new or used car advice?

Question

So here is the the story, I'm 18, right out of high school and I need a car. I've been working for about 5 months part time at my job where I get paid about 400 every two weeks (give or take)



My question is, should I get a new car, or a used car from a dealer? I have 2,500 dollars to put as a down payment, and I want to get my monthly payments as close to 150-175 as I can.

What is some good advice?

BTW


The two new cars I was intrested in where the toyota yaris, and scion xA. both roughly cost 14000

I want something thats fuel efficent

Answer 1

You will need a cosigner. New car loans for new credit kids usually require 2 year job, 20% down and a payment of not more than 25% of income. They will calculate in a minimum rent, even if you live at home and most require a minimum of $1500 per month income.

Your car loan will be at a higher rate than normal for co-signer or high risk loan. My payments are $409 on $13000 @15% for 3 years!

Calculate your minimum payment by dividing the selling price plus 10% for taxes and license fees minus your $2500. Then divide by 60 months (if newer car) and that will be your base payment to add interest to.

Be aware, you will need full coverage insurance on any financed vehicle and that will probably cost more than you want to pay for a payment!

Answer 2

A car is not only the payment, you have to add gas, taxes, inspection, repairs and insurance. Gas moves up and down, you pay taxes once a year with your plates, repairs can be just change oil to thousands of bucks, and insurance.... if you pay the car in payments you have to have full coverage, and this is a lot of of money, specially for young people.
From my own experience, get a good old beater, cavalier, escort, civic, repair it and keep it until you save more money. My escort cost 3000 and it is a wonderful car. Get your mechanic or a friend or relative who knows about cars, and get an old car you can afford.
By the way, the 14000 is a car with nothing in it, add sales tax and a few extras and you have spent all your money.

Answer 3

Start with an old beater, I know you want to style but don't saddle yourself with bills so early in your life. Save your money, remember that along with a new car payment you also have the full coverage insurance that goes with it. For you it will be high, so add that to your budget. New car dealers don't car if you really will be able to make the payments. So look for a good used car in the price range of what you have saved. Good luck.

Answer 4

Don't know if you can get the payment that low, with your numbers, unless you have a 6 yr loan. Try to find one a couple years old. You'll save alot. I only buy new when it's a business vehicle.

Answer 5

properly, i'm confident we the two understand the previous asserting that money talks and each and each of something walks. for a used automobile for reliability, non-important different and young ones, this could be palms down toyota or honda. yet is paying the top type for a sixteen y.o. boy properly easily worth the dividends. it is all too based on the way he drives and cares for, or abuses, his experience. in my view, i could placed him an older Caprice or Crown Vic for distinctive reasons, and permit him issue with reference to the gas invoice. Teaches responsibilty, fairly with money. although, if he's regular to be the exception to the guideline, and wont bend to look stress, then the unique plan of Honda or Toyota makes suitable sense, as they are going to keep abit of their value if cared for and could be uncomplicated to sell while it's time to enhance. via the way, a carfax is mostly a competent theory on any used automobile, till its purely some previous $2 hundred door slammer, no longer what you indicated as searching for.

Answer 6

Hey there, you should really go for a 2007 chevy aveo. Check out consumer reports, they are reliable. I seriously bet you would like it if you checked them out/drive it. My girlfriend just got one...super gas mileage, fully loaded, power windows, A/C, cruise control, keyless entry, very roomy inside which is hard to believe. She paid $13,800 INCLUDING TAXES.
hope this helps and good luck. she pays $270 per month.