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

S

shinyhonda

New member
:sosad 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!
 
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. :D
 
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.
 
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.
 
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.
 
APT said:
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?
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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.
 
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.
 
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!



:up
 
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.

:(
 
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
 
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!
 
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
 
shinyhonda said:
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.

:(
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You should not be upside down then. But consider this. You will still have similar insurance (less I guess if you only get liability), maintainance, gas, permit expences with the new car. You will probably only save an extra $250-300 a month if you sell your car and get another one with cash. How much quicker will $1000 pay off the credit cards vs. the current $750?



I agree that it a good goal to get the bad debt paid off as quickly as possible, but you need to consider how much better off in 2-3 years you really will be and what you may have to go through to get there. I went through something similar, considering selling my current car last fall. The numbers did not work out too well in my situation and I ended up not much better in 2-3 years, all while driving my 1985 car instead of a nice 2002. This car should last me 10 years, I hope, and by then I will be better off while enjoying this car.
 
APT said:
You should not be upside down then. But consider this. You will still have similar insurance (less I guess if you only get liability), maintainance, gas, permit expences with the new car. You will probably only save an extra $250-300 a month if you sell your car and get another one with cash. How much quicker will $1000 pay off the credit cards vs. the current $750?



I agree that it a good goal to get the bad debt paid off as quickly as possible, but you need to consider how much better off in 2-3 years you really will be and what you may have to go through to get there. I went through something similar, considering selling my current car last fall. The numbers did not work out too well in my situation and I ended up not much better in 2-3 years, all while driving my 1985 car instead of a nice 2002. This car should last me 10 years, I hope, and by then I will be better off while enjoying this car.
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I'll admit I'm completely torn. I guess I really need to work the numbers. I love my car to death. But....$300/month that would be freed up from not making a payment would really help me a lot to, you know, be able to buy food. :confused:
 
I got my last car for four grand and it lasted me 5 years and was still going strong when I sold it. And I only did the minimal for maintanence.

It was an isuzu impulse '90, I dont think they are known for reliability.

Go ahead and find a car you like for cheap and get out of debt. I'm sure you will find a great deal if you just keep looking through the classifieds. heck my car was running perfect and I sold it for 600, so if all your looking for is reliable transportation maybe you can find something as cheap as that.
 
Don't they have credit counseling in your area??

Sit down with an expert that sees people in your situation every day. They should help consolidate your bills, cut down on the high interest rates, etc.



And if you are gonna get a beater than get one!!! They are all under a 1000.00 bucks. There are lots out there if you put the effort in to find one.



Good luck, and remember, lots of us have been there before, it's the ones that learn from their mistakes that don't go through it again.



Love those beaters, no more ding worries, dirty highways, stone chips, all a things you hate to happen to your new car!!
 
An older Civic, Accord or Corolla should be fine. You can get a decent one of any of those 3 for $4000 easily. Civic and Corolla have better mileage, but the Accord (4th gen) will have a lot more room and a better ride. I would probably give the nod to the Corolla though for the simple reason that the engine is a non-interference engine. With the Hondas, you better make sure the timing belt gets changed on time because if it breaks, you can end up with a bunch of bent valves. With the Corolla, you can just drive it until it breaks and all you will need is a tow. At least with a Corolla, if you can't afford to get the belt changed within a few thousand miles of when it is due, you can still drive it knowing the worst that will happen is the engine will just die and you will need a tow and the timing belt. . With the Hondas, you will not only need a tow, but also at least a new head to go along with the timing belt.



Just something to think about if you financial situation gets too tough. It is an expensive maintenance option you can put off with far less consequences than if you have a Honda.
 
A 4,000 car will not last very long. You will be doing work to it every so often.

Compair the numbers to what you are paying for the new car and insurance and the old car with insurance plus mechanical issues that will come up.

the honda is still under warranty



you should keep you car and contact ameri-dept, they are a nonprofit org that will help you get out of dept by making one payment a month. they dont give you a loan but help you out.



I would speak to them first.
 
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