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I've been looking for a used car for quite awhile now and the used car prices are outrageous. Might look into something like an older Toyota Corolla. They are dependable and affordable. I would not bother going to a car lot with your budget. You will get best bang for the buck with a private seller. Check Craigslist...Private Owner.
1) Do your research and run a history report on the car before buying.
2) Seller must smog car first. A car that cannot passed smog could have expensive repairs.
3) Stick to cars that are reliable...less repair, less headache...I've owned Lexus/Toyota & Acura/Honda and they have not disappointed me.
Most of the time, it is cheaper to have your insurance under your parents since you still live with them. Just pay your share. If you don't want to do that, look for an independent insurance broker that can run a multiple quotes from various insurance companies to compare prices for you. When I was in the industry many years ago, I often put young drivers with Progressive. Their rates are very competitive for young drivers. But like I said, best you find someone to compare prices for you.
Pay cash for a used one with good dependability ratings, read reviews on the ones you are considering to be aware of any known issues. Buying one in cash will allow you to carry the cheaper liability insurance.
I'm 23 years old. I just got my license a few months ago. I still live with my parents.
I make $11.25 per hour. I work 40 hours a week.
Right now I'm paying:
Rent: $250.00
Utility: $160.00
Cell Phone: $40.00
Student Loan: $170.00
I'm looking for an affordable used car. Anywhere from $4,000-$6,000.
I'm also looking for affordable insurance.
Get a Honda or a Toyota model with a high reliability rating. Don't be tempted to buy cheaper less reliable models. If you do that, you will pay way more in the end.
For insurance just shop around. It's going to cost you an arm and a leg in the beginning. But keep shopping every six months and eventually you will get lower rates. Find a good insurance agent to help you.
Could you take on a second job for a while and save up more money? Maybe you could work some place close by and walk from home. A job doing fast food for a day or two on the weekend or after work to build up a little bit of a financial cushion before buying would really help. After you get a car, you have additional costs of taxes, gasoline, tires, fluids and additional maintenance and repair. I'm not sure what your true expenses and income are so it's hard to give a definitive answer.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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With little or no credit, and being under 25, you are likely to pay about $4,000/year just for insurance, never mind the car payment, and maintenance costs on an older car. That will also cause a delay in being able to get out on your own, which to me would be more important than a car. If you just need to get around town, I suggest a scooter, easy to park, no motorcycle license required in many states if less than 50 cc’s and it cannot travel faster than 30 mph.
With little or no credit, and being under 25, you are likely to pay about $4,000/year just for insurance, never mind the car payment, and maintenance costs on an older car. That will also cause a delay in being able to get out on your own, which to me would be more important than a car. If you just need to get around town, I suggest a scooter, easy to park, no motorcycle license required in many states if less than 50 cc’s and it cannot travel faster than 30 mph.
First, the OP hasn't returned to this thread with an update since it was first created. However, while this may be the case in Seattle, in plenty of places in the country, no way will you pay $4000 annually for insurance for a $6000 car.
You could get a bare bones minimum insurance policy for much less than that. If you are young, without many assets to your name, that's probably all you really need.
You could get a bare bones minimum insurance policy for much less than that. If you are young, without many assets to your name, that's probably all you really need.
Until they are in an accident and find out how bare bones those polices actually are!
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