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Question

Hi, all. Let me run something by you and tell me what you think:

Theoretically, ndhlp will be in Durham this summer, hopefully with a job. He'll keep our sad little 94 Nissan Sentra, since Durham is not a town where you want to be completely car-less. I will be interning in an upstate NY town where I could survive without a car, but I will want to make lots of visits to Ithaca, so having a car will be very nice.

The only thing I can think to do is buy one sometime this spring, use it this summer, and then maybe sell it when I get back, depending on our transportation needs next fall. The internship is 10 weeks, which seems like so little time to warrant buying a car! Another thought would be a long-term rental, but I don't know what kind of options are available. I don't really relish the idea of renting something every time I want to drive somewhere.

BTW - I'd buy something in the $2000-$3000 range. My auto needs are minimal.

Anyway, what do you all think?

thanks
aau

rhyme · Answer

I'd just rent -- you can rent a car for $400 a month for 3 months... total cost : $1200 ... and insurance is covered, you can trash the car, etc.

rhyme · Answer

For instance, Hertz has a focus for $600 a mo. (in the city youd be in)

Look around though because rates differ from rental facility to rental facility. I rented a focus for 8 months at $400 a mo by calling Hertz/Avis etc and asking them for the cheapest option within like a 50 mile radius of my home.

lepium · Answer

I wouldn't buy a 2-3k car given the rental options rhyme mentioned. The reasoning is that the hassle is not worth it. Think of the costs of buying:

a) Possibility of needing service of some sort.
b) Insurance.
c) Lower mpg (older car).
d) Buy vs. sell price difference. You'd struggle to get your money back, unless you spend considerable time and effort when both buying and selling.
e) Reliability (i.e. cab / train / air rides if the car breaks down).

L.

aaudetat · Answer

Here's what I see:

i have never owned a car worth more than about $4k. Right now I think my bike is probably worth more than my car. And I don't drive that much.

A $1200 rental is $1200 gone.

I buy something for $2000 and sell it for $1000 or sell it for the same but have to make some repairs, I'm still up.

westsider · Answer

I would rent. a $2k car would, indeed come out ahead in the long term. But when you need some $25 part to be replaced and either you don't know how to do it, or have to wait a few weeks... then you are sunk.
being without your car for 2 or 3 weeks won't seem like such a good idea even if you save $1k doing so.

One other option - look up flexcar/zipcar if you only need the car a few times a week.

bherronp · Answer

You can't fix much of anything for 200 bucks unless its a cheap part and you know how to do it yourself. I think I spent about 800-1000 bucks a year on maintenance for my Volvo before it ate its transmission, but I am somewhat fanatical about keeping my car in good shape.

dabots · Answer

when my sister was a summer associate during law school she rented a car for 10 weeks... seemed to work out the best

togafoot · Answer

hitchhike <img src="{SMILIES_PATH}/icon_lol.gif" alt=":lol:" title="Laughing" />

rhyme · Answer

Car Cost: $2000
Insurance: $500
License Plates, City Fees, Parking Stickers: $200
Cost of Car Detailing prior to sale: $100

etc...

aaudetat · Answer

New plan:

cashing out my super-lame traditional IRA that's made me nothing
just filed taxes (uncle sam loves aau)
gonna borrow a tad bit more for this year, since I've got some coming

And going to buy a car! A nice one! Hopefully with a hatchback!!

Ndhlp made me stop looking at all the pretty Saabs for sale on Craigslist, but there's a super-hottie Ford Focus and a Toyota Matrix and a Protege 5....ah, dreamy vehicles from this side of the century line! Glorious!

We talked about it and since we're probably going to have to buy a second car by the fall (may the job gods soon rain offers upon my sweetie), we might as well just bite it and buy something that'll last us a while.

Bdevil25 · Answer

What's it gonna take to send you home in a new car today, Aau? (w/ used car salesman wink :wink:

and standard cigarette stench) If I had noticed this about 2 days ago, I could've gotten you 1% below invoice on a new car or at dealer cost on a used car! :cry:

In fact, if you need any pointers on dealing with auto dealers, let me know because I've actually got the car salesman bible in my possession. I plan on photocopying it and giving everyone at Fuqua a copy so everyone can shop cars confidently.

aaudetat · Answer

I am THRILLED you are coming to Fuqua! Seriously, if you wanted to help me out a bit, first BDW beer on me...I'd totally appreciate it.

PMed you.

Bdevil25 · Answer

I'd be glad to help. I can testify to the fact that almost everyone hates the car-buying process. Luckily, I saw the inside of it for long enough to have a good idea of what's really happening. And already adjusting to the life of a poor graduate student, the offer for a beer is hard to pass up. :-D

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