Buy a car now or wait?

[ahawke100]

Hello everyone!

So I'll be starting medical school in the fall, and I'm trying to decide if I should look into getting rid of my current car now and getting something more reliable, or if I should stick with what I've got for now.

I've been driving a 2004 saab, that's just broken 100k miles, since high school, and it's really been somewhat of a headache in terms of the repair costs since purchasing. The car runs solid, but I've had so many issues with the computer system, etc. and each repair has been costly. It also doesn't handle well in the snow and I'm worried about it's reliability if I have to drive to class everyday - especially in the winters.

I'll be living off of loans during school and am currently working to save up for the upfront costs that occur at the beginning of school, but should I be looking at setting money aside for a car as well

What would you guys do in this situation? Save up until school and get something used that is reasonable that will (hopefully) be more reliable? Or should I keep my current car until it totally dies on me or gives me a huge unforeseen expense (who knows when that'll be).

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[DoctorSynthesis]

Hello everyone!

So I'll be starting medical school in the fall, and I'm trying to decide if I should look into getting rid of my current car now and getting something more reliable, or if I should stick with what I've got for now.

I've been driving a 2004 saab, that's just broken 100k miles, since high school, and it's really been somewhat of a headache in terms of the repair costs since purchasing. The car runs solid, but I've had so many issues with the computer system, etc. and each repair has been costly. It also doesn't handle well in the snow and I'm worried about it's reliability if I have to drive to class everyday - especially in the winters.

I'll be living off of loans during school and am currently working to save up for the upfront costs that occur at the beginning of school, but should I be looking at setting money aside for a car as well

What would you guys do in this situation? Save up until school and get something used that is reasonable that will (hopefully) be more reliable? Or should I keep my current car until it totally dies on me or gives me a huge unforeseen expense (who knows when that'll be).

If its possible to save up and get a reasonable car before school starts I would recommend doing that. A 2004 high mileage saab isn't going to hold up that well.

 

[SnowyMoon]

I feel you, mate. I've been driving my '04 Saab (9-3) since HS, and I have 169k miles on it. It really is an expensive little ****. When I (fingers crossed, knock on wood, etc.) go to medical school, I know that I will DEFINITELY be looking into a more reliable, cost-effective car. I don't blame you at all for wanting to get a new car, and if you can make it happen, I would definitely consider it a worthwhile expense (provided you don't spring for an overly expensive car.)

I have heard that quite a few new medical school matriculants do this as well, jsyk.

 

[Dr. Death]

I would sell it while it still works and then buy a 2007-2010 Honda. They are pretty reliable

My old car just bit the dust. If I would have sold it one month earlier I could have got 2000+ cash for it but I had to sell it for 400$. Better to sell too early than too late

 

[oOKawaiiOo]

Is it worth the trouble to buy a new car and pay the month payments?
Pro: A safe and peaceful mind of having no car problems
Con: ????? I dont know....never had a new car. I'm poor.

Or stick to the current ride?
Pro: No car payments. Car insurance should be relatively cheaper, since it's older.
Cons: Unpredictable, expensive visits to the mechanics

I'm in the same boat as you. I still drive my honda '96 accord with 270k miles. It's a ghetto car, but it still runs solid. I will be getting a new car before school starts. In my situation, it will save me a ton of money.

 

[ahawke100]

I would sell it while it still works and then buy a 2007-2010 Honda. They are pretty reliable

My old car just bit the dust. If I would have sold it one month earlier I could have got 2000+ cash for it but I had to sell it for 400$. Better to sell too early than too late

Thank you all for the input so far.

This is kind of what I'm also thinking. Maybe I could get about 1-2k for it now, whereas a few years down the road, I doubt I'll get much of anything for it.

I actually have been thinking about getting a honda. Any other suggestions for what max milage and min year I may want to look at? My dad's always said buy something used with <50,000 miles and <5 years old. I'd like to get something to last me at least through residency!

 

[OverlyRomantic]

Thank you all for the input so far.

This is kind of what I'm also thinking. Maybe I could get about 1-2k for it now, whereas a few years down the road, I doubt I'll get much of anything for it.

I actually have been thinking about getting a honda. Any other suggestions for what max milage and min year I may want to look at? My dad's always said buy something used with <50,000 miles and <5 years old. I'd like to get something to last me at least through residency!

Get a Honda or Toyota. I agree with your dad's input. That's also what my father told me

 

[TheBoneDoctah]

Hello everyone!

So I'll be starting medical school in the fall, and I'm trying to decide if I should look into getting rid of my current car now and getting something more reliable, or if I should stick with what I've got for now.

I've been driving a 2004 saab, that's just broken 100k miles, since high school, and it's really been somewhat of a headache in terms of the repair costs since purchasing. The car runs solid, but I've had so many issues with the computer system, etc. and each repair has been costly. It also doesn't handle well in the snow and I'm worried about it's reliability if I have to drive to class everyday - especially in the winters.

I'll be living off of loans during school and am currently working to save up for the upfront costs that occur at the beginning of school, but should I be looking at setting money aside for a car as well

What would you guys do in this situation? Save up until school and get something used that is reasonable that will (hopefully) be more reliable? Or should I keep my current car until it totally dies on me or gives me a huge unforeseen expense (who knows when that'll be).

If you can sell the car you currently have and purchase a more reliable car with CASH, I would do that. I would not borrow money to purchase a car during school. If you're using purely student loans, by the time you pay off all your loans down the road, that 10k car will have costed you 40k. I can totally relate on having a crummy car (especially in the winter), but during med school, try and live as frugally as possible. If you live close to campus, walk.

If you have the time before medical school starts, I would highly recommend you read The White Coat Investor. The book is awesome and @The White Coat Investor REALLY puts things into perspective for you.

 

[adrian710]

Selling my 2008 A4 Audi if you are interested

 

[ahawke100]

If you can sell the car you currently have and purchase a more reliable car with CASH, I would do that. I would not borrow money to purchase a car during school. If you're using purely student loans, by the time you pay off all your loans down the road, that 10k car will have costed you 40k. I can totally relate on having a crummy car (especially in the winter), but during med school, try and live as frugally as possible. If you live close to campus, walk.

If you have the time before medical school starts, I would highly recommend you read The White Coat Investor. The book is awesome and @The White Coat Investor REALLY puts things into perspective for you.

Thanks for the input! I'll look into getting a copy of the book. Sounds like a worthwhile read.

 

[ahawke100]

Selling my 2008 A4 Audi if you are interested

As much as I'm interested, I'll probably be staying away from luxury vehicles at this point in the game.

 

[DoctorSynthesis]

If you can sell the car you currently have and purchase a more reliable car with CASH, I would do that. I would not borrow money to purchase a car during school. If you're using purely student loans, by the time you pay off all your loans down the road, that 10k car will have costed you 40k. I can totally relate on having a crummy car (especially in the winter), but during med school, try and live as frugally as possible. If you live close to campus, walk.

If you have the time before medical school starts, I would highly recommend you read The White Coat Investor. The book is awesome and @The White Coat Investor REALLY puts things into perspective for you.

A 5000-10000 honda/Toyota/Subaru isn't that bad of an investment.

 

[AsianPersuasion]

OP, have you looked at craig's list?

 

[TheBoneDoctah]

A 5000-10000 honda/Toyota/Subaru isn't that bad of an investment.

True. My point was to try the best you can to not borrow money. If it isn't possible to buy the car cash, then you gotta do what you gotta do and take the loan.


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[ahawke100]

OP, have you looked at craig's list?

I've been looking a bit on there. Looks like I can get a bit of a better price, I just don't know how I feel about a private seller. Would you suggest it?

 

[DoctorSynthesis]

True. My point was to try the best you can to not borrow money. If it isn't possible to buy the car cash, then you gotta do what you gotta do and take the loan.


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I agree but if his car is breaking down all the time and can't get to class got to bite the bullet.

 

[68PGunner]

Thank you all for the input so far.

This is kind of what I'm also thinking. Maybe I could get about 1-2k for it now, whereas a few years down the road, I doubt I'll get much of anything for it.

I actually have been thinking about getting a honda. Any other suggestions for what max milage and min year I may want to look at? My dad's always said buy something used with <50,000 miles and <5 years old. I'd like to get something to last me at least through residency!

Stick to this advice and you should get a car that should run until 90K. Once it hits that number, you will probably need to fork $1k-2k worth of repair.

 

[The White Coat Investor]

Thanks for the input! I'll look into getting a copy of the book. Sounds like a worthwhile read.

Nah, the book is crap. I heard the dude wrote most of it while on a road trip to Denver.

 

[The White Coat Investor]

If you can sell the car you currently have and purchase a more reliable car with CASH, I would do that. I would not borrow money to purchase a car during school. If you're using purely student loans, by the time you pay off all your loans down the road, that 10k car will have costed you 40k. I can totally relate on having a crummy car (especially in the winter), but during med school, try and live as frugally as possible. If you live close to campus, walk.

If you have the time before medical school starts, I would highly recommend you read The White Coat Investor. The book is awesome and @The White Coat Investor REALLY puts things into perspective for you.

Want me to put things into perspective? One of the two cars in my garage is worth $3K and is two years older than your Saab. I can buy a lamborghini for cash tomorrow. But I'm driving a beat up Durango. If you would like to be able to buy a lamborghini with cash within a decade of residency graduation, I would suggest driving the equivalent of a beat up Durango in med school. When I was in med school, I would have loved to have had a beat up Durango I could drive all over. Instead I had a bike, a bus, and a Geo Prizm I shared with my wife but that we couldn't really afford for either of us to drive much.

Fate may force your hand to make you replace that car sooner rather than later. But wait until it does. Buying cars on credit is a loser's game, especially when you have no income, no reasonable prospects for significant income any time soon, and when you have a working vehicle.

Good luck with your decision!

 

[Dr Tony T. Chopper]

WCI! got your book on kindle recently and loving it. Still have no idea what a Roth ira is yet, and all the backdoor ira mumbo jumbo that everyone keeps mentioning your blog. Guess that is why im reading it now before M1 starts...

Want me to put things into perspective? One of the two cars in my garage is worth $3K and is two years older than your Saab. I can buy a lamborghini for cash tomorrow. But I'm driving a beat up Durango. If you would like to be able to buy a lamborghini with cash within a decade of residency graduation, I would suggest driving the equivalent of a beat up Durango in med school. When I was in med school, I would have loved to have had a beat up Durango I could drive all over. Instead I had a bike, a bus, and a Geo Prizm I shared with my wife but that we couldn't really afford for either of us to drive much.

Fate may force your hand to make you replace that car sooner rather than later. But wait until it does. Buying cars on credit is a loser's game, especially when you have no income, no reasonable prospects for significant income any time soon, and when you have a working vehicle.

Good luck with your decision!

 

[Dr. Death]

I've been looking a bit on there. Looks like I can get a bit of a better price, I just don't know how I feel about a private seller. Would you suggest it?

Depends how much you know about cars or if you have a buddy who knows a lot about cars. If you don't know much then I might shell out a little more and get it from a used car dealer.

 

[lerit50]

In on saying you should get a honda/toyota/scooby doo.

Have an accord with almost 80,000 on it and besides normal maintenance I've had no problems (knock on wood).

 

[czastrow]

get a well taken care of 4runner.....take care of it (basic maintenance on schedule) and it will serve you for hundreds of thousands of miles.

 

[dushash]

Hello everyone!

So I'll be starting medical school in the fall, and I'm trying to decide if I should look into getting rid of my current car now and getting something more reliable, or if I should stick with what I've got for now.

I've been driving a 2004 saab, that's just broken 100k miles, since high school, and it's really been somewhat of a headache in terms of the repair costs since purchasing. The car runs solid, but I've had so many issues with the computer system, etc. and each repair has been costly. It also doesn't handle well in the snow and I'm worried about it's reliability if I have to drive to class everyday - especially in the winters.

I'll be living off of loans during school and am currently working to save up for the upfront costs that occur at the beginning of school, but should I be looking at setting money aside for a car as well

What would you guys do in this situation? Save up until school and get something used that is reasonable that will (hopefully) be more reliable? Or should I keep my current car until it totally dies on me or gives me a huge unforeseen expense (who knows when that'll be).

I personally would consider how much time I would waste if my car breaks down unexpectedly in the middle of an important day/week/semester. IMHO too much trouble and wasted time that I will not have in med.school. I would rather concentrate on studying than about fixing my car and worrying about it breaking suddenly.

I would sell that 2004 Saab or leave it as a spare car (just in case) if you are going to get pennies for selling it. Cars like Honda Fit 2009 can be had for $5-6K in excellent condition and can be driven to ground and will last for you even after residency, when you'll become an attending. They are built in Japan and imported, very very reliable, fuel sippers and bigger inside than they seem. Of course this is just one option, I'm sure there are some other models that can get you through med.school and residency for 8 years without expensive maintenance and without breaking a bank. Just my 2c.

P.S. I'm currently myself driving 09 Honda Fit with 130K miles on it and I'm planing to keep it even after residency and I'm not even accepted yet to med.school. You probably won't believe it but I'm planning to keep this car until my daughter (she's 5 now) will be legal age to drive it. Yep. The car will last. That doesn't mean though that I won't buy a newer car at some point, but I'm going to keep my Honda as well.

 

[ahawke100]

I ended up deciding on a honda hybird. It's certified used, just a few years old with low miles, and I got it for a super good price. I think the peace of mind with the added reliability will be a good thing to have. The savings on gas won't hurt either.

Thanks for all of the help.

 

[QueenJames]

congrats! mind sharing how much you paid and how many miles? Did you get any extended warranty ? What year and any added features like bluetooth audio, nav, blindspot monitor, etc.? Looking into possibly getting the new civic coupes that are coming out!

 

[oOKawaiiOo]

congrats! mind sharing how much you paid and how many miles? Did you get any extended warranty ? What year and any added features like bluetooth audio, nav, blindspot monitor, etc.? Looking into possibly getting the new civic coupes that are coming out![/QUOTE]

Don't bother. I too was looking at the new Civics -- by the way looks awesome. However rumors (will not cite who, but works at a Honda company) reported that the 2016 Civic are having tons of problems/recalls.

 

[asdf123g]

Is there an advantage to buying a new car rather than a used with <50,000 miles or low miles? I don't have experience in this field but I'm apprehensive to purchase a semi-used car thinking its "too good to be true." There has to be a catch. Why sell a car that's running perfectly, not that old, with very little miles in the first place? (unless that person desperately needs money but that isn't always the case)

 

[redj]

I would get one before going to med school. You still have plenty of time so you can search for the right one at the right price. If you wait till your at school and it suddenly just dies on you then your more likely to make a rush buy which can lead to a car you don't really want or payments too high.

 

[ahawke100]

congrats! mind sharing how much you paid and how many miles? Did you get any extended warranty ? What year and any added features like bluetooth audio, nav, blindspot monitor, etc.? Looking into possibly getting the new civic coupes that are coming out!

Well I ended up getting a 2013 insight with only 8,800 miles. It's a weird situation because there is currently an airbag recall and honda is waiting on the part to be manufactured. The car cannot be taken off of the lot until the new airbag is sent to them and they install it for me. It'll be several months before I can get the car. The purchase price was $14k before any trade in...a bit more than I would have liked to spend, but I think it's a great deal, and my monthly payments will be reasonable. It's also nice that I'll have time to same up and put even more down before I get it financed. I shouldn't have to worry about any issues in the coming years, as the car is covered by honda warranty up to 100,000 miles.

It's an EX model (one up from the base model...no nav, but it does have bluetooth). Not for someone who is looking for all of the latest features, but the gas savings, warranty, and ability to last me for years to come with little maintenance costs were what sold me on it. Plus I've always liked the insight, even though honda stopped making it in 2014.

The new civic coupes are sweet! Update us with what you decide to get!

 

[ahawke100]

congrats! mind sharing how much you paid and how many miles? Did you get any extended warranty ? What year and any added features like bluetooth audio, nav, blindspot monitor, etc.? Looking into possibly getting the new civic coupes that are coming out!

Actually didn't through with the insight, and instead got one of the new 2016 civics. I absolutely love it! Good gas mileage and lots of features that come standard. It's a hot looking car. The coupes look awesome as well.

Debated on getting a brand new car, but it'll last me for years, Hondas are practical, and you do only live once.

 

[songl4a]

.

 

[ahawke100]

Is a car absolutely needed for DO schools? I was thinking I don't need to get one until 3rd year starts because of the chance that some rotations will not be local. Also, family wants me to get a car so I can make the drive home.

It depends on the school. I will have a daily commute at the campus I'm attending. There will also be clinical sites I'll have to drive to throughout the semester beginning the first year.

Depends on the person and the program.

 

[Mad Jack]

Swap it out for a slightly newer Toyota.

Is a car absolutely needed for DO schools? I was thinking I don't need to get one until 3rd year starts because of the chance that some rotations will not be local. Also, family wants me to get a car so I can make the drive home.

You're going to have to do a lot of little stuff during the first two years, most likely, off of campus. Like, at my school we've got a bunch of rotations in community health type things and such. Without a car, you'd be bumming rides to places as far as a half hour away all the damn time.

 

[QueenJames]

Actually didn't through with the insight, and instead got one of the new 2016 civics. I absolutely love it! Good gas mileage and lots of features that come standard. It's a hot looking car. The coupes look awesome as well.

Debated on getting a brand new car, but it'll last me for years, Hondas are practical, and you do only live once.

good stuff!
I was looking at the new civics for a while but my heart has shifted to getting either a new Prius or the new Camry hybrid. Congrats on your purchase? how do you like it? Did you get the touring model?

 

[ahawke100]

good stuff!
I was looking at the new civics for a while but my heart has shifted to getting either a new Prius or the new Camry hybrid. Congrats on your purchase? how do you like it? Did you get the touring model?

I love it-I'm so happy with the purchase. I just got the CVT LX. It has plenty on it to keep me happy.

The new camrys and priuses look great, and that extra gas mileage will be nice. The Prius prime coming out later this year looks awesome as well.

 

[IntheClouds4ever]

Buy cheap Honda <$1000, buy JDM Honda motor ($500), go to local car meets and pay someone to do a swap if you have never done one before ($500).. Cheap, reliable, and easy fixes. If you have any basic mechanic skills, this setup will last you until your done with residency. Best of luck