Should I buy this used car?
My buddy just paid off his Honda 09 EX with 127 thousand miles on it and is willing to sell it to me for 5,500. He let me take it on an hour long test drive and it ran absolutely fine, he changes the oil regularly and I know for fact he drives easy and takes it the best mechanic in town. I currently own a 92 Oldsmobile 88 with 131 thousand miles on it. It runs fine now and I just got done putting 700 on it (new fuel tank and CV shaft and Crankshaft sensor)… One of the biggest uncertainties in this for me though is that I'm 25 years old with no credit, I live with my parents and my 13,000$ is the only thing I have going for me financially and I'm afraid to shrink that down. What would you do?
Why not just drive the olds for a few more years?
You already have a car. $5500 later you have two cars. Save more and work on building credit for later in life.
If you've got $13k, $5500 isn't going to break you. Besides, after you buy it just make yourself pay yourself back for it at like $230 a month for 2 years. Then in 2 years you will be back to $13k.
The money you just spent on your old car doesn't really increase its value though.
http://www.daveramsey.com/article/drive-free/
4500 maybe.5500 it just might be a bit too much. Do not however invest any more in oldsmobile.
Yup,
you should buy
The price is low due to the high miles relative to its age. If he has maintained it as you say it could be very good buy.
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