Car for rotations - buy used or lease?

[AJS59]

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Hi all,

With rotations just around the corner and living in a city (Miami) which has....not always the broadest array of public transportation options, I'm looking towards trying to figure out a car for next year. My initial instinct said to try to buy used, and pay in full up front. But the problem is that my rent for next year (due in no small part to my decision to live alone, I know) has gone up significantly, and I would really be struggling to make ends meet from the loan money if I do that. My dad suggested instead to do a lease, but I'm also skeptical of that because I know conventional advice says never to lease a car. So here's the options as I see it:

1. Buy a used car up front in full cash
2. Buy a used car with a down payment + car loan
3. Lease a car
4. Rely on public transportation for all circumstances and ONLY for weeks where I will not be close to the metroline/sent off further away, lease a car.
5. Ignore the idea of a car altogether and try my hand at carpooling, questionably reliable buses and Ubering to and from sites.

Any thoughts?

Also, out of curiosity, does anyone know of car insurance companies that will offer med student discounts? FWIW, I will be turning 25 in September, so hoping that might also bring premiums down

 

[wysdoc]

Hi all,

With rotations just around the corner and living in a city (Miami) which has....not always the broadest array of public transportation options, I'm looking towards trying to figure out a car for next year. My initial instinct said to try to buy used, and pay in full up front. But the problem is that my rent for next year (due in no small part to my decision to live alone, I know) has gone up significantly, and I would really be struggling to make ends meet from the loan money if I do that. My dad suggested instead to do a lease, but I'm also skeptical of that because I know conventional advice says never to lease a car. So here's the options as I see it:

1. Buy a used car up front in full cash
2. Buy a used car with a down payment + car loan
3. Lease a car
4. Rely on public transportation for all circumstances and ONLY for weeks where I will not be close to the metroline/sent off further away, lease a car.
5. Ignore the idea of a car altogether and try my hand at carpooling, questionably reliable buses and Ubering to and from sites.

Any thoughts?

Also, out of curiosity, does anyone know of car insurance companies that will offer med student discounts? FWIW, I will be turning 25 in September, so hoping that might also bring premiums down

StateFarm used to do a good student discount, they want a copy of your grades.
Your rates will be higher until you turn 26. Even if you are a good student, you are lumped in with all young male drivers, some of whom are reckless but not wreck-less.

If you buy a used car, search "certified pre-owned" cars from the maker you like; they will be vetted by a mechanic and will not be lemons.

 

[mistafab]

I recommend buying a cash car. Plenty of cars that will run fine for a few years for 5-10 thousand dollars.

I highly recommend against taking on a payment, signing on for a lease... etc. The great thing about a running cash car is that you can sell it anytime and upgrade in car if your situation changes. It is much more flexible lifestyle wise. The huge risk taking on a payment is your financial situation may change, but your payment won't care.

Just MAKE CERTAIN you get a pre-purchase inspection, unless you are a car person yourself and know how to do it.

 

[AJS59]

Maybe a stupid question, but where do I find cars in the 5-10k range that are certified pre-owned? Almost every dealership in my area I see has them starting at 15k. Is Facebook marketplace a good bet?????

I recommend buying a cash car. Plenty of cars that will run fine for a few years for 5-10 thousand dollars.

I highly recommend against taking on a payment, signing on for a lease... etc. The great thing about a running cash car is that you can sell it anytime and upgrade in car if your situation changes. It is much more flexible lifestyle wise. The huge risk taking on a payment is your financial situation may change, but your payment won't care.

Just MAKE CERTAIN you get a pre-purchase inspection, unless you are a car person yourself and know how to do it.

 

[wysdoc]

Maybe a stupid question, but where do I find cars in the 5-10k range that are certified pre-owned? Almost every dealership in my area I see has them starting at 15k. Is Facebook marketplace a good bet?????

Carvana?
Buy a used car from the Hertz or Enterprise fleet?

Used Cars for Sale Under $15,000 | Cars Under $15K

Shop Hertz Certified used cars under $15,000. We offer a warranty, a buy back guarantee, home delivery, and a big selection of popular models.

www.hertzcarsales.com

 

[Nontrad_FL_LGBT]

Maybe a stupid question, but where do I find cars in the 5-10k range that are certified pre-owned? Almost every dealership in my area I see has them starting at 15k. Is Facebook marketplace a good bet?????

Honestly, $5k range is very unrealistic in this market. $10k is much more do-able for a reliable 10 yo Hyundai or Toyota. $15k will set you up for 20 years with a decent car.

 

[mistafab]

Maybe a stupid question, but where do I find cars in the 5-10k range that are certified pre-owned? Almost every dealership in my area I see has them starting at 15k. Is Facebook marketplace a good bet?????

I didn't recommend certified pre-owend. I recommended finding a cheap car on FB marketplace (for example), and doing a prepurchase inspection. Another option is to join you incoming med student page and ask if anyone is selling their car. Some may be selling and moving to NY or another metro or whatever, and can cut you a good deal.

Certified pre-owened is fine but that means you are paying much more, and likely buying from a dealer. Not a bad option, just more expensive.

 

[cincincyreds]

Hi all,

With rotations just around the corner and living in a city (Miami) which has....not always the broadest array of public transportation options, I'm looking towards trying to figure out a car for next year. My initial instinct said to try to buy used, and pay in full up front. But the problem is that my rent for next year (due in no small part to my decision to live alone, I know) has gone up significantly, and I would really be struggling to make ends meet from the loan money if I do that. My dad suggested instead to do a lease, but I'm also skeptical of that because I know conventional advice says never to lease a car. So here's the options as I see it:

1. Buy a used car up front in full cash
2. Buy a used car with a down payment + car loan
3. Lease a car
4. Rely on public transportation for all circumstances and ONLY for weeks where I will not be close to the metroline/sent off further away, lease a car.
5. Ignore the idea of a car altogether and try my hand at carpooling, questionably reliable buses and Ubering to and from sites.

Any thoughts?

Also, out of curiosity, does anyone know of car insurance companies that will offer med student discounts? FWIW, I will be turning 25 in September, so hoping that might also bring premiums down

The problem with cars is the insurance is SO EXPENSIVE. It really might make sense to do a mix of uber and public transportation. Obviously if you have parents with lots of money this is all a mute point. I got by with a 3000 dollar car used car in med school but my insurance was $400 a year.

 

[AJS59]

The problem with cars is the insurance is SO EXPENSIVE. It really might make sense to do a mix of uber and public transportation. Obviously if you have parents with lots of money this is all a mute point. I got by with a 3000 dollar car used car in med school but my insurance was $400 a year.

So as an update I found a med student willing to give up a 2011 Honda, in decent shape (110k miles on it) for 5k. Probably going to take it, given that Miami is not a great city for public transportation. Metroline is fine, buses are more the problem

 

[Nontrad_FL_LGBT]

So as an update I found a med student willing to give up a 2011 Honda, in decent shape (110k miles on it) for 5k. Probably going to take it, given that Miami is not a great city for public transportation. Metroline is fine, buses are more the problem

Great deal, snag that up quick.

 

[RhettAllerton]

Hi all,

With rotations just around the corner and living in a city (Miami) which has....not always the broadest array of public transportation options, I'm looking towards trying to figure out a car for next year. My initial instinct said to try to buy used, and pay in full up front. But the problem is that my rent for next year (due in no small part to my decision to live alone, I know) has gone up significantly, and I would really be struggling to make ends meet from the loan money if I do that. My dad suggested instead to do a lease, but I'm also skeptical of that because I know conventional advice says never to lease a car. So here's the options as I see it:

1. Buy a used car up front in full cash
2. Buy a used car with a down payment + car loan
3. Lease a car
4. Rely on public transportation for all circumstances and ONLY for weeks where I will not be close to the metroline/sent off further away, lease a car.
5. Ignore the idea of a car altogether and try my hand at carpooling, questionably reliable buses and rent lamborghini in dubai to and from sites.

Any thoughts?

Also, out of curiosity, does anyone know of car insurance companies that will offer med student discounts? FWIW, I will be turning 25 in September, so hoping that might also bring premiums down

I’d go with a used car + small loan. Paying cash will squeeze your budget, and Miami isn’t a great place to rely on transit for rotations. A cheap, reliable used car will save you a lot of stress. Turning 25 should help your insurance a bit too.