Is it just to hard to go from a 08 car to a junker

[bigtim6656]

THere is a reason if you do not have 5000 dollars your not going to buy a 5000 dollar car. THe thing you do not get alot of people do not have 5k. I know a guy who by choice is poor and does not have a job. He lookes and goes around but when it comes down to getting a job it is always something that stops it. So he does not have 5k for a car. I have a aunt and uncle both retired both on ssi. They just got out of chapter 13. They have no money no extra cash to wait 3 years to save 5k for a car. So they do what they have to. They have one buy here pay here but i think they did a 1 year plan. my truck was that way in a year i would have had a good running truck paid for. But they also have a car they paid cash for. I do not plan hitting a buy here pay. The closes thing i will get is my brother needs a car and i know of a car lot that has a finance company that does every month reporting to the credit buerues. If he gets a good job and can make the payment i will get him a car and make the payment then he can pay me. It will get him a car and get me a report to my credit every month

So you finance the $5,000 dollar car that's 3 years old and has like 30,000 miles on it... but don't buy the $5,000 dollar one that's 8 years old and has 125,000 miles on it. I see way too many people doing this and there's no reason for this now that there's a flood of like-new cars selling dirt cheap thanks to this bad economy.

[debtmonster]

I am not understanding the fetish with the buy here pay here places. Why can't you just go to a "regular" car dealer to get a car? Buy here pay here places are not the only ones that will finance a car for you after bankruptcy.

You need to be more positive. Give the other car dealers a chance. They will do what they can to help you. Stop thinking about buying cars with over 100,000 miles on them. Those are somebody else's problems. If the car was so wonderful, they wouldn't be selling it in the first place.

[BkinTX]

I OWN my vehicle. Do you own yours?

[debtmonster]

Not to have a pissing contest or anything, but I'd rather finance a reliable car than to own a car that needs constant repairs.

When you have a good paying job, making car payments are not big deal. When you have no job, then I guess it's more important to own an old car outright.

I suggest you buy a Haynes manual and have lots of tools. Been there, done that. Don't miss it. I'd rather have new, or almost new than a 10 year old junker.

[BkinTX]

If you have no job, you don't need a car, LOL.

We are coming out of bk debt-free with the exception of my student loans. I don't intend to go in to debt to keep up status.

We purchased a reliable, well cared for vehicle. We own it outright. No payments. If only lasts us 4 months it's still less expensive than making payments on the SUV we're surrendering.

You are certainly entitled to your opinion and I hope you enjoy your financed vehicle.

[bigtim6656]

Yes i do in 6 months it will be paid for. A 07 chevy 1/2

I OWN my vehicle. Do you own yours?

[debtmonster]

Yes i do in 6 months it will be paid for. A 07 chevy 1/2

THANK GOD it's not a 1995 Chevy 1/2. Thanks for buying a 2007.

[bigtim6656]

I agree in a way. I own 07 truck i bought it on payments from my dad. I do not want a old truck i have no want to go back to worring about repairs. Though having a good paying job does not mean car payments are not a big deal there are alot of us here who make alot of money but yet filed bankrupcty. Question was that loan or credit card bill or what ever that pushed you to file not a big deal at one time.
When i get discharged i plan on getting a auto loan to build my credit hopefully one on my current truck. If not i will eat the finance money and interst and buy me a new motorcycle. Been wanting one don't want or did not plan on paying 20 or 25% to buy one but i need to build my credit quick some how.
P.S i do not have a job. But i am a full time student. I am lucky my dad is a disabled vet and i get paid 900 bucks a month to go to college.

Not to have a pissing contest or anything, but I'd rather finance a reliable car than to own a car that needs constant repairs.

When you have a good paying job, making car payments are not big deal. When you have no job, then I guess it's more important to own an old car outright.

I suggest you buy a Haynes manual and have lots of tools. Been there, done that. Don't miss it. I'd rather have new, or almost new than a 10 year old junker.

[BkinTX]

Come back in six months and say you own it.

[debtmonster]

Come back in six months and say you own it.

What will you do if I do that with a 2010 car instead of a 2007?

[BkinTX]

I will be very happy for you.

[Keebler]

I do agree with you but the issue with what you have said is it is very hard if not impossiable for some to come up with 3000to5000 to buy a car.

The problem is that the people who can't come up with $3,000 to $5,000 to buy a used car have absolutely NO business financing one because this proves they can't actually afford the payments either.

Not to have a pissing contest or anything, but I'd rather finance a reliable car than to own a car that needs constant repairs.

When you have a good paying job, making car payments are not big deal. When you have no job, then I guess it's more important to own an old car outright.

I suggest you buy a Haynes manual and have lots of tools. Been there, done that. Don't miss it. I'd rather have new, or almost new than a 10 year old junker.

The problem with car payments is that they last 2, 3, 4, 5 years or more. When you say "When you have a good paying job, making car payments are not big deal." you better be sure it's true today and every day from now on. I'm not so willing to assume my crystal ball works that far in to the future.

A paid-for car meets both criteria because you can afford repairs when you have a job and the monthly payments are exactly $0.00 if you're unlucky enough to lose your job. In this regard, it offers perfect financial security.

Nobody likes car repairs but many people have an irrational fear of them. You'll waste hundreds on interest and think nothing of it but you'll die if you need to spend $200 or $300 on a car repair.

If you saved the money you were spending every month on you car payment, you'll be able to pay for the infrequent repairs most modern cars need and you'll still have money left over. Plus you're protected in the event that your best-laid plans turn sour because the monthly cost can actually go all the way to $0.00 if you park the car.

[Logan]

The problem is that the people who can't come up with $3,000 to $5,000 to buy a used car have absolutely NO business financing one because this proves they can't actually afford the payments either.




The problem with car payments is that they last 2, 3, 4, 5 years or more. When you say "When you have a good paying job, making car payments are not big deal." you better be sure it's true today and every day from now on. I'm not so willing to assume my crystal ball works that far in to the future.

A paid-for car meets both criteria because you can afford repairs when you have a job and the monthly payments are exactly $0.00 if you're unlucky enough to lose your job. In this regard, it offers perfect financial security.

Nobody likes car repairs but many people have an irrational fear of them. You'll waste hundreds on interest and think nothing of it but you'll die if you need to spend $200 or $300 on a car repair.

If you saved the money you were spending every month on you car payment, you'll be able to pay for the infrequent repairs most modern cars need and you'll still have money left over. Plus you're protected in the event that your best-laid plans turn sour because the monthly cost can actually go all the way to $0.00 if you park the car.

Since you guys have all the answers then advise me on what to do.

I will be buying a used vehicle in the 12K range.

I could pay cash or I could finance.

If I pay cash then I'm out 3-4 months living expenses if I was to lose my job.

If I finance I keep the 12K in savings and pay down a car loan while I continue to add to my savings for a rainy day.

What would you do?

Logan

[BkinTX]

Put half on a vehicle (bought outright), and keep the other half in savings. You can go lower on the vehicle and keep more in savings, even.

[justplaintired]

We own 3 late model cars, '99 Kia Sportage, '95 Jeep Wrangler, '93 Chevy pickup, bought and paid for, high miles on 2, but we OWN our cars. All our exempt and we can keep them, we came in under the exemptions for Indiana. We do not intend to buy a car, we will drive these until the wheels fall off. We learned that living within our means, means newer cars aren't important. Driving a new car or newer car just doesn't fit us financially. I know a new car would be nice, don't get me wrong, but the payment that goes along with it, would make me sick each month.

Maybe someday, but since my dh has a good friend who's an awesome mechanic, we won't probably be changing cars for a very long time. And if we ever do, it won't be a new car, it will be a nice used cheap car.