Getting a car during dental school

[7amsho]

Hey guys I have a quick question! I am interested in getting a car next year but I don't know which option I should go for. Please comment if you have been through this or have any experience. Here are my two options:

-get it right away (4 wheel-drive most likely) and pay cash for the full price
-set up a payment plan for buying it

I don't have much saved up for it and I will be using loans for this investment

which one do you think is better?

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[Weakfart]

Go full price, save aside some money for repairs.

 

[Faux]

Get yourself some snow tires and a used honda fit 2007-2010. 2007 usually go for no more than 5k. Very reliable car

 

[THS]

Go full price, on a used car. Even last year's model with less than 10,000 miles will be thousands cheaper than brand new. If you are getting 4WD for the snow, also consider a FWD vehicle, they are generally much cheaper, have smaller engines (more fuel efficient), and still fare relatively well in the snow. Buy an extra set of rims and put snow tires on them, so you can keep those aside during the summer and don't have to pay to put snow tires on every winter.

Here are some articles with advice to consider before making a purchase, written by my favorite finance guru Mr. Money Mustache:

http://www.mrmoneymustache.com/2014/12/01/all-wheel-drive-does-not-make-you-safer/
http://www.mrmoneymustache.com/2012/03/19/top-10-cars-for-smart-people/
http://www.mrmoneymustache.com/2011/12/08/turning-a-little-car-into-a-big-one/
http://www.mrmoneymustache.com/2011/11/28/new-cars-and-auto-financing-stupid-or-sensible/
http://www.mrmoneymustache.com/2011/05/02/car-strategies-to-cut-your-costs-in-four-or-more/
http://www.mrmoneymustache.com/2011/04/19/how-to-come-out-way-ahead-when-buying-a-used-car/

 

[7amsho]

Thanks for the replies guys!
-if I m buying with one payment, how much money do you suggest to use?
-Are these loans that I'll be taking will have interest from day one? Or once i graduate?

 

[PointEstimate]

If you are taking out some student loans to do it, I don't think that's that great of an idea since the interest rate on your student loan is probably higher than conventional financing plans for cars. That car is going to end up costing you a lot more in the long run.

 

[LaughingGas]

i agree w pointestimate. car+insurance+gas.

 

[Faux]

Thanks for the replies guys!
-if I m buying with one payment, how much money do you suggest to use?
-Are these loans that I'll be taking will have interest from day one? Or once i graduate?

http://forums.studentdoctor.net/threads/interest-that-accrues-while-in-school.1121784/#post-16202181