Quote:
Originally Posted by Sorrybrah
I have a problem with this logic... Let's say I save for the car I want/need (Will probably take years for poverty status dreamers), what if I need a car now? Buy a crappy honda civic you must say? Well, I am pretty sure you will have to pay for maintenance, repair, and etc for that car costing you an additional couple of grand right off the bat. Rarely a private seller would take care of those prior to selling their pos car.
Why not just use it as down payment, get a decent car and have a peace of mind?
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As the other guy said.. a very old dilemma for a lot of people.
Before DACA i had a $25k car under my dad's name. I paid for it. Since my parents moved back to my birth country 6 months before DACA and i had no credit in the beginning of DACA to get a loan with a good interest rate, my decision was to sell the $25k car and with the leftover buy a 2001 Corolla with 90k miles on it. Paid for it cash for about $4500. There's no monthly payments, insurance is $70/month and the biggest maintenance i had to do was the wheel bearings which cost $300-$400 at the time i believe. Now think about making monthly payments of $150-$400 and figure what that amounts to in a year compared to usual maintenance costs (oil/fluids/suspension) on an older vehicle? With research you can buy a very good car very cheap that will not bring maintenance costs too high.
I've always liked good cars but from 2012 to now i still have the same damn car. Can i buy a much nicer one now that i have good credit? Yes. But the damn Corolla that i thought wouldn't last to this day still goes strong and it serves me good for everything i need.
So the point is, yes you can get a nicer car if you have the means for it, just make sure you do your due diligence by getting a good rate and a good down payment so it doesn't affect the rest of your life.