Looking for TNL's financial opinion

So as some of you may know my car is totaled and I need to get a new car. I'm gonna have around 10k to get something else with. I'm just getting out of school in the next few weeks and hopefully will be able to line something up for the summer. That said though right now I don't have anything and don't want to make plans on eggs I don't quite have yet.

So my options are to either take the cash to the dealer auctions (my brother is a dealer) and buy something used. Or my brother and few others suggested I use the money and lease something new for 2 years. Along with the possibilities of leasing is also either doing a paid off lease or going monthly with it and leaving that 10k in its own account that the monthly payments just come out of.

So with any big purchase I make, I like to do some research and get some people's opinions. So I ask you TNL what would you do?

With the auction I can get something nice, that's used at a reasonable price, probably a good bit less than market value. The problem is at an auction there's no time to run a carfaux, or any of that kind of stuff. You have to buy it then and there, and it's yours. No warranties, no returning it, etc etc.

With the lease and having 10k I can probably lease something really nice. Problem though is that after 2 years I don't have a car anymore and have to find a new one and I don't know what my income is going to be like in the next 18 - 24 months.

I'm looking to get a 2 Door Coupe, with a V6. Which is another hassle of the auction as my brother says they aren't the most common. I'm willing to do a Japanese car as they seem to be the ones making the majority of the 2-Door V6 Coupes out there.

At this point I'm open to pretty much anything but a fucking Civic.

So again just looking for TNL's opinion and such.

I don't normally do this but it's a huge decision and I want to make the right choice.

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Originally Posted by Shin Johnpv

At this point I'm open to pretty much anything but a fucking Civic.

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There goes my advice. At least you got the buying Japanese part down.

Buy.

Debt on cars is bad debt.

burgundy can give you the diatribe on why leasing is stupid.

Keep the 10K in the bank/invested and shop for a 0% deal on a new car.

Keep in mind with leases, you have a maximum amount of miles per month, and it's usually pretty low. If you go over, it's extra money you have to pay once your lease is up.

Leases are good if you're in a comfortable financial situation and can afford to constantly make car payments. But with that, there's the plus of knowing you'll have a brand new car ever 2-3 years.

Buying a car is good if you get something reliable. Paying it off and owning it outright is a great feeling.

Used…that's a crapshoot. You could get a decent car, but anyone selling a used car is usually out to fuck you. They'll try and hide anything that's wrong. My friend's brother owns a used car lot, and all I hear from him is all the different methods he has of hiding shit like dings, dents, scratches, engine problems, etc.

With 10k saved up, I'd consider putting maybe 5k down on a cheap but very reliable car, like a Toyota (either new or very recently used). They you have another 5k as a saftey net in case you run into money problems down the line.

Do not lease, buy cash (buy something for about 5k) save the rest in some type of mutual fund.

Yeah, with your situation, don't lease solely because you don't know what your commute will be.

Get a used Toyota or Honda no more than 2 years old and buy it, if you can.

If he's at an auction, go for a used G6

http://www.tuningnews.net/news/07010...naias-2007.jpg

I would definitely go used. Let someone else take the depreciation hit.

V6 Coupes on the top of my head that were made in the last few years:

Honda Accord
Toyota Solara
Acura CL
BMW 3-series
Ford Mustang
Mercedes C class

Buy a used car, that auction seems too risky in case you get a lemon... Check out craiglist, I sold my Accord V6 coupe a few years back for 10k (50k miles on a 5 yr old car). You can get good deals, but you do have to do some legwork and be patient.

Buy used or use 5k of your 10 for a down payment ... like everyone said.

Also: http://www.autoblog.com/2008/05/05/c...r-three-years/

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Originally Posted by Biff

If he's at an auction, go for a used G6

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Yeah I would love to get a used G6 they just don't often show up at the dealer auctions. I really really like the G6's, hell I'd before getting another Grand Prix. It's just 2 Door Grand Prix's are fucking rare relatively speaking. Plus I think in 2003 or 2004 they stopped making the 2-Door ones.


I'm probably going to go with getting a used car from the auctions. I'm going to try and get something only 2 - 3 years old. My experience with used cars 5+ years and older, is that's exactly when shit starts going on them and you buy a 5K used car that's 6 - 7 years old and 2 years down the line you've sunk another 2 - 3k in it. I'd rather spend the full 10k on something newer with less miles.

I'm dealing with my brother again whose a car dealer, so I know he won't screw me. I'll just have to keep going to the auctions till I come across something I like.


Thanks by the way for everyone's input.