Should I take on the debt of getting a car?

[Chaotic42]

Right now I have a Ford Festiva. For the most part, it's a decent car.

It is however, incredibly dangerous and cheap. Here are some stats

53 HP
1.1L 4 Cylinder
5 Speed Manual
12" tires (yes, as in 10+2=12)
No power windows
No power locks
No air
No rear window defrost
No built in speakers
No cruise
Extremely, extremely loud road noise. I can't hold a conversation at 55 mph.
~50 mpg

I paid $600 for it. Winter is coming to Indiana, and being from coastal Louisiana and Mississippi, I hadn't seen snow until I moved here (it's snowed lightly twice). My car does not handle well in snow at all. Everyone says that last winter was the warmest and least snowiest ever.

Being from the bayou, I live about 13 hours from here. I'd like to be able to go home a couple of times a year. I don't trust my car to make it.

My question to all of you who have lived more than I have is, would it be financially responsible of me to purchase a $5-10,000 vehicle? My job is about as secure as it can be, I'm making about $900/wk now. When I go back to regular hours, it'll be about $500/wk. Since I'm actually doing well for the first time, I'd like to stay at the point where I can purchase things I want and still save a bit. I don't have any crazy bills or anything.

Just looking for suggestions, I'm going to go look around at the cars now (I'd really like a truck like a Tacoma).

Thanks everyone,
Chris

 

[RossMAN]

Since Toyota's really hold their value, how about a used good condition Ford Ranger or Chevy truck?

If you can find a good deal then I say go for it.

 

[Chaotic42]

Originally posted by: RossMAN
Since Toyota's really hold their value, how about a used good condition Ford Ranger or Chevy truck?

If you can find a good deal then I say go for it.

Actually, I just found a beautiful Ford Ranger. 1999, 2.2L. Very nice. They're having an inventory clearance sale. It's just under $7,000. He says with a trade in and $1,000 down I can have it for about $150-$175 a month. Now it just has to stay there until next friday

 

[iamwiz82]

Originally posted by: Chaotic42

Originally posted by: RossMAN
Since Toyota's really hold their value, how about a used good condition Ford Ranger or Chevy truck?

If you can find a good deal then I say go for it.

Actually, I just found a beautiful Ford Ranger. 1999, 2.2L. Very nice. They're having an inventory clearance sale. It's just under $7,000. He says with a trade in and $1,000 down I can have it for about $150-$175 a month. Now it just has to stay there until next friday

How many years? 3 or 4?

 

[ElFenix]

Originally posted by: Chaotic42

Originally posted by: RossMAN
Since Toyota's really hold their value, how about a used good condition Ford Ranger or Chevy truck?

If you can find a good deal then I say go for it.

Actually, I just found a beautiful Ford Ranger. 1999, 2.2L. Very nice. They're having an inventory clearance sale. It's just under $7,000. He says with a trade in and $1,000 down I can have it for about $150-$175 a month. Now it just has to stay there until next friday

might work. rangers are pretty reliable. with the 2.2 they're slow.

 

[Chaotic42]

Originally posted by: iamwiz82

How many years? 3 or 4?

4

It can't be slower than my Festiva.

 

[Thegonagle]

Couple-few year old Rangers are a good deal, IMHO.

P.S. At your income level, don't spend too much yet. $7000 seems OK, but I wouldn't go much higher.

 

[Chaotic42]

Originally posted by: Garfang
Couple-few year old Rangers are a good deal, IMHO.

P.S. At your income level, don't spend too much yet. $7000 seems OK, but I wouldn't go much higher.

Yeah, I have very few bills, but the insurance will kill me.

I'd really like to get it though. It's quite nice, and it's a good deal. The business advertises at the stations I work at, the guy won't screw me over, lest I do a "Corrupt car salesmen" news story....

 

[Lvis]

Rangers are nice, I own one. The toyota owners will tell you it's pos, though. Just ignore them, and listen to the guys that own one. You sure it doesn't have a 2.5L ? Thats what my Y2k has.

I wouldn't fall in love with the first one you find though. There are lots of them around, just shop for the best one at the best price.

Jerk sales weasels love to make out that they sell a bunch of vehicles everyday....not true. Most vehicles sit on the lot for weeks, don't let them rush you.

 

[notfred]

what's worth more to you? $7/day, or not driving around in that peice of crap? If you think about it, I think you'll want the car.

 

[Chaotic42]

Originally posted by: L vis
Rangers are nice, I own one. The toyota owners will tell you it's pos, though. Just ignore them, and listen to the guys that own one. You sure it doesn't have a 2.5L ? Thats what my Y2k has.

I wouldn't fall in love with the first one you find though. There are lots of them around, just shop for the best one at the best price.

Jerk sales weasels love to make out that they sell a bunch of vehicles everyday....not true. Most vehicles sit on the lot for weeks, don't let them rush you.

No, he told me that it's been there for a while. Our economy has been hurt by our drought. No one's spending money.

 

[43st]

Some stuff I'd suggest.

A. Never go to a used car lot. Purchase via a private owner or dealership.

B. At the dealership ask to see the cars "in the back", these are the used cars they haven't cleaned up yet or auctioned off. If you want a cheap car with the ability to contact the previous owner this is the way to go.

C. Don't purchase any used car with a warranty. Some dealers will insist on it but you'll pay $2000+ more for it, not worth it if the car has a good track record.

D. Go to your local library and check out a Consumer Reports car issue. They're a pretty tight (non-profit) review group that tabulates data via user maintenance records.

E. When you make the offer do it over the phone. Sales guys can't work 95% of there "magic" when you're on the phone (good one for women). Just call and say "I'll pay $x, yes or no?"

F. Always talk numbers with the out-the-door price. Some sales gentlemen will claim that they don't know what you're talking about. An out-the-door price is EVERYTHING, tax, title, papers, everything.

G. A salesmen will always ask if you have a trade-in before you get a real number. Just tell him no, always. You can mention the trade-in after you get your firm price.

H. Have a mechanic buddy go shopping with you, or make sure you know what to look for. Engine wear, body repair, uneven tires, etc. Some cars can be to good to be true.

I. Remember that part warranties (from midas and places like that) are non-transferable with a new owner. Have the owner fix all broken items before you purchase, or have them knock the price down and you take care of it. (If purchasing from an individual)

Anyway... That's my list for getting a cheap car, short version. Most dealers hate taking me to the far back lot to look at the dirty cars but whatever, my money is better off in savings/investments than in new fancy cars.

 

[dsd17]

I would suggest going to Carmax. I'm sure there is one in IN and if not you're probably not all that far from Chicago area. I have bought 2 vehicles from there so far and they are by far the nicest sales people simply because you buying the vehicle doesnt rely on them getting paid. The cars are very reasonably priced, you have thousands to choose from, plus they will buy your car even if you dont buy from them. I'm almost positive they will give you more for yours than anywhere else will. Even if car dealerships say they are giving you $500 for your festiva its still going into the price you're paying.

Take a look at their website before you go off and purchase somewhere else. It would be a very wise investment.

 

[Chaotic42]

Originally posted by: dsd17
I would suggest going to Carmax. I'm sure there is one in IN and if not you're probably not all that far from Chicago area. I have bought 2 vehicles from there so far and they are by far the nicest sales people simply because you buying the vehicle doesnt rely on them getting paid. The cars are very reasonably priced, you have thousands to choose from, plus they will buy your car even if you dont buy from them. I'm almost positive they will give you more for yours than anywhere else will. Even if car dealerships say they are giving you $500 for your festiva its still going into the price you're paying.

Take a look at their website before you go off and purchase somewhere else. It would be a very wise investment.

I'm no where near Chicago. I'm in southern Indiana, near Louisville. Thanks for the tip though.