General Question

Bel665's avatar

Need a new car no co payer no down payment. Can just afford monthly payments what do I do?

Asked by Bel665 (13points) July 15th, 2009 from iPhone
Observing members: 0 Composing members: 0

8 Answers

Blondesjon's avatar

Never purchase anything over time if you can only “just afford the monthly payments”.

You are only one “emergency” away from suddenly not being able to make those payments.

A lot of us have had to learn this the hard way.

laureth's avatar

Take the bus?

In other words, you are going to be up to your neck in… ah heck, what @Blondesjon said.

gailcalled's avatar

Why new? You can find really nice used cars if you’re careful.

cak's avatar

Or…lower your standards to buy something you can afford!

Don’t ever finance… know, what @Blondesjon‘s said!

YARNLADY's avatar

Hi @Bel665 Welcome to Fluther. I’m sorry to hear about your financial distress. Maybe you could buy a bicycle, or use public transport until you save up enough money for a downpayment. Pretend you are already making monthly payments.

Beware, the expense of having a car goes way beyond the monthly payment, in addidtion to gas, regular maintenance, and parts (tires) there is also the expense of insurance.

PandoraBoxx's avatar

You never “need” a new car. You need reliable transportation.

Deepness's avatar

Buy the car used. Cars are not investments. I’ve financed a new car in the past. Monthly payments, insurance, garage fees, maintenance, vandalism, parking tickets, etc. Drained nearly every check I earned. I won’t be doing that again. It’s very tempting though. Think about how much you love that new car now. Then think about if you will still love that car in 4 years. More than likely you won’t.

Lupin's avatar

I don’t know your age or where you live but let’s make some assumptions.
Insurance will cost you $100/ month, gas $250/month, maintanence $100/month. registration, inspection parking $20/ month. You’re up to $470 per month and you didn’t even get the car yet! Can you afford that?
If yes, then buy an 8 year old GM car with the 3800 engine and 100,000 miles. Those vehicles run forever, there are tons of them, and parts are easy and cheap to find. Do a quick search on and you will find plenty in the $2000 range. You’ll also find plenty with 150,000 miles but that is starting to get a little old. 100k is just broken in.
You can drive it for a year or two and then sell it for what you paid. Once again look at Edmunds or to see how they retain value.
Avoid a Honda or Toyota with 100,000 miles unless you know the timing belt/chain has been changed. That is an expense you do not want. They both use interference engines that self destruct if the belt breaks.

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