College student, should I buy a new or used car?

Question

I’m currently in College (freshman) and I take the bus to school. It’s like a fifty minute commute, pretty dull and boring. I’m ready to buy a car, but I’m trying to decide whether to get a new or used car. I currently make roughly about $1,000 a month, and my car payment plus insurance would be my only bills to pay, plus books every semester (2 times a year). My dad and I reached an agreement in which I pay books and he pays tuition. I attend a state college in Southern California so it is not that expensive. Furthermore, if I was to buy the car, my dad would finance it and he has excellent credit, by that I mean that he has a really high FICO score, somewhere above 730, so that is a plus. My only responsibility would be to pay the car bill plus insurance which could be roughly $250 a month. What do you guys think? Any of you in the same situation, how does it feel to be bogged down with car payments?

By buying a new car I mean a Sentra, Yaris, Fit, Versa, Civic, or something of that sort, nothing extravagant or expensive.

Answer 1

Buy the Yaris. It is way more economical then a used car that gets poor gas mileage and breaks down all the time. I own one, i am a college student in souther california, and it is a wonderful car.

i <3 my yaris.

Answer 2

You should buy a used car you could get a nice civic or toyota at a good price and you wont have to worry about saving for your payments. I am to a college student and i bought a used truck a couple of years ago and now my only responsability is paying for books and tuition. Buying a new car the dealer would charge you more taxes and pay more for insurance. Sincerly u should by a used car and save some money.

Answer 3

Car payments can be a drag. The trick is to make sure they are low enough to give you plenty of spending money for the rest of the month. You may like a car a lot at first and think it's OK to make $800 a month payments, but you'll quickly regret not having more money left over. And don't forget that when you finance a car, it has to have full insurance coverage, not just liability. And you'll want to make sure that you have enough $$ left over to pay a deductible if you get into an accident.

I would suggest getting a late model USED car. Something Japanese. Toyota makes the best cars on the road. My wife just bought a 2006 Nissan Altima and loves it. It has a 4-cyl engine, but has more than enough power. Plus it gets good gas mileage.

Answer 4

a new car is great because it is loaded with brand new features that older models don't have and most have long term warranties. so you don't have to worry about your car breaking down, and you can just concentrate on your studies.

but buying a used car meaning, for the same amount of money you paid for that brand new compact car, you can get a similar used car at 3/4 or less of the price or get a medium to large size vehicle. A larger vehicle is much safer than a smaller one. However you have to ensure that the used car you bought is in excellent condition because you never know what exactly the former driver did to the car. You will also have to inspect the car so that no major repairs are needed in the first 2 years that you will used the car.

i am also planning to buy a car, i am still stuck between a new subcompact or a used medium sized car. right now my heart is kinda set to the used car, because i am new driver with less than 4 years experienced on the road. that means i am prone to small and mild accidents. i won't cringe as much if i bought a used car if i was involved in an accident but i would be sobbing to see my new civic scratched my that old pickup.

its up to you, which choice you feel most comfortable with.

Answer 5

Your mom shouldn't be lecturing you about used cars if she has never owned one (even though she's paying for it). People sell cars for all sorts of reasons. Some have too many cars in their driveway. Some need a different car for a new job. Some need to pay rent & buy food. Some just want something different. To test drive you need a drivers license. Don't think you need insurance yourself; the dealer probably has insurance policies setup for this kind of thing. Any used car should be inspected by a mechanic (regardless if its dealer or private party). If they won't allow an inspection, you should not be buying a car from them. Period. When shopping for a car, consider what you need the car to do (travel through snow, transport 4 or more people, haul cargo, be fuel efficient, complete the 1/4 mile in 13 seconds, just some examples of what some people may want out of a vehicle). Insure & register the car ASAP. Does not necessarily have to be before you actually buy the car. Don't ask us about insurance. Its your job to shop around & get quotes. Besides, insurance premiums are determined by several factors that we don't know or have access to.

Answer 6

I'm also in college and its a bit much to have the added burden of car notes. I would suggest buying a used car with a payment in full. College expenses are enough you may not want to add to them. Plus, you could be spending that $250/month on other things.

Answer 7

Buy a Bike first, used car, maybe! New Car- NO,
NO, NO, NO! car payment 300-400 per month for five years! New Car Insurance - 200 - 300 hundred per month as long as you have the car!
Gas and up keep? Gas at $2,$$.$$ per gallon,

Adds up to an extremely bad finical move.

Answer 8

A good brand name used car is the best to go with.
You will probably hang on to this car for a while yet
a new car plunges in trade-in value as soon as you
drive it off the lot.

A good, dependable used car is a better deal
in the long run with money being tight...as opposed
to an economical new one. Believe me,
if you shop around, you can find one that is just
as good, if not better, as a new one...yet you won't
be paying for something that will drop in value like
a rock.

Answer 9

Frank,
I'm an older person that has a bit of logic in his head. I would look around for a clean older car that is being sold privately. All you have to do is look at a car and know it has been cared for. Fewer problems!
But on the other side of the coin. You say that bus ride is boring. Are you doing any homework on the bus giving you more time for yourself later? This will give you plenty of time to save for the right car. Don't rush it. There are no guarantees. Take your time.

Answer 10

by experience go used Toyota,Honda,Volkswagen if you know how to drive a stick that's even better its going to be cheaper in price $3000 or less is a great price range for those cars .Then get you a credit card with a $300-$500 limit and use it strickly for the car gas & repair,insurance only ,that way that $250 dollar car note you will be saving you can have perfect credit too by the time you finish school by just making regular payments on that card just for gas so you won't need Dad. this car will last for 4yrs!!!!