Frugal Village Forums banner

Buy Car with Cash or Take up Payments?

2059 Views 12 Replies 10 Participants Last post by  SwirlyThing
Hello everyone. I have posted here before and laid out my financial situation in another thread. I received awesome advice and now I’m looking for more. Since posting last, I’ve had a new twist to our debt situation. Here goes…

We (my wife and I) had two car payments that were basically sucking us dry every month. Three weeks ago, we were blessed. My wife was hit by another car and her car was totaled. Fortunately everyone was ok. The insurance is paying the vehicle off and we’ll have $3,200 leftover from the insurance payment. On top of that, I can bring another $1,500 in cash to the table to buy something else totaling $4,800 to get a used car. I currently own a Honda Accord, making payments, very reliable car. I drive 50 miles to work, one way. I’m giving my wife the Honda Accord because she totes the kids around to school, her work etc, and the car is safe. I’d rather put her and the children in it because it’s safe and reliable. So I have to buy something else. Remember, I drive 100 miles per day round trip – 4 days a week, so mileage adds up fast, and so does the gas bill. I DO NOT WANT NEW PAYMENTS. I’ve looked hard and all I can find are used Hondas, Toyotas, Nissan’s etc for roughly $10k . These are very reliable cars, with on avg 100-120k miles on them. I really really don’t want to have to finance anything. Should I go ahead and bite the bullet, finance something, OR there are other cars for ~$5000 that are less reliable but will be paid for. Of course, I’d have to do more maintenance on them. For instance there is a BMW with 120k miles for $4300. I don’t know if I should go ahead and buy it, or finance something else.

Thanks for any and all advice!
See less See more
1 - 2 of 13 Posts
I would look into used Mercedes , or Volvo's they are some of the safest cars on the road, reliable, and if maintained you will be set. Look for both under the year 2004 trust me. I would only buy if there is maintenance records or you can see maintenance has been done.

There is nothing more expensive that a used Mercedes that has not been maintained with regular service.

Mercedes 94 are the most reliable, great body frame, classics, leather and if maintained well can go over 300,000 miles. I should know I have a couple of paid off Mercedes. Just make sure the harness was redone ( well known in that age to have a "green" disposable harness....sigh don't ask)

I have many friends with leases, car payments etc who are jealous of my Mercedes and Volvo that I just got. They don't look their age, have been maintained , are classics and drive incredible.

I just picked up a Volvo with a turbo , voted one of the safest on the road. Was 33,000 new. Now this is an oldie, but looks brand new interior, leather, fantastic exterior but needed a new hood. Already replaced hood, fan relay, timing belt ( should always do this at 70,000 miles) , water pump, serpentine belt , and PCV flame kit, oil change, fluid check, cam shaft seal ( for small leak) etc. Some needed done, some just preventive maintenance. I bought the parts for a fantastic price. We did this ourselves saved thousands . She looks brand new, drives smooth, and we will probably get 200,00 commuter miles out of her. I won't even say how cheap I got her , as the owner wanted it gone , needed a new hood and smoked from the dipstick . Which in researching is common for that car and needed a new PVC flame kit, it was regularly 150.00 for the kit I got on sale for 85.00 free shipping. Like my friend says she looks brand new. She drives incredible and certain family members love the turbo ...LOL that can go up to 150 but no we won't drive it to that ! :thud::bolt:;)

Mercedes diesels are great highway commuters, great on mileage, and have been know to go over 400,000 miles if maintained.

Hope this helps. Did I say I love no car payments, classy cars, with leather, power everything, smooth rides and did I say no payments ...LOL I would never trade my Mercedes for a BMW ( sorry BMW lovers, I have heard you either love Mercedes or BMW...well mine have never let me down. But we have been willing to research , join boards for help, get the parts for a good price and do the work ourselves.

Hope this helps sorry for the book, and if no help disregard.

Best wishes in your decision.
See less See more
  • Like
Reactions: 1
By the way seeing gas mileage I get 30 mpg highway on Mercedes older, 26-28 town.

Diesel Mercedes older about 33 mpg

Won't go into the SUV very good for a SUV though but know you aren't in market

Volvo new to me but seems to be getting 31 mpg highway and 28 city so far, with new tune up.

And these are full size luxury cars, safe, reliable and rated also some of the safest.

Up to you, I just like looking at safety, mileage, mpg and luxury with no car payments. I won't sell my soul for a good ride.
See less See more
1 - 2 of 13 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.