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I heard that in buying a new car you can always bring it back to the dealer and resell it to them if you feel like you don't want to pay for monthly payments. Is it true? In effect could you have leased the car without a contract?
I guess new cars are reliable but I hesitate because although monthly payments aren't too bad short term, on the long term you are losing a lot of money to the car which is expensive. And I've heard of stories online about buying cars for cheap and driving it for a long time without major fixes.
Many states have a 3 day (it may vary) period to repudiate a purchase.
The problem is that you really shouldn't buy any car until you decide that you should. "You've heard", "you guess", "you feel", tells me that you have very little experience with buying cars, or maybe much else. That, or you have friends that buy pieces of **** and then complain.
Some will tell you to buy the oldest, crappiest car you can. Fine, but be prepared to buy one every year or so. Buy a new car, keep it for 10 years and you've "lost" (if by that you mean depreciation) very little. You've used a product for its intended purpose.
I have to buy a car because I need it for work.
I've never bought a car before.
Anyways if you buy a new car and decide that you can't afford the monthly payment and would rather buy a 2k used car how can you get rid of the new car?
I have to buy a car because I need it for work.
I've never bought a car before.
Anyways if you buy a new car and decide that you can't afford the monthly payment and would rather buy a 2k used car how can you get rid of the new car?
You shouldn't buy the new car in the first place if paying for it, whether by cash outright or with payments, will be a problem.
I have to buy a car because I need it for work.
I've never bought a car before.
Anyways if you buy a new car and decide that you can't afford the monthly payment and would rather buy a 2k used car how can you get rid of the new car?
You can do one of two things: 1. Sell the car to them although you will take a huge loss and possibly owe more than what it is worth. They are under no obligation to buy it from you at any price but will usually work with you on it. 2. Sell it yourself to a private individual although in that case you risk a lot more and have to be very careful to who you sell it too.
The big thing is that under no circumstance do you buy a car that you cannot afford the monthly payments.
If you buy a $2k car, be aware that you will probably have to do a lot of maintenance to it either when you buy it, or sooner than later.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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A new car loses 10% of the value as soon as you drive it off of the lot. Keep it a month or two and sell it to the dealer or anyone else and you will still owe money unless you had a large down payment. one option is to have a private party take over the payments, but you will have to get approval from the lender or will still be responsible if they miss payments or are late with them. You would be better off buying a late model used car, with lower payments that you can afford. On new, if your credit is perfect you can get a 0% loan at some dealers, but in general a credit union will have better rates which means lower payments. There are still new cars advertised in the $10-12,000 range, if you don't need all the frills and fancy gadget, and can drive a manual transmission.
I have to buy a car because I need it for work.
I've never bought a car before.
Anyways if you buy a new car and decide that you can't afford the monthly payment and would rather buy a 2k used car how can you get rid of the new car?
You need for work how?
Does it need to get you to work?
Will you use a vehicle FOR work? As in - my inlaw must have a work van because he is carpet installer. He drives with carpet and his tools in that van.
If your answer is # 1, you, judging from several posts so far, will make a major mistake buying any car. You apparently does not know how to buy cars and apparently does not have someone reliable enough close to you to advise you right.
So, here's blunt suggestion for you.
Use public transportation. Carpool with someone. You will save tri-fold: 1. on payments; 2. on insurance; 3. on car related expenses.
If you just must have a vehicle to get to work, consider a moped. Seriously. Cheap and gets you there.
Ok, so you live way far from work and can not fathom intricacy of a public transportation. Also, you live in harsh weather area and moped is not an option. You MUST have a car. Or so you think.
OK, then buy a beater. Yes, you'll have to buy a new one - maybe - every year. So what? Beaters cost several hundred bucks. New car payments will cost you waaaaay more than that.
Don't know where and how? Ask around. Find a buddy who has one. SEEK HELP IN YOUR IMMEDIATE CIRCLE, but not online.
Oh, the appeal of a new car... Thing is, you WILL overpay; it WILL lose 20% of its value the very moment you signed the paperwork; you WILL lose much more trying to resell it, dealer or private party; you WILL pay grossly in insurance costs, maintenance, and gas.
Truth is, if you can not figure out something as simple as being able to actually make payments, you should not be even considering buying a new car. Period, end of sentence.
You should create a budget, set aside a certain amount of money, dedicated to that purchase, and buy a used vehicle cash. Craigslist. Early to late 90s Japanese make, like Honda, Toyota, or Mazda. Nissan. Bulletproof reliability. Chances of driving you around for more than a year are very high.
I spoke. You drive yourself into debt - or not - your call.
That law does not apply to vehicles. The minute a vehicle leaves the lot it becomes a used car and loses value...
Not necessarily to the purchase of the vehicle itself, but many states have a three day right of recission on a finance contract. So if you have buyer's remorse over the financing, you can cancel it, and hence, the car purchase. The dealer may still be entitled to charge the buyer for the mileage put on the car while in the buyer's possession, so unwinding the deal is not necessarily without some costs.
More to the point for the OP, however, is that they shouldn't be buying a vehicle which it sounds like they can't afford. Perhaps the real concern is that they don't know if they will have the job that they need the vehicle for any length of time ... possibly as short as three days, so they want to be able to walk away from the car obligation if they don't need the car.
It would most likely be less expensive to rent a car for several days to have the personal transportation to the job and find out if they have a job for awhile ... at least long enough to justify buying a car if needed.
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