Finally OUT!!! and need some help.

[stilltrying]

I have finally finally payed off my plastic today! Damn that is a hard hard road to go down that I dont want to do again. Over the past 2 years I have gotten rid of over 10K in plastic debt. A tech school training for certs was involved here though.

Oh yea with the help part. I dread the thought of this but I am currently driving a 1987 POS, and I do mean POS. The radiator has a slow leak, the oil has a slow leak, the power steering fluid is full but when turn the noise is loud, no resistance though from turning. HERE IS MY QUESTION. I make decent money and am debating with myself whether to save and buy a car or to just buy and get it over with and make big payments on it. The thought of banks (credit union for me) creating money and me paying interest to the parasites makes me sick but I am so sick of driving the POS that it is driving me nuts.

What are your thoughts?

[apc3161]

If it really is a POS, I would put as much as a down payment as possible, and finance the rest. But you should pay upfront for as much as you can

[RSLudlum]

Save up. There's bound to be a huge Sell-A-Thon in the near future with the auto companies trying to unload their large inventories.

BTW, have yourself a good "I'M DEBT FREE!!!" scream. ;)

[tmosley]

Get a good used car, and pay cash. If you buy something for a few thousand dollars, and run it into the ground, you get more bang for your buck.

[eric_cartman]

i would try to stay out of debt. don't go into debt to buy a car. save up money to buy a car rather than going into debt.

however, if you need a car to get to work, and there are no alternatives (bus, bike, etc.) then you might not have much choice about it. if you need a car to get to work to earn money, then it could make sense to borrow to buy a new car rather than trying to keep a car on the road that shouldn't be there. does your current car work? how much will it cost to keep your car on the road? i would say, that if your current car works, then stick with it... get a new car if it makes sense financially, rather than just getting a new car because it's nicer to drive a cool new car.

[traciveronica]

I would definitely stay away from the idea of payments every month, you just got yourself free from that, once you do it again you are stuck and this is a bad time right now, check out your nearest police auctions, you can get an awesome car for a thousand bucks, good luck!!!

[tremendoustie]

If you do get a car, get a used one of course. You can get a decently working car for like 2-3K.

[sparebulb]

How much do you drive and how many miles on your car? What make and model?

The reason I ask is that a new radiator is not that expensive on most cars. An oil leak can be cheap or not so cheap to fix. Does the car burn oil? If not, that is encouraging. Is the body rusted out to an extreme extent? If not, more reason to repair than replace. If you decide to repair, ask around and find an small independent garage that has been around awhile and ask them for an evaluation. I hang out everyday at a great independent garage and believe me, these guys are busy enough that they don't need the extra business to lie to anyone. I'm sure that it is that way at every shop that has a good reputation.

It all depends on your priorities. If having a nice ride is more important than saving money or building up your emergency food and ammo supply, then buy a new car. If you travel a long distance through dangerous neighborhoods, that is another valid reason to replace. Remember, a vehicle is just transportation. Nothing more. It is a loveless piece of material that you must insure and pay taxes on.

I'm not preaching, I've had plenty of flashy cars in my life. Looking back on it, I would rather have all of that money in the bank. I could have easily had a cheap practical car all of those years. By the way, the only way a car pays off is to use it up. Pile the miles up and don't be afraid to spend some money on maintenance. It will pay off. Every single month without a car payment is literally money in your pocket.

Oh, BTW, the power steering pump is either wearing or the belt may be loose. Not a big $$$ deal either way if you decide to fix it.

[NinjaPirate]

Wow, that's awesome, good for you! :D I can't wait for the day I say say the same thing.

As far as buying a new car, I'd say to save up and wait. As what Ludlum said, there's probably going to be a huge sell off of cars.

[adara7537]

You should definitely get a used car.

I had this same problem a year and a half ago, I ended up buying a '94 Acura Legend that had 89,000 miles on it and it still looks and runs like it's brand new. It was $7,000. I financed for 3 years- my payment is $222 a month. The insurance is $96 and the tag is $45. It also has heated seats, heated side mirrors, a Bose stereo, and hauls ass if need be. I love my car. I would go that route if you can and most definitely a USED car.

[stilltrying]

Save up. There's bound to be a huge Sell-A-Thon in the near future with the auto companies trying to unload their large inventories.

BTW, have yourself a good "I'M DEBT FREE!!!" scream. ;)

this what i was thinking as well but putting off is hard to do

[stilltrying]

i would try to stay out of debt. don't go into debt to buy a car. save up money to buy a car rather than going into debt.

however, if you need a car to get to work, and there are no alternatives (bus, bike, etc.) then you might not have much choice about it. if you need a car to get to work to earn money, then it could make sense to borrow to buy a new car rather than trying to keep a car on the road that shouldn't be there. does your current car work? how much will it cost to keep your car on the road? i would say, that if your current car works, then stick with it... get a new car if it makes sense financially, rather than just getting a new car because it's nicer to drive a cool new car.

i will buy used only, never new

[heavenlyboy34]

If you do get a car, get a used one of course. You can get a decently working car for like 2-3K.

+1 and ride the bus when you can. :cool:

[stilltrying]

+1 and ride the bus when you can. :cool:

rural american here, could possibly get a tractor ride, would take bus if it were available. :D

[Thrashertm]

I have finally finally payed off my plastic today! Damn that is a hard hard road to go down that I dont want to do again. Over the past 2 years I have gotten rid of over 10K in plastic debt. A tech school training for certs was involved here though.

Oh yea with the help part. I dread the thought of this but I am currently driving a 1987 POS, and I do mean POS. The radiator has a slow leak, the oil has a slow leak, the power steering fluid is full but when turn the noise is loud, no resistance though from turning. HERE IS MY QUESTION. I make decent money and am debating with myself whether to save and buy a car or to just buy and get it over with and make big payments on it. The thought of banks (credit union for me) creating money and me paying interest to the parasites makes me sick but I am so sick of driving the POS that it is driving me nuts.

What are your thoughts?

What state do you live in? Maybe a motorcycle or scooter is an option. Otherwise, with the current economy, there's bound to be a ton of individuals selling their near-new cars for next to nothing due to their own financial circumstances.

Check craigslist - http://chicago.craigslist.org/nch/cto/1059107508.html

[raiha]

I thought you had just come OUT of the closet.;) Congratulations for paying it off.
A horse is a good idea. You can use the manure for the garden.

[ladyjade3]

What's wrong with a lease?

[ghengis86]

What's wrong with a lease?

everything; you make payments on something and get nothing in return and the buyout options (combined with already made payments) are always higher than the original sticker. if you want to always have a payment but drive a new car every 2-3 years, go for it.

buy a used car for under $4000. there's plenty of them around. if need it immediately, finance it; the interest will be high, but the payments will be low. never finance a car for more than 3 years. never buy a brand new car; it loses 40% of its value when you drive off the lot. For a bit more, you can buy previously leased cars with low miles (<40k) that are a few years old.

if you maintain a car and make necessary repairs, there's no reason you shouldn't get less than 200,000 miles out of it, even if its GM/Ford/Chrysler crap.

you're already subsidizing GM/Chrysler with your tax dollars, so don't buy anything made by them; the less sales they have the better. they need to die.

check for ride shares on craigslist.org. carpool if possible. you have lots of options, even in a rural setting; just be glad you paid off your debt!

[Josh_LA]

. HERE IS MY QUESTION. I make decent money and am debating with myself whether to save and buy a car or to just buy and get it over with and make big payments on it. The thought of banks (credit union for me) creating money and me paying interest to the parasites makes me sick but I am so sick of driving the POS that it is driving me nuts.

What are your thoughts?

How about

1. Buy a 2nd hand car
2. Save a "car payment" every month to yourself
3. Get a new car later

Here's Dave Ramsey's advice (try to ignore the investing in mutual funds part of the video)
http://www.youtube.com/watch?v=iIgLyl66QxQ

[american.swan]

everything; you make payments on something and get nothing in return and the buyout options (combined with already made payments) are always higher than the original sticker. if you want to always have a payment but drive a new car every 2-3 years, go for it.

buy a used car for under $4000. there's plenty of them around. if need it immediately, finance it; the interest will be high, but the payments will be low. never finance a car for more than 3 years. never buy a brand new car; it loses 40% of its value when you drive off the lot. For a bit more, you can buy previously leased cars with low miles (<40k) that are a few years old.

if you maintain a car and make necessary repairs, there's no reason you shouldn't get less than 200,000 miles out of it, even if its GM/Ford/Chrysler crap.

you're already subsidizing GM/Chrysler with your tax dollars, so don't buy anything made by them; the less sales they have the better. they need to die.

check for ride shares on craigslist.org. carpool if possible. you have lots of options, even in a rural setting; just be glad you paid off your debt!


I've heard replacing an engine is cheaper than buying a new car, if need be. Is this true?

[Knighted]

You can easily find a good used car from the late 90's without too many miles for <$4,000. If you're willing to take a less sporty car without style or fancy features, <$3,000 and probably even <$2,000 is doable. If you're currently driving a total junkard and make decent money (or any money for that matter), I think it's a no brainer.

[raiha]

Welcome Traciveronica!!!What took you so long?

[Josh_LA]

I've heard replacing an engine is cheaper than buying a new car, if need be. Is this true?

not always

[angelatc]

i have finally finally payed off my plastic today! Damn that is a hard hard road to go down that i dont want to do again. Over the past 2 years i have gotten rid of over 10k in plastic debt. A tech school training for certs was involved here though.

Oh yea with the help part. I dread the thought of this but i am currently driving a 1987 pos, and i do mean pos. The radiator has a slow leak, the oil has a slow leak, the power steering fluid is full but when turn the noise is loud, no resistance though from turning. Here is my question. I make decent money and am debating with myself whether to save and buy a car or to just buy and get it over with and make big payments on it. The thought of banks (credit union for me) creating money and me paying interest to the parasites makes me sick but i am so sick of driving the pos that it is driving me nuts.

What are your thoughts?

pay cash.

[anaconda]

I bought a 1990 Geo Prizm (aka Toyota Corolla made in Fremont, CA) with 139,000 miles for $1600. Runs like a top. Perfect interior. A/C. No dents. This was a year ago before the economy tanked. Perhaps used cars are even cheaper now. So save a couple of grand and you can get a decent car that will run for a good long while. Since you are making good money, you can save for another vehicle interest free while you drive a decent used vehicle.

[DamianTV]

About 4 years ago I bought a 2004 Chevy Blazer from the dealership, used, 1 year, had 11,000 miles and was $11,000 LESS than the brand new model sitting right next to it, same shape, same condition, same everything.

Buy used and dont take that large financial hit of paying showroom prices. Its not that the car is worth that much more, its that the dealership jacks up the prices on it so high for "new" cars that they are just taking your money and laughing all the way to the bank.

[angelatc]

I bought a 1990 Geo Prizm (aka Toyota Corolla made in Fremont, CA) with 139,000 miles for $1600. Runs like a top. Perfect interior. A/C. No dents. This was a year ago before the economy tanked. Perhaps used cars are even cheaper now. So save a couple of grand and you can get a decent car that will run for a good long while. Since you are making good money, you can save for another vehicle interest free while you drive a decent used vehicle.

That's pretty brave. I'm afraid I'd never risk money on a car with 140,000 miles on it.

[Politicallore]

GOOD for you !!! you came out!!!

lol...

I still have a bit to go, but I am getting there! I always end up buying stocks or gold with my extra cash lol...

[Politicallore]

That's pretty brave. I'm afraid I'd never risk money on a car with 140,000 miles on it.

Driving a geo.. that is what is brave, lol

[Kenso]

That's pretty brave. I'm afraid I'd never risk money on a car with 140,000 miles on it.

Cars these days last a long time if maintained, it's not all that risky if you buy a solid car. I have two vehicles with higher miles, a '91 with 232k and a '95 with 177k, and I trust either to go anywhere. It's all in the maintenance. Probably a good idea to get any cheap car you're looking at checked out first to make sure it's in decent condition though.

[dirknb@hotmail.com]

Stay debt free.

[anaconda]

That's pretty brave. I'm afraid I'd never risk money on a car with 140,000 miles on it.

That's nothin' for a well maintained Toyota.

[anaconda]

Driving a geo.. that is what is brave, lol


Prizms are Corollas. doesn't get any more reliable than that.

[anaconda]

Cars these days last a long time if maintained, it's not all that risky if you buy a solid car. I have two vehicles with higher miles, a '91 with 232k and a '95 with 177k, and I trust either to go anywhere. It's all in the maintenance. Probably a good idea to get any cheap car you're looking at checked out first to make sure it's in decent condition though.

This.

[ghengis86]

I've heard replacing an engine is cheaper than buying a new car, if need be. Is this true?

eh, for the most part but it depends; if you're driving a twenty year old car that's rusting and has other major mechanical problems, then no. you'd be better off putting whatever the engine and installation costs into a newer more mechanically sound vehicle.

also, the engine doesn't really cost that much (maybe 1-2k); its the labor (at $75/hr) that usually doubles the cost.

if you're vehicle is relatively sound, with no other major mechanical problems (trans, brakes, axles/tansaxles, etc) it would probably be true. just weigh the cost vs. how long you expect to drive the repaired car.

as an aside, i drive a 99 kia with 177k; my other car has 120k. i work with a guy who has kept up is 93 taurus and 2000 s-10; both over 200k.

buy a good used car, keep it maintained, and you'll have reliable transportation for years.

[BenIsForRon]

I don't know what kind of difference it will make, but most car companies have unsold cars piling up at ports and elsewhere.

Here are some pictures, wild stuff:
http://www.guardian.co.uk/business/gallery/2009/jan/16/unsold-cars?picture=341883529

This would seem to indicate that many car prices will go way down in the future, but I'm not an expert on the industry.

[Politicallore]

I don't know what kind of difference it will make, but most car companies have unsold cars piling up at ports and elsewhere.

Here are some pictures, wild stuff:
http://www.guardian.co.uk/business/gallery/2009/jan/16/unsold-cars?picture=341883529

This would seem to indicate that many car prices will go way down in the future, but I'm not an expert on the industry.


So I can buy a "used" "new" Car?!?

Sweet!

[stilltrying]

thanks for all the input. i appreciate it. i am still very undecided as my POS has 250k on it and i will not spend any money on it any further. i purchased tires a year ago, spent 200 to have a couple of hoses replaced and will not spend any more money on it. so it either dies or i get a decent used car. just not for sure to save and wait for the death of car or to just get now.

thanks again rpfs people. i wish we had our own island and didnt have to live in such a messy bad world but it is what it is and some things are worth fighting and dieing for. for the most part we all bicker about the means to achieving our goal but we all know what our goal is "small to no govt"