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Buy a car or save?

Discussion in 'Pre-Medical - MD' started by kakashi74, Apr 13, 2007.

  1. kakashi74

    2+ Year Member

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    I have quite a bit of savings (enough to buy a nice car), but not enough to finance my entire 4 year medical school education. Needless to say I will need to take out loans to pay for my tuition, cost of living, etc...
    If I don't buy a car, and use that towards my education, then at the end of 4 years I will basically have $20k less debt. But will this $20k make much of a difference when the entire debt will be around $150k, and you assume an average doctor's salary?

    I would not be using my entire savings on a car. Pros for getting a car, I won't have to worry about my car breaking down during med school. My current car has not given me any troubles, but it is 6 years old. But mostly I want to get it because I just want it so baaaaaddly.
     
  2. Soggun

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    Sounds to me like you just really want a car, not that you need it. A 6 year old car is really not that old and could well not give you any problems throughout the next 4 years - esp considering it hasnt given any yet. In any case, if it were me, I'd put it towards my education or just cost of living for the next 4 years. I think there is one lesson that I've learned through SDN that is very applicable here: Live llike a student now, live like a doctor later.
     
  3. PepperMD

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    Forget the car and put it towards a down-payment on a house or condo. At least property can give you some sort of return as an asset whereas a car loses half its value once you drive it off the lot.
     
  4. mdvargas

    mdvargas Crystal ball reader
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    Do you know which school you're going for sure? If you do buy a car, you have to consider all that comes along with it, like maintenance, insurance, gas, parking fees, registration every year, etc. I would only get one if the schools recommends that you have reliable transportation to travel especially on your 3rd and 4th yrs. Otherwise, I would keep the cash until I have no choice but to get one, cuz you never know! :luck:
     
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  5. Dookter

    Dookter Senior Member
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    Agreed.

    When you're driving your brand new car to the hospital parking garage day in and day out, nobody will care, I promise. Having a new car will probably be the LAST thing you care about at that point....
     
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  6. OP
    OP
    kakashi74

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    I thought about buying a condo, however given the current market, it is very likely that prices will be down over the next 4 years. Even if prices remain flat, if I am forced to move for residency, I think the money would have been better invested in a mutual fund. Also, I do not want the stress of making mortgage payments during med school.
     
  7. Dookter

    Dookter Senior Member
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    If you're actually concerned about putting your money in a good place, a new car is probably the last thing you need to be considering.
     
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  8. PepperMD

    10+ Year Member

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    Well there ya go. Mutual fund it is. Any investment would be better than a car. Besides, your new car will be lame in 4 years while your current car will become a "classic"!:p
     
  9. lsumedgirl

    lsumedgirl Livin' the dream!
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    As long as your current car is running fine and in good condition, save your money. If you didn't have a car, and needed one for school (depending upon the campus and various clinic locations), I'd say, yeah, find a nice used one, at a reasonable cost. But you've already got one. Who cares if it's 6 years old. After you finish school, then go for something nice and new.
     
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