Got any tips on buying an almost new car?

Question

Ive never financed a car before but i really need somthing that i wont have to fix every damn weekend and i want somthing safe for my family, me and my fiancees credit sux, but we have a real good co-signer, were trying to rebuild our credit though so were the main ones and theyre just the backers this leaves us w/ around 12,000 as an affordable range, my question is insurance is gonna be the killer i could aford higher monthly payments (more expensive car) if i didnt need full coverage, if i was to take out a bank loan instead of financing thru a dealer would it be cheaper? and if so would i still need to maintain full coverage?
any other info would be helpful as well, thanx =)

Answer 1

1) Make sure is has a decent remainder of the manufacturer's warranty left.

2) Test drive it at least twice on two different days. This will give you a second impression that will be different than the first. Trust me.

3) Have more than 1 or 2 cars to look at. Variety is always good.

H a p p y
C a r
S h o p p i n g !

Answer 2

If you take out a loan (either through a bank or the dealer) you will have to have full insurance coverage (including collision). You can save on the insurance by increasing the deductible (eg: $1000 deductible is considerably cheaper than $500 deductible), however, if you have an accident you will have to pay the deductible. I suggest 1.) a modest car (nothing sporty, high power, etc.), 2.) the higher deductibles, and 3.) practice good defensive driving (no horseplay, speeding, etc.). If you begin acting responsibly you will find that, in time your credit will improve, your insurance rates will drop, and you gain a lot more respect.

Answer 3

OH MY GAH
I just picked up a 2002 Taurus SES loaded to the gills with 70K on it for 7500 with a 3 yr 36,000 warranty. don't go to a dealer look around your town there are what I call corner car lots everywhere. Here's the hard part find one that is reputable. DO not get one that wants to force you to finance the car at their lot. run from that guy. find the one that actually advertises like late at night they will have a sweet ride for you but do look around..

If you finance you have to have full coverage, just get the minimums and always get GAP coverage. should something happen to the vehicle and the insurance doesn't cover the total repay of the loan then GAP fills in the GAP get it..

Answer 4

You may have seen the Tesla electric sportscar http://www.teslamotors.com

You may have even seen the T-Zero electric sports car http://www.acpropulsion.com/ACP_FAQs.htm

These two cars show that it is now possible to build electric cars that can out-accelerate a Ferrari, and go 250 - 350 miles on a single charge. But both these cars are very expensive.

So who else is working on electric cars?

Would you believe China? They have to work on EVs. There won't be enough oil to support China's future economic growth.

I drive an old electric vehicle. I also have friends with electric vehicles. Some of them have recently been able to buy some amazing, cutting-edge EV batteries from China - example:

http://www.everspring.net/product-battery.htm

These batteries are better, and cheaper than the ones in those $100,000+ sportscars above. If you look at the chart, you'll see they are as cheap as lead-acid batteries, and they hold up for 1100 charges, twice as many charges as the other LI-Ion batteries on the chart.

Now, look at this car:

http://www.milesautomotive.com/products_xs200.html

It's a Chinese electric car, which will be imported into the USA next year. The driving range is almost as good as those sports cars above. But it only costs $28500.

Answer 5

Yes even the bank requires full coverage on a car loan. They have to protect their property until after you pay it off too.

Answer 6

I don't know where you live. But if you live in Canada you should check out a website by a company called' leasebusters', They have alot of cars offered by peo0ple who want out of their leases. Great prices, affordable late model cars if you don't plan to drive too much a great bargain.

Answer 7

I will never buy another new car. I am sticking with older German cars. Why you ask? I have made friends with a great mechanic who works on them. I buy from him and he keeps them running for me. Save money, make friends with a specialized technician!