Overhaulin'

Buy a crappy car cash or finance a nice one?

I was saving to buy a nice first car cash, but due to some unforeseen events im being forced to buy a car way sooner than expected than expected. I need a car next week, and I only have a 1700$ budget I was looking around for some used cars for that price, but they are all really worn down, or i need of fix. I thought if i should try going to a dealer and buy me a nice used car [sub 5000$] and use my budget to pay some of the down, and keep some in my pocket. -BTW this is my first car purchase and I will be leaving for the NAVY in one year, so I want to pay my car off before such time, hence the 5000$ limit.

Public Comments

1. I would just buy a beater for one year. Then save up some of that sea pay when you are in the navy and treat yourself to something nice.
2. Alright, my brother was in the same situation you were in. He bought himself a Dodge Charger 07 I believe. Put a down payment of like... 3 grand and financed the rest. This was back when they were newer. He bought it in 07. Well... he's still paying on it today, he regrets it more than anything. The value of a car on any lot automatically loses huge value as soon as you drive off with the keys, it's considered used at this point. I wouldn't recommend buying a nicer car unless you pay it off in cash. Or can finish the payments within a year. Payments just suck, you basically are renting the car and paying it off every month, because if you don't. They take it away from you!!!!! AND your credit score sucks after that, so it's a Lose-Lose situation. Buy yourself a cash car, who cares what it looks like. Just make sure it runs and gets you from A-B. THEN you wont have to worry at all about paying a car off and what not. I mean I could understand if you're going to have this car for like 3 or 4 years or something, then I would say shoot for a better car. But if it's just one year, don't waste the money. Be smart about it, I promise you'll thank yourself later on as time goes by that you didn't waste money on a car you wont be driving.
3. ya i agree buy a crappy car, don't waste your money. But you might be able to find a good one for $1700, i got my sister a nice car for around $1500 from a private dealer all it needed was a new starter which was around $100. Plus the insurance and everything will be lower on a cheaper car.
4. Definitaly just buy a car with cash. The interest and hassle of financing a car is a headache. Besides Ive seen TONS of cars on craigslist that have no problems for even less then what your willing to pay. To pay $5,000 off in one year with all the hidden fees and interest would mean a HUGE payment each month PLUS higher insurance rates.
5. buy the "beater".....and buy it off an "older person" because it was probably never beat.....when I was younger, I always bought old BUICKS, CADDYS, CHRYSLERS and other typical "old fart" cars....never had a problem with them...and I ALWAYS made money when it came time to sell them (in fact, I started buying cars off these older people, drove them with a for sale sign on them, made a quick $1,000...then started the process all over again.....got to the point I bought a brand new BMW four years later with all the profit)....good luck.