Buying First Car

[DigDug]

I wish I had the knowledge about buying a car like I do with computers. I really don't want to be the car buying equivalent of someone who goes to Staples to buy a computer. But I have no idea what the best way to scope for a good deal is.

In this down economy, buying a new car seems like a more viable option than ever given the incentives.

1. How much should I put down?

2. Should I buy all cash or use financing? I hear that the trick is to agree to financing so that the dealer will get a kickback from the finance company and therefore can give me a better price, but I should make sure there's no pre-payment penalty and then pay off shortly after purchase.

3. What are considered good deals in the world of cars? Honda, Toyota?

4. Whats the best way to go about buying a used car? I see Carfax commercials on TV.

This is going to be the biggest purchase I've ever made, and I'm scared!

 

[jlee]

I would not buy a new car as a first car. IMHO.

What's your budget?
http://omaha.craigslist.org/cto/1426630764.html
http://omaha.craigslist.org/cto/1430386173.html

 

[Proprioceptive]

http://www.beatthecarsalesman.com/
http://carbuyingtips.com

/thread

 

[Vette73]

Besides the links above what are you looking for? Price range? and also hwo much do you have saved up?

For some cars new may be better but for many used can be great.
All my current cars/truck were used and got well below current retail price, even less then private seller price. But I am also a former auto-tech so I can live without a warranty.

 

[KIAman]

I would only buy new if the available financing pushes me within $50 of a used with used car financing. This happens a lot with 0 or .9% financing.

First step, get prequalified for a loan on your own to see what you can do. Carry that letter along with you when you shop around.

 

[DigDug]

Thanks for you help, Marlin and all...

I have about $10k in cash (apart from other savings), but I just lost my job and simply need transportation as my wife (newly married) is using the one car we have (and which she brought into the marriage). I've commuted to NY thus far so I didn't need a car, but doubt I will be able to get another job in NYC. I'm currently sitting at home like a home-bound teenager going mad, hence the need for such a purchase at such an inopportune time. I want to buy an economical car, even a KIA. Just something to get me around, thats extremely cheap but will have a nice 100,000/10-year type of warranty on it - it was for this reason that I thought new, but I was told that certified-preowned will have such warranties still on them. Do you have recommendation on brands? I really appreciate all the help I can get. I'm not a non-savvy consumer in general, its just that I've never had to even think of purchasing a car.

 

[DigDug]

Jlee, thanks for the links but I'm not in Nebraska (and not a black woman either for that matter ). I just put Nebraska in my profile for no reason. I'm in NJ, actually.

 

[yh125d]

A nice low mileage fusion might be in your future. You can get an 07-08 with under 30k for quite cheap. A lot less money than a comparable accord or camry, while being a lot more fun to drive and nearly as reliable as it would seem. You don't get a 10 year/100k warranty (honestly those are fairly rare I think, and to a point unnecessary for a lot of people)


Definitely a better option than a Kia or likewise. Also, don't buy new - with just getting laid off you need to be sensible. Let someone else take the initial depreciation hit from buying a new car, and get yourself a nice low mileage used.


In your situation I would think doing partial financing would be good. Get a nice down payment (say 4k of your 10 saved) and finance the rest. That way your payment will be manageable, and you still have a nice chunk of your savings to ride out your unemployment

 

[Vette73]

Originally posted by: DigDug
Thanks for you help, Marlin and all...

I have about $10k in cash (apart from other savings), but I just lost my job and simply need transportation as my wife (newly married) is using the one car we have (and which she brought into the marriage). I've commuted to NY thus far so I didn't need a car, but doubt I will be able to get another job in NYC. I'm currently sitting at home like a home-bound teenager going mad, hence the need for such a purchase at such an inopportune time. I want to buy an economical car, even a KIA. Just something to get me around, thats extremely cheap but will have a nice 100,000/10-year type of warranty on it - it was for this reason that I thought new, but I was told that certified-preowned will have such warranties still on them. Do you have recommendation on brands? I really appreciate all the help I can get. I'm not a non-savvy consumer in general, its just that I've never had to even think of purchasing a car.

With no job right now i would look for used. Check out hyundai for cheap cars. Get one that is 3 years or so old with lowwer milage and you get a cheap decent car with some warranty left.

 

[jlee]

Originally posted by: yh125d
A nice low mileage fusion might be in your future. You can get an 07-08 with under 30k for quite cheap. A lot less money than a comparable accord or camry, while being a lot more fun to drive and nearly as reliable as it would seem. You don't get a 10 year/100k warranty (honestly those are fairly rare I think, and to a point unnecessary for a lot of people)


Definitely a better option than a Kia or likewise. Also, don't buy new - with just getting laid off you need to be sensible. Let someone else take the initial depreciation hit from buying a new car, and get yourself a nice low mileage used.


In your situation I would think doing partial financing would be good. Get a nice down payment (say 4k of your 10 saved) and finance the rest. That way your payment will be manageable, and you still have a nice chunk of your savings to ride out your unemployment

He just lost his job and you're recommending something "under $30k"..?

My Tundra, fresh off a 3yr lease, was just under $16k - for a guy who just needs transportation, he can probably get away with something a bit less pricey.

 

[A5]

Originally posted by: JLee

Originally posted by: yh125d
A nice low mileage fusion might be in your future. You can get an 07-08 with under 30k for quite cheap. A lot less money than a comparable accord or camry, while being a lot more fun to drive and nearly as reliable as it would seem. You don't get a 10 year/100k warranty (honestly those are fairly rare I think, and to a point unnecessary for a lot of people)


Definitely a better option than a Kia or likewise. Also, don't buy new - with just getting laid off you need to be sensible. Let someone else take the initial depreciation hit from buying a new car, and get yourself a nice low mileage used.


In your situation I would think doing partial financing would be good. Get a nice down payment (say 4k of your 10 saved) and finance the rest. That way your payment will be manageable, and you still have a nice chunk of your savings to ride out your unemployment

He just lost his job and you're recommending something "under $30k"..?

My Tundra, fresh off a 3yr lease, was just under $16k - for a guy who just needs transportation, he can probably get away with something a bit less pricey.

Under 30k miles, not 30k dollars.

 

[jlee]

Originally posted by: A5

Originally posted by: JLee

Originally posted by: yh125d
A nice low mileage fusion might be in your future. You can get an 07-08 with under 30k for quite cheap. A lot less money than a comparable accord or camry, while being a lot more fun to drive and nearly as reliable as it would seem. You don't get a 10 year/100k warranty (honestly those are fairly rare I think, and to a point unnecessary for a lot of people)


Definitely a better option than a Kia or likewise. Also, don't buy new - with just getting laid off you need to be sensible. Let someone else take the initial depreciation hit from buying a new car, and get yourself a nice low mileage used.


In your situation I would think doing partial financing would be good. Get a nice down payment (say 4k of your 10 saved) and finance the rest. That way your payment will be manageable, and you still have a nice chunk of your savings to ride out your unemployment

He just lost his job and you're recommending something "under $30k"..?

My Tundra, fresh off a 3yr lease, was just under $16k - for a guy who just needs transportation, he can probably get away with something a bit less pricey.

Under 30k miles, not 30k dollars.

/facepalm

Okay, that makes a lot more sense.

 

[yh125d]

Originally posted by: JLee

Originally posted by: A5

Originally posted by: JLee

Originally posted by: yh125d
A nice low mileage fusion might be in your future. You can get an 07-08 with under 30k for quite cheap. A lot less money than a comparable accord or camry, while being a lot more fun to drive and nearly as reliable as it would seem. You don't get a 10 year/100k warranty (honestly those are fairly rare I think, and to a point unnecessary for a lot of people)


Definitely a better option than a Kia or likewise. Also, don't buy new - with just getting laid off you need to be sensible. Let someone else take the initial depreciation hit from buying a new car, and get yourself a nice low mileage used.


In your situation I would think doing partial financing would be good. Get a nice down payment (say 4k of your 10 saved) and finance the rest. That way your payment will be manageable, and you still have a nice chunk of your savings to ride out your unemployment

He just lost his job and you're recommending something "under $30k"..?

My Tundra, fresh off a 3yr lease, was just under $16k - for a guy who just needs transportation, he can probably get away with something a bit less pricey.

Under 30k miles, not 30k dollars.

/facepalm

Okay, that makes a lot more sense.

Thas aight, I read your response andbefore I fully interpreted it I was thinking "wtf? I'm berated for recommending a cheap car? This fool's gonna get his ass chewed out"


Then my brain started working again


And I was like "lul"

 

[JulesMaximus]

Originally posted by: DigDug
I wish I had the knowledge about buying a car like I do with computers. I really don't want to be the car buying equivalent of someone who goes to Staples to buy a computer. But I have no idea what the best way to scope for a good deal is.

In this down economy, buying a new car seems like a more viable option than ever given the incentives.

1. How much should I put down?

2. Should I buy all cash or use financing? I hear that the trick is to agree to financing so that the dealer will get a kickback from the finance company and therefore can give me a better price, but I should make sure there's no pre-payment penalty and then pay off shortly after purchase.

3. What are considered good deals in the world of cars? Honda, Toyota?

4. Whats the best way to go about buying a used car? I see Carfax commercials on TV.

This is going to be the biggest purchase I've ever made, and I'm scared!

If you can qualify for some of those super low interest rates I'd just finance it. A friend of mine just bought a brand new BMW 650i and got 0.9% financing for 5 years. That's like free money right there.

 

[JulesMaximus]

Just lost your job? Get a Civic.

 

[desy]

2-3yr old Elantra or Focus

 

[jlee]

Originally posted by: yh125d
Thas aight, I read your response andbefore I fully interpreted it I was thinking "wtf? I'm berated for recommending a cheap car? This fool's gonna get his ass chewed out"


Then my brain started working again


And I was like "lul"

:beer:

 

[StageLeft]

Don't buy new. PERIOD.

 

[KIAman]

Originally posted by: Skoorb
Don't buy new. PERIOD.

My co-worker purchased a MB C350 new and the monthly is cheaper than a 2 year C350 with 18k miles because of .9 APR vs 5.49 APR.

Buy whatever is cheapest.

 

[zerocool84]

Look at a Focus. They are MUCH cheaper used than a comparable Honda/Toyota and are still awesome cars. Honda/Toyota are so damn overpriced used.

 

[herm0016]

i would look for a olds 88 or buick leseber late 99 or newer. you should be able to pick something up with 75k on it for 3 or 4 grand. I dont see any reason to spend any more than 5k when you are out of work unless you know you can make the payments and find a job without dipping into your savings too much. I drive a 99 olds 88 and have 120k on it, its never had anything but maintenance items replaced. look for a private sale too, not a used car scammer/dealer.

 

[adlep]

Out of work, newly married, and thinking about buying new?

?

I say buy a 99-2002 Accord for around - up to 7k and SAVE the rest. As a matter of fact, finance 20% of it and have a down payment. It should be like $150.00 a month.

 

[mizzou]

i don't know man, new cars can be a great deal, especially maintenance wise. You know what you get yourself into on the initial purchase and typically it doesn't hurt much down the road.

On a used car, it's the opposite. You don't hurt much on the initial purchase but down the road you don't know what the expect.

 

[fleabag]

Originally posted by: DigDug
I wish I had the knowledge about buying a car like I do with computers. I really don't want to be the car buying equivalent of someone who goes to Staples to buy a computer. But I have no idea what the best way to scope for a good deal is.

In this down economy, buying a new car seems like a more viable option than ever given the incentives.

1. How much should I put down?

2. Should I buy all cash or use financing? I hear that the trick is to agree to financing so that the dealer will get a kickback from the finance company and therefore can give me a better price, but I should make sure there's no pre-payment penalty and then pay off shortly after purchase.

3. What are considered good deals in the world of cars? Honda, Toyota?

4. Whats the best way to go about buying a used car? I see Carfax commercials on TV.

This is going to be the biggest purchase I've ever made, and I'm scared!

How much time have you spent on this? If this is your first car ever and you really are as scared as you say you are, I'd spend at least 6 months researching it. I still haven't purchased my first car but part of that reason isn't related to me being scared but because of other issues. I first started looking at purchasing a car back in Mar 2008 and within that time, I've changed my decision on the car I wanted multiple times which in turn has made my confidence in my current desire for a car that much higher compared to when I first decided that I wanted to buy a particular car.

edit: after reading your other posts, if you mean what you say in that you just need cheap transportation, might I suggest a 2000-2002 Chevrolet Prizm? These cars are basically corollas except much cheaper. They're literally the same car aside from a few cosmetic differences and better stereo system in the Prizm. These cars can be had for around $3000 and should not only get good gas mileage, but should be as reliable as any Toyota because it's basically a Toyota, without the badge and price.

 

[herm0016]

Originally posted by: fleabag

Originally posted by: DigDug
I wish I had the knowledge about buying a car like I do with computers. I really don't want to be the car buying equivalent of someone who goes to Staples to buy a computer. But I have no idea what the best way to scope for a good deal is.

In this down economy, buying a new car seems like a more viable option than ever given the incentives.

1. How much should I put down?

2. Should I buy all cash or use financing? I hear that the trick is to agree to financing so that the dealer will get a kickback from the finance company and therefore can give me a better price, but I should make sure there's no pre-payment penalty and then pay off shortly after purchase.

3. What are considered good deals in the world of cars? Honda, Toyota?

4. Whats the best way to go about buying a used car? I see Carfax commercials on TV.

This is going to be the biggest purchase I've ever made, and I'm scared!

How much time have you spent on this? If this is your first car ever and you really are as scared as you say you are, I'd spend at least 6 months researching it. I still haven't purchased my first car but part of that reason isn't related to me being scared but because of other issues. I first started looking at purchasing a car back in Mar 2008 and within that time, I've changed my decision on the car I wanted multiple times which in turn has made my confidence in my current desire for a car that much higher compared to when I first decided that I wanted to buy a particular car.

edit: after reading your other posts, if you mean what you say in that you just need cheap transportation, might I suggest a 2000-2002 Chevrolet Prizm? These cars are basically corollas except much cheaper. They're literally the same car aside from a few cosmetic differences and better stereo system in the Prizm. These cars can be had for around $3000 and should not only get good gas mileage, but should be as reliable as any Toyota because it's basically a Toyota, without the badge and price.

my girlfriend has a prizim. it has been a great little car.