Buying a car in med school

[woolie]

Well, I think I am going to have to figure out a way to buy a car and it doesn't look good. My loans are not enough to buy one outright for a couple thousand, and I don't think I could swing the monthly costs of car payments. I just checked the private loan options online and holy cow, the interest rates and charges associated with the loans are really high (6.75% interest in repayment, 8.10% while deferred; plus 5-10% inititation charge ).

So far I am just barely able to get by without a car, but I know that by third year I will really need one (I am first year). Otherwise, I have no other debt except student loans and so that is a good thing!

What have other people done in this situation? Mostly, I am ok without a car, but I would also like to be able to jump in my car and go skiing, to the supermarkert, a friend's house/party, etc, without having to make a huge project out of it. We have alot of students in my school who live at home with their parents, so maybe I also need to stop comparing myself with them and their lifestyles ... But the $$$ thing really scares me - It doesn't seem like a good idea to take on 'bad' debt while in medical school and those private loans seem pretty iffy.

---

Members don't see this ad.

 

[phoenixsupra]

Well, I think I am going to have to figure out a way to buy a car and it doesn't look good. My loans are not enough to buy one outright for a couple thousand, and I don't think I could swing the monthly costs of car payments. I just checked the private loan options online and holy cow, the interest rates and charges associated with the loans are really high (6.75% interest in repayment, 8.10% while deferred; plus 5-10% inititation charge ).

So far I am just barely able to get by without a car, but I know that by third year I will really need one (I am first year). Otherwise, I have no other debt except student loans and so that is a good thing!

What have other people done in this situation? Mostly, I am ok without a car, but I would also like to be able to jump in my car and go skiing, to the supermarkert, a friend's house/party, etc, without having to make a huge project out of it. We have alot of students in my school who live at home with their parents, so maybe I also need to stop comparing myself with them and their lifestyles ... But the $$$ thing really scares me - It doesn't seem like a good idea to take on 'bad' debt while in medical school and those private loans seem pretty iffy.

Ha ha. I've been there. Don't spend thousands of dollars on an old car. It wont be reliable and you'll have to spend a few grand more getting it fixed. Go one better. Spend about five hundred dollars on a twenty year old car that has sort of a cult following. Then spend forty bucks on a basic tool kit. Ten more on the hanes manual, find an online car club for your specific car club. Now you're in business. Learn to service and repair it yourself with help from online and hanes. Expect to spend about a grand on it over the next few years. You end up gaining a skill, saving money and finding a hobby that will be a nice distraction from medical school. Old Toyotas or hondas are always a safe bet. Really, it's not so difficult. It's like lego for grown ups.

 

[cardyjones]

Hey,
I almost became a mechanic instead of going to medical school (seriously) because I liked fixing cars. I do not agree that cars like legos. Any car, even a twenty year-old car, will require an extensive knowledge for proper repairs, and mostly, a good set of tools. Tools are a great investment, but I'd allocate atleast 200 bucks.

Haynes service manuals are not sufficient for a true novice mechanic. It's like cookbook medicine- there's a reason the EMTs bring patients to the ED for the attending MD/DO to assess. Fixing cars require both knowledge and experience. Haynes just doesn't cut it, as far as I'm concerned.

Also, even though I LOVE fixing cars, there's no way I'd spend free time away from med school trying to fix a car I DEPEND on. Sure, if it's a "fun" car, it's great to tinker!


I am a huge cheapster and I know a lot about cars, so let me recommend a few cars that are pretty reliable. You should shoot for a car that's less than $1500 but more than $8/900. Since you indicate an interest in skiing, I'll speculate your need a good snow car, but I'll include some rear wheel drive cars as well. as well:

Rear Wheel/Front Wheel Drive (Top 5 picks)
#1 Toyota Truck 2WD, 4 cylinder, manual transmission.
These things are like tractors. Nothing goes wrong and the drivetrain is much more solid than small Honda/Toyota Cars. You also get huge utility factor (you can fit skis and harrison's in the bed). Ok for winter; 250 pounds of sand and some studded snow tires for the rear wheels will get you skiing. The 4WD Toyota trucks are much more expensive and require more upkeep
#2 Toyota Corolla- A FWD car that's good in snow, but kind of small. Extremely reliable.
#3 Toyota Camry, FWD, 4 cyl, automatic. Avoid the V6 and the Alltrac (all wheel drive). Make sure the engine doesn't lug down going up hill- the older camrys had a carbon-buildup problem on the valves which can get pricey to remedy.
#4 Honda Civic, manual transmission. I think some of these cars have interference engines, so make sure the timing belt/chain has been replaced or is in good condition. If it breaks, the top half of the engine is trash.
#5 Volvo 240 4 cyl non-turbo, non-diesel.
If you have a good independent volvo shop in town, these are great cars. simple to fix, but a reasonable mechanic is essential. they're quirky but generally reliable when it comes to engine, transmission, brakes, etc. These cars are rear wheel drive and require snow tires for the rear wheels for safe winter driving. they're heavy cars, so they do quite well in snow with proper traction.

4WD/All Wheel Drive
#1 Subaru Legacy, non-turbo, manual
Again, check for a good independent mechanic, but having owned a Subaru for 4 years, I can attest to the reliablity and low ownership costs. Just make sure all 4 tires match (same size, same brand!) because the all wheel drive system is very sensitive to mismatched tires. Drive a the car for 10-15 miles and then do some tight turns in the parking lot. Make sure you don't feel any shaking or jittering.

Basically, Japanese cars are your best bet for transportation. I would not get a <$800 car unless the owner can provide you with good service records. I have owned a number of $500 cars, and ultimately, the frustration of dealing with repairs led to the purchase of a more expensive, but ultimately more reliable car.

Avoid ANYTHING made by Ford (Lincoln, Mercury), GM (Cheverolet, GMC, Buick, Pontiac, Oldsmobile, Cadillac) or Chrysler (Dodge, Plymouth, Jeep).

PM If you want more details.

Cardy Jones MSII

 

[phoenixsupra]

He he. Yeah, everyone advised me against it too. But I did it. And it is sort of like lego or an erector set. I used hanes and I downloaded the factory manual from a carclub website. I also got a TON of help from a website sort of like this but for people with my car. I started with a $40 dollar tool kit and added to it as needed. Really it's a doable thing. And it's a lot of fun. I got my baby running real well and looking good now. I just LOVE it.


The above selection list is good. But don't go by price alone. There's no gaurentee that a $1500 dollar car will be more reliable than a $700 car. Both are almost sure to need a bit of TLC. Take a friend who knows about cars with you to check it out. And if you are going to cut costs by repairing or even servicing a car yourself you might find a twenty year old easier to work on than a newer car.

If you want a car to be reliable and really don't want to work on it then you'll need to spend a whole lot more. Can you give some more details about what you're looking for and how much you want to spend.

 

[woolie]

Hey guys,

These are awesome comments! I miss my brother out here and so it's nice to have guys help you out who are really knowledgeable about cars.

I am all about what Cardy was saying, and thanks Phoenixsupra! I totally know what you mean and I am sort of inclined to go that way too.

I have had a couple of old volvos, 145 and a 240 both wagons and both standard trnasmission. I was so in love with those old guys it was heartbreaking when I had to sell them for school and travelling. And oh my gosh! those babies LOVED the snow and would eat it up like oatmeal for breakfast. So I am thinking about another one; we have three excellent volvo mechanics here in town, two are better than the third one but still, they all do good work on old models. But for the reliability, I am sort of tired of old cars and also these cars get like 21 miles to the gallon. Not good when you're wanting to drive cross country or up and down the west.

I am nervous about buying someone else's old toyota because I am not as familiar with them, and how would I know its history? I don't want a money pit of a car while I am in school.

I am not sure how much $$ I can come up with, and I guess it would depend on the car, etc. I would try and pay more for a better car, definitely. I really like the Honda civic hybrid's but they're a NEW car and I think at this point I can only dream. Can we buy new cars on our student loans???? 50 mpg and cheap (20,500) with an almost umlimited lifespan ... (sigh) ... I would totally pile on thousands of miles driving all over the west.

 

[doc05]

or you could just grow up and lease a new honda or toyota. don't worry about using your student loans, after all you need a car.

 

[Booch]

I have to jump in here...

This is rather unbelievable, but my car was actually stolen today. From right in front of my apartment, just across the street from the hospital/med school. Argh!

Suddenly I have to figure out how I can get another car. My student loans are already ridiculous ($54K per year - thanks, Albany Med) but I can't get by without a set of wheels. I drive about 6 hours every weekend for my long-distance relationship.

Like you, Woolie, I've always been a Volvo girl. My 2002 S40 Turbo was a dream, but I got rid of it so I could avoid car payments while in school. The 760 GLE I got to replace it was an older, high-mileage car on which I did my own repairs. I had even replaced a decent chunk of the power steering system, using my handy manual, and I thought that car would last me through four years of school easily. But then the transmission blew an O-ring, and the gearbox melted down completely. Literally went up in flames while I was driving. Sigh.

So I ended up inheriting a really old Chevy from one of my father's patients, who passed away and left it to him. (really.) It was ugly, but it was free, and it ran really well. Then, this morning, somebody took it for what I presume will turn out to be its final joyride! (I am sure they took it before sunrise, because if they had enough light to see what a piece of junk it was they clearly wouldn't have bothered. )

Now what? I am a Volvo devotee, feel that they're the undisputed safest and best cars on the road, but don't know whether I can get myself a decent used one for the kind of additional $$ I can squeeze out of financial aid. I'm not comfortable with buying a used car of most other makes...what else is going to last me 4+ years?

Most of all, I just wish that the fool who stole my car would suddenly have a change of heart and park it right back in front of my house. Sigh.

If anybody figures out how to get fin-aid to pay for a nice new car just because they feel bad for me as the victim of theft, let me know.

 

[cardyjones]

Booch,
I too am a Volvo nut! I've owned 6 of the darn things but had to quit Volvos because it was an addiction. I literally bought and sold Volvos every two months. I've owned a 1978 242 (first car, didn't even have my license, just bummed around my parents' property/woods and learned how to drive), 1984 245 GL/245 DIESEL hybrid (well, not exactly a hybrid, but I swapped parts from the non-running diesel onto the gas car, which I drove in the Ithaca Festival Volvo ballet parade), 1984 245 DL (I needed a car during intersession in college, sold it after 24 days to a surgeon for his kid to drive), 1989 745 (best Volvo I ever owned; bought it with 220,000 miles and sold it with 234, new owner still has it going in the 280s), 1989 760 Turbo (my luck ran out, this poor car was an oil burning pig). Now I'm a born-again Subaru lover.
Anyway, I think the early 1990s Volvo 240 is the best vintage for a reliable Volvo. Earlier ones had wiring harness problems (big bucks). The A/C almost never works in older Volvos, but other than that, they're good to go.
I see GOOD early 90s volvo 240s changing hands for less than 2 grand. With a Volvo, the 100-150,000 mile range is where a major amount of repairs are made. If you can find someone who has service records with a car in the 200,000 mile range, you're good to go. The car isn't worth much to someone who doesn't know Volvos, but odds are it's a good running car if it's made it to that mileage. I wouldn't got for a 700/900 or turbo anything, and the newer 850/S70 Volvos are junk (IMHO).

The Volvubishi/Mitsuvolvo S40 is actually a Mitsubishi-based car that wasn't even made in Sweden- (just to prove that this car is truly a bastard, Volvo decided to have it made in Holland- what WERE they smoking?! )

Anyway, I could chat about volvos for hours. Best of luck finding one. Let me know if you have any specific questions about the BRICKS!

Cardy Jones MSII

PS: here's a link to a pic of the Volvo Ballet.

http://www.ithacafestival.org/about/parade.htm

Click the center picture in the bottom row of pics (I'm driving the Brown wagon on the lower right!)

 

[Frijolero]

I don't have any good advice for the OP, but I do have to say that middle aged American cars truly aren't bad if they've been taken care of. I'm currently driving my dad's old 93 Park Ave. and besides tune-ups and oil changes, it hasn't needed anything besides a CV joint in the past 12 years. Not to mention the fact that I look dead sexy driving it. Rock on though with the old Volvos, those things are sweet. I'm also a fan of the early to mid-80's 2-door BMW's and Benz's. My true love though is old VW's. I'm currently (slowly) restoring a '66 beetle and a '56 ghia. Photos? Why not: http://thesamba.com/vw/forum/album_search.php?search_author=owokie

-Frijolero

 

[Booch]

Oh my gosh, I'm in heaven. Y'all are actually starting to make me feel *happy* that my Chevy got stolen so I can reconsider owning a decent vehicle.

I realize this might count as thread-hijack, but I'm too inspired to withhold my post. OP, I truly hope you're able to find a car you'll love. Maybe we're going to wind up talking you into a Volvo? If so, that's great, honestly...they've got a following for a reason. And after you've seen tons of crash victims in the ED / OR, you'll be happy you're surrounded in tons of steel on the road.

On a side note: Ghia's...Love 'em. My father and I shopped for the "right" coupe hardtop for a few years, hoping to find one to restore together, but we never did...if we'd seen your beautiful baby, Frijolero, I'm sure we'd have jumped fo joy. Those whites are lookin' sharp! Ghias in general are just the cutest things ever. Props to VW for putting their hardware under such a pretty little Italian covering.

Cardy, I really wasn't sure what you meant by Volvo Ballet. Now I have seen *everything*...volvos in tutus and tiaras??

Your advice is great and much appreciated. The 760 I had (named "Dagmar") was just as you'd expect - A/C compressor locked up ages ago. The wiring harness had been replaced before I purchased it, or I wouldn't have, and the mileage was just over 200,000 so the 100-150K issues were worked through. The main issue I had with that car was leakage. I have learned that this is the death-rattle of a Volvo. The P/S fluid leaked for ages until I got fed up with refilling it daily and replaced my high-pressure line. Took me a whole day because the old one was so old and stiff. I replaced lines and reservoirs all over, chasing one leak after another, 'til one day the mother of all leaks drained my transmission over the course of just a mile or two on the road. I realized my seat was getting hot, and there was a trail of smoke coming out from my car as if it were a skywriting plane. Huh? Pull over, look down, whaddaya know...12" flames. Oh boy. My coworker bought it from me on the spot for $400, because he had a salvaged 760 transmission lying around (I kid you not) and his volvo mechanic owed him a favor. So I think he's still driving it, over 300,000 miles now, everything including the power moonroof and seat heaters still working. But I can't install a transmission myself, and as I don't keep them lying around the backyard, it would've cost me $1500 (more than I paid for Dagmar to begin with) to fix it. So.

"Valdemar," the S40...I realize they're not genuine Swedes, those 40's, but I'll tell you what... They'd worked out most if not all of the kinks by the 2002 model, and there was Swedish detail all over it. Very solid, quicker than the Audi's I test drove, nimble as a bee, and darn handsome in black. I was also in a HUGE accident in that car, and just like everybody says, you don't get hurt in a volvo. I ended up with an SUV bumper touching my windshield (yeah, you read that right), yet really barely felt a thing. Got out of the car by opening the door, which swung smoothly on its undamaged hinges. (Then of course I had a nervous breakdown when I saw what had been done to my beautiful baby... Almost killed that other driver with my bare hands AFTER the accident was over! This was two days after I took delivery of the vehicle, mind you - it still had temp tags on it.)

So, early 1990's 240 series would be your choice? I've seen plenty of them for under $5,000 with low miles and plenty more for $2500 with moderately high miles (175K, etc). If you've been through so many bricks and would still recommend a 240 at that kind of mileage, I'll definitely think about it. And you're right, I'm avoiding the 700/900 series. I *had* been looking at some of the 800 series, though... would love to hear what you don't like about them.

OP, if you've gotten this far and are interested in a volvo, I'd highly recommend www.brickboard.com or www.swedespeed.com. They're message boards for those of us who can't shut up about volvo's, and you could certainly find some for sale there. The best thing about buying a volvo off those sites is that you KNOW you're buying one from somebody who knows their stuff, who loved the car, and who probably took perfect care of it.

Good luck!
(Shutting up about cars now. Promise.)

 

[thackl]

Sucks to be you guys My wife is an RN and works, which takes away much of the $$ presure. Get a sugar-daddy (or momma) or go HPSP (well maybe not). We picked up a loaded Yukon SLT the other day and my HPSP friend got nearly the same truck this week

Seriosly though, I had a 10yr old toyota in undergrad and that thing had almost zero operating costs. My friends' old american cars were POS's. The hondas/toyotas/suberus can be a bit pricey even used. However, the Mazda protege has low resale and ties with the civic for long term reliability. I have a protege5 as my daily driver and it seems to be a solid car. Also, remember that manual trasmissions are much cheaper to purchase on the used market, get better gas milage, have fewer long-term complications and are cheaper to repair if there is a problem. AutoTransmission rebuild= $2000+ dollars. New clutch= $400.

 

[v-tach]

Sucks to be you guys My wife is an RN and works, which takes away much of the $$ presure. Get a sugar-daddy (or momma) or go HPSP (well maybe not). We picked up a loaded Yukon SLT the other day and my HPSP friend got nearly the same truck this week

Seriosly though, I had a 10yr old toyota in undergrad and that thing had almost zero operating costs. My friends' old american cars were POS's. The hondas/toyotas/suberus can be a bit pricey even used. However, the Mazda protege has low resale and ties with the civic for long term reliability. I have a protege5 as my daily driver and it seems to be a solid car. Also, remember that manual trasmissions are much cheaper to purchase on the used market, get better gas milage, have fewer long-term complications and are cheaper to repair if there is a problem. AutoTransmission rebuild= $2000+ dollars. New clutch= $400.

Watch out for the Mazda Protege. The automatic transmissions, at least in the more recent years, were made by Ford, which is not known for great transmissions. I would have to agree with the posters who recommended Toyotas and Hondas. I have a 2005 Corolla and really like it. For those who would prefer an American car, Saturns have generally been decent. Also, Chevy Luminas are pretty good--I had a 1992 and it was hardly ever in the shop--was still running great when it was traded in with 128k miles. Just watch out for rust if it's been kept outside--mine ended up springing a gas tank leak because the tank evidently was rusting out (the car had never been garaged and had been driven in Massachusetts, where there's lots of salt on the roads in the winter). That was the reason why I ended up getting the Corolla this past summer instead of waiting another year.

 

[woolie]

Oh my gosh, volvo enthusiasts and medical students! I am so in heaven here ...

I am crazy about these babies and you know, you guys are right. The early 90's models are the best. The recent ones are finicky, expensive and don't seem to have the solidity of the older ones. Give me an old wagon, stick shift, that doesn't have airconditioning (what's that?) and ok, I guess I can accept automatic windows altho I PREFER roll downs - hey! you never know when you're going to roll into a lake or river or whatever and I want to be able to roll down that flippin' window, thank you ...

Anywhoo, I'm sorry you got you car stolen Booch, that totally stinks. Yeah, why would they steal on old clunkier and not the new models? People, can you ever understand them?!

Thanks for the links too, I am going to explore those web sites but hey, wait a minute, I have to STUDY!

Nice pics of the Ithaca parade, Cardy. I used to have an '82 245 brown wagon (stick) and it was a dream. Nothing like that rattling purr that they have. I was such a good parker, too, that I could squeeze that car into the narrowest city spaces, no problem. She was so easy. Of course, the windshield leaked when it rained heavily and then it would get all foggy inside from the high moisture, but other than that ... Such big beauties, I just love 'em!

Nice car Frijolero, and may I also say - nice house and dog as well?

 

[thackl]

Watch out for the Mazda Protege. The automatic transmissions, at least in the more recent years, were made by Ford, which is not known for great transmissions.

Mine's a manual. Ford did get a few sensors into the automatics in the last two yrs of the Protege and that has been the only problem with them.

 

[v-tach]

Mine's a manual. Ford did get a few sensors into the automatics in the last two yrs of the Protege and that has been the only problem with them.

Ford stands for "Factory Ordered Road Disaster".

 

[bivwack]

If you have good credit you can do what I did last year.
I always get credit in the mail offering 0% apr. for balance transfers for X months. So I signed up for two and had them transfer my credit limit minus a $75 transaction fee into my bank account and had $9850. to spend on a car plus a little bit from my loans. When the 0% offer expires I just transfer the balance to a new card w/ 0%apr for X months, costs $75 every time I do it, which is about the same I would pay w/ a 1.5% apr. And once I transfer the balance, those same cards eventually send me another offer for 0% on balance transfers , plus there are dozens of cards that can be found on line by searching "0% apr", I look for those w/ the longest offers.
no credit check, (good since i have no job) paperwork, cosigner or lienholder, minimum payment of $210./mo and I am able to get just less expensive basic liability rather than the collision/theft/fire/liability i would need if i took out a loan . I make my payments on time and my credit limit has gone up, its funny the further I dig myself into debt - the better my credit rating gets

 

[surrender903]

i thought FORD stands for Fix It Again Tony

wait... thats Fiat

whoops

 

[adrenal_medulla]

Vespas are pretty cheap, though you might need a good raincoat.
No, hey, I was in the same position not too long ago. I went and saw my finacial aid counselor and got a reasonable loan through Sally May. "Reasonable," as in I have so much debt it doesn't make much difference to pile a little more on. There's a financial forum around here somewhere that might have some more answers. If you can lease that might not be a bad idea since you won't have to deal with a lot of the hastles of owning, which I imagine is pretty important during 3rd year. Good luck.

 

[randall brown]

undefined

Booch,
I too am a Volvo nut! I've owned 6 of the darn things but had to quit Volvos because it was an addiction. I literally bought and sold Volvos every two months. I've owned a 1978 242 (first car, didn't even have my license, just bummed around my parents' property/woods and learned how to drive), 1984 245 GL/245 DIESEL hybrid (well, not exactly a hybrid, but I swapped parts from the non-running diesel onto the gas car, which I drove in the Ithaca Festival Volvo ballet parade), 1984 245 DL (I needed a car during intersession in college, sold it after 24 days to a surgeon for his kid to drive), 1989 745 (best Volvo I ever owned; bought it with 220,000 miles and sold it with 234, new owner still has it going in the 280s), 1989 760 Turbo (my luck ran out, this poor car was an oil burning pig). Now I'm a born-again Subaru lover.
Anyway, I think the early 1990s Volvo 240 is the best vintage for a reliable Volvo. Earlier ones had wiring harness problems (big bucks). The A/C almost never works in older Volvos, but other than that, they're good to go.
I see GOOD early 90s volvo 240s changing hands for less than 2 grand. With a Volvo, the 100-150,000 mile range is where a major amount of repairs are made. If you can find someone who has service records with a car in the 200,000 mile range, you're good to go. The car isn't worth much to someone who doesn't know Volvos, but odds are it's a good running car if it's made it to that mileage. I wouldn't got for a 700/900 or turbo anything, and the newer 850/S70 Volvos are junk (IMHO).

The Volvubishi/Mitsuvolvo S40 is actually a Mitsubishi-based car that wasn't even made in Sweden- (just to prove that this car is truly a bastard, Volvo decided to have it made in Holland- what WERE they smoking?! )

Anyway, I could chat about volvos for hours. Best of luck finding one. Let me know if you have any specific questions about the BRICKS!

Cardy Jones MSII

PS: here's a link to a pic of the Volvo Ballet.

http://www.ithacafestival.org/about/parade.htm

Click the center picture in the bottom row of pics (I'm driving the Brown wagon on the lower right!)