New car or used car?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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quickquestionthanks
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Re: New car or used car?

Postby quickquestionthanks » Thu Apr 22, 2010 12:32 am

astro1819 wrote:
JessicaTiger wrote:Unless the Honda is missing an engine, between a new Ford and a pre-owned Honda, there is no contest. Definitely the Honda.


Man, people here do NOT like Ford. I'm not particularly fond of them, but I don't dislike them either. From the reviews I've read and Ford's recent reliability reports and the prices and options they're offering, it seems like a decent choice.

If I buy a used car, let me be clear that it will not be a Ford.



On that note, I want to mention that you can pick up a '88-90 5.0 Mustang for a couple grand, and with about 7-8k in upgrades turn it into a 10 second street legal beast!

Image


I've had an '01 Mustang since it was brand new. Sway bar link broke the other day, and the engine was idling like mad. Fixed for $86.23. But I've got a good mechanic. Nothing else really wrong with it, though it has an exhaust leak. 117k, built Ford tough. Make sure you get something with a huge available parts market, like a domestic or Honda. Honda's are like legos, their parts are all compatible, so it makes owning them cheaper than Toyotas.

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BriaTharen
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Re: New car or used car?

Postby BriaTharen » Thu Apr 22, 2010 12:36 am

quickquestionthanks wrote:
astro1819 wrote:
JessicaTiger wrote:Unless the Honda is missing an engine, between a new Ford and a pre-owned Honda, there is no contest. Definitely the Honda.


Man, people here do NOT like Ford. I'm not particularly fond of them, but I don't dislike them either. From the reviews I've read and Ford's recent reliability reports and the prices and options they're offering, it seems like a decent choice.

If I buy a used car, let me be clear that it will not be a Ford.



On that note, I want to mention that you can pick up a '88-90 5.0 Mustang for a couple grand, and with about 7-8k in upgrades turn it into a 10 second street legal beast!

Image


I've had an '01 Mustang since it was brand new. Sway bar link broke the other day, and the engine was idling like mad. Fixed for $86.23. But I've got a good mechanic. Nothing else really wrong with it, though it has an exhaust leak. 117k, built Ford tough. Make sure you get something with a huge available parts market, like a domestic or Honda. Honda's are like legos, their parts are all compatible, so it makes owning them cheaper than Toyotas.



Even if you are modding a car, go for the Honda. Not only are their parts cheap, their ECUs were figured out a long time ago- which makes chipping them way easier. The majority of Ford mods will be mechanical.

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quickquestionthanks
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Re: New car or used car?

Postby quickquestionthanks » Thu Apr 22, 2010 12:43 am

JessicaTiger wrote:Even if you are modding a car, go for the Honda. Not only are their parts cheap, their ECUs were figured out a long time ago- which makes chipping them way easier. The majority of Ford mods will be mechanical.



No replacement for displacement.

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kn6542
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Re: New car or used car?

Postby kn6542 » Thu Apr 22, 2010 12:55 am

quickquestionthanks wrote:
On that note, I want to mention that you can pick up a '88-90 5.0 Mustang for a couple grand, and with about 7-8k in upgrades turn it into a 10 second street legal beast!
.

lol. I used to have an '89 mustang. I drove it into the ground, but it was awesome while it lasted.

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ruleser
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Re: New car or used car?

Postby ruleser » Thu Apr 22, 2010 2:27 am

astro1819 wrote:
ruleser wrote:According to a fin aid officer I spoke with recently, car payments do not qualify as living expenses that justify increased GradPlus loans - don't know if that was just this school or is universal, but check it out at your school - don't assume they will increase your GradPlus to cover your car payments.


Well, i couldn't ask them for more loans, no. But if I deplete my savings now, I will have to borrow more later. Right now I could squeak by with buying a new car based on my savings and the package schools have offered me.

No, I don't believe you can - I asked if I could increase the amount of loans I took because I had to cover my car payment - they said no, they can't increase them for that. Only for computers, etc., specific education-related stuff. Maybe its a school by school thing, but that's what this school said.

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tadams86
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Re: New car or used car?

Postby tadams86 » Thu Apr 22, 2010 5:51 am

[/quote]Even if you are modding a car, go for the Honda. Not only are their parts cheap, their ECUs were figured out a long time ago- which makes chipping them way easier. The majority of Ford mods will be mechanical.[/quote]

Haha modding honda's makes me laugh out loud.....hahhha

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LawandOrder
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Re: New car or used car?

Postby LawandOrder » Thu Apr 22, 2010 6:16 am

Whatever you do, don't lease. Leasing is fucktarded.

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baboon309
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Re: New car or used car?

Postby baboon309 » Thu Apr 22, 2010 8:30 am

ruleser wrote:
astro1819 wrote:
ruleser wrote:According to a fin aid officer I spoke with recently, car payments do not qualify as living expenses that justify increased GradPlus loans - don't know if that was just this school or is universal, but check it out at your school - don't assume they will increase your GradPlus to cover your car payments.


Well, i couldn't ask them for more loans, no. But if I deplete my savings now, I will have to borrow more later. Right now I could squeak by with buying a new car based on my savings and the package schools have offered me.

[strike]No, I don't believe you can - I asked if I could increase the amount of loans I took because I had to cover my car payment - they said no, they can't increase them for that. Only for computers, etc., specific education-related stuff. Maybe its a school by school thing, but that's what this school said.[/[/strike]quote]

Read the thread agaian please!

chrissytine22
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Re: New car or used car?

Postby chrissytine22 » Thu Apr 22, 2010 8:58 am

I have a used now 7-year-old Honda and have had only one large maintenance fee (90,000 mile check). It's at 103k and I couldn't be happier. I have the opposite problem--trying to decide whether to sell or not before heading to school!

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kalvano
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Re: New car or used car?

Postby kalvano » Thu Apr 22, 2010 9:23 am

LawandOrder wrote:Whatever you do, don't lease. Leasing is fucktarded.




No, it's not. It's not for everyone, but it's a good option for the OP.

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oberlin08
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Re: New car or used car?

Postby oberlin08 » Thu Apr 22, 2010 9:30 am

kalvano wrote:
LawandOrder wrote:Whatever you do, don't lease. Leasing is fucktarded.




No, it's not. It's not for everyone, but it's a good option for the OP.



I agree. Leasing is only good for some people under certain situations, but in this case OP can keep monthly payments low (and pay from already saved up cash), have a new car, and re-evaluate things after law school and the lease ends (and still have some of that saved up cash left over)

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LawandOrder
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Re: New car or used car?

Postby LawandOrder » Thu Apr 22, 2010 10:15 am

My advice is to buy the used Honda outright with saved money and have no payments.

astro1819
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Re: New car or used car?

Postby astro1819 » Thu Apr 22, 2010 10:18 am

LawandOrder wrote:My advice is to buy the used Honda outright with saved money and have no payments.


I'm going with this. Even though I want the new car, I need to be realistic. Thanks for everyone's input!

waxloaf
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Re: New car or used car?

Postby waxloaf » Thu Apr 22, 2010 10:28 am

astro1819 wrote:
I'm going with this. Even though I want the new car, I need to be realistic. Thanks for everyone's input!


good choice, make sure you get it checked out by your mechanic before you buy

astro1819
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Re: New car or used car?

Postby astro1819 » Thu Apr 22, 2010 10:30 am

waxloaf wrote:
astro1819 wrote:
I'm going with this. Even though I want the new car, I need to be realistic. Thanks for everyone's input!


good choice, make sure you get it checked out by your mechanic before you buy


Thanks for the advice, how do you go about doing this? Tell the seller (I'm imagining buying from a private party on craigslist), "hey, can I borrow this car for a couple days?"

waxloaf
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Re: New car or used car?

Postby waxloaf » Thu Apr 22, 2010 10:32 am

Either ask if you can take it to your mechanic (if you have one) or ask to go with them to a mechanic. It is a very common request and anyone selling a used car should be amenable. The car talk website has lots of mechanic reviews if you want to find a reputable one in your area.

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b0dylanguage
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Re: New car or used car?

Postby b0dylanguage » Thu Apr 22, 2010 10:46 am

I'm thinking about plopping for a 36-month lease on a new 2010 Toyota Prius (50 mpg!)over the summer. I priced it out on Edmunds and it showed I'd be paying around $180/month for the lease. Tuition was covered by my school, and I was able to wrestle away about 20K in Stafford loans. I don't have too much in the way of savings right now, so the lease payments will be made from my Stafford loans. Any comments on this approach?

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LawandOrder
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Re: New car or used car?

Postby LawandOrder » Thu Apr 22, 2010 10:52 am

b0dylanguage wrote:I'm thinking about plopping for a 36-month lease on a new 2010 Toyota Prius (50 mpg!)over the summer. I priced it out on Edmunds and it showed I'd be paying around $180/month for the lease. Tuition was covered by my school, and I was able to wrestle away about 20K in Stafford loans. I don't have too much in the way of savings right now, so the lease payments will be made from my Stafford loans. Any comments on this approach?


Buy a motorcycle instead of a Prius you'll get similar or better MPG and be less of a douchebag. With a lease you're paying your downpayment + 36 * 180 >= $6,480. You can buy a motorcycle for this amount of money that will not need to be returned after three years and you get enormous benefits that owning a car cannot provide. I.e. traffic is not so much of an issue anymore.

waxloaf
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Re: New car or used car?

Postby waxloaf » Thu Apr 22, 2010 10:55 am

LawandOrder wrote:be less of a douchebag.


great advice

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pleasetryagain
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Re: New car or used car?

Postby pleasetryagain » Thu Apr 22, 2010 10:56 am

--ImageRemoved--

Z3RO
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Re: New car or used car?

Postby Z3RO » Thu Apr 22, 2010 10:59 am

LawandOrder wrote:
b0dylanguage wrote:I'm thinking about plopping for a 36-month lease on a new 2010 Toyota Prius (50 mpg!)over the summer. I priced it out on Edmunds and it showed I'd be paying around $180/month for the lease. Tuition was covered by my school, and I was able to wrestle away about 20K in Stafford loans. I don't have too much in the way of savings right now, so the lease payments will be made from my Stafford loans. Any comments on this approach?


Buy a motorcycle instead of a Prius you'll get similar or better MPG and be less of a douchebag. With a lease you're paying your downpayment + 36 * 180 >= $6,480. You can buy a motorcycle for this amount of money that will not need to be returned after three years and you get enormous benefits that owning a car cannot provide. I.e. traffic is not so much of an issue anymore.

Right. Where I live in Chicago, you will find tons of people riding their motorcycles over the frozen streets as they weave through potholes. Motorcycle is really the most responsible option.

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LawandOrder
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Re: New car or used car?

Postby LawandOrder » Thu Apr 22, 2010 11:14 am

Z3RO wrote:
LawandOrder wrote:
b0dylanguage wrote:I'm thinking about plopping for a 36-month lease on a new 2010 Toyota Prius (50 mpg!)over the summer. I priced it out on Edmunds and it showed I'd be paying around $180/month for the lease. Tuition was covered by my school, and I was able to wrestle away about 20K in Stafford loans. I don't have too much in the way of savings right now, so the lease payments will be made from my Stafford loans. Any comments on this approach?


Buy a motorcycle instead of a Prius you'll get similar or better MPG and be less of a douchebag. With a lease you're paying your downpayment + 36 * 180 >= $6,480. You can buy a motorcycle for this amount of money that will not need to be returned after three years and you get enormous benefits that owning a car cannot provide. I.e. traffic is not so much of an issue anymore.

Right. Where I live in Chicago, you will find tons of people riding their motorcycles over the frozen streets as they weave through potholes. Motorcycle is really the most responsible option.


You can ride a motorcycle part of the year. Take public transit the rest, since you live in Chicago.

pleasetryagain wrote:--ImageRemoved--


Uhh yeah that's why you wear things like this: --ImageRemoved--

and this:

--ImageRemoved--

And then you're almost certainly not going to be killed or even seriously injured except in the most extreme of accidents or unluckiest of circumstances (sliding into a tree, for example). At reasonable motorway speeds motorcycle gear does a PHENOMENAL job of keeping the rider safe in an accident. Trust me... I know firsthand.

So many other countries in the world have recognized the the motorcycle is a viable and efficient means of transportation. Just not America yet. That'll happen when gas gets back up to Summer 2008 levels and greater though.

Z3RO
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Re: New car or used car?

Postby Z3RO » Thu Apr 22, 2010 11:18 am

LawandOrder wrote:
Z3RO wrote:
LawandOrder wrote:
b0dylanguage wrote:I'm thinking about plopping for a 36-month lease on a new 2010 Toyota Prius (50 mpg!)over the summer. I priced it out on Edmunds and it showed I'd be paying around $180/month for the lease. Tuition was covered by my school, and I was able to wrestle away about 20K in Stafford loans. I don't have too much in the way of savings right now, so the lease payments will be made from my Stafford loans. Any comments on this approach?


Buy a motorcycle instead of a Prius you'll get similar or better MPG and be less of a douchebag. With a lease you're paying your downpayment + 36 * 180 >= $6,480. You can buy a motorcycle for this amount of money that will not need to be returned after three years and you get enormous benefits that owning a car cannot provide. I.e. traffic is not so much of an issue anymore.

Right. Where I live in Chicago, you will find tons of people riding their motorcycles over the frozen streets as they weave through potholes. Motorcycle is really the most responsible option.


You can ride a motorcycle part of the year. Take public transit the rest, since you live in Chicago.

pleasetryagain wrote:--ImageRemoved--


Uhh yeah that's why you wear things like this: --ImageRemoved--

and this:

--ImageRemoved--

And then you're almost certainly not going to be killed or even seriously injured except in the most extreme of accidents or unluckiest of circumstances (sliding into a tree, for example). At reasonable motorway speeds motorcycle gear does a PHENOMENAL job of keeping the rider safe in an accident. Trust me... I know firsthand.

This is actually very true. My dad had a motorcycle accident on the highway last fall. His jacket was shredded to bits, but he had almost all the skin on his body. He only tore his rotator cuff and had some abrasions on his hands.

waxloaf
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Re: New car or used car?

Postby waxloaf » Thu Apr 22, 2010 11:22 am

doesn't wearing all that ridiculous looking gear make you look like as much of a douche as you would if you had bought the prius?

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LawandOrder
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Re: New car or used car?

Postby LawandOrder » Thu Apr 22, 2010 11:27 am

waxloaf wrote:doesn't wearing all that ridiculous looking gear make you look like as much of a douche as you would if you had bought the prius?


I'm not sure how wearing safety gear makes you look like a douchebag. Riders don't wear it to parties or around town just to look cool. It's functional, and it will save your skin. Does wearing a Hi-Vi jacket or a hard hat at your job make you look like a dbag?




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