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Is $8000 too much for a single mom to pay for a car?

I have $15,000 in the bank and I'm thinking about buying an $8,000 Chevy. Would I be better off getting a $2,000 "hooptie" and saving rest of the money just in case?

I am not working and my only income is a living stipend I get for school. I don't want to spend money I may need "just in case" but I'm wondering if I get a cheapo car will I end up spending money in repairs. Advice please, anyone?

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Anonymous

Asked by Anonymous at 5:12 PM on Jan. 6, 2010 in Money & Work

Answers (24)
  • I had a 1985 honda civic and NEVER had to do repairs. If you get the right car you should be fine. Look around do some shopping you may find one cheaper.
    Mrs.Owen86

    Answer by Mrs.Owen86 at 5:14 PM on Jan. 6, 2010

  • Girl what are you gonna do if that $2k hooptie breaks down on the side of the road??? I was a single mom for 4 years and I spent $10k on a car so I wouldn't have to worry about the damn thing breakin down on me....I would also opt for an extended warrenty if they have the option. Better safe than sorry honey. But either way you go, spend the extra cash for the extended warrenty. And take your dad or brother or someone with you, car dealerships tend to screw over women. Good luck.
    spcjones_83

    Answer by spcjones_83 at 5:19 PM on Jan. 6, 2010

  • Sorry, just an FYI. If you pay in cash instead of a payment plan, I would try to work them down with a discount and you would also be paying less already because you wouldn't be paying intrest. Try to start with 20% off for paying cash, and work from there. PS this is where the guy comes in handy, during negotiations.
    spcjones_83

    Answer by spcjones_83 at 5:23 PM on Jan. 6, 2010

  • I would say No to a $2000 car. Be sure you have a mechanic look at the car and check the blue book value, and dont forget to consider gas mileage. What kind of Chevy is it?
    ria7

    Answer by ria7 at 5:23 PM on Jan. 6, 2010

  • Honestly, I would get the better car. While yeah anything can happen to either car there's a better chance that the better of the two cars will last longer. Plus, if it's newer you might get a better warranty option.
    OneToughMami

    Answer by OneToughMami at 5:24 PM on Jan. 6, 2010

  • I'd go with a better car. And if you are paying cash, you tell them the price you are willing to pay!
    Anonymous

    Answer by Anonymous at 5:27 PM on Jan. 6, 2010

  • Thanks ladies. It's a 2006 Malibu. They want $7,995 for it. The Blue Book says it's worth $9,030. They told me the Carfax is clean and they can show it to me (I will not buy it if it's not clean).

    I'm going to take my brother with me as you suggested, spcjones.
    Anonymous

    Answer by Anonymous at 5:39 PM on Jan. 6, 2010

  • I would compromise and get a $5000 car. An $8000 car doesn't leave you with much saved up. Plus it's still going down in value somewhat rapidly.
    Anonymous

    Answer by Anonymous at 6:52 PM on Jan. 6, 2010

  • Definitely go for the hooptie.
    rkoloms

    Answer by rkoloms at 6:58 PM on Jan. 6, 2010

  • $8,000 isn't a lot, but a Chevy!?? Get a better car.
    newmomma14

    Answer by newmomma14 at 7:22 PM on Jan. 6, 2010

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