I need a car for about $4K...what's good?

shinyhonda · 01-23-03, 08:03

Help. I'm in serious financial straits and need to sell my baby, my gorgeous 2001 Honda Civic. I know every millimeter of this car, but I need to get out of debt. So for 2 and 1/2 years or so I need to get a piece of crap. I want something that I don't have to put much money in, so I figure $4K might be ok. Should I go with a trusted Honda, or a Jetta? maybe a Fox...I hear they run for eternity as well. Then, when I pay off all my debt, I can have a car payment again and get that BMW 3 series I always wanted!

Jngrbrdman · 01-23-03, 08:09

Dude, stick with the Hondas. You can get a nice Honda for 4 grand. Probably something as new as a 93. You could possibly even score a G3 Integra for around 4 grand if you do some looking. I've seen early model GSRs go for low bills. You don't want the maintanance fees on a VW. They get way expensive. If its just going to be for a couple years then you should stick to something cheap and easy. I think that is what Honda means in Japanese.

Nagchampa · 01-23-03, 08:41

Stick with the Hondas. You know how it goes, just change the timing belt and oil when you are supposed to, and you won't have to worry about reliability.

I would also look at the G2 Integras as well as the 92 - 95 civics.

HellrotCi · 01-23-03, 08:56

A Geo Prizm aka Toyota Corolla wouldn't be a bad choice. We had a '89 Corolla w/auto tranny that we put 160k miles on it and it was still running great when I sold it.

Don't worry, there's a lot of good used Hondas and Toyotas out there that fits your budget. If you go with either of these makes, make sure the timing belt has been changed or go on and have it inspected and replaced as needed. You can spend a little up front on this or a lot later.

APT · 01-23-03, 09:47

How much do you expect to get for your 2001 Civic? I know they hold their value, but maybe $10k? And you are willing to spend $4k (I assume you have that in cash) for another car? Is it really worth $6k for you to make this change to an unfamiliar vehicle? I don't know your specific finacial situation, but I don't know if it really is worth you selling your car now. If you want help figuring it out, you can PM me.

Iconoclast · 01-23-03, 10:20

Quote:

Originally posted by APT
How much do you expect to get for your 2001 Civic? I know they hold their value, but maybe $10k? And you are willing to spend $4k (I assume you have that in cash) for another car? Is it really worth $6k for you to make this change to an unfamiliar vehicle?

I agree when all is said and done you are going to end up with a lot less than $6000 (taxes, transfer etc). That is assuming what you owe on your loan is the same as the dollar amount of your car you'll recieve. If you took out a 5 -yr loan @ 7% in 2001 then you'll probably owe more money than you'll recieve. I think they call it "upside down" or something.
Also you'll end up with a much older vehicle and possibly some maintenance problems as well. Even if you reseach, older cars can have expensive repairs. You're better off sticking with your newer and reliable car and taking on a second job.

Jngrbrdman · 01-23-03, 10:22

You know, for about 8 grand you can get a brand new Hyundai or Kia. It might be worth it since you have one hell of a down payment. You could probably get a smoking deal from the dealership.

Dale DeSteno · 01-23-03, 11:00

In high school, I had a 86 Mazda B2000 and I swear it was the best truck on the road! I sold it with 150K to my buddy, he sold it with (probably) 160K on it, and I saw it a year or two later sitting in a parking lot. I am sure it had 175k+ on it. The whole time my buddy and myself had it, it was virtually maintenence free. I know I had to replace a $90 starter and brakes and tires....easy as hell to work on, cheap parts, rust like a mofo, but what the heck!

shinyhonda · 01-23-03, 11:08

Well, I owe $7,800 on it. I got it for $15,500 two years ago. I'll be doing some detailing jobs in the summer as well as my full time job. My thoughts are to just have a clunker for a couple years and then when I free up the $750/month that I'm paying on credit cards, then I can get another nice car loan. But until then, my credit is crap. I figured out that I'm spending $444/month on my car, including the $250/month payment, insurance in the city, gas, maintenance, parking permit, etc. So I figure I can get $10K for it, and get maybe a used Geo or Honda as suggested for $3K.

THESANTINI · 01-23-03, 11:39

I think its a great idea to get out of debt and get a beater. However you mentioned that you want to get a 3 series, try and stay out of the debt with that car...

anyways go for a civic with some high miles 100k just get it checked with a reliable mechanic and you'll have no worries.

You should join my business/investing board-

Young Investors

lalaland · 01-23-03, 11:42

Stick with Honda. The way I got mine is on a purchase/lease option for used cars. I dunno if that exists elsewhere but in Quebec it does. I'm paying $300 CDN/month for my car, and that includes insurance, gas, everything. That's less than 200 USD, for a 23k mile Civic)

It's a 4 year plan, after which I have 4 choices:

1. I continue paying the same monthly rate (at the same interest rate) until the balance is paid (about 5k left)

2. I pay the balance up front and keep the car.

3. I sell the car, pay the balance and pocket the rest of the cash.

4. I give the car back to dealer, just like after a lease.

The advantage is a very low monthly rate, I don't even feel it out of my budget. Disadvantage could be a long payment period, but when the time comes I'll simply choose which option suits me the best.

Good luck!

domZ'sp5 · 01-23-03, 12:56

The 323's run forever, too.

Do not buy a $4,000 used car from a dealer! Buy used from a person with the car ad in the paper or whatever.

When you find a car you like, take it a mechinic for a diagnostic test.
A good mech. will go over the car for about $100 and tell you what's right and what's wrong and, most importantly, what could end up costing your lots of money!

Take your time and shop the Saturday classified's in the paper you would amazed what you find sometimes.

Dom Z