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Last edited by BringOnTheMen; 07-28-2012 at 09:46 AM.




A few questions. What do you want your monthly payment to be? Also do you drive a lot? Maybe a lease would be more geared towards your needs? Since leases tends to lower the monthly payments.
"The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works" -GORDON GECCO




would one of your parents, friends or customers that has a established good credit history co-sign on a car lease or loan for you?
"The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works" -GORDON GECCO
I think Silk55 had some good suggestions. I would look at the KELLY BLUE BOOK, it is a publication that prices what used cars, of every make and model, SHOULD be worth if they are in good physical and mechanical shape. Here's the link:





You should definitely try going to a car dealer and see if you can lease or buy on credit. You have nothing to lose.





There are some places that provide car loans for people with no/bad credit. Here's one:
https://www.instantcarloan.com/?src=...FYaD5QodLyGUYQ




get the BIGGEST down payment you can POSSIBLY come up with. I CANNOT stress this enough. wait as long as you possibly can and save up as much money as possible. you don't have much of a credit history but cash talks and if you have over a 20% down payment you have the best chance at getting approved, but try to save up as MUCH as possible. try to get like five grand. seriously.
you can find a GOOD reliable used car for about 10k. try to stay in that range if you want your monthly payments to be under 300 a month. find some way to prove your income. have your house mom write a letter saying what you make.
most used car dealerships will give you a 30-90 day warranty depending on the car and if they sell it to you as-is most will hook you up with a third party warranty and tack on the cost to your loan. a third party warranty means that you can take it to any mechanic and they'll fix it as long as it's covered in the warranty. if you get a 30 day warranty from the dealer you have to bring it back to the dealer.
start looking at dealerships around you and READ ALL OF THE REVIEWS. go to the better business bureau website and look up and reports that the dealer has. you'll be able to get the non-biased summary of what the real deal on the place is.
now, when you're actually buying a car, bring a guy with you and if you're getting a used car, never pay the sticker price. if you see a car that you LOVE don't be like "omigosh it's perfect I love it I want it!" just be like "meh....it's ok...a little expensive for a USED car" and see if they'll knock the price down a bit.
car salesmen will say whatever they have to to get you to buy the car NOW so if it sounds to good to be true, it is. don't fall for any bullshit.
definitely bring someone with you thats's financed a car before.
and screw craigslist. I've had nothing but trouble with craigslist cars. people just want to get rid of their junkers so they lie and say there's nothing wrong with it when they KNOW that it's gonna need a new part soon.



Keep in mind that the lower the price of the vehicle; that more than likely that will increase the possiblity of repairs needed. Unless you know someone willing to work on the vehicle to minimize labor costs, you might be better off going with vehicle somewhat more expensive. Down payment and monthly payments might be slightly more but you could gain that money back in a year when you go to sell it. Buying a car for 3000 and having it eat up money with repairs can end up costing you more than buying a better car. If you are buying privately thru the paper or craigslist....be sure you have vehicle checked out by a certified mechanic. May cost you a hundred bucks but could end up preventing you from being scammed by buying a vehicle that blows up after a week.
Edit to agree with above....10,000 might be good price range. Decent enough and with minimal milage added to it, you might be able to get that much back out of it after a year.




^This.
I bought a car for $2650 and spent $2400 in repairs that were NECESSARY (not even the frills) in 6 months.
You get what you pay for. If you spend more AND don't get swindled then you'll probably wind up saving money and effort down the road. I'd rather pay $5,000 upfront and not be stranded on the side of the road two months later because my alternator went bad.
On the flip side, the best car I ever had I bought for $300. It ran for 8 months and the only money I ever put into it aside from oil changes was $180 for front brakes.
The type of car and the way it was maintained make a huge difference. Some cars have notorious problems and recalls, so you can avoid them. www.carcomplaints.com can help you see what the known problem vehicles. Don't get a Dodge Intrepid with a 2.7L motor--oil sludge problem. Same with the Sebring, no 2.7L. The oil sludge builds up and the engine dies.
If you are willing to do for one year what other's won't, you can spend a lifetime doing what other's cant.




^definitely spend the extra cash on a nicer car and if you can afford it DEFINITELY get an extended warranty. some will cover you for YEARS. my extended warranty covers EVERYTHING in the car except for brake pads, tires, windshield wipers, and batteries but those are cheap compared to alternators, fuel pumps, valves, belts, etc





If you're able to finance, there are new cars you can buy for less than $15,000. The Ford Fiesta starts at $13,200
http://www.ford.com/cars/fiesta/trim/?trim=ssedan





I use to own a dealership ( buy here pay here) but my dad and grandfather were in the biz when I was growing up..... its not going to help you with getting financed at a big dealership to ave a bigger down payment, they will go on credit and want to see proof of income. If you want to go the loan route and you can show 6months bank statements you could by from a small local dealer who finances but you are going to pay around 20 plus percent interest on the loan and they are going to have older, higher milleage vehicle. You could wait and save up around 6 grand if you aren't picky you could get a few year old hundai or something along those lines they get pretty high reliabilty ratings. Aslo don't go on kelly blue book when you put in an offer, that's basically retail and what I used to price my vehicles after I bought them at the auctions. See if you carn find someone in the biz who can look up black book value. Oh and maybe see if your parents will co sign if you have a decent amount to put down it will build your credit and help you immensly in the long run. You could set up automatic payments if they are worried. Good luck.
Scout out the usual suspects like older Honda Accords / Civics, Toyota Camry / Corollas, various Nissan sedans and coupes, Ford Escorts, Geo Prisms.
You should absolutely not buy a car without a title; from craigs sellers don't even look at the car until you see the title.
When you get there, look for any signs of a battery charger laying around or in the garage if the door is open. If there's one out it probably means they just charged the battery and the alternator is shot.
Open the hood and see if the engine is cold before it's started. If it's warm, they warmed it up beforehand possibly to conceal cold start issues.
Check the tires for tread and even wear. If they are inflated properly and are worn unevenly there may be issues with alignment.
Have them start it first and watch the exhaust. Any signs of blue smoke means the valves or piston rings are toast. Black smoke means it's running rich and there may be issues with the o2 sensor, or worse.
That's what I can think of...just google "used car checklist" for a more basic rundown.





If she is buying a used car she should take it to a mechanic and they will look over the entire car for around 50. It's definitely worth it. Also if someone charges there battery, just means the battery is bad. The alternator has nothing to do with that. My moms husband was dropping me off at the airport and the car kept almost dying out, he kept saring it was the battery and I was like no it's the alternator. Long story short it died at the airport and it couldn't be jumped because it was the alternator not the battery.




Find someone who's connected to foreclosure auctions and make friends with a mechanic to go with you. Go even when you don't have the money so you get a feel for the process.
edit: foreclosure is the wrong word-- but the bank seized cars and the police auctions.
You can also call around to mechanics because sometimes people leave cars with them that they want sold (or they get asked constantly, "do you know someone who wants to buy a car?") Also, sometimes people have their cars fixed up and then can't pay for the repairs. A lien gets put on it but eventually the mechanic has to sell it and by that point they might just want to get the money for the repairs plus a little extra for their trouble.


hey you live in the bay area sooooo
Why no hit an auction ?
This is where cars are impounded and then sold to the public usually 500 and up
Find a car for cheap so u can save the $$ for a better car and then sell that car and have more money.
Look for a car that has keys if you goto an auction usuallu DWI's or DWLS are great ones to grab.
if you get a loan remember you'll have to take out full coverage and at 19 that can get $$$$
also some buy here pay here lots can be a place to find a good cheap car




^I don't think any information is provided-- which is why you should take a mechanic with you and research and go to several.




I've looked at a few auctions when I was car shopping 2 years ago and it seemed like everything was "runs great!". seriously though just save up and get a GOOD car. even if nothing is wrong mechanically you want something SAFE. you could be the greatest driver in the world, but it doesn't mean you'll never get into an accident. someone could hit YOU and then if you're driving some old piece of shit and the front end crunches in and chops your legs off you'll be pretty upset. just hold out until you can afford something nice you will NOT regret it!!!
http://sfbay.craigslist.org/sby/cto/2521144440.html
There's an example of a cheap car that inspires a little confidence. Complete maintenance records for 8 years, the residence looks tidy (probably not a careless owner), the Explorer in the garage looks nice. Those are all good first impressions to at least go look at a car. I would remove all ideas of going to an auction because you really need to be able to inspect a vehicle quickly and know what you're doing. High mileage Japanese cars for sale by owner, that have been maintained decently are everywhere and are much less risky.





I never suggested she go to an auction..... I did when I owned my dealership but we did bring clients with us to the auctions and just charged them 500 over what we paid. Chances of her finding someone to take her to a manheim or coyi ( sp) auction if she doesn't know someone in the industry isn't going to happen and I would avoid police auctions or mechanics selling someones car they siezed as it will not have a title.





^ Oh and you need a dealers license to go to the decent auctions I am not speaking of these public or police seized auto auctions.
I don't recommend police auctions for people who aren't experts in cars.
Go to a reputable dealer...most dealers have "bargain lots" with cars in the 1K-10K range.
These lots of the benefits of being thoroughly looked over by the dealer (which is why you want to make sure you go to a REPUTABLE dealer) and many offer warranties.
I bought a $2500 dollar car as a "daily driver" from a good local Hyundai dealer, and it was easily the most reliable car I've ever had. I had it for 4 years, and the only thing it ever needed was a $200 belt. It was an absolute champ. I've sent friends and family to the same dealer's bargain lot, and they've all come away with good very cheap cars that were incredibly reliable.
A friend of mine bought a brand new BMW the same time I bought my little Hyundai, and they were in the shop constantly. I took some glee in my less glamorous car being far more trustworthy.



Is Serramonte blvd in D.C. still nothing but auto dealers. It's been so long since I lived out there. I'm sure a lot has changed since then. You might want to go down there on a day off and look at some cars. It doesn't cost anything to take a teast drive, and you could look into any possible financing options that might be available to you. I'll tell you right now, the biggest road block you're gunna hit, is proof of employment. Financial institutions just loooove independant contractors.
As far as the car goes, you probably could get a reliable foreign model (Toyota, Honda, Volkswagon, Hyundai) in the 00'-05' year range for 5-6k maybe. Just remember it's going to have to pass a smog test before you can register it. Which is a good thing, cause if it can't pass that it's a lemon anyways.
One more thing that I'd like to point out to you is; even though you're just trying to figure out how to get this first car, you said that you'd like to get a nicer car in a year or so. You need to start planning for this now. You need to kinda get an idea of what you might want, and how much it will cost. Can you pay cash for it? Or are you going to have to finance it? If so, then you need to start establishing a credit history now. Which for someone your age isn't actually that hard, it'll just take a little bit of work, and a little bit of money as well. If you go to any dealers you can practice negotiating, as long as you don't sign on any dotted lines you'll be under no obligations. Look at it this way, now YOU get to be the customer, and you want to getcha some extras.Have some fun with it. Good luck!





I'm like the elephant's graveyard of cars -- where old cars go to die. I just bought a car which lasted 8 days. That inspired me to count up all the cars I've had.
1972 Ford Maverick
1969 Plymouth Satellite Wagon
1968 Datsun B210
1969 VW Bug
1967 Chevy S10 pickup
198? VW Rabbit Diesel
197? Dodge Van
197? station wagon
198? ford station wagon
198? maverick?
1986 volvo
1985 jeep cherokee
1984 subaru wagon
1987 ford pickup
1992 suzuki swift
1990 subaru legacy
1986 volvo
1969 dodge station wagon
1987 vw golf
1986 subaru wagon
1991 ford explorer
that's 21 cars and I'm still afoot. I think I'm cursed.





Do your research on Edmunds.com That site has some good info about used and new cars. Figure out what you can pay down and what you can pay per month. Go to your bank or credit union and find out if they'll lend you money. You'll probably need a co-signer, but that's life at 19.
XOXO
Z
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