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Old 09-15-2014, 10:28 PM   #1
carconfusion
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Join Date: Sep 2014
Location: Los Angeles, California
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Car experts: I have $16K...do I buy used, buy new, or lease???

I need advice! I am so lost...the more research I do, the more unsure I become.

I have never paid for a car and don't currently drive one, but am moving to LA and need one. I have $16k TOTAL to my name, but I just quit my full-time job and now doing lower-paying freelance, so I won't be increasing my savings much in the next 6 months or so. I like nice looking cars/features (espec SUVs) but need to be on a pretty tight budget. Also- I won't know for a while if I'll be in LA for just 6 months or several years.

Given my situation, I have 5 questions: (please answer any or all)

1) Am I candidate for leasing, buying used or buying new (low-end new)?

2) What down-payment can I afford / what type of monthly payment should I be aiming for?

3) It's possible I won't need a car anymore after 6 months... so in what situation (lease/used/new) would I lose the least amount of money if I had to give up the car in 6 months?

4) I don't have car insurance. Should I get that prior to leasing/buying the car or am I supposed to get it immediately after leasing/buying the car?

5) Which specific cars do you suggest I look into?

Of course, these are subjective questions with a lot of unknowns... but would love some general thoughts from people who know cars well!

Thank you!!!

Last edited by carconfusion; 09-16-2014 at 12:30 AM.
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