Can you afford???

Question

I'm an electrical enginner and I can not afford a new car. How is it possible for people to afford nice car? The people know something that I don't know or they in debt up to there eyeballs.
How do you do it?


FYI: I am conservative with my money.

Answer 1

Don't ever buy a brand new car! If you buy the exact same car that's just one year old or less, you can save 30% or more on the price. I don't care if I have $5,000,000 one day; I'll never buy a brand new car. It's just throwing money away.

Don't get me wrong though--I like nice cars. And I always buy in cash. Used cars don't have to be really old or have high mileage. Many times people buy a nice car and return in in less than a year (or trade it in). Even if a person bought a car and returned it one week later (Lexus allows you to do this, so do many luxury dealers), they have to put it in their used lot--it can no longer be sold as new. These cars can be bought and still save you 30% or more!!!

I have twice bought a demonstrater from the dealership--these cars are less than 1 year old but have never been owned by anyone. They are sometimes the cars people test drive, and they usually have around 1000 miles on them. Basically new, but hugely discounted.

Answer 2

I'm a banker with a house in San Diego and two small children at home with my wife. I'm not wealthy, but I do OK. Until recently, we had two cars which were paid for. However, due to someone taking a bad spin on the freeway, my car was totaled last December.

I also can't afford a car, at least not a brand new one. The answer is to just never buy a new car. In January I bought a mini-van for half the cost of a new one - it has 48,000 miles on it, looks brand new, and runs great. I paid less than $100 to have a mechanic check it out thoroughly. If you've ever read "The Millionaire Next Door", you'd know that most wealthy people use the same approach when it comes to cars. The cost of getting a car brand new is just not worth it. I've got a lot better uses for my money.

Answer 3

You would be very surprised to know how many people buy really nice cars only to have them repossessed 6 months later. This would be a car you would be interested in, so ask around and find out how dealerships handle resale of their repos. You could get a very nice car with low mileage at a reasonable price.

Answer 4

They are probably in debt up to their eyeballs. As long as your car is relatively trouble-free (except for scheduled maintenance which is important for any car) who cares what the other people are doing? I'm sure your priorities are in a different place.

Answer 5

Leasing a car is a good option or buy a pre owned one. Yes, to answer your last question....most people with really nice cars are so in debt. Good luck!!!

Answer 6

buy a car that is a year or two old but still in good condition. this way you are paying much less than the brand new one... OR... save and put a down payment... this will make your monthly payments much lower AND you will pay much less in interest. good luck. i just bought my first brand new car last year... love it... 2006 chevy equinox. highly recommend it.

Answer 7

they are in debt up to their eyeballs. lol. don't get a new car. goes down in value quick. get a reliable car that will get you to your jobs. it doesn't have to be new. my car is 1994 geo prizm. never stalls. i crank it, it goes. doesn't ask questions. i take care of it. instead of me paying a car payment, i pay myself a "car payment" fee while everyone else is driving around in debt up to their eyeballs to be and look like everyone else. i'll upgrade my car when i can pay cash for it, in full. i will never have a freaking car payment ever again.

Answer 8

u can do it, put out an down payment like 1000 and make monthly payments

Answer 9

Then, don't buy a new car.