Reply to $10k for used car for college kid?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Buy new. Better value & safer vehicle.[/quote]

Thank you for your advice from the land of privilege. I can afford $10K.  I can’t afford new. [/quote]

If you have $10,000, you can buy a new car. Consider a Honda Civic with little or no money down. Use the $10,000--or the remainder--to make monthly payments for three years, then continue payments with earnings or sell it.

Any used car selling for $10,000 or less in this market is going to cost you a lot of money for repairs.[/quote]

You really don’t get it, so you. [/quote]

NP but PP makes a solid point. I wouldn’t even sell new car. I’d lease in OP’s position.

$300 lease for 3 years is $10,000 (or $200 lease after $3kdown). You have a brand new, safe car, that you never have to worry about maintenance or repair for. A $10k car now won’t be worth anything in 3 years and even if it is, it will likely be more worth less than what you spent on repairs or maintenance. [/quote]

I don’t understand. If I buy used, I have a car that is fully mine to get rid of whenever I want.  It may require lots of maintenance, or I may get lucky. It could even go for more than 3 years.

If I lease, I pay 10K over 3 years and then at the end of 3 years, I don’t have any ownership interest in the car unless I pay another 10-15 K to buy it out?

How is leasing a better deal in this situation?

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