New USED CAR time, can you help out?
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Buying a Used Car and getting it checked out
Comments (10)The thing to remember is that buying any car is a gamble. New ones have a warranty, with an accompanying big price tag. A used car is more of a gamble unless you know who's selling it and how it's been cared for. Even if all's well, things still break. You can reduce your chances of unpleasant surprises by deciding on a year, make, model ahead of time and look only for that car. The year can vary a little as long as the design hasn't changed much. Then educate yourself on that particular car before you go shoping. When you get an idea of what you might want to buy, do some research as to what the maintainence costs for that vehicle are. IMO, forums like this are a good place to look. There are forums for honda, toyota, chevy, most anything you can think of. After doing the research, you might conclude your first choice wasn't a good one and explore something different. Keep in mind all cars need things. Belts, hoses, coolant changes, spark plugs, wires and such every 30k. Transmission service at 30k to 100k. Some have a timing belt that needs to be replaced at 100k. Brake life varies, for me they last about 70k at a time. ect. Read through the forums to see if the particular model you're considering has any common problems. Some engines seem to develope sludge easier than others. All will if neglected. If the previous owner hasn't changed the oil as often as he should, or used dino oil when synthetic was required, there could be a serious problem on the horizon. Is it a car that needs a timing belt every 100k, it's a $1000 service, and the vehicle has 110k on it now and never been changed? Something to consider. Don't forget to check the tires. If the tread is about gone, that's another $200+ you may end up adding to the original price tag before you know it. Easy to overlook that kind of thing while admiring the shiney paint. Keeping all that in mind and tenatively making a choice, it'd be nice if the owner would let you take it to someone for a look see. They can check for brake wear, tire wear, condition of the exhaust system, ect. Often times an experienced person can tell if a vehicle as been pretty well maintained or totally ignored with a visual inspection. If you buy off a car lot, keep in mind those guys don't know a thing about the vehicle and don't want to know a thing about it. They'll also clean the hec out of it. Though it's very nice to be looking at an ultra clean used car, all that cleaning may have hidden it's true condition. If you want to be even safer, keep $1600 or more available for things the car may need that you and everyone else may have overlooked. If you find out after the fact that it needs a water pump or something, that's ok. You predicted it might need a thing or two and got the money to cover it. jmo...See MoreExtend new car, rust proofing and car loan insurance ...
Comments (6)These are not "shady" deals, but I think that all 3 favor the dealership, and not the auto owner. 1. Extend the warranty from 5 to 7 years for $1480 and get the money back if no claims. This is a free loan of $1480 to the dealer for 7 years and it probably does not cover much, maybe just the drive train. These parts are already warranteed for 5 years. What happens if the dealership changes hand, goes out of business, or re-incorporates before the 7 years is up? These days, auto dealerships are very fluid and a long term, fixed business arrangement for 7 years is more rare than new dealerships. Do you thnik you will own this vehicle for 7 years? What happens to your money if you replace this vehicle within 5 years? 2. Rust proofig for $848 or more option at $1248. The time to add rust proofing to a vehicle is when it is new and the surfaces are clean. This one is a maybe. Some sources say it is wasted money. It all depends on what is done. If it merely duplicates the coatings already placed by the manufacturer, it is not very helpful. It may offer some protection if you live on a gravel road where the undercarraige gets pelted with stones on a regular basis. If they add coatings to the interior of the doors, be careful here. Too much in the wrong place can gum up the workings of electric door locks; It can plug door drains. If you live in the "rust belt" where road salts are used extensively, it may some added value. This one is a judgement call. 3. Accident and health insurance. This is assurance (to the dealer) that you'll have cash to pay off the loan in case of debilitating accident or sickness to you. Very likely, it will be written to the effect that in case of accident or illiness, the car loan is the first item to be satisfied. If you are employed, have adequate health and life insurance, this is not needed. For a long trerm loan, say 5 years, the dealer (and loan agency) is very anxious to make sure that the loan covered....See MorePay out-of-pocket or use insurance for a car accident?
Comments (5)Your damage is "2000-3000" and her's is "minimal" ? I'm not so sure about that. I was rear ended years ago (my only accident). At the scene, the driver insisted that the damage was minimal, until I saw the SIDE of the trunk where it was creased from the impact. Where I was (New York), drivers are required to report the accident, if the damage exceeds a certain monetary value, regardless of who pays for it. So don't expect the accident to remain a secret....See MoreCan you help us figure out if my son can afford this condo?
Comments (8)Kangell, but this is a condo, so he'll have a Condo Contents policy, which is much more similar to a rental policy instead of a Homeowner's policy. The association will have a policy to cover the building (depending on the association/type of condo, of course). One other thing to note though- if he's just buying to avoid paying rent somewhere else, and isn't buying his dream house, he may come out ahead to rent and bank the difference. My MIL convinced my DH that he had to buy instead of moving out and renting, and we're stuck with a house in a mediocre neighborhood that's worth about half of our mortgage amount- even after 10 years and a complete remodel. If he had rented, even in a nicer neighborhood, and banked the difference, he would have $24,000 in the bank- and that's without calculating any interest over the last 10 years, which would increase that number. When you add in the $20K+ we've spent on remodeling (and that was mostly DIY), and that we're faced with either staying in a house and area I really hate, and he doesn't love, walking away from his mortgage, or being long distance landlords for a 60 year old house in a not-great neighborhood (that we'll be lucky to rent to cover the taxes and insurance), that banked $44K looks like a much better path....See More- last year
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