So my wife and I are thinking about buying a used car:
http://www.mitchellvw.com/VehicleDetails/710916693 (edit: updated link)
My wife checked it out today and I think I'm going back with her tomorrow to give my opinion.
Kelly Blue Book and NADA price it at around $14,000 but apparently this dealership is selling it for $11,763 (I don't know if that's a good thing or not.) It has a clean title and 3 previous owners. The first was a lease, and the last guy, who traded it in at this dealership said he just wanted to "switch to a more fuel efficent diesel car since his girlfriend lives further away and he drives a lot."
concerns: it has over 67k miles on it already and is 5 years old and I'm looking at a 3 year loan. I don't mind being a little upside down on the loan, but I don't want the thing to up and die on me with a year of payments left. Also, the car I'd be trading in is literally only a month and a half away from being paid off; so instead of increasing our income we'd be continuing to make car payments for another 3 years.
pros: We'd be replacing my 6 year old elantra which has over 93k miles on it and needs new tires, breaks, and belts (edit: and is due for re-registration and emissions testing in September). I also wouldn't mind getting rid of that elantra as I don't neccessarily feel secure driving my daughter to daycare and back every day in it. This "new" used car would go to my wife and I would inherit her 2006 Tucson for the daily commute so we'd have 2 mid-sized suv's for baby transport. Also, it would make my wife happy (which is weighted fairly high in the list of pros and cons.)
The sensible answer is to pass for now and bank the money I'll be saving starting in October when my other car is paid off. But if the deal seems fair and the risks aren't to bad, then perhaps the "sensible" answer is not neccessarily the "best" answer.
Your thoughts on the two issues at hand:
1) does the car as posted (without actual pictures) seem like a good deal?
2) should I take on a new loan just as the old one is almost paid off?