Buying a car before med school

[foster033]

---

Members don't see this ad.

I just handed in my leased 2005 Saturn Ion today. I was totally against getting another car for a few reasons...

1. I had a killer deal on this lease and I'm pretty certain that any new car I'd be getting would almost double the monthly payments.

2. My bf and I have 2 subaru imprezas (2000, 1993), both of which were bought used and have seen better days (in my opinion, bf loves them).

But then we test drove an Astra (3-door), and I fell in love😍.

We are both going to be applying to med school next year (probably md/phd). Although our imprezas are good for now, neither one of them are going to make it through med school/phd/residency.

We have both been out of school for a few years and work full time. I feel like we should get something now that will last so we don't have to worry about it, but I don't know if I'm being practical or I just really want the car.

So I guess my question is, what are you planning on doing for a car throughout school/residency? I know I'm not going to have a lot of money to get a car/repair a car, and that it'd be next to impossible to get a loan with no income.

Are you going to school with a car you know will last all the way through? Are you planning on getting one after you graduate? During school?

 

[alwaysaangel]

I just handed in my leased 2005 Saturn Ion today. I was totally against getting another car for a few reasons...

1. I had a killer deal on this lease and I'm pretty certain that any new car I'd be getting would almost double the monthly payments.

2. My bf and I have 2 subaru imprezas (2000, 1993), both of which were bought used and have seen better days (in my opinion, bf loves them).

But then we test drove an Astra (3-door), and I fell in love😍.

We are both going to be applying to med school next year (probably md/phd). Although our imprezas are good for now, neither one of them are going to make it through med school/phd/residency.

We have both been out of school for a few years and work full time. I feel like we should get something now that will last so we don't have to worry about it, but I don't know if I'm being practical or I just really want the car.

So I guess my question is, what are you planning on doing for a car throughout school/residency? I know I'm not going to have a lot of money to get a car/repair a car, and that it'd be next to impossible to get a loan with no income.

Are you going to school with a car you know will last all the way through? Are you planning on getting one after you graduate? During school?

I've had my 99 Taurus for a few years now and I will drive it til' it dies. If it dies before I finish residency then I will buy another cheap car (only cost 3500).

If you get into Md/PhD you can probably swing it. A friend of mine got a hybrid and pays the monthly loan payments with her stipend. Remember technically you do have an income as Md/PhD.

I would wait til you get to med schoo and see how your budget is playing out - you may find you can swing a new car. If not run them til' you cant and get another used one.

 

[ChemGrad08]

If you get loans (prob. not with MD/PhD) I don't think you're allowed to make a car payment with them.

 

[alwaysaangel]

If you get loans (prob. not with MD/PhD) I don't think you're allowed to make a car payment with them.

Not technically but they wouldn't know.

But they won't give you more money for a car payment and it would be pretty tight paying a car payment and living off your loans every month.

 

[Bacchus]

Imprezas have long lives, the '00 will last.

 

[littlealex]

I've been debating about a new car as well, and I'm focusing mostly on the fuel efficient varieties. Currently I'm down to a regular Civic or a Civic Hybrid. Fuel efficient, reasonably priced, and very reliable. I have great hopes that they'll last a decade or more until I can afford another car.

 

[foster033]

Imprezas have long lives, the '00 will last.

They're good cars...but the '00 is pretty beat up, at least in my opinion. I think it was a mail car in rural Vermont before we got it (it was purchased off ebay).
It makes me a little nervous in the reliability department, but that could be b/c I'm used to having brand new cars, and both the used cars I've had ended up getting some pretty major problems...(I blew the head gasket twice on my '89 Nissan 200SX twice, which I'm still bummed out about b/c that car was awesome).

 

[kami333]

Screw the Astra, the 08 Imprezas look exactly the same😛

 

[RUc10]

I was wondering the same... I'm only a junior now. I was wonderin gif I should just get something now and try paying most of it off before med school because I know I won't have the money in med school to get a new car. But then I'm thinking I'm just being greedy because I have an 03 camry with 75k on it. I'm not sure how many years I can get out of that though. 6 more at around 13k a year? Camry's are good but I'm not sure if I'm being too optimistic expecting to last over 150k miles.

That Astra looks pretty cool OP.

 

[ChemGrad08]

Camry's easily last over 200,000 miles, just take care of it like you're supposed to.

 

[p30doc]

I'm definitely ditching my 97 golf with 125k miles for a newer used car (unless I get into a nyc school, then I am trading it for the subway), the last thing I need during med school is car trouble.

 

[calnation]

I wish I had the cash for a commuter cars Tango

 

[cyclophane21]

I just handed in my leased 2005 Saturn Ion today. I was totally against getting another car for a few reasons...

1. I had a killer deal on this lease and I'm pretty certain that any new car I'd be getting would almost double the monthly payments.

2. My bf and I have 2 subaru imprezas (2000, 1993), both of which were bought used and have seen better days (in my opinion, bf loves them).

But then we test drove an Astra (3-door), and I fell in love😍.

We are both going to be applying to med school next year (probably md/phd). Although our imprezas are good for now, neither one of them are going to make it through med school/phd/residency.

We have both been out of school for a few years and work full time. I feel like we should get something now that will last so we don't have to worry about it, but I don't know if I'm being practical or I just really want the car.

So I guess my question is, what are you planning on doing for a car throughout school/residency? I know I'm not going to have a lot of money to get a car/repair a car, and that it'd be next to impossible to get a loan with no income.

Are you going to school with a car you know will last all the way through? Are you planning on getting one after you graduate? During school?

On quick question...what if you guys dont get into medical school in the same area?

 

[searun]

Hey, my car was born in 1985, i.e. 23 years ago. I bought it 4 years ago for $900. It runs fine and I use it as a test of whether or not the girls I date are materialistic. If a girl does not like my car, I cross her off of my list. I plan on driving this car through residency. I like my car, even if it is almost as old as me.

 

[Merissa87]

If you get loans (prob. not with MD/PhD) I don't think you're allowed to make a car payment with them.

Not True, I bought a new car my Sophomore year of college, I used my "refund" check from my loans/scholarships for the downpayment and monthly note

 

[Merissa87]

I was wondering the same... I'm only a junior now. I was wonderin gif I should just get something now and try paying most of it off before med school because I know I won't have the money in med school to get a new car. But then I'm thinking I'm just being greedy because I have an 03 camry with 75k on it. I'm not sure how many years I can get out of that though. 6 more at around 13k a year? Camry's are good but I'm not sure if I'm being too optimistic expecting to last over 150k miles.

That Astra looks pretty cool OP.

Camry's are so good,or any toyota in General. I traded in my 1994 Camry in 2005 for a 2005 Toyota Corolla. My camry had 199,000 miles on it, just get oil changes and you are good to go with a toyota. I'm expecting my Corolla to last me the same; throughout med school and residency.

 

[DadOf2Boys]

Hey, my car was born in 1985, i.e. 23 years ago. I bought it 4 years ago for $900. It runs fine and I use it as a test of whether or not the girls I date are materialistic. If a girl does not like my car, I cross her off of my list. I plan on driving this car through residency. I like my car, even if it is almost as old as me.

That is awesome searun! I am looking for a car exactly like yours to get me through school and (hopefully) into residency. This will free up our '02 Malibu for my wife to use while I am at school every day.

We are just fine waiting to buy a newer car until we can afford it (i.e. pay cash for it).

 

[coldweatherblue]

no way. I'll be rolling my in 215k mile 1988 E30 325i as long as possible. I've had the car for six years already and it's my baby. I'm gonna live within biking distance of campus so as long as my car makes the cross-country move she can rest easy for a few years til 4th-year away rotations. I just ordered a bunch of parts to do the timing belt, v-belts, brakes, and a bunch of other basic stuff. 👍

 

[sirus_virus]

no way. I'll be rolling my in 215k mile 1988 E30 325i as long as possible. I've had the car for six years already and it's my baby. I'm gonna live within biking distance of campus so as long as my car makes the cross-country move she can rest easy for a few years til 4th-year away rotations. I just ordered a bunch of parts to do the timing belt, v-belts, brakes, and a bunch of other basic stuff. 👍

Good thinking.

 

[SiR99]

I thought most students live within biking distance, or at least a short bus ride, so if you did get a new car you most likely would not be driving it much.

 

[TheRealMD]

If you get loans (prob. not with MD/PhD) I don't think you're allowed to make a car payment with them.

Financially, it's pretty much a horrible idea to use your med school loan money to pay off a car loan. You'd be paying interest twice on the same money. You might as well take out more med school loans and pay off the thing out right (if only you COULD do that, silly government).

 

[alwaysaangel]

I thought most students live within biking distance, or at least a short bus ride, so if you did get a new car you most likely would not be driving it much.

Depends where you go to school - some schools require a car more than others. I drive my car all the time in Irvine, whereas someone in NY would obviously not drive much.

 

[TheRealMD]

Depends where you go to school - some schools require a car more than others. I drive my car all the time in Irvine, whereas someone in NY would obviously not drive much.

Someone in NY shouldn't be owning a car.

 

[RUc10]

Camry's easily last over 200,000 miles, just take care of it like you're supposed to.

Camry's are so good,or any toyota in General. I traded in my 1994 Camry in 2005 for a 2005 Toyota Corolla. My camry had 199,000 miles on it, just get oil changes and you are good to go with a toyota. I'm expecting my Corolla to last me the same; throughout med school and residency.

That's what I like to hear. I think I have to get my brakes fixed sometime soon though 🙁 After that I should be set for another 100k.

 

[kami333]

Actually the 93 (200k) is in better shape structurally than the 00 (150k), other than the tranny but thats a minor issue. The 93 is due for timing belt, headgaskets (oil on timing belt cover), rear main seal (oil splatter towards the rear), rear diff (just noticed there's signs that it leaked in the past), new tranny (torque bind FTL), new tires, new lat links/bushings/etc, BUT its still going to be cheaper than a car payment. Or I vote we drive into the ground until both the engine and tranny give out and get a WRX swap (8k, but still cheaper than the Astra)😀

 

[alwaysaangel]

Someone in NY shouldn't be owning a car.

That was pretty much my point - I was using the extremes of the spectrum.

But for most schools not in a huge city you will drive your car probably quite a bit...

 

[mmcnam]

I'm buying a 2008 Nissan Versa and it's a good idea for several reasons:

1. It's pretty doable - I'll be attending a private school with an artificially high cost of attendance. At $70k/year, I can borrow up to that amount and make car/insurance payments because the cost of living isn't $22k/year as the school projects. (I think to myself - this is way cheaper than being one of those people that needs to "find themselves" by taking a 5th year in med school.) Not everyone can do this because the COA determines how much you can borrow - my gradplus loans will cover the cost of this car. If I wasn't getting the car, I wouldn't need to borrow much else besides my stafford loans.

2. I will need this car for my third and fourth years, so why not get it now and enjoy it for my first two years?

3. For my own peace of mind, I need a new car. I had a 1999 Subaru legacy and it costed me twice it's purchase value in repairs over the year I owned it. This scared me away from cars for three years and now I think I've earned one. I worked hard to get into medical school and I'm very much at peace with this decision.

 

[scowdeva]

I have to buy a car, no choice, I have a Mustang convertible and I'm moving to Buffalo...'nuff said. This was my solution, although other people might not make the same choice. I took out a private loan through Chase to purchase a used car that is reliable in snow and should last for the next 4-6 years minimum. There are private loan programs out there that send the money directly to you, and you can use them for anything that you need them for. Just make sure it is specified as a student loan. The one I got is at 8.5%, so pretty much the same as the Grad Plus loan. Payments are deferred until you are through school, no prepayment penalties, etc. If you absolutely have to buy a new car, there are ways that make it feasable without having to take out an auto loan and trying to make those payments with a student loan. While it sucks that I have to pay all that interest on the vehicle purchase price, I don't really think I have too much of a choice in the matter, and I'm sure there are others out there in the same situation. This might be a good suggestion for some others to think about.

 

[45408]

A new car is a bad financial decision for almost anyone, doubly so if you don't make much/any money, and ten times that if you're paying a loan with a loan.

If it's worth it to you, then do it, but a used car is cheaper (initial cost and insurance) in the long run. There's a huge depreciation hit very early on. I really see no reason to spend more than $10K on a car unless you're fully aware that it's a big luxury item for yourself.

 

[PreMD86]

A new car is a bad financial decision for almost anyone, doubly so if you don't make much/any money, and ten times that if you're paying a loan with a loan.

If it's worth it to you, then do it, but a used car is cheaper (initial cost and insurance) in the long run. There's a huge depreciation hit very early on. I really see no reason to spend more than $10K on a car unless you're fully aware that it's a big luxury item for yourself.

If one could find a 2-3 year old honda or toyota that sat in a garage for that time but is now suddenly worth 70% of the sticker price, I'd agree with your post. The problem is, there's almost never a legitimate reason for somebody to try to get rid of a non-luxury car, after that period of time, that does not result in you paying way more than the money you saved up front in repairs. Also, I'd gladly pay the premium for the peace of mind of knowing a new car (if taken care of) is almost guaranteed to not break down for the first five years (Japanese, of course). Could you really afford to be stuck on the side of the road before a big exam? Could you afford the potential hours upon hours you'd be wasting taking it to the shop? Just like the old proverb states: “I am too poor to afford cheap things.”

 

[Depakote]

Most med school budgets don't give you much margin to work with. If you think you can squeeze a car payment in there, good luck.

Having a car in med school is pretty helpful, but they're not going to help you get one.

I'll echo the advice that getting a used car will be much more affordable as you aren't paying for something that is going to tank in value the second you drive it off the lot.

 

[Nikki2002]

I have to buy a car, no choice, I have a Mustang convertible and I'm moving to Buffalo...'nuff said. This was my solution, although other people might not make the same choice. I took out a private loan through Chase to purchase a used car that is reliable in snow and should last for the next 4-6 years minimum. There are private loan programs out there that send the money directly to you, and you can use them for anything that you need them for. Just make sure it is specified as a student loan. The one I got is at 8.5%, so pretty much the same as the Grad Plus loan. Payments are deferred until you are through school, no prepayment penalties, etc. If you absolutely have to buy a new car, there are ways that make it feasable without having to take out an auto loan and trying to make those payments with a student loan. While it sucks that I have to pay all that interest on the vehicle purchase price, I don't really think I have too much of a choice in the matter, and I'm sure there are others out there in the same situation. This might be a good suggestion for some others to think about.

These private loans have much more stringent requirements concerning credit ratings and income. They usually require cosigners that have a good amount of income coming in plus very good credit.

 

[Nikki2002]

They're good cars...but the '00 is pretty beat up, at least in my opinion. I think it was a mail car in rural Vermont before we got it (it was purchased off ebay).
It makes me a little nervous in the reliability department, but that could be b/c I'm used to having brand new cars, and both the used cars I've had ended up getting some pretty major problems...(I blew the head gasket twice on my '89 Nissan 200SX twice, which I'm still bummed out about b/c that car was awesome).

yeah i've had the worst luck with used cars. Stuff always going wrong (sometimes putting me in dangerous situations) and tons of $$ to fix it. With all the money I spent on the purchase and repair of my 2 previous used cars, I could have purchased a nicer/newer car to begin with and it would have lasted me.

Right now I am leasing a new car, and there's something to be said about being able to just jump in the car and not worry about it. Plus it's great when I make the 3 hour trip home.

It really is a dilemma and I can't believe that the government does not allow loans to cover the purchase of a car in med school.

 

[doomknight]

my dad is getting me any car I want that's less than 250,000 if I get into a med school and promise to at least attempt for neurosurgery

i'll probably still only get a camry hybrid though, I'm not big on cars. If it works good and doesnt need high maintenance im happy

 

[foster033]

On quick question...what if you guys dont get into medical school in the same area?

Yeah, that's something that we'll discuss when we get there. We've been together for 4 years and lived together for the last 2 so it's pretty serious. Right now we both work as lab techs at a medical school and have a lot of connections and know the committee members so we're hoping that pays off, but not counting on it...

Hey, my car was born in 1985, i.e. 23 years ago. I bought it 4 years ago for $900. It runs fine and I use it as a test of whether or not the girls I date are materialistic. If a girl does not like my car, I cross her off of my list. I plan on driving this car through residency. I like my car, even if it is almost as old as me.

haha...like I said before I would still gladly be driving my '89 200sx if I could, it's not that I'm materialistic but I do think a car should be all one color (not 4 like the 93 currently is). I'd be fine with a used car, but both of these cars have been in accidents and that makes me nervous.

A new car is a bad financial decision for almost anyone, doubly so if you don't make much/any money, and ten times that if you're paying a loan with a loan.

If it's worth it to you, then do it, but a used car is cheaper (initial cost and insurance) in the long run. There's a huge depreciation hit very early on. I really see no reason to spend more than $10K on a car unless you're fully aware that it's a big luxury item for yourself.

The problem with used cars is that you can never be 100% sure what you're getting. So when your looking to buy, a used car can seem cheaper, it may not end up that way....at least with a new car you can plan a budget and know exactly how much it is you're going to be paying instead of having an unexpected $3000 repair.

Since we won't be going to school for at least 2 years, and have reasonably well paying jobs right now the idea would be to pay off most of the car before we got to school...also, since we'd both be using the car and splitting the payment, I think it'd be a lot more manageable even if we ended up paying for it during school.

Besides, the Astra is hardly a luxury car. It's pretty reasonably priced and gets good gas mileage. I've also had 2 Saturns before this and have loved them: no problems, easy to take care of, reliable, safe, and I think nice looking.

 

[ChemGrad08]

I have to concur with others on the used car debate. If you get a good japanese car they don't depreciate as fast a say a luxury car would. Especially because most of us here are looking a that cheaper end of available cars. I think you would be hard pressed to find a car that would definitely run for ten yrs and be <10k. Often the difference between a used car with some warranty (like from a dealer) and the equivalent new car is only 1.5-2k and for my money I think the piece of mind is worth it.

 

[45408]

The problem with used cars is that you can never be 100% sure what you're getting. So when your looking to buy, a used car can seem cheaper, it may not end up that way....at least with a new car you can plan a budget and know exactly how much it is you're going to be paying instead of having an unexpected $3000 repair.

What kind of repair costs anywhere near $3000?

Besides, the Astra is hardly a luxury car. It's pretty reasonably priced and gets good gas mileage. I've also had 2 Saturns before this and have loved them: no problems, easy to take care of, reliable, safe, and I think nice looking.

So buy a certified used Saturn from a dealer.

 

[45408]

The problem is, there's almost never a legitimate reason for somebody to try to get rid of a non-luxury car, after that period of time, that does not result in you paying way more than the money you saved up front in repairs.

First off, you MIGHT get stuck with tons of repairs, but if you buy the right car, it's quite unlikely. Second, people lease cars like that all of the time, so you can buy them when they're 3-4 years old.

Also, I'd gladly pay the premium for the peace of mind of knowing a new car (if taken care of) is almost guaranteed to not break down for the first five years (Japanese, of course). Could you really afford to be stuck on the side of the road before a big exam? Could you afford the potential hours upon hours you'd be wasting taking it to the shop? Just like the old proverb states: “I am too poor to afford cheap things.”

Talk about extreme situations. I'm pretty sure your administration would understand if you got stranded, and if you did, you could always call a taxi. Your situation applies to a new car in an accident anyways. I don't see how you figure it'd constantly need repairs or how those repairs would get even CLOSE to the cost of a new car. I have a friend who is a school teacher and bought a $1000 '87 Camry from an old man. It had 60,000 miles on it, gets 40 miles to the gallon, and it hasn't needed major repairs in two years. Your car payment would eclipse its original cost in three months.

You're far too poor to afford brand new cars.

Often the difference between a used car with some warranty (like from a dealer) and the equivalent new car is only 1.5-2k and for my money I think the piece of mind is worth it.

Um, not even close. A brand new Civic starts at $15,000 and some of the models exceed $25,000 with options. If the car has been driven for a few years and you pay only $2000 off sticker, you're terrible with negotiations.

 

[ChemGrad08]

Um, not even close. A brand new Civic starts at $15,000 and some of the models exceed $25,000 with options. If the car has been driven for a few years and you pay only $2000 off sticker, you're terrible with negotiations.

A quick carmax search, a place that doesn't negotiate, but gives you a warranty on the used car, shows that 05 civics go for about 13-14k. You can probably get a better deal if you don't go through a dealer, but I personally would not be willing to take that kind of risk because you could also get a terrible car. And if you are financing anyway you can get far better interest rates on new cars than used, so sometimes you end up spending less money in the end.

 

[WinterLights]

I was planning on buying a Honda Fit. But this will only happen if I end up getting accepted to the school that I am anticipating.

 

[pntgrd]

The Saturn Astra is pretty nice. For cheaper new cars, I like the Nissan Versa and Ford focus.

I would not recommend a used civic since their depreciation is low so you aren't really saving too much.

 

[45408]

The Saturn Astra is pretty nice. For cheaper new cars, I like the Nissan Versa and Ford focus.

I would not recommend a used civic since their depreciation is low so you aren't really saving too much.

Comparable cars with more depreciation would be the Mazda 626, Mitsubishi Galant, a Nissan Altima, or maybe a Toyota Corolla. All of those are also fairly reliable.

 

[calnation]

Anybody drive a smartcar? They seem real cheap, gas efficient, and trendy.

 

[kami333]

What kind of repair costs anywhere near $3000?

Blown headgaskets would get you pretty close to $3000. Or a new transmission.

Or more likely taking care of a bunch of little stuff like replacing the timing belt/water pump ($600), bad wheel bearings ($350/wheel), leaking struts ($200/wheel), stuck calipers ($200/wheel), AC work (at least $200 to start), replacing worn bushings, etc. All the stuff that starts to go wrong/needs to be replaced after 100k. Personally I like working on my car and usually refuse to pay for mechanics unless it is something physically impossible for me, like pressing in new wheel bearings, but the little stuff tends to add up when you are paying $50-100/hr for labor.

 

[45408]

Blown headgaskets would get you pretty close to $3000. Or a new transmission.

And I'm sure you'd agree that those are both quite uncommon. It's a lot more likely that someone would total their car in an accident.

Or more likely taking care of a bunch of little stuff like replacing the timing belt/water pump ($600), bad wheel bearings ($350/wheel), leaking struts ($200/wheel), stuck calipers ($200/wheel), AC work (at least $200 to start), replacing worn bushings, etc. All the stuff that starts to go wrong/needs to be replaced after 100k. Personally I like working on my car and usually refuse to pay for mechanics unless it is something physically impossible for me, like pressing in new wheel bearings, but the little stuff tends to add up when you are paying $50-100/hr for labor.

Been there, done that, on the wheel bearings, timing belt, water pump, heating, etc. They're still a lot cheaper than a car payment.

 

[scowdeva]

These private loans have much more stringent requirements concerning credit ratings and income. They usually require cosigners that have a good amount of income coming in plus very good credit.

This might not be the best solution for everyone, but I was def impressed with the way it worked out for me, so I want to share it here so that people realize it might be a better option to explore for themselves.

I admit I have sparkly credit, I don't know the exact number score but I am in the 'good to excellent' category. That said, I got a loan of 13,000 (the max I wanted to borrow to buy a used car and also move OOS to start school) that is a student loan- written in is that it is deferred payment until I am out of both school AND residency. The interest rate is 6.5% (better than federal unsubsidized Stafford), and I didn't have a cosigner. With the economy the way it is, there are ways to work it where you get a better deal than trying to make car payments out of student loans at high interest rates. If you buy used instead of new, this is a great way to make it through school without having to worry about a ton of repairs. You can get a pretty decent used car with low miles for 10k.

 

[plauto]

I would not buy a new car in your situation. Can you drive a stick? That would take care of probably the most expensive thing to fix, the trans, and get you a couple more MPG, and lower the price of the car as well.
Have a machanic look at a used car for you. do you have a friend who knows cars, a father in law, a cousin, or anybody? If you properly take care of a car you can avoid major repairs for the most part. Sure, if you check your oil once a year or never flush the radiator or trans you're heading for trouble, with any car, any brand.
I have an Ion and I think you'de ba a fool buying an Astra. If you want to stick with Saturn get the Aura 2.4, much better value IMO.
Heck, if your car is going to be parked on the street get a Hyundai.
Bottom line is, like anybody else has said, buy a decent used car.