Need help with picking out a car to buy

[Cognacad]

In September I am doing a placement so I need a car to get to work. I have three kind of options and I am looking for some feedback.

1. My mom said she would maybe give me her car. She lives 4000KM away, so it would cost about 500$ to drive back and then I would have a 2001 Impala. Car is meh because it has no AC, turning lights don't always work, and acts funny sometimes. Seems to work ok, but probably would not be able to sell it for more than 2000$ afterwards and I don't know how interested I would be in keeping it in the long run.

2. Read consumer reviews in-depth and buy a used car for about 7-12k. I am looking at Ford fusions/focuses right now, they are nice, cheap, and some of the most reliable cars built in North America according to consumer reports. I would get like a 2006-2008 car with 40,000-80,000k at that price range.

3. They have a crazy deal on Pontiacs right now because they are cutting the brand out. For 12-13k I can get a brand new Pontiac G5 taxes/shipped everything. For 12k I get NOTHING extra, no AC, nothing. I could potentially pay more and get AC.+ AC. For 15k I can get lots of things like bluetooth USB, remote start/locks/etc. My concern is its reliability and the cars "ugliness".

What are your thoughts? I don't usually ask others for car advice, but I want to hear some opinions. I will not drive the car much after my placement, I will walk to school. I am pretty poor, but I can get a loan. I do not want to spend money on a car and then drop money on the thing to repair it etc.

My basic question is cheap out and take my mothers car, or for the same price get a brand new car under 5 year 160,00km powertrain warranty that I think is "OK", or get an older car that is not under warranty (2006-2007) that I think is cooler, looks better, has AC etc.... but also has 60,000-90,000 and may have been driven badly.

Cheerio

Edit: Also, the Pontiac deal from GM ends in about 2 weeks or less. Wish that was not the case, but hey.

Edit 2: Also, a friend of mine is selling her Toyota Yaris sedan for 13,000$ maybe I could bring her down to 12. It has 40,000km and extended warranty apparently to 120,000km.

 

[Hombre Secreto]

Take your mother's car. She is the most trust worthy car seller you will find.

 

[DNW]

With your mom's car, you at least know what the problems are. You might not be so lucky with another used car.

As for a new car, go for it if you have the dough. Otherwise, just suck it up and save some cash. You just never know when you're gonna need it in this economy.

 

[Cognacad]

I don't have the dough. I think I could just get a good line of credit with low interest that would be added to be principal that I wouldn't have to pay back until I graduate in years from now.

 

[DNW]

Originally Posted by Cognacad

I don't have the dough. I think I could just get a good line of credit with low interest that would be added to be principal that I wouldn't have to pay back until I graduate in years from now.
Then definitely do not buy a car. Unless you have a crystal ball that you can look into and see a future -- and seeing very good prospects for employment -- you should really try to not take on any debt that's not essential to your life. (You'll thank me later for this advice.)

 

[Cognacad]

Thanks, and it is noted. That may certainly be the best option. I do somewhat need a car though, to get groceries, be social, and do things. To date I have just bumbed off my friends who have cars like a hobo, and it makes me feel uncomfortable sometimes.

Also, I am a graduate student with decent funding, and I am fairly confident I will remain funded for a number of years to come that could support such an expense. Then again, I will not really "need" one after my internship, either.

 

[CMJTperry]

Take the free car. Don't think twice.

 

[Cognacad]

Thanks for your feedback. Lets see if my mom is into it when she gets back from Paris.

 

[Kvc06]

Take the free one and continue to save for something you like more until the free one cashes out.

 

[JayJay]

If I were you I'd take your mom's car and save cash.

 

[Blackhood]

Don't forget that a new car will halve in value over the first three years, especially one whose brand is already in the can. You'd be taking on a big debt, for a car that has no long term security, will quickly fall into negative equity and you don't really need.

Live with the free, crappy car for 12 months. Take the payments you would have been making on a $15k loan and save them. Finish college and either:

(A) Treat yourself to a brand new car, debt free
(B) Pay off a chunk of your Student loans
(C) Put a deposit on a house

Any of those three are preferable to taking on long term debt for the sake of a short term comfort-boost.

 

[suzuka]

another vote for the free car.

 

[CyanideDragon]

Originally Posted by Cognacad

I don't have the dough. I think I could just get a good line of credit with low interest that would be added to be principal that I wouldn't have to pay back until I graduate in years from now.

As of 2007, this does not exist unless you got a HELOC back in 2006. 6-12 months maybe on a credit card promo, but expect to be bent over after it's done since you'll need to do a cash advance. Take free car and spend money on good shoes to walk in.

 

[rjmaiorano]

free car from mommy.

Debt sucks.

 

[Cognacad]

Hi everyone,

Free car is no longer an option, actually, since it cannot start at this time! This car is no longer worth the trouble.

I will be in school for another 5 years, the last year I will need a car because I will be on a one year internship, but could be anywhere in Canada.

So I need a car for September-January. I can buy one of the options I mentioned in the first post, but, probably not the Pontiac since the deal ends too soon.

I can rent a car for 300$ a month or something, but that is just money lost like rent.

I could buy a 5000-6000$ and sell it afterwards, but then I am left without a car.

I am not currently in debt, and I can get a good loan with decent interest (~2.5%). I plan to be well funded for the rest of my graduate training and I could potentially most or all of it off. Also, I do not need to pay interest until I graduate.

Cars only depreciate by 47% in the first three years that they are purchased new. With a used car, this is completely different. Also, in my province I would not need to pay tax on a used car, saving 10%.

Rent, buy cheap and sell, buy cheap and keep, buy "expensive (10-13k)" and sell, buy expensive and keep.

I have posted on a few other forums, but to be honest you gentlemen are far more useful. I know it sounds as if I have made my decision already perhaps because I am "arguing" for a used car etc... but I am only saying these things to provide you guys with information. I am still quite open! Maybe a hummer H3!?