Car question? Need advice from people that have experience with buying, selling, and working with cars??

Question

Is it a good idea to take on a car payment right now in this economy? I'm a student and have been given a vehicle, an 02 Chevrolet car with around 79,000 miles, to either use as my car, or trade it in for a new car. I really really want a new Accord, but I am unsure if it is wise to take on a car payment right now. I know the economy is bad, but doesn't that mean that dealers are actually marking down their car prices, and this would be the best time to buy? Also, isn't it better to have a new vehicle with no miles, versus one with a lot of miles that might not last long? I'm torn on what to do.... I don't want to make a bad decision with the bad economy... Any advice from those knowledgeable about the car buying process?

Answer 1

Use it as your car for a while, as a student you do not need the burden of a car payment.

Answer 2

I would also just keep the car for a while, if you get a free car the best thing to do is drive it till it will cost more to fix it than its worth. So keep and drive it till the wheels fall off. You can save up some money to use as a down payment on your next car since you dont have a payment on this one. And besides that, who wants a car payment in college, not fun.

Answer 3

really drive the heck out of it until it starts to become a car payment in maintance then  sell the thing in parts

heres a term drivable use it means the amount that you save driving/maintaing a vechical over going out andd  buying a new one

ie you have a car that is worth  2k trade in but the car has 3 years in it during that time the price of the accord will have droped to the point where the drivable use of the car more then justifies keeping the car over trading it in

so keep the car and shelve away money towards buying a accord in full

I like to use direct draws of a percentage from each check like 10% into a seperate account(if the employer wont do it the bank might)

ok i know your a colledge student so im going to say at $200 a week taking 10%out($20) is $3120 after 3 years

if it comes out before you see it it is and goes into a account that you dont see you may be surprised at the  amount you will save

this is also a good way to have a safty net

goodluck

Answer 4

With the proper oil changes, and maintenance. That Chevy

could last you another 100,000. Keep it. By the time you are

out of school. You can buy a nice "bio-electric." <}:-})