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.
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.
Thats not the only problem. The biggest problem is that you inevitably get screwed on interest and end up paying a of a lot more for the car.
I never once considered buying a car at an estate sale but that seems like an incredibly smart idea. Thanks for the tip.
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 . I'm a college student too!
Then again I see cars for what they should be seen as: modes of transportation not status symbols.
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.
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
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.
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?
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.
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 s ching 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.
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.
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.
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 ing scam so I can start looking elsewhere...
Edit: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."
Last edited by Fpoonsie; 10-26-2010 at 11:17 AM.
this place seems like they have good deals http://www.discountautocenter.com (if you are in SA)
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 and maintenance for every model, which might help you make a better informed decision. Just my two cents!
So, what'd you end up getting? Anything yet?
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote