Hi guys..
I am planning on buying my very first car. I just need your opinion and/or advice on what I should do. I have found a used 91 Toyota Corolla, reliable but ugly- needs shocks, paint job, exhaust, fix AC and grill. Its only $500. Should I go ahead and buy it, and fix it up OR just go to a dealership for a newer and nicer car and just pay the monthly payment?
What would you do? Thanks!
2007-09-28 08:05:47 · 16 answers · asked by Venus 2 in Cars & Transportation ➔ Buying & Selling
I would go with door number three.. buy a newer used car that doesn't need work. one that you can keep for 2-6yrs and then when you're a bit older and can afford the insurance and the payments.. get a new car
2007-09-28 08:09:10 · answer #1 · answered by britt_910 3 · 4⤊ 0⤋
It really depends on your finances, do you want to make a payment every month and have a good reliable car with little or no problems, just regular maintenance, or do you want o buy a $500 car and spend maybe another $1500 fixing it up and hoping it will last a while without any more major issues and have no payments, what type of job do you have, what sort of driving will you be doing daily, etc. There's lots to consider and it depends on your personal situation.
2007-09-28 08:10:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Go ahead, call the police like everyone wants you to, And get ready to hear the laughter on the other end of the line. Nobody is trying to screw you or take advantage of you. The only thing the dealer did wrong was failing to obtain the correct payoff information on your trade before working your deal. Go back and reread all your paperwork. If you had estimated your payoff, I guarantee you that you also signed a form that says you would pay any amount over your estimate. BTW - your payoff is simply the amount remaining on your old contract, which you had agreed to pay. Let's say you had $2500 remaining, but you thought your payoff was $1500. Who is liable for that $1000 difference? You are - not the dealer. If they only made $800 on the car they sold you, they would lose $200 on the deal by eating YOUR payoff. As to selling your old car without the title - dealers do this all the time. Because you did not have the title, you signed a power of attorney allowing the dealer to sign the title when the finance company releases it (after they pay off your old loan). The dealer, even though they do not hold title, has legal right of ownership on your old car and can sell it before receiving title. Be very careful - you are actually the one who is close to non-fulfillment of contractual obligation (read: lawsuit).
2016-05-21 00:07:19 · answer #3 · answered by ? 3 · 0⤊ 0⤋
i would go ahead and get the nicer car. it is more reliable and you don't have to waste your money fixing it up. in the long run, you will save money because it'll pretty much pay for itself. however, if you were to get the ugly car, then you would still have to fix everything so there goes money on parts and labor. and since it is a '91 it probably has a high mileage (which decreases it's lifetime...yeah car's have lifetimes) and by the time you know it, you'll need another new one in place of that! so you just wasted money on that used car only to get a new one down the road.
2007-09-28 08:10:54 · answer #4 · answered by Anonymous · 1⤊ 0⤋
A new car starts depreciating as soon as you sign.
Check the expenses of the necessary repairs and make sure you can commit to a little extra maintenance to keep an older car in good shape. Otherwise it turns into a money pit.
If you can afford to and have the time to work on it or get it regularly serviced, go with the cheaper ride.
2007-09-28 08:11:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Its really in your hands. While the $500 car may be tempting, it may be a junker that lasts until its off the lot. I personally would look for something at a dealership with around 15-40k miles on it. You will pay more for it, but you will have a warranty on it and its certified used.
2007-09-28 08:09:41 · answer #6 · answered by danzahn 5 · 1⤊ 0⤋
Depends on your budget, personally I wouldn't buy anything under $2500 because it will probably end up dying on you anyway. If you are really set on buying the Corolla, have a mechanic check it out properly, since it's a 91', it may need a ton of other stuff - timing belts, water pump, brake pads, rotors, spark plugs ... and so on. Try to avoid a dealership too, they will screw you.
2007-09-28 08:10:51 · answer #7 · answered by Anonymous · 0⤊ 1⤋
A 3 year old used car in one of the popular makes..
a 500 special might nickel and dime you to death over the next few years...
2007-09-28 08:22:22 · answer #8 · answered by Sophie B 7 · 0⤊ 0⤋
that would really depend on a lot.....do you have a stable job? Can you really afford the note every month? If you lost your job, would you still be able to pay the note? Have you thought about the insurance on the new car vs. ins. on older car? Weigh all sides first.....
2007-09-28 08:10:46 · answer #9 · answered by Mandy Cat 4 · 0⤊ 0⤋
if you don't already have debt and you have a secure job and have more than enough money to pay for a car paypent then CONGRATS! go get that new car.
if you
A: have debt that you pay minumums on small monthly payments
B: don't have a secure job
C: can't truley afford it
THEN get the used one. don't make the mistake most americans make with their money.
2007-09-28 08:10:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋