OK friends, here’s the deal, my financial journey is taking one of those unexpected sharp turns. I was rear ended by a drunk driver on Friday night and my car is going to be totaled. Fortunately, I have all the right types of insurance (uninsured motorist & GAP) so my out of pocket expenses should be minimal. However, I only have a baby emergency fund, not enough to cover a new vehicle with cash. As I wrote last week, I want to try a modified version of Dave Ramsey’s Drive Free Retire Rich plan. I thought I would have my current vehicle another 5+ years, enabling me to pay it off and save enough to pay cash for my next vehicle. Since this is not going to happen, I have to finance another vehicle. My financial awareness has changed a lot since 2004, so I won’t be marching into a car dealership buying the first new car that I lay my eyes on. In fact, I won’t be buying a new car at all! I plan on getting a slightly used (2008-2009) vehicle with low mileage (preferably under 50,000).
So readers, I need your help!
- I’m looking for where I can go to get a used car: dealer, Craigslist, private owner, rentals for sale
- I’m looking for suggestions on what type of car to consider…my priorities are below
- Any other advice pertaining to the purchase of a new vehicle! The last time I purchased a vehicle, I made a lot of dumb financial mistakes. I don’t want to do that again
My vehicle requirements / priorities are:
- High safety rating
- Proven reliability
- Good on gas
- Reasonably priced. For a slightly used, I’d like to stay under $10K
I mostly use my vehicle to commute to work, so this is a practical purchase. Unfortunately, I never learned how to drive with 5-speed transmission, so my options are limited to automatic. I’m not looking for a luxury vehicle with bells, whistles, insane speed and horsepower.
Thanks in advance!