What kind of used or new car should I purchase with this amount to spend?

Question

a) I have excellent credit - 747 score - so I don't know if it's best to get a loan from the bank or dealership for the best rate?

b) I can put up to $5,000 down plus I have a 1999 toyota 4runner I can sell (but I owe my mom about 3K from that)

c) I can afford up to $500/month on car payments

What should I do? What should I buy? I prefer a nice hybrid. New? Used? What model? Please help!

Answer 1

First analyze your needs, wants, driving style, and location.

For example - is your driving mostly stop and go - if yes hybrid makes sense, other wise it does not.

How many people do you need to carry?  Luggage? Cargo?

Is insurance, fuel and maintenance in your budget?

A Honda Fit or Toyota Yaris are inexpensive, economical cars that will last a very long time if properly cared for.

Answer 2

If you can afford a Hybrid, buy it, gas is only gonna go up!

GM alot of the times offers 0% Financing.. 100k/ 5 year warranty

Honda 0.9% Financing  (Ive never seen it lower!) 60k/ 3 year warranty (holds its value, and you get a better resale Value!)

Mitsubishi... (Lancer is a REAL nice car) not sure of the financing, but it has an AMAZING warranty though... 10 YEARS!!

Answer 3

A used Toyota Prius. Good gas mileage. Or a Nissan Altima. Also good mpg and nice car

Answer 4

new toyota prius cheap and it is a hybrid so it is good on gas

Answer 5

Pay your mom the 3K first.  Then, find a taxicab company that is selling off some of its older cars.  You can find some well-maintained cars (later models) in the '03 to '04 ranges for about $1500.  I bought a 2003 Crown Vic from a larger city's cab company for $1500.  The car has a value of about $5k, and I get the same gas mileage as a smaller car.  I think that is the best way to go, and you don't have to use up your available credit on an investment that only loses value with time.