A good bargain but limited money -- do i buy or not?

Philippines
April 17, 2007 11:11pm CST
My friend is offering to sell me a second hand car (one and a half years used) and it really is a good bargain or deal. The problem is, though she's selling it really cheap, i dont have that much money yet to buy a car. My only option is to lend or loan money from a bank. I really wanted to buy the car since it would be more convenient for me rather than commuting and I might not be able to find a good bargain again in the next few years once I have saved enough. But, im also thinking that if i buy the car and borrow money from a bank, i will be using almost all my salary every month for 2 years just to pay off my loan! Do you guys think i should just try and wait until i save enough or should i grab this chance and buy the car?
2 people like this
3 responses
@suspenseful (40313)
• Canada
19 Apr 07
Don't buy. Reason is that there will be things that you need - emergencies, etc. electrical repairs, hospital emergencies, books, your computer breaks down, you cannot afford going on the internet, etc. Anything can go wrong and probably will. So if you buy the car, you are stuck with the payments, you have to delay going to the emergency room, your water heater or whatever goes wrong where you live, keeps on leaking, you can't sleep at night because you cannot afford to fix the short in the wire or have the landlord fix it,(these are examples, of course. You may have something else going wrong) and if you extend your payments, there's the extra interest and there goes your bargain. There will be a really good bargain and besides your bargain is not a bargain if you have to pay extra for insurance, and all the niceties that go into getting a car. So save up for the car, use a high interest savings account and you will be able to buy a decent car in a few years.
@mimpi1911 (25474)
• India
18 Apr 07
had i been in your place, i wouldn't have bought the car, even though it's coming cheap. it's not the question of buying it, it concerns a whole lot of unwanted tags that come with it and taken that it's second hand, trust me, it would have some more than a brand new one. you should not buy the car right now, instead carry on with the cheap commuting or you can even look for some less expensive, affordable vehicles. i am sure you gonna have a lot of opportunities in future to buy a real , new, good car. good luck.
2 people like this
@RobinJ (2501)
• Canada
18 Apr 07
It is not just the car you will be paying for , There is insurance, license plates, maintenance, are you prepared for a big repair bill, because there is no warranty on a used vehicle, What happens if the transmission goes can you afford to replace it. It doesn't sound like it. You have to take all this in to consideration as well a the price of gas is not going to go any where but up. Make a list of all the benefits and costs for you if you buy the car, Now make a list and benefits if you do not, Perhaps you might be better off buying a scooter or a small motor bike. There are a lot of options and do not worry a good deal will come around later people are always trying to sell their older cars.
1 person likes this
• Philippines
19 Apr 07
thanks robinj! i have also thougt about these things but i just keep pushing them to the back of my mind. Guess im just too lured by the idea of having a car and getting a good deal. Thanks for reminding me. Guess i really am not ready to buy one now..