I wish I had good credit...I need a car

iVillage Member
Registered: 07-05-2006
I wish I had good credit...I need a car
5
Mon, 12-22-2008 - 9:45am

I've heard lately that this is the best time to buy a car. We are a family of 5 and we drive a tiny Toyota Corolla. It is a pain in the butt everytime I get the kids in and out of the car. If I have visitors then we have to take seperate cars. My trunk barely holds a stroller and a suitcase at the same time. I've been trying to think how I could take advantage of this current situation. A lady on the radio who is a financial expert said that GM and Chrysler, because of their horrible situations are really getting tough on their dealers and fining them for the cars they are not selling. This lady said that the dealerships are going to want to give these cars away to get them off their lots. We currently pay 150 dollars a month on our car payment and only have 3 payments left on it. The last thing I want to do is get into another car payment but I don't want to miss a great deal either.


Here's my two choices:


1 - Stick to my original plan. Once I'm done with my current car payment in 3 months and I own it outright, just suck it up and live with it for the next few years. Save up money so I can buy a car with cash or at least have a huge downpayment available. Downside: What if all the great deals are gone? We all know that the dealerships are struggling right now, we could possibly name a price on a car right now. Who knows what the scenery will look like in 3 years. Other downside: Our credit is so horrible, could we even get a loan?


2 - Pay our current car off in a few months. Save about a thousand dollars and see if we can put ourselves in a minivan for a great deal. Downside - our credit is awful so there's no guarantee we could get a loan.


I just don't know what is the smartest thing to do.


Abbie


iVillage Member
Registered: 09-20-2004
Mon, 12-22-2008 - 10:27am

How old is your Corolla?

iVillage Member
Registered: 04-10-2003
Mon, 12-22-2008 - 10:36am

Hi Abbie,


I just thought I would chime in here because I am battling with a similar dilemma. My car is a 2006 Mazda 3, paid off completely.


Bex -

iVillage Member
Registered: 07-05-2006
Mon, 12-22-2008 - 11:27am

Well, in all honesty...it's probably a want and not a need. Our car gets us where we want to go and it will be so nice to not have a car payment in a few months. I hate buying cars...my absolute least favorite thing to do. I think I'm probably going to ride out the next year and see if those deals are still around. Especially since I just got towed this morning and now my available cash went down. Blah!


Abbie


iVillage Member
Registered: 09-07-2003
Mon, 12-22-2008 - 2:20pm

If you feel like you are strong enough to walk away... it IS free to take your car to a dealer and find out what they will give you as trade-in value.

Teresa
http://www.affordingpickles.blogspot.com

iVillage Member
Registered: 07-05-2006
Mon, 12-22-2008 - 2:27pm

Yes - I'm really hoping that if I'm smart and patient enough I will be able to get a great car in the future, negotiate the heck out of it and truly come out on top instead of upside down like I've done in the past. You're probably right that if the economy keeps on floundering, then they will only become more desperate to sell cars.


Abbie