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  1. #1
    Join Date
    Dec 2003
    Location
    Chicago
    Posts
    475

    Question about financing a car purchase- advice appreciated

    I just got a co-op offer from GE for their Information Management Leadership Program (IMLP). Up until this point, I have not needed to have a car. I have between $7-10k to spend on a car right now (as a down payment). As far as income goes I'll be making ~4k/month (as a sophmore in college). What would you suggest I do?

    Lease a car for between $130-300/month? Possibly buy after.
    Find a 0% APR offer and just make the monthly payments.
    Buy a car between the $7-10k range.

    If you suggest buying a car, give me a few suggestions on cars in that range.

    Thanks guys
    -Chris
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  2. #2
    Join Date
    Aug 2003
    Location
    Twin Cities Area
    Posts
    5,651
    1. Buy a car between the $7-10k range.

    2. Do not lease
    if you haven't considered chapter 7 bankruptcy, maybe you should.
    eliminate your debt, keep the property you want, most people qualify.
    contrary to popular belief - no attorney is necessary!

  3. #3
    You have to promise not to let this go anywhere besides this thread


    I agree with Lauren
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  4. #4
    Join Date
    Aug 2003
    Location
    Twin Cities Area
    Posts
    5,651


    im going to screen shot this, i just want you to know that !!

    if you haven't considered chapter 7 bankruptcy, maybe you should.
    eliminate your debt, keep the property you want, most people qualify.
    contrary to popular belief - no attorney is necessary!

  5. #5
    I am on serious pain killers and muscle relaxers, I am not responsible for anything I say
    Technical Advisor for new A&E Series The Killing Season
    There are no random acts of violence
    Starts November 5th!

  6. #6
    Join Date
    Oct 2001
    Location
    Ohio
    Posts
    8,299
    Leasing a car - awful idea. I don't recommend it to anyone.

    Purchasing a brand new car, not a bad idea, but you're locking yourself for some payments of $400-600 a month for quite some time. Being as young as you are, I highly doubt you'll get approved for the usual 0% offers.

    I would recommend purchasing a car below $10,000. Investigate the maintenance that's been done on it - check the reliability of the cars. Some things to look for on used cars are wheel bearings, breaks, gaskets. Some things to look for are the over abundance of smell of "new car" scent. Dealers often use that to hide the smell of leaks. When test driving the car, floor it - see if the engine bogs down at all, which could represent some fuel system issues. Slam on the breaks and see if the traction control/ABS system errors out and if you can hear the power steering pump afterwards. That will usually point to a warped rotor or bad wheel bearing. Also, check pedal feedback when using the brakes, if there's even a slight amount of feedback it could be worn down brake pads of warped rotors.

  7. #7
    Join Date
    Jun 2004
    Location
    Boise, ID U.S.A.
    Posts
    3,503
    If you buy a used car without a dealer warranty, I think you should check with AAA to find a recommended diagnostic center. I once bought a used car "as is", but I was "smart" enough to have it checked by the gas station mechanic who had previously done good work on my previous car. He pronounced it to be "good", and I bought it. The first few breakdowns, that is the mechanic I had it towed to. Then I realized that he was making more money from my purchase of that car than the salesman.

  8. #8
    Join Date
    Feb 2001
    Location
    West Michigan, USA
    Posts
    9,675
    Buy a car for the amount of money you can afford to pay cash upfront on. Don't lock yourself into a car payment just yet.

    --Tina
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  9. #9
    Join Date
    Jul 2004
    Posts
    352
    I agree with Tina 100%.

    I made a mistake of leasing a truck when I was 17...ugggh what a nightmare.

    I buy all of my cars cash now (and no I can not afford luxury cars) so I just buy what I can afford.

    I have a 50 year old jeep, and a 98 pickup truck (only 50k miles on it). We do owe about 8k on my wifes car. I am trying to get that paid off and vowed that her SUV will be the last car I ever owe on (bought it before the other two). It bluebooks for like 12k so I am not upside down on it but hate the payments.

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