Buy the Car Not?

We drive forgeign cars mostly. We've had American made (husband had an Expedition and then a Yukon Denali XL), but now we have two Toyota's. I've always preferred Honda's before now. These cars go for ever and ever amen. Is a small loan not an option? You could get a $10k loan for under $300 per month and have a 5-7 year old Toyota or Honda.

Personally I would not buy a domestic car with 99,000 miles on it, especially with a digital dash. All you need is an electrical problem and your car is toast.

Could you find a Honda in your price range?

I know Luvmykids brought up Carfax, but ABC News recently did a story about the reliability of Carfax. Here's a link to the story.
http://blog.gasbuddy.com/posts/ABC-News-says-buyers-trust...

No matter what you decide to buy, invest $100 in your purchase to have a well trusted, independent mechanic look it over. It could be the best spent money.

Ditto B.D.

The only people I know who have purchased/driven older domestic brand vehicles (and been remotely happy with them) are mechanics. Seriously.

A 20 year old domestic brand vehicle, with almost 100k miles? Nope. Wouldn't spend my money on it.

I have to second with BD! I would not buy a car that is not a brand that is known for going and going and going. Look into a Honda, Toyota, or Volvo. I know each kind of car has its own quirks, but Honda and Toyota are really good at 4 cylinder engines and you can get everything but the digital dash and maybe leather seats. And, you can get a really nice car for $3000.

Do you have to go through a dealer? Dealers have to mark up their cars because they have overhead. Private Party doesn't. And, the dealer doesn't know as much about the car as the person who has driven it for years right? Just ask if there are any quirks or things that are unique about the car....they all have them.

I looked at Edmunds.com and the 1995 Regency you are looking at is worth $1124 as trade in (this is what the dealer gave as credit to the person who brought it in), $1668 as Private Party (what you would pay a person who owns the car like through the classified), and $2576 at a dealer (they clean it up and make it look pretty and smell good. Very rarely do they actually do any mechanical work).

So, in my opinion I would rather keep the difference between $1668 and 2576 which is $908 to my self. If you want to get a car detailed, I would spend the $50 or $100 and still be ahead!

If you don't have to go with a dealer, then look at Craigslist, I have gotten my last 5 cars from there with no regrets!

Saabs are great cars also as long as you buy one that is made NOT in the US by Chevy or GM. Look for a 900 or a 9000 and you will have a car that will go forever! Timing chain instead of belt so doesn't break or need to be changed.

Volvos are good also and it doesn't have to be a diesel....

Honda and Toyota great cars especially for the money, but stick to 4 cylinders so they will get great gas mileage.

Many people think that an engine is starting to get broken in at 100,000 miles, but really that is when everything starts breaking and needing repair which is why people who buy new cars trade them in right before they get there. I would look for a car that is either at 80,000 and below, or 120, 000 and above. Usually that means that the wear and repairs that happen at 100,000 have already happened.

So, to answer your question, NO, I would not buy the car. I would not buy something American made. I also would buy something that has that many miles and has not gone past the expensive repair point.

I hope that helps. Good luck! Really, be brave and go private party!

i can't stand carfax, but that's only because i prefer to do my own research and negotiate. i feel like they rip people off. but you pay for the no-hassle thing i guess, which some people like. other than that i don't know about them.

i would kelly blue book (www.kbb.com) your little heart out. make sure you're getting a good deal, first off. i agree with what others have said about a dependable little honda or toyota -but those are in high demand and you don't find many (any?) in your price range. i just bought a car and we had about $3000 that we could either use on an entire car, or to put a large down payment on something more reliable and we ended up going for something more expensive, but we have the option of paying a small monthly payment. if you don't, your options are very limited.

see what else is out there in your price range and then use kbb.com, edmonds.com and GOOGLE to find out which will be the best for you. and don't forget the power of negotiation. if you are spending cash, in your price range, just imho, you should be able to knock off at least $500, if not $1000, of the asking price. get smart mama. those of us with limited incomes have to.

I had an 88 Cutlass Sierra (purchased in 1996) and that thing ran like a TOP until I was in a spot to buy something new (2005). I LOVED that car. It was a road yacht... drove beautifully and required minimal repair. That car went back-and-forth with me from FL to VA for college and grad school for 6 years with NO issues.

Have a mechanic check it out- most won't charge you much to do so. If your trusted mechanic thinks it's a good buy, then go for it!

Added: Thanks for the carfax article. I haven't purchased a previously owned car in several years, so I'm obviously clueless. Things change a lot in a few years. Sorry, and never mind! :)

H.:

Go to http://www.consumerreports.org and see what they say about the car.

personally? I would rather have a car payment than a 15 year old car. Check with your bank or even a dealership to find out what amount you would qualify for and get a newer car.

Good luck!

Oldsmobiles are great cars and the 3800 engine, also in the Pontiac Grand Prix's and Bonneville is a great engine. I had a 1990 Olds Cutlass Sierra and I loved that thing. My grandfather and bought it brand new and it was given to me in 1999. It had the 3800 motor in it and I sold it with 300,000 miles and the guy is still driving it and that was 6 years ago.
Yes it's better for some to go out and get a small loan but sometimes it just doesnt work that way. I would take it to a trusted mechanic if you can and see what they have to say.