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Need a car, overwhelmed by options



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amother
Pewter


 

Post Tue, Mar 01 2016, 6:05 am
I have a situation that requires me to get a car and I'm overwhelmed by options- financing, leasing, renting, buying used, etc.

Some of my considerations:

My budget is limited to about $100-200 per month

Is insurance included in leasing/financing/rental cost?

How to take care of a car, so as to not get pulled over by police?

I want a basic car for one or two persons.

What is an estimated cost of gas per week/month?

What considerations need I think about in terms of brand of car?

Is it possible to test drive a few cars so I can find which feels comfortable to me?
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esther09




 
 
    
 

Post Tue, Mar 01 2016, 7:04 am
amother wrote:
I have a situation that requires me to get a car and I'm overwhelmed by options- financing, leasing, renting, buying used, etc.

Some of my considerations:

My budget is limited to about $100-200 per month

Is insurance included in leasing/financing/rental cost?

How to take care of a car, so as to not get pulled over by police?

I want a basic car for one or two persons.

What is an estimated cost of gas per week/month?

What considerations need I think about in terms of brand of car?

Is it possible to test drive a few cars so I can find which feels comfortable to me?


Are you in the US?

You can get a small car leased for about 200/month. If you don't want to put any money down, and want to only pay 200/month at most, wait for sales. You may able to get a small Kia or such.

Insurance is not included, it is separate and based on things like your performance as a driver, your age and gender, and if you park on city streets etc.

I don't understand your questions "how to take care of your car so as not to get pulled over by the police."' Your car will need periodic inspections by a mechanic, who will put a sticker on your windshield that indicates that your car is current and up to date. Don't let that go past the "expiration." Always have your license, insurance, and registration on hand. Pay attention to signs, particularly related to parking.

Gas - depends the type of car, how much you drive, and the oil market. Now - for a small car and approximately 40 miles a day in traffic, I would say less than 100 a week.

Yes you can test drive new cars at the car lot. No obligation to buy but be aware their job is to try and sell. And in terms of brand... Just quality. Any new 2016 car will generally be safe. But if you're hoping to buy for example and keep it for 10 years, I would only buy "better" quality brands. If you're looking for cheapest lease, go by price.


Does that help?
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cm




 
 
    
 

Post Tue, Mar 01 2016, 7:15 am
For $100-200 a month you are looking at a very small used car. Check Consumer Reports for the annual Car Buyers Guide. You really do not want to get stuck with an unreliable car. Reputable sellers will allow you to have the vehicle examined by your own mechanic prior to finalizing the deal. If you can afford a "certified" used car from a dealer, that would be your best bet for reliability.

Financing refers to taking out a loan to buy a car. The dealer may or may not have the best rate. If you are eligible for a credit union, be sure to check their rates. You can use an online payment calculator to figure out how much it will be monthly. Insurance is not included, and may be substantial.

I have never leased a car, but I understand that people like this option to be able to get a better car for less than buying, but you have nothing to sell/donate at the end and there may be significant hidden costs which add up.

Long term rental is not common and I do not know much about it. Ask a car rental place about their rates and see if it adds up favorably for you.

For your safety and to protect your investment, have routine service done every 5000 miles or as recommended by the manufacturer. To avoid getting pulled over, follow the rules of the road.

To estimate gas cost, first you need to estimate how many miles you will drive per week or month. Actual gas milage is usually a little lower than the manufacturer's estimate. Look at gas prices in your area to complete the equation.

Never buy a car without test driving it! Actually taking one home for a few days to play with is not likely in your price range, but you should be able to take a nice drive in various conditions to see if you like it.
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amother
Honeydew


 

Post Tue, Mar 01 2016, 7:37 am
Your best bet is probably lease. You can find a safe cheap small car in your budget. A lot of them include free maintenance.
Do you have another car?
If yes you can call the insurance agent before and ask how much insurance will be on a leased car vs a used car. (Approximately)
The price of gas has gone down considerably. This can change as election year gets closer, but I would say it's closer to $50
If you live in NY, take into consideration tolls.
Where I live, not NY, the MOST expensive toll is $5, the express lane during peak hours, and if you own a hybrid it's free.
I don't know anything about inspections, since my state doesn't require it.

Unfortunately you need to do your hw.
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mille




 
 
    
 

Post Tue, Mar 01 2016, 7:52 am
You can get a pretty basic sedan (think honda civic, hyundai sonata, toyota camry) for about $200/mo leased, without money down (you can get cheaper monthly payments if you put money down), even without sales. Any less and you probably need money down or a really good deal. Insurance is not included, and leases usually make you pay up for higher level insurance, not just liability only/"cheap" insurance. If you have any other cars, your policy might force you to have the higher insurance on ALL cars (ours does).

edit: Even if you don't put money down, keep in mind you'll have to pay about $500, give or take, in DMV fees to get the car initially, plus probably the first month's payment. So be prepared. Some insurance carriers also require you to start paying as soon as you go on insurance - which may be several hundred depending on the frequency of payments and your specific plan.

Gas and such really depends where you are. Gas is ridiculously cheap in New Jersey, but if you don't live here, well, gas will clearly be more, possibly significantly so! It also depends what type of driving you do (highway, city) and how much you drive. This is some pretty basic math - look at the average price of gas at the gas station and multiply by your estimated mileage per month (and keep in mind leases have a mileage limit - if you go over, you pay per mile).

Not sure what you mean on the police question... Obey traffic laws, and you won't get pulled over.

I would speak to friends who lease or have purchased cars recently and get recommendations for dealerships and makes/models. Call the dealerships and find out approximate costs. Go test drive some cars and see what you like. I ultimately leased from a place a lot of friends and family use, and everything was done over the phone (I didn't need to test drive) until they delivered the car to me.
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gp2.0




 
 
    
 

Post Tue, Mar 01 2016, 8:44 am
Ok $100-$200 a month is not going to get you anything at all!

Cheapest lease would run you about $200 a month.

Insurance for one driver if you can get great rates will be about $150 a month. If two people will be driving the car you each need to be insured and that's at the very least $300 a month.

Gas really depends on how much you use the car, but figure anywhere from $60 a month and up.

Figure in inspections, registration etc.

So you're looking at a minimum of $450 a month and likely more. That's way beyond your budget - you can't afford a car.

Can you elaborate why you need the car - how often and how far will you be driving it every day?
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amother
Pumpkin


 

Post Tue, Mar 01 2016, 10:36 am
insurance is going to run you about 100 a month.

You may be able to finance a Nissan versa. They are only 11k to start with so a used one should be within budget for financing.
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lfab




 
 
    
 

Post Tue, Mar 01 2016, 10:39 am
gp2.0 wrote:
Ok $100-$200 a month is not going to get you anything at all!

Cheapest lease would run you about $200 a month.

Insurance for one driver if you can get great rates will be about $150 a month. If two people will be driving the car you each need to be insured and that's at the very least $300 a month.

Gas really depends on how much you use the car, but figure anywhere from $60 a month and up.

Figure in inspections, registration etc.

So you're looking at a minimum of $450 a month and likely more. That's way beyond your budget - you can't afford a car.

Can you elaborate why you need the car - how often and how far will you be driving it every day?


Not sure where you got these numbers from. We live in NYC, have 2 cars, and pay around $180 per month for insurance.
If leasing you should be able to get something for under $200 a month with no problem. Might not be the best car but if you're leasing it doesn't need to last 10+ years. Just be careful with a lease because I have heard many people say that when they return it there end up being a lot of costs they weren't expecting (mileage overage, damage, etc.). Buying is generally more cost effective in the long run but will cost you more per month, unless you have a few thousand dollars on hand to buy a cheap used car. Gas will depend on how far you're driving daily. Then there are regular maintenance costs such as oil changes, inspection, registration, ets.
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amother
Forestgreen


 

Post Tue, Mar 01 2016, 11:21 am
Insurance prices can vary a lot based on your age, driving record, the type of car and where you live. Before you lease the car get an insurance quote. When we were first married just my husbands insurance was over $250 a month because of a speeding ticket, his young age, and the fact that he was driving a nice car ( we were borrowing it). Now we pay about $190 a month for 2 cars and we have better coverage.
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gp2.0




 
 
    
 

Post Tue, Mar 01 2016, 12:27 pm
The specifics don't even matter, because there is no configuration of gas, insurance, car payment and assorted fees that will be $200 or less per month.

What might work for OP is something like car2go which only works if she needs the car for short periods of time to get from point A to point B.
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