you don't consider that to be quite enough money, and state some of the reasons why.

A good general starting point is the "blue book" value, so look up the exact model here:
http://www.kbb.com/used-cars

I would guess that your truck would probably classify as "fair", based on the milegage.

Since you don't have a firm bid yet, it is hard to gauge the ultimate fairness of the offer.

What was the exact make/model?

[RandomGuy]

First: BE PATIENT - and don't fall in love with anything you're looking at. A brand new car, or a new used car, is simply "your car" 60 days after you buy it; there are exceptions, but not many. Don't be emotional and do something stupid, like you apparently did at Best Buy.

Then, check the paper/auto trader/etc.. for private sellers. You will save money - do the car fax and you'll be reasonably sure you've got something that hasn't been busted up.

7 - 8k can get you a nice vehicle, that will last for years. My godfather (retired, successful attorney), drives nothing but used, five speed Accords; buys one for $2500 - 3k when they have 150K on 'em, and rides them to 300+. He's on his fifth since the early '80's. Cars last a long time; take advantage of that fact.

I was you twenty years ago, and didn't take this advice; took me a decade to realize how debt is the devil; and without it, you can live more comfortably and peacefully.

Your parents bought you a truck; you had nothing in it; take advantage of that; take the money they have invested, and use it to keep yourself debt free - clean up whatever you have and save yourself the grief of learning the hard way.

I now own outright five vehicles; two I have given to my inlaws (a focus, and a Honda Odyssey); two my family drives (another Odyssey, and an Infiniti QX 56), and I have my '67 Mustang fastback from High School (MY parents contribution)

I drive them 'til the wheels fall off; pay myself the payment that would otherwise go to a bank; then when they die, I have the cash to replace them. You have the opportunity to start this scenario young. Take it.

Regarding used/new debate:

Recent events, namely that new car sales plummeted below the replacement rate for the US fleet have changed the economic dynamics.

People are holding on longer to cars and this is drying up the used car market somewhat.

This has a couple of repercussions:

1) Used cars hold value longer.
2) You get fewer miles for each dollar buying used.

This particular dynamic actually favors leasing, then buying the car after a few years.

Read an interesting article in todays Austin American Statesman regarding this in the car/advertising section.

If depreciation takes longer, simply due to demand for used cars, you are less likely to be "upside down" when the lease term ends, and much more likely to actually have positive equity.

[CosmicCowboy]

I'm not usually a SUV fan but I love Expeditions and GMC Envoys. Eddie Bauer version too with the nice seats...I'm sure that thing is kick ass

The especially nice part was one of my friends is a Ford service writer...at the time Ford was having a few random problems with the stitching on the leather seats so right when mine was going out of warranty he got brand new seats put in mine...What is so kick ass about the loaded Expeditions (compared to Tahoes) are the electric fold down third seat. Flip a switch and it folds down flat. You don't have to wrestle with taking the damn seat out like the Tahoe/Suburbans.

[RandomGuy]

I drive them 'til the wheels fall off; pay myself the payment that would otherwise go to a bank; then when they die, I have the cash to replace them. You have the opportunity to start this scenario young. Take it.

This is precisely what I have started doing, and what I will be telling my own kids to do.

Remember that THE largest component of operating a car is:

Replacement.

Not gas.

Not Maintenance.

If you have a note on a car, the second you get it paid off, keep putting that amount into the bank every month, until you have enough to pay cash as CC says.

[Drachen]

One thing that hasn't been noted here: If you do decide to go through a dealership and you are going to purchase a car outright (i.e. less than 8k), don't let them know you have the cash for it. Dealers make their money three ways Trade-In, Sales, and financing. Sometimes the dealer may cut you a deal on the sale if they think they are going to make it back on the financing. Even if you finance a portion and you get your pre-approval from your bank, don't let them know.

[Fpoonsie]

I really appreciate the responses here, with the exception of BadOdor's (lol banned). They were all really helpful. I'm still looking around, and stumbled across this site:

www.platinum-auto-sales.com

Somebody tell me this is a fucking scam so I can start looking elsewhere...

Edit: :lol Well, THAT's weird. It's been on the last few days, and now when I try to go to that site, it says "forbidden."

[METALMiKE]

this place seems like they have good deals http://www.discountautocenter.com (if you are in SA)

[holly.grager]

Whatever you plan to buy, just research the average annual charges you might have to cough up for it later. There are websites which will give you the average car insurance (http://hartfordauto.thehartford.com) and maintenance for every model, which might help you make a better informed decision. Just my two cents!

[Sisk]

So, what'd you end up getting? Anything yet?