Should I Buy a Used Car or Invest in a New Car?

If you don't think you can afford monthly car payments, then do not finance a car. It will hurt your credit more than help if you end up late on any payments.

We've just bought 2 used vehicles. My van was purchased a bit over a year ago for $1200. It's a great van. It does have a leak in the power steering, and the temperature gauge goes out of control, so yeah it has it's issues. It's currently in need of repair because it won't start, but otherwise has been a reliable vehicle for the past year. I'm hoping it will get me through at least another year at which point I'll upgrade for a slightly newer van.

Hubby's car was just purchased a few months ago, from a dealer. We bought it outright for $3,000. It's given us a couple headaches and it does still need a few repairs, but it gets hubby to and from work everyday like he needs.

I suggest buying from an owner and not a dealer. Owners are usually more honest!

If you want a smaller car then I drive a Toyota Yaris. It is so good and I get 35 miles to the gallon! This is a big plus for me. I am not able to give advice if you should finance it or not though. Not terribly good with finances!

A new car is NOT an investment - you lose money on it the day you drive it off the lot and the insurance payments are ridiculous. Look for a good used car that gets reasonable gas mileage and pay CASH. You will not have any monthly payments and your insurance will cost less.

Since, I do not know about your family's make up or how you use your vehicle, I cannot give you advise about a specific model. However, check out makes and models at places like "Consumer Reports" and "Edmunds" to see what they say about different makes and models in the category you need for your family.

After you buy your used car, take one half of what you would be spending on the monthly car payment for a new car and set it aside for car repairs and maintenence. That way when something breaks the money is there to fix it and when it finally gets to the point where it needs to be replaced, you will have cash to buy another "new" used car.

I bought a 1997 Geo Metro in 2002 for $1,600 cash and it is still going strong - I gave it to my husband to replace his pickup that burned up 2 years ago so he drives it now. We have had to replace the transmission and front CV joints - but, everything else over the past 7 years has just been minor maintenance - oil changes, tuneups, tires, and a battery.

I bought a 1987 Nissan Pulsar 2-1/2 years ago for $450 paid another $$1,000 for a full brake job and 4 new tires and the only major repairs since then was replacing the radiator and hoses ($950) and replacing the alternator ($195).

Cost of repairs on both cars has been less than $100 a month and it is awfully hard to find ONE new car with payments as low as $100 per month and impossible to get TWO for that little.

Good luck on finding the perfect car at the perfect price. I think right now is probably a good time to buy a new car, I imagine with the economy as it is you can get a fantastic deal. My mom bought a KIA a few years ago, she got it at a good price and loves it. Its great on gas too. It also came with a fantastic warrenty, and also road side assistance included. Happy 4th of July, I hope things have been better for you. Take care, as always its nice seeing you, xoxoxo

I don't know what type of vehicle you like....I bought a new one last time....I struggled through many a used car and being single the repairs were always something I dreaded. With my warranty I don't have to worry about repairs..they are taken care of by the company. I bought a little Escape as I do craft sales and needed something to haul my stuff around in....I love it! Now three more people have bought them in my family since I have gotten mine. I love it as much now.....almost three years later....as the day I bought it.

I think, buying used car that not old age( 1-2 yrs ). positive is you save money, but i must good look about it ever crash hard accident or not, and maintainent history.

I would definitely go with a new car if you can afford it. you do not want someone elses problem. You can also get a warranty on a new vehicle and it will be brand new and pretty much flawless.

I would say go used. You can find some real good deals for decent cars and save a ton of cash and hassle, when you don't have to spend loans. New cars are expensive and if you are worried about making payments, probably something to stay clear from. I would buy used even if I could afford new.

Personally I would look for a good second Hand Car I do not like brand new Cars I never have done
I used to hate it when I got a brand new Company Car every 3 years and they always where in for repairs for the first 6 weeks
I have a VW as I have to say they are the most reliable cars I have ever come across and I bought mine second hand
My Car is 6 years old now and lovely, I have had it for 3 1/2 years
So me personally I would go for a good second hand one
Hugs to you

Well, it's quite hard to advise when we don't know much about your usage and financial situation. I will say that the first thing you have to consider is how much you can afford to pay every month for the installment, and set a reasonable budget for it. After calculating your financial portion, you can then check out the market for the types of vehicles which are within your budget.

That's what we did when we are considering our first car end last year. We calculate on how much we can afford to pay for the monthly installment for our first car, after deducting all the necessary household expenses and bills. We also did an estimation on the fuel usage, and also the relevant tax involved in a car. After we had the amount, we checked out our local car forums and websites for the type of cars which will be affordable to us. As our budget is quite tight, we settle for a 2nd hand Hyundai car which is around 3 years old.