Need to replace minivan

amother

Mon, Oct 13 2014, 5:05 am

We just found out that our hand-me-down minivan from our in-laws was given a "terminal" sentence--meaning its driveable, but not worthwhile fixing and will die eventually. Need to start looking for a replacement. Financially we are NOT prepared for this, though mentally we knew this was coming up we just haven't been in a position to save up.

We live in the NY area. Don't know how to start looking for a minivan or how to get a good deal--not too expensive but will last us a while--with my schedule a car is a necessity and with our family size minivan is pretty crucial too.

amother

Mon, Oct 13 2014, 6:56 am

I'm not in NY, so can't recommend any particular places.

But I would start by going to your bank and see about getting pre-approved for a bank car loan with the lowest interest rate possible before you start searching for a car. Also, credit unions often have better rates than the major banks. It's very helpful to know what you'll be approved for and what your credit rating is before you even start car hunting. Having better credit should get you a lower interest rate and monthly payments.

Also, you'll need to serioulsy figure out what your budget will be, so you know what price range to start your search.

Some other tips. Really do your research ahead of time and figure out what car you want. I definitely recommend using consumer reports to do some initial car research. (Maybe you can find a friend who will let you borrow their log-on info?) Consumer report has research on both new and used cars for safety, reliability, long term ownership costs.... etc. Figure out your top choices to test drive and check out in person.

As to where to buy a car, that'll depend on what type of car you decide to get and if you plan to buy new or used or if you choose to lease. Make sure you really price shop around. I definitely recommend emailing lots of dealerships, saying what you're looking for and can they meet the price you have determined to be your budget. Often one dealership will match the competing price of another dealership.

If you buy from a dealership, make sure to say NO to the extras they try to get you to buy. You do NOT need paint protection, extended warranty... etc.

Also, if you want a car alarm, that is not typically included in the initial car price. Be careful, a dealership might try to charge you $1000 or more for a car alarm. If you want a car alarm, make sure to negotiate the price down with the dealership or consider putting in an after-market alarm (if that doesn't void the car warranty). I put in the alarm after I bought my car and it only cost $200-$300, versus the $1000 the dealership wanted.

If you have a Costco membership, consider using their car pricing service. It was actually helpful when we bought a new car for my husband last year and we ended up getting an extra $200 credit at the dealership from Costco that my husband was able to use to get some car mats for free from his car.

If you decide to buy a used car, I would make sure you have a trusted mechanic to check any car you plan on buying. Recently a friend of mine was able to buy a used car on craigslist for an AMAZING deal and she had it throughly inspected by a good mechanic before purchase. It's been a great car for her.

Good luck. Car shopping is stressful and annoying.

amother

Mon, Oct 13 2014, 6:57 am

the cost will also be based on whether or not you NEED a 7 or 8 seater van.

we do carpool and the 8th seat is crucial. The only vans with 8 seats are the Odyssey and Sienna. We just bought the lowest end Odyssey in February (meaning no great deals, november is better right before the newer models come out. We didnt have a choice my car was destroyed in an accident)

we bought the lowest end Odessey possible with the 8th seat and spent $30K
(Our first van was bought in 2006 and was a sienna because at the time sienna's 8th seat was level with the other seats but not in the odyssey. Now we bought the odyssey because now the sienna's 8th seat is not leveled with the other seats and the odyssey's is)

amother

Mon, Oct 13 2014, 2:00 pm

self-actualization wrote:

I bought a 2010 Odyssey last year from Sher Auto in Baltimore for 18k. It had low mileage and it has been great. I took out a loan from PenFed and the monthly payments have not been bad (in my case it's less than leasing). Be aware that when you register a car for license plates the DMV charges around 10% of the purchase price as a sales tax (in NY) - that was a big surprise for me.

Sher Auto is honest and a fair price and wonderful people in general, but I wonder if OP is not financially ready for a purchase, maybe she should consider leasing for the short term. It's often cheaper than payments on a car loan, and the car is new so you don't have to worry about emergency repairs. Leasing Direct in Brooklyn is worth a try.