Quote:
Originally Posted by JimFreeh
If you have to "invest" 5k or more to get a nice looking and running car, you are better off to pay that up front and get a much better car.
Now, if you only have $1900, and are doing the installment plan.... you still should discount the car sufficiently to deduct your efforts. Why should the seller get the advantage of your labor?
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Jim, I was joking.
Seriously, even the $5-6K cars will require a significant investment over the years. All the higher purchase price buys you is a little time, because the car starts out in decent shape. You will still spend at least $1000 per year on the usual nits once you get everything sorted out initially (especially if you have some-one else doing the work). We all understand that buying one of these (and keeping it decent) is a significant financial commitment.
If the OP can get something decent with low miles for $2K, they will end up with a good $4000 driver after they take care of the stuff on the list. Then they will start spending about $1000 per year to keep up with all the stuff that breaks on any 25 year old car, just like the rest of us. IMHO, it's still a good deal compared to the new ones.
If someone only has $1900 to spend on a car, they need to be shopping for a decent used (but ugly) domestic sedan with relatively low repair costs. I would not recommend an old benz to anyone who was not always prepared to write a $2000 check for some unexpected repair, it will happen sooner or later.