Posted by Maneesh Sethi :: February 27, 2008 @ 7:53 amChoosing whether to buy a new or used car is one of the most common debates in the personal finance world. Although I usually tend to argue for buying a used car, I understand where some of the people in the new-car camp are coming from: they desire a car with dependability, a warranty, and of course that new car smell.
Fortunately, even if you've decided that a new car is right for you, that car doesn't have to break the bank. Many new cars, without a doubt, are incredibly expensive and all will depreciate the minute you take them off the lot. However, given the always-predictable holiday sales, not to mention your forthcoming stimulus check from the government, there are some good reasons to consider a new car.
Bankrate compiled a list of new sedans that all cost under $15,000. Here is their list:
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If you look for these same cars on the used market, you might be able to find some great deals. For example, a used Toyota Corolla will probably cost you under $10,000, and it's also one of the most dependable cars out there.
The Bankrate article also offers some great advice that you should definitely read before starting your car search.
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"The bottom line here is that for the foreseeable future, it is a buyer's market
for smart car shoppers. Buy only as much car or truck as you need, set a target
price and stick to it. Such intelligent shopping can help you do well in these tough times."
Buy only as much car as you need – don't go overboard with fancy options that aren't important. Having a target price will help you keep yourself from spending too much. For smart financing alternatives, check out Lending Club’s low-interest person-to-person loans. Even if you do go with the dealer’s financing, you can take out a loan from Lending Club for the down payment.
Happy hunting!
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