I’m in the market for a car and I was thinking I should just buy a $5k car because I don’t want to have any car payments. I just want to have the ability to go out when I need to. I’d love a nice $40k car but then I’d be on the hook for such crazy payments. Thoughts? TC: $185k
Buy a two wheeler instead. 5k car can give you trouble. Motor cycle for 5k can be brand new and won’t come with any issues
Except I can’t haul my sports gear or get somewhere safely when it’s raining. I could but not a smart idea.
Then stop being so fking cheap ass. And buy a 15k car at least.
Buy a 25k accord and call it a day for 20 years without any issues. If you want to save on gas get an accord hybrid. If you need more room for future family related trips then get a Corolla cross hybrid for 27k. That’s it. Buy all cash or get a 0% apr deal. look for Hyundai cars or other company cheaper hybrids like Tucson hybrid that give 0% Apr offers every few months or during long weekend holidays. Get a used version of these cars to make it cheaper A $5k car will be old and give you hassles for a long time. Insurance for used older cars is also higher.
I’d consider a bit more something around $10k that has clean title and moderate miles. $5k your options are a bit more slim and there’s a higher chance you’ll deal with car failures or more maintenance
I mean, why buy a $10k used car when that can be a great down payment for a $30k new car and only have maybe a $500 payment?
Depends on how much value you’re trying to get from your vehicle and how much you’re willing to spend I’m saying the value proposition of a 10k car is better than a 5k car. If you have the funds and TC to go for the 30k car then go for it
make sure there are no major repairs in line. double check transmission/engine etc. honda/toyota’s would be a safe bet
My friends with old Priuses drove them forever and only had to change the tires and brakes.
The used car market got all jacked up indirectly from pandemic policies. I think supply chain stuff caused a shortage of new cars and so on. Anyway, 5K in 2024 won't get you what it would in 2019. With that said, I'm with you, we save a lot of money buying used cars. Just maybe look to spend 10k.
I mean, why buy a $10k used car when that can be a great down payment for a $30k new car and only have maybe a $500 payment?
Suuure, buy a penalty box and think about your life choices every time you drive.
5k car will need 15k in repairs. Buy a cheap car with atleast 1 year warranty remaining
Spend at least 15k. 5k cars aren't worth. You will end up spending another 5k in 3-5 years. Or Go for a Lease
I mean, why buy a $15k used car when that can be a great down payment for a $30k new car and only have maybe a $500 payment?
Now you are talking.
Unfortunately in this day $5k is probably going to get you a junker that will will end up costing more than a slightly more expensive car. It’s stuff like this that can keep lower income folks down, endless cycles of payments and repairs they can’t afford. I think realistically the $10-15k range is where you’re going to find stuff that’s cheap but still has some decent life in it. Sedans from Toyota or Honda are probably the best bet (Civic, Accord, Camry, Corolla). Ideally less than 10 years old and less than 150k miles. All those cars are fairly likely to give you another 5+ years and probably another 50-100k miles without too much trouble.
I mean, why buy a $15k used car when that can be a great down payment for a $30k new car and only have maybe a $500 payment?
Well because 15k is half as much as 30k. If you finance you’re spending even more than 30k. I thought you wanted cheap transport. Why not spend $70k and buy something nice?
Smart thinking, to be honest. Go for it
@OP buy a 5k car , spend 10k over the next 2 yrs replacing parts and repairs
This.. Don't buy cheap car and spend on repairs.. Buy a decent under 30k miles either Honda or Toyota and chill.