Apr 10, 2009

Maybe buying a new car? Need advice!

The other day, my dad offered to buy my car back for $2,500 so he can give it to my sister (she has to commute to school next year). This is such a tempting offer, since it’s a) more than it’s even worth and b) more than I bought it for. I would be making a profit on a depreciating asset... sweet deal!

I really want to go for it, since I've been wanting a new car for awhile. But I don’t have quite enough money saved yet to buy myself anything decent. Altogether I’d have roughly $5,000 to put towards a new car. I could maybe afford a car payment since my rent will be about $200-300 cheaper next year, but I’m not sure that’s a good idea. What do you guys think? Take the sweet deal or just keep saving until I can buy a nicer car?


JR Moreau said...

With the total amount of money you'd have, you'd be very very very close to what sub-compacts cost. My Yaris cost me 10,700.

Unless you can find a used car with a warranty, it might be worth the plunge. I don't regret buying my car at all.

ashley said...

Yeah, a Yaris is what I really, really want. I found a few that are fairly cheap so I wouldn't have to finance too much... but I'm still a bit wary about taking the plunge.