Buying a Car

Discussion in 'Motorized Vehicles' started by YorkerBH, Jul 31, 2009.

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  1. coriolis

    coriolis Notebook Nobel Laureate

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    Just remember that it won't be a one time thing, you'll need maintenance, gas, and possibly even repairs, so the cost of a car is not just of the car myself.


    I've been saving for a car for the past 5 years, from highschool to now, still I don't believe I am able to 100% be sure I can cope with the added costs of owning a vehicle(payment + insurance + ownership exceeds $800 a month, of which I am able to handle however), I will still have student debts and pay for my bills now til whenever they're paid off.

    While I do agree it'll be nicer to get to work and school, of where I commute via public transit + walking about 2 hours and 1 hour respectively. I've been doing it for 6 years, might as well keep chugging along for one more year, and get a nice car once I graduate from school and find a job(hope this 'recession' ends soon :D).
     
  2. JM

    JM Mr. Misanthrope NBR Reviewer

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    Even with a credit card, you'll need to build up several years of credit history. I know 21 year olds who still can't get loans on their own, and their credit history is clean, with cards from age 18.

    Lending right now is not going to be easy to get without someone with perfect, long established credit as a cosigner.
     
  3. YorkerBH

    YorkerBH Notebook Evangelist

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    @coriolis: All that is very true. I have looked into those things also. It also depends on what kind of car you are geting...either new, old, luxury, etc.

    It seems in your case that you're trying to save up for a new car. In that case, everything will cost more for you, only you will have to maintain it at even lesser times.

    For me I'm going for an older car, by preference mostly. New cars lack in power and it costs more, but by and way it can be better too. An older car will take more maintainence times and can sometimes cost more. Though, insurance is cheaper, payments are cheaper and if you know the car, then you know you will be saving.

    @JM: Thank you for the input. I respect it as you are a banker or financer, no? Well it seems I'm going to have to stay the old fashioned route and also try to find someone who would settle for downpayment w/monthly payments.
     
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