Tuesday, October 21, 2014

Should I buy a cheap car or pay off a newer car?

So long story short, the car I had gave out on me. It was a 2002 VW Passat that I bought for a pretty decent price with money I saved up, however I always had to fix things here and there and it all added up. PLUS because it was a German car, maintenance and fixes were ridiculously expensive (Just to replace the water pump costed me $1100!). Now I am carless yet saving money up, I get around using the bus or rides from my parents but I need a car to get me from point A to B, I can only do this for so long! My question is if I should just buy a decent used car until it dumps on me again or should I pay off a relatively newer used car something not too expensive (for example a Kia Forte or 2012 Honda cIvic) that'l last me in the long run? I'm currently a full time sophomore in college and work full time as well to pay tuition yet I still have money left over. I make at least 1100 a month. I have enough for a 3000 dollar down payment right now if I choose to pay it off.

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