Buying a new car?

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as90

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Are you guys going to be buying a new car for residency now that you'll finally be having an income?
I have been using my parents leased vehicle that will come due next year. I was planning on shipping it to my residency location, but it doesn't make sense because it will cost $800 to do so and I'll have to look for another vehicle next year anyhow.

Since my commute will be so minimal, I'm debating just buying a used vehicle and getting liability coverage on it, but I'm not sure if I can find a reliable vehicle in my budget.

I was wondering if there are any special interest programs one can use to finance a Certified Pre-Owned vehicle? That way one can have some piece of mind.

Thanks

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Ride a bike. Seriously. I did it all through residency, fellowship and now into my 3rd year of attending. Save money on a car payment AND a gym membership.

I would if it weren't so humid and if my residency was close enough to work.
 
Whatever you do, don't buy a used VW. The cars are fun as hell to drive, but man do they break down hard!
 
Yes, it's minimal time driving. But the hospital is in a pretty ghetto neighborhood, that I'd have to spend a lot of time trying to bypass the bad parts. Plus, it'll be super humid.

Regarding getting a used vehicle, I don't know if I trust the people on craigslist, although I appreciate your suggestions you can never go wrong with Honda or Toyota.

I was thinking about buying a used civic locally, but the fatigue, and time spent driving it won't be worth it. I have to drive 1600 miles.

Has anyone looked into a Kia and one of their 0% down specials for 60 months?
 
I would buy a cheap new car from a dealership where you are doing residency.

Leasing is a dumb investment all things considered. You basically rent a car and have nothing to show for it at the end. Maybe when you're on attending salary you can afford leasing a luxury car, but right now we gotta be smart with our money.

Look at something like a Honda Fit. Small car, 15-16k brand new. Would be ~260-70 a month which isn't too bad and Honda is about as reliable as it can get. Or really any other vehicle in this class, Kia's/Hyundai's etc are just fine too. But Honda will hold its value longer than those other brands. You could also buy a 2-3 year old car to save more money, but I would not buy anything more than 7-8 years old or more than 70-80k miles. That would save a lot of money but you don't have time as a resident to take care of a car if it breaks down.

Also biking is something you can maybe get away with in the North, but it just isn't an option down here in the south. You would literally melt your face off trying to bike in the south during summer. Or at least have to shower again by the time you reach the hospital.
 
I would buy a cheap new car from a dealership where you are doing residency.

Leasing is a dumb investment all things considered. You basically rent a car and have nothing to show for it at the end. Maybe when you're on attending salary you can afford leasing a luxury car, but right now we gotta be smart with our money.

Look at something like a Honda Fit. Small car, 15-16k brand new. Would be ~260-70 a month which isn't too bad and Honda is about as reliable as it can get. Or really any other vehicle in this class, Kia's/Hyundai's etc are just fine too. But Honda will hold its value longer than those other brands. You could also buy a 2-3 year old car to save more money, but I would not buy anything more than 7-8 years old or more than 70-80k miles. That would save a lot of money but you don't have time as a resident to take care of a car if it breaks down.

Also biking is something you can maybe get away with in the North, but it just isn't an option down here in the south. You would literally melt your face off trying to bike in the south during summer. Or at least have to shower again by the time you reach the hospital.

Regarding leasing, I think I've seen some terrific deals for the Honda Civic, it doesn't make sense for us though, I think people who have a business can write it off as a tax deduction though.
 
I leased a Prius intern year and was very happy. With a new car you most likely don't have to coordinate your post call days with auto repairs, and that is important. Also the hybrid gave me a 50% discount on my parking costs at the hospital garage. After 3 years, I turned it in and didn't have to deAl with any paperwork or negotiate a trade in.


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Shirt and tie in the bag on hot or rainy days and change when I get there. Otherwise I slap a tie on when I get to the office and go to work.
Sounds like a good idea. Is winter not that rough up where you are in the NW, or do you switch to a car in the cold?
 
Sounds like a good idea. Is winter not that rough up where you are in the NW, or do you switch to a car in the cold?
I've lived in hotter and colder places than where I live now and biked in all of them year-round. Snow, rain, heat, whatever. It's not that big of a deal. Most people are just wussies.

And yes, I have car and drive to work. I did it today in fact. I got up late, it was raining and my regular commute bike was in the shop for a tune up. I'll ride (the tandem, with my 8 yo kid) tomorrow.
 
Agree with most of the above. Your time is too valuable in residency to spend dealing with a busted car. And "my car broke down" is not a good excuse not to show up. Likewise, biking is great if you love it but clearly not for everyone. Get a lightly used (e.g lease trade-in) car that is 2-3 years old with <40k miles. You get the benefit of a newish cars reliability (and remainder of warranty) while avoiding the huge depreciation hit that comes with buying a new car.

Small, reliable cars like the Honda fit, Mazda 3, Ford Focus, etc are going to be your best bet. They're cheap to buy and to run. You might be able to afford something nicer like a used German car but don't forget about maintainence costs.
 
Just a breakdown of actual numbers from my personal experience:

Wanted a (slightly) higher performance car. Picked up a BMW E46 with 55k miles for $10k from a main BMW dealer - had gone through full inspections and had a 2 month/2k mile warranty. I had it inspected again at another shop as well for $75. Put $3k down, and paying $187/month at 2.49%. Car is fully loaded, and engine is like new. Live just 10 mins from hospital so will have at most 1-2 maintenance visits a year. A solid Euro indy mech shop ran me $180 for my recent service (oil/filter change, cabin air filter). Will drive it for 3 yrs in residency and find someone to buy it for $4-5k at 80k-90k miles.

Edit: Sold for $4k. Upgraded to M3.
 
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Get a used japanese car. I've seen too many bike injury patients to see it used as a method of daily commuting.
 
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Just a breakdown of actual numbers from my personal experience:

Wanted a (slightly) higher performance car. Picked up a BMW E46 with 55k miles for $10k from a main BMW dealer - had gone through full inspections and had a 2 month/2k mile warranty. I had it inspected again at another shop as well for $75. Put $3k down, and paying $187/month at 2.49%. Car is fully loaded, and engine is like new. Live just 10 mins from hospital so will have at most 1-2 maintenance visits a year. A solid Euro indy mech shop ran me $180 for my recent service (oil/filter change, cabin air filter). Will drive it for 3 yrs in residency and find someone to buy it for $4-5k at 80k-90k miles.

wow. you got lucky!

But you may also want to try the Nissan Versa it's a pretty good vehicle. Or the Kia they had some $48/month 4 year lease i saw awhile back
 
I'm personally leaning towards leasing a Subaru Outback.

I'm moving to a city with lots of hills and considerable snowfall every year, and I'm going to be living almost 20 minutes from my hospital. I need something reliable with AWD. My current POS Ford Focus is 16 years old and things break on it frequently. The next time it dies on me it's done (worst case scenario I can take my husband's car since he works from home). I wish I could replace it now.

Might also buy a gently used lease-return. I just want to make sure I have minimal worries over the reliability of my car. I can't deal with this crap with my current car. I just can't afford to buy anything else until I start earning a paycheck again.
 
wow. you got lucky!

But you may also want to try the Nissan Versa it's a pretty good vehicle. Or the Kia they had some $48/month 4 year lease i saw awhile back

Actually, I just saw another similar one at a BMW dealership online yesterday. A 2000 323i for $7.5k with <50k miles - the age of the car is the biggest concern but clearly it just sat around a lot. These were as reliable as they come for BMWs. There's good deals, just gotta find em!

https://www.bmwofalexandria.com/det...e=7&showAll=0&sortOrderBy=5,1&sortOrderBy=5,1
 

Are you saying this particular model of BMW is relatively trouble free and reliable? Hmm, might treat myself once I get to attending level. Always wanted to buy a used "upscale" vehicle.
 
Yes, it's minimal time driving. But the hospital is in a pretty ghetto neighborhood, that I'd have to spend a lot of time trying to bypass the bad parts. Plus, it'll be super humid.

You'll get over that pretty quickly.
 
I've been street parking in an urban area for too long to ever recommend a new car, particularly for a resident. The bumpers of every single car on my street look like hell.
 
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Are you saying this particular model of BMW is relatively trouble free and reliable? Hmm, might treat myself once I get to attending level. Always wanted to buy a used "upscale" vehicle.

Yes, older 3 series were solid cars. Newer ones have more issues - example: the awful run flat tires, which inevitably need you to buy a tire warranty, etc. If this older car was a lemon the 'official' dealerships would auction them off instead or write "AS-IS". In this case it was owned and taken care of (See free Carfax report) by one owner for 15 years. Thats usually a good way to go when buying an older car like this.
 
I've been street parking in an urban area for too long to ever recommend a new car, particularly for a resident. The bumpers of every single car on my street look like hell.

Thank heavens for parking sensors. my neck is saved by them...don't have to wiggle to much to get in places.
 
Thank heavens for parking sensors. my neck is saved by them...don't have to wiggle to much to get in places.

Between Philly, Chicago, and my current city, I've learned that the most commonly used "sensor" is "when you feel your car hit the car behind you".
 
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Yes, older 3 series were solid cars. Newer ones have more issues - example: the awful run flat tires, which inevitably need you to buy a tire warranty, etc. If this older car was a lemon the 'official' dealerships would auction them off instead or write "AS-IS". In this case it was owned and taken care of (See free Carfax report) by one owner for 15 years. Thats usually a good way to go when buying an older car like this.

The parents drove around in a 2004ish 3 Series. Really really fun car to drive, but they got really frustrated that the upkeep was a major cash sink.

If you really want longevity for a luxury car, in my experience the way to go is a Lexus. I had a sibling take my dad's old RX300 to college and beyond. Pretty sure it hit 200k miles before finally getting rid of it.
 
The parents drove around in a 2004ish 3 Series. Really really fun car to drive, but they got really frustrated that the upkeep was a major cash sink.

If you really want longevity for a luxury car, in my experience the way to go is a Lexus. I had a sibling take my dad's old RX300 to college and beyond. Pretty sure it hit 200k miles before finally getting rid of it.

Id agree with this. The Lexus RX are one of the most affordable and reliable SUVs even over 100k+ miles. Currently in process of hunting one down for the wife.
 
What state are you located? I am no longer a resident and have just bought a new car. If you near me, I will sell you my old reliable car for a token amount, say $1500. Offer only to residents and graduating medical students.

EDIT: sold.....to a junior faculty!
 
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The parents drove around in a 2004ish 3 Series. Really really fun car to drive, but they got really frustrated that the upkeep was a major cash sink.

If you really want longevity for a luxury car, in my experience the way to go is a Lexus. I had a sibling take my dad's old RX300 to college and beyond. Pretty sure it hit 200k miles before finally getting rid of it.

Was just reading the thread and wanted to chime in that my mother drove an RX300 that clunked out somewhere around 140k miles after what I believe was going to be the 2nd transmission repair. She loved it, but said she's never getting a luxury vehicle again because of the cost of maintenance and any repairs.
 
I bought a 2015 Jeep Wrangler rubicon hard rock special ordered fully loaded. Great for my hour commute through the mountain (especially in snow). Maintenance cheap. Replace any part for a reasonable price. Not too bad in gas (19mpg), but not the best. Also I can switch out tops and have a convertible.
 
I bought a 2015 Jeep Wrangler rubicon hard rock special ordered fully loaded. Great for my hour commute through the mountain (especially in snow). Maintenance cheap. Replace any part for a reasonable price. Not too bad in gas (19mpg), but not the best. Also I can switch out tops and have a convertible.

you mus have had a great salary to be able to afford that.
 
Just a breakdown of actual numbers from my personal experience:

Wanted a (slightly) higher performance car. Picked up a BMW E46 with 55k miles for $10k from a main BMW dealer - had gone through full inspections and had a 2 month/2k mile warranty. I had it inspected again at another shop as well for $75. Put $3k down, and paying $187/month at 2.49%. Car is fully loaded, and engine is like new. Live just 10 mins from hospital so will have at most 1-2 maintenance visits a year. A solid Euro indy mech shop ran me $180 for my recent service (oil/filter change, cabin air filter). Will drive it for 3 yrs in residency and find someone to buy it for $4-5k at 80k-90k miles.

This is exactly what I'm doing. I'm in a place with a lot of freeway driving and a 20 min commute and I just know it'll make my commute that much more tolerable to have a car I really enjoy to drive. Used BMWs/Audis can be affordable for a resident but you do have to eat expensive repair costs and you better have a dealership where you can get a loaner when your car is in the shop.
 
Dad is a car dealer so I got a petty good deal (at the true cost of the vehicle). I also had $7500 down as well.

Well that explains a lot. i'm jealous I would love to have a jeep considering all these potholes
 
Leasing is not necessarily a bad deal for a resident, as long as you understand what you are doing. Generally speaking, it's a new car with easy maintenance schedule that you won't have to pay for. Payment is lower than buying the vehicle. Often with nothing down. Additionally, you get a chance to purchase the vehicle or extend your lease at the end of the deal by paying/financing the "residual". Of course you have to understand the terms of the lease and any fees that would be thrown in to get a good deal. By the time the lease is up, you may be finished with residency and have a lot more financial options about purchasing the car you want. You'll appreciate any extra disposable income during residency.
 
Leasing is not necessarily a bad deal for a resident, as long as you understand what you are doing. Generally speaking, it's a new car with easy maintenance schedule that you won't have to pay for. Payment is lower than buying the vehicle. Often with nothing down. Additionally, you get a chance to purchase the vehicle or extend your lease at the end of the deal by paying/financing the "residual". Of course you have to understand the terms of the lease and any fees that would be thrown in to get a good deal. By the time the lease is up, you may be finished with residency and have a lot more financial options about purchasing the car you want. You'll appreciate any extra disposable income during residency.

Hardly any vehicle is without maintenance though. You have to at least do oil changes.

I think BMW is the only manufacturer that provides coverage.
 
Many dealers provide the basic maintenance or at least have monthly payment plans for the maintenance. You'll get the full warranty over the lease term which helps offset any potential maintenance concerns.
 
7 series Beamer or S-Class Mercedes. Go big or go home.
 
Old beater 4Runner is your best bet. These things just don't die. Eventually, body rusts out before drivetrain dies. So, if you buy a 4Runner for $6-7K cash, it will last you throughout residency, and fellowship with just basic maintenance.
 
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I would buy a cheap new car from a dealership where you are doing residency.

Leasing is a dumb investment all things considered. You basically rent a car and have nothing to show for it at the end. Maybe when you're on attending salary you can afford leasing a luxury car, but right now we gotta be smart with our money.

Look at something like a Honda Fit. Small car, 15-16k brand new. Would be ~260-70 a month which isn't too bad and Honda is about as reliable as it can get. Or really any other vehicle in this class, Kia's/Hyundai's etc are just fine too. But Honda will hold its value longer than those other brands. You could also buy a 2-3 year old car to save more money, but I would not buy anything more than 7-8 years old or more than 70-80k miles. That would save a lot of money but you don't have time as a resident to take care of a car if it breaks down.

Also biking is something you can maybe get away with in the North, but it just isn't an option down here in the south. You would literally melt your face off trying to bike in the south during summer. Or at least have to shower again by the time you reach the hospital.
Disagree that leasing is necessarily bad. I think if you negotiate the right contract, it would be the smart thing. Every car is going to depreciate, so if you are doing residency for 3-5 years and just paying the depreciation, you can get the car you want when you're done instead of ending up with a car that you need to try to sell or will lose money on if you give it to the dealer
 
Old beater 4Runner is your best bet. These things just don't die. Eventually, body rusts out before drivetrain dies. So, if you buy a 4Runner for $6-7K cash, it will last you throughout residency, and fellowship with just basic maintenance.
The OP that you're responding to has likely started and completed residency and is now an attending by this point seeing as they posted this question 5 years ago.
 
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