audrey
im 16 and looking to buy a car. i have to get a cheap one (about $10,000 and under) and every car that i look at has a lot of miles
does that really matter? and if so what happens with a car with a lot of miles?
like 90k miles - 150k.
Answer
Not really sure what you're looking for. I was looking a week ago and saw an Audi A4 with 60K miles for 10K listed locally. Great deals like that come along, just watch and jump. I'm sure you'll be able to find something good.
If you're looking for something japanese, look at Nissan and Mitsubishi. They have the same qualities and appeal as Toyota and Honda, but they are less well known so you get a better deal.
Hyundai and Kia make very good, cheap cars.
However, I think the best deals in used cars are from the European luxury makes. You can have an Audi or Mercedes for the same price as a Camry. I think it's a no-brainer.
Cars.com, Autotrader.com, and Craigslist have tons of listing, so use them all
Not really sure what you're looking for. I was looking a week ago and saw an Audi A4 with 60K miles for 10K listed locally. Great deals like that come along, just watch and jump. I'm sure you'll be able to find something good.
If you're looking for something japanese, look at Nissan and Mitsubishi. They have the same qualities and appeal as Toyota and Honda, but they are less well known so you get a better deal.
Hyundai and Kia make very good, cheap cars.
However, I think the best deals in used cars are from the European luxury makes. You can have an Audi or Mercedes for the same price as a Camry. I think it's a no-brainer.
Cars.com, Autotrader.com, and Craigslist have tons of listing, so use them all
Who is able to afford a luxury car?
wooball2
I was returning from a vacation a few weeks ago and on the way back I decided to go back through Washington DC instead of Baltimore. All over the Capitol Beltway were luxury cars. Mercedes Benz, BMW, Lexus, Infiniti, etc. I know Washington DC is an overall well-off area but my question still remains. Who is able to afford a luxury car? Who are these people? What are their professions? How much money do they make? Just curious.
Answer
Who is able to afford one and who actually has one is not the same thing.
What you're asking is who can afford one. What you're observing on the road is who has one. There are plenty of people with no emergency fund, little saved for retirement and are living paycheck to paycheck that buy stuff they shouldn't. That's a lot of what you see.
Personally, I would never buy a car that exceeds 1/3 of my annual net income.
To me, that means if you're buying a $50K car, you should have a NET of $150K/yr, which means a gross of closer to $200K/yr.
Most people that buy $50K cars don't make that......if you don't care too much about savings, retirement, fiscal responsibility and don't mind a 72 month loan, you can get a $50K car for about $750/mo, which is $9,000/yr. If your priorities are in the wrong place, someone who makes $60K/yr can do that, and plenty of people make $60K/yr.
Who is able to afford one and who actually has one is not the same thing.
What you're asking is who can afford one. What you're observing on the road is who has one. There are plenty of people with no emergency fund, little saved for retirement and are living paycheck to paycheck that buy stuff they shouldn't. That's a lot of what you see.
Personally, I would never buy a car that exceeds 1/3 of my annual net income.
To me, that means if you're buying a $50K car, you should have a NET of $150K/yr, which means a gross of closer to $200K/yr.
Most people that buy $50K cars don't make that......if you don't care too much about savings, retirement, fiscal responsibility and don't mind a 72 month loan, you can get a $50K car for about $750/mo, which is $9,000/yr. If your priorities are in the wrong place, someone who makes $60K/yr can do that, and plenty of people make $60K/yr.
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