Yeah, I’m not buying it. It’s not a choice between having a tricked out 2022 Lexus that costs $70k and no car at all. It’s the choice between a 2005 beater Toyota with 200k miles on it and no car.
Once you have that beater, you can start saving for something nicer. Find a make and model with decent reliability history that has hail damage or minor collision damage. It’s not hard to do.
If you can’t scrape together $2k to buy that beater then you have no business owning a car, period.
Ever drive a car like the one you're describing? It's a rough situation to be in to have to put 1k into a car worth 2k to keep it going, or to have your car break down and force you to call out from work on short notice. That's far from free.
Imagine the myriad of scenarios that exist between your two extremes.
You know you need this car for 10+ years, you want it to suit you and your family, so you get a 20k loan and get the one you that will be best now. Why waste your time and money with the beater? You would spend morein the long run than the cost of the interest on the loan (essentially the cost of purchasing now not later)
Debt is a calculated risk, with a clear cost, and plenty of people are fully capable of doing the math.
I don't think this advice really applies anymore. 10 years ago when the equivalent car was a 1995 you could plausibly do something like this, buy the service manual and maintain it yourself. Sure you need the time to do it, but it keeps you from sinking 4x the cost of the car you just described into keeping it running over the next 5 years or so.
Anymore though, many engines just aren't end user serviceable. I'm running a 2007 that requires partially dropping the engine to change the spark plugs, forget replacing a head gasket or alternator.
Yeah don't buy that 70k Lexus, probably don't buy any new car, but that beater you describe is probably $2k for a reason, and the average buyer doesn't have the skill set to evaluate what that reason is, and could easily find themselves needing another $2k beater in a couple years.
Best to go upmarket a bit and get a somewhat more expensive used car, and have it inspected by a mechanic (preferably one you know and trust) before buying. Don't trust the dealer inspection!
You’ve clearly never lived paycheck to paycheck, so congratulations on your staggering privilege. You should meet some people who haven’t been as fortunate, you might be surprised how crazy tone deaf this comment is.
MisterMower|3 years ago
Once you have that beater, you can start saving for something nicer. Find a make and model with decent reliability history that has hail damage or minor collision damage. It’s not hard to do.
If you can’t scrape together $2k to buy that beater then you have no business owning a car, period.
cool_dude85|3 years ago
ehnto|3 years ago
You know you need this car for 10+ years, you want it to suit you and your family, so you get a 20k loan and get the one you that will be best now. Why waste your time and money with the beater? You would spend morein the long run than the cost of the interest on the loan (essentially the cost of purchasing now not later)
Debt is a calculated risk, with a clear cost, and plenty of people are fully capable of doing the math.
Volundr|3 years ago
Anymore though, many engines just aren't end user serviceable. I'm running a 2007 that requires partially dropping the engine to change the spark plugs, forget replacing a head gasket or alternator.
Yeah don't buy that 70k Lexus, probably don't buy any new car, but that beater you describe is probably $2k for a reason, and the average buyer doesn't have the skill set to evaluate what that reason is, and could easily find themselves needing another $2k beater in a couple years.
Best to go upmarket a bit and get a somewhat more expensive used car, and have it inspected by a mechanic (preferably one you know and trust) before buying. Don't trust the dealer inspection!
Godel_unicode|3 years ago
unknown|3 years ago
[deleted]
Underphil|3 years ago
nunez|3 years ago