How Should I Pay for This Car?

Question

I saw this ad on Craigslist...

"2002 Mitsubishi Lancer OZ Rally - 66,501 miles - $6200"

It looks like a very good deal to me; this car is hot with all the hookups. I really love it. But the thing is I am a college student working part time at Starbucks. I have a little over $1,000 in my bank. I have 3 credit cards which the total debt is about $,2000. How am I going to buy this car?

Answer 1

Get a better job.

Answer 2

Get a family member to loan you the $6200. That way when you get lazy and don't make the payments, they will kick your butt. If you get a bank loan, you will not afford the payments, like next month. Then your credit will be whacked.

Don't get me wrong, responsibility is a good thing. Starbucks should teach you that. If you are in love with that car, spend the next three months shopping for that car at a branded dealer. By then you will want something else, and you will learn a great lesson about "marrying" a car.

Trust me, I did. See below for my first car.

Answer 3

Craigslist is great and you should keep looking! I know you probably want something goodlooking but money-wise you should try to find something closer to your budget so you're not making payments. With gas prices rising, you want to be able to buy the car outright.

Answer 4

Only buy it if you can afford it. It doesn't sound like you can right now. I've been there and it sucks but try to stay within your budget so you don't get further in debt.