About to graduate from college will be buying a new car before May, help.

[DAM]

So it is pretty much a fact that I will be buying a car when I graduate.

Here are a couple of things I would like advice on:

- I want a truck or suv F150 or Expedition, how are the 2004 models?
- What should I ask, look for when going to a dealership?
- Should I go to as many dealerships as possible or just target 2-3?
- Should I just buy a used 2003 or 2002 model?

I have a million questions, but hopefully we can start with these.

dam(zoom zoom)

 

[DaWhim]

just get a used car.

 

[Trevelyan]

Well if you have over 10,000 in debt, don't get a new car. That's the one thing all financial advisors always warn students before they graduate... don't get a new car if you can avoid it. Get a used car, it won't lose as much value.

 

[NutBucket]

Originally posted by: Trevelyan
Well if you have over 10,000 in debt, don't get a new car. That's the one thing all financial advisors always warn students before they graduate... don't get a new car if you can avoid it. Get a used car, it won't lose as much value.

Generalization

 

[scorpmatt]

Originally posted by: Trevelyan
Well if you have over 10,000 in debt, don't get a new car. That's the one thing all financial advisors always warn students before they graduate... don't get a new car if you can avoid it. Get a used car, it won't lose as much value.

when dealing with fords, they lose value just as quick if they are brand new or used

 

[DAM]

I have $5K in debt total, worked my ass off to not used loans.

 

[PricklyPete]

I definitely don't want to burst your bubble...cause I know you want to buy that car/truck really badly, but avoid. Just get a used car that services your needs. The key word there being needs. What you actually need and what you think you need are probably two different things.

A few years down the road after you have paid your 5K off, feel confident at your job, and have a nice bit saved in the bank, then sell your used car and go buy what you want.

Believe me, I would have a hard time taking this advice too...

If you do decide to buy something...definitely purchase a used 2002 and I personally would avoid a Ford...but to each their own.

 

[StageLeft]

I would say that since you're going to be a new college grad, all of the new college grads have awesome high paying jobs with great job security, and the world is your oyster, you should buy at the absolute least a $30k car.

 

[ShOcKwAvE827]

agreed, 30K is a bit on the low end though.

 

[SweetSweetLeroyBrown]

you smart fvcks don't even know this kid's financial situation

yet you are already coming to conclusions as to what kind of car he should buy

 

[xEDIT409]

You can save thousands of dollars just by getting a 02' or 03' model, so I highly reccomend that.

 

[Passions]

Just because he has a 10k loan doesn't mean he is in the stinkhole financially. It depends on his future job, student loan interest rate, living expenses, etc. Bunch of monkies.

 

[Rob9874]

I bought a new car before I graduated. Got my offer letter from work, and bought a brand new 2000 Dodge Durango. Since I was driving a 2-seater '87 Honda CRx, I was so excited.

Fast forward 4 years later:
- I have a huge monthly payment that I could afford right after graduating, but expenses pile up over 4 years, and now it's killing me
- I have taken the car in the shop on average about 5-6 times per year, and now it's out of warranty
- The "honeymoon" phase has worn off, and it's not as exciting as it was when I first purchased it. Now, I'd rather drive a POS and have the cash flow.

My advice is in the following order. Use it how you wish:
1) Do not buy a car right away. Drive your POS for a while, and save the money. Having extra money is so much more important than the pride of a new car.
2) Buy used. Get a 2 year old car with warranty still valid. You'll save a ton of depreciation. My $32K SUV is worth $15K just 4 years later.
3) Buy an import. I spend so much on repairs. Even when it was in warranty, I hated the hassle of taking in to the shop every few months. Window wouldn't roll down, back hatch wouldn't lock, leaking power steering fluid, volume knob fell off steering wheel, many strange noises, etc. I have friends who own Toyotas, and they tell me after 5 years, they've only had to do oil changes. My next vehicle will be a used Toyota. Plus, the resale value is much more on an import.

 

[StageLeft]

Originally posted by: SweetSweetLeroyBrown
you smart fvcks don't even know this kid's financial situation

yet you are already coming to conclusions as to what kind of car he should buy

I'm sorry leroy Rob9874's experience is not unique. I know a guy who bought a fully loaded jeep grand cherokee three years back when he got out of college. The payments are now killing him (he has a house, wants to have kids, but can't afford them yet because of various expenses), and is still in the hole with the vehicle. I always wonder what people are thinking when I see a 21 year old with their college plates on the back of a brand new $30k car.

 

[Kelvrick]

You said zoom zoom in your post. Get a mazda rx8. Why be another SUV guy? Unless you need it, then I have no advice cuzz I dunno.

 

[SweetSweetLeroyBrown]

i'm not accepting your appology

 

[StageLeft]

Originally posted by: SweetSweetLeroyBrown
i'm not accepting your appology

Why?

 

[SweetSweetLeroyBrown]

because I am an ahole

 

[StageLeft]

Argh, I have nothing nice to say.

 

[Rob9874]

Originally posted by: Skoorb

Originally posted by: SweetSweetLeroyBrown
you smart fvcks don't even know this kid's financial situation

yet you are already coming to conclusions as to what kind of car he should buy

I'm sorry leroy Rob9874's experience is not unique. I know a guy who bought a fully loaded jeep grand cherokee three years back when he got out of college. The payments are now killing him (he has a house, wants to have kids, but can't afford them yet because of various expenses), and is still in the hole with the vehicle.

Thank you! That is me exactly. The $500 car payment seemed like nothing right out of college, because I had no expenses. I guess I figured I'd split $500 rent with my brother forever. Well, I moved out soon after, and my rent tripled. My new income allowed me to get approved for various credit, so I have those payments as well. Got married (EXPENSIVE!), and now we want a house, but our debt to income ratio is too high. Damn that car payment! My 30-something friends have houses and kids, but drive paid-off '92 Hondas, and I envy them.

 

[DougK62]

** Buy a fancy new car now.

** Get basic transportation so you can save for a house.

Pick one. Most smart people go for #2.

 

[maziwanka]

the suv will be better for you (if your deciding that vs. pickup). just go to as many dealerships as you can and try out a bunch of vehicles. first decide what your budget is (seems like its around 30k). go from there.

oh and do lots of online research and try to visit forums for the car(s) your interested in.

its a long process and purchasing new is always nice.

 

[StageLeft]

Originally posted by: DougK62
** Buy a fancy new car now.

** Get basic transportation so you can save for a house.

Pick one. Most smart people go for #2.

Most smart people go for #2. Most people go for #1

 

[stev0]

get an 03' F150 supercab flareside with the lariet package... you won't be dissapointed

 

[royaldank]

Avoid buying a new car. Get something used that will get you to work and is reliable. The less you spend, the quicker you pay off your debt and save for a house and other expenses. Rob's story is very common and he gives great advice.