buying a car?

[giddygirl]

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I'm starting med school in the fall and am in need of a new car. With my financial aid package I know the school is budgeting around ~13,000 a year for living expenses. I've been offered a place to stay by some family friends and they're just going to charge me $100 a month to cover utilities. Any way..on to my question. I'm looking at some brand new cars that would have payments from 250-300 a month. I'm thinking it would be smart to go brand new for the warranty and that it should last me through med school and residency. I know the schools don't budget for car payments but I'll have the extra money from not paying rent. Does it sound like a good idea? Should I just go for the new car?

 

[JJ34]

hi there,

i was in the exact same boat, we bought a hyundai, 10 year warranty, inexpensive (but still a brand new car), and payments at $170 a month. for $250 a month, you could get a honda if you want a notch up (but only a 3 year warranty). don't buy used, you'll be sorry! best of luck!

JJ

 

[Mr. H]

Get a Hyundai Tiburon, its a nice coupe, looks really smooth and SUPER reliable!

 

[Kluver Bucy]

I dunno. New car prices drop quite a bit the minute they're purchased. IMHO, if you get a used car made by a company with exceptional quality control (Honda, Toyota, etc.), you shouldn't have any problems. I would recommend the Chevy or Geo Prism. It is essentially a Toyota Corolla with a Chevy (or Geo, on the older models) label slapped on it, but when you open up the hood it says "Toyota" all over the engine. People don't know this (in fact they usually confuse the Prism with the Metro, which I wouldn't recommend).

If you buy new, check out the cars reliability record in Consumer Reports, and be sure to get a good long warranty. Med school and residency will spread you thin enough without having to worry about car problems.

 

[Badgerbabe]

Just my $.02:

I just bought a 1997 Toyota Camry, which I got from a dealer, did a carfax report on, and had checked out by my mechanic. Aside from the fact that it's 5 years old, it's in fantastic shape....new tires/breakes, etc, and it's been taken care of incredibly well because it just came off a lease. For those of us who don't want to shell out the cash for a new car at this point, there ARE viable alternatives. I do admit that a warranty would have been a helpful thing, and if you can afford the new car that's great - I'm just saying don't knock all used cars right off the bat, if you do some research you may find a good deal.

 

[Annette]

What about a certified used car? They come with a warranty, and you avoid that large value drop as you leave the parking lot.

 

[Dr. MAXY]

giddygirl,
Buying a new car will be the best deal, But you have to weigh certian options. What if during your second year or so, your family friends decide you have to move or something happens and then you have to move to your own place. Will you be able to keep up the payments on a brand new vehicle. I suggest you look at a late model (less than 5 years) or maybe a new hyundai or geo Prizm (same as Toyota Corrolla) with lower payments.
Becos once you start Med school, you wouldn't want any distractions like financial problems.
Just my $0.02