Any thoughts? Thanks.
Can I get a decent used car for under $5,000?
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I think you can but you'll have to do some leg work and home work. At that price low mileage won't be available unless you get lucky. I would look for a single owner car if possible. I would talk to the owner in depth about service and look at the other cars the have to see how they look.
Good Luck.
Good Luck.
If you're willing to buy an unpopular one.
This is where the American branded cars shine, to the extent that their depreciation during the first few years is hellacious. Look particularly at models that are big in corporate and rental fleets.
I purchased an '02 Chevrolet Venture when it was 5 years old with just over 50,000 miles on it for $6500. That's more than 70% of its value gone already. Less than $500 put it to rights and it's serving as our primary vehicle now. I image if I'd instead looked for a Buick Century or Chrysler Sebring or Ford Taurus I could have made it under $5000 at the time.
What you need is something that's not very fashionable but exceedingly plentiful.
- Chris
This is where the American branded cars shine, to the extent that their depreciation during the first few years is hellacious. Look particularly at models that are big in corporate and rental fleets.
I purchased an '02 Chevrolet Venture when it was 5 years old with just over 50,000 miles on it for $6500. That's more than 70% of its value gone already. Less than $500 put it to rights and it's serving as our primary vehicle now. I image if I'd instead looked for a Buick Century or Chrysler Sebring or Ford Taurus I could have made it under $5000 at the time.
What you need is something that's not very fashionable but exceedingly plentiful.
- Chris
Absolutely. One of the best cars I had was a '95 Escort. It had a five speed, heater and not much else. Put nearly 150k on it before it was destroyed (not my fault), but probably would have gone a lot longer if it hadn't. On the highway it turned in 40+ MPG, as well. They made this model from '94-'96 and they're worth checking out.
If you're willing to go older, look for four door versions of American cars. An old Fairlane or Galaxy coupe is desired by collectors. Four doors are practically ignored. The good thing is that these are cheap to own, insure and run. You'll be able to get inexpensive parts at Pep Boys. They're simple enough to wrench on at home and the old American V8s and straight 6 engines are nearly bulletproof. Oh yeah, the 6 cylinder models are also unwanted by collectors. Oddly, the old straight 6 engines from Ford and Chevy are incredibly good.
The other bonus of an old car is that they usually appreciate. Even a 6 cylinder four door will tick up a hundred or two every year.
Edit: Should have also mentioned that any American truck made between the end of the War and 1976 is a great value. You can get every part to keep them running, they'll insure for like $400 a year and tend to appreciate. Also, you might find a C4 Corvette in your budget. Again, all the parts are easily found, there are dedicated forums like B&B, and if you keep it decent, you'll probably get $15k-$20k for it in ten years.
If you're willing to go older, look for four door versions of American cars. An old Fairlane or Galaxy coupe is desired by collectors. Four doors are practically ignored. The good thing is that these are cheap to own, insure and run. You'll be able to get inexpensive parts at Pep Boys. They're simple enough to wrench on at home and the old American V8s and straight 6 engines are nearly bulletproof. Oh yeah, the 6 cylinder models are also unwanted by collectors. Oddly, the old straight 6 engines from Ford and Chevy are incredibly good.
The other bonus of an old car is that they usually appreciate. Even a 6 cylinder four door will tick up a hundred or two every year.
Edit: Should have also mentioned that any American truck made between the end of the War and 1976 is a great value. You can get every part to keep them running, they'll insure for like $400 a year and tend to appreciate. Also, you might find a C4 Corvette in your budget. Again, all the parts are easily found, there are dedicated forums like B&B, and if you keep it decent, you'll probably get $15k-$20k for it in ten years.
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Stay away from the used lots that are run by new car dealers... They way over price.
In 2008 I bought a 2004 Chevy Blazer with 80,000 miles for $5800 from a small used car lot. I shopped around a bit and think that was a pretty good deal at the time.
If you're willing to buy an older car, you could spend less and still get a great deal.
In 2008 I bought a 2004 Chevy Blazer with 80,000 miles for $5800 from a small used car lot. I shopped around a bit and think that was a pretty good deal at the time.
If you're willing to buy an older car, you could spend less and still get a great deal.
Some good used cars at that price (assuming nothing is wrong with them already)
Jeep Cherokee (regular, not Grand)
Crown Victoria
Escort
any Buick
Ranger
Silverado
F150
avoid anything European or Japanese. At that price, any car will need work and maintenance done. This is hwere Euro and Japanes cars show their weakness (costly parts and service)
Also avoid
Taurus
Impala
anything from Chrysler
Jeep Cherokee (regular, not Grand)
Crown Victoria
Escort
any Buick
Ranger
Silverado
F150
avoid anything European or Japanese. At that price, any car will need work and maintenance done. This is hwere Euro and Japanes cars show their weakness (costly parts and service)
Also avoid
Taurus
Impala
anything from Chrysler
Call around to your local repair shops.
Sometimes, they have cars they've fixed but are abandoned by the owners. They usually unload them to cover repairs, at least to me.
Sometimes, they have cars they've fixed but are abandoned by the owners. They usually unload them to cover repairs, at least to me.
I disagree with the Jap portion of this statement completely. A great, albeit basic Honda/Toyota with plenty of life left it in can be had for $5k all day long (though location may play into the market value, somewhat). If it has been maintained, it's going to be at the peak of the price range, but that's on the buyer's due diligence to figure out.
Extent and cost of repairs is something that should be considered in ANY vehicle purchase, prior to making the deal. If it needs work, sale price should adjust accordingly. Shop CL and the side of the road; shopping center parking lots as well. Get it checked out by a reputable mechanic. Ask questions. Join a forum dedicated to enthusiasts of that vehicle and search for common costly issues.
$5k can get you a good car. I'd contend that yes, you may be able to get a NEWER american car for the money, but newer doesn't always mean better.
it depends. it will be older and have more miles (unless you find a steal of a deal), but that's not always a bad thing. i got a '99 5 spd outback with 120k for $4500 last year. ran like a champ till it was totaled in a fender-bender. 
talk about your overpriced repairs! i drove it for 3 days before taking it to the shop, then got a call they were going to call it totaled.
all that aside, yes, it is possible.
talk about your overpriced repairs! i drove it for 3 days before taking it to the shop, then got a call they were going to call it totaled. all that aside, yes, it is possible.
Heck Yeah you can get a fine vehicle for that. Don't limit your options too much, and you'll nail a keeper in short time.
I agree, except Japanese parts are not expensive and rarely more than US parts these days. The Japanese take this market seriously and know that the Europeans get knocked for expensive and often unavailable parts. Part availability isn't as quite wide as Ford or Chevy, but the parts are around and don't usually need to be special ordered. I've seen old Toyotas and Hondas rack up the miles and rarely need service, too, unlike the European makes.
Also, it's smart to get a manual transmission. They scare off a lot of buyers, so you usually get a better deal. But the big benefit is that replacing a clutch is not a big deal and inexpensive. But getting almost any automatic rebuilt these days is damned expensive.
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Never said Japanese cars were not dependable at that price range, but the cost of many repairs will pretty much be double that of an American car of that age/mileage.
Generally, Japanese > European for used. YMMV and all that, but that has been my experience.
Anything "high end" you get killed on maintenance.
Personally, I'd get a Consumer Reports Buying guide, and look in the used car section. They have reliability ratings that should help at least eliminate a major lemon, and they point out where the reported troubles have been, so you can at least be aware of them.
Hit kbb.com for ballpark ideas on pricing. Go to Carmax.com as well.
It just so happens that I have a honey of a 1993 Ford Escort wagon 5 speed, at the low, low, low price of just $4,995!
That's right! This little cream puff is the darling of the freeways!
C'mon down!
That's right! This little cream puff is the darling of the freeways!
C'mon down!
With $5K to spend, I'd look for a higher mileage, well-maintained Honda, and I wouldn't think twice about it.
The last three vehicles I've owned have been Hondas, and when properly taken care of, they just go, and go, and go. As a result, they hold their resale value pretty well, which is why you have to be willing to look at high mileage vehicles to find a decent Honda in your price range - but again, if they've been properly taken care of, the mileage shouldn't scare you off with these cars. I'm at almost 190K miles on my 2004 TSX, and that thing runs perfectly, all the time. It's kinda ridiculous, really...
Something to keep in mind when you're looking at higher-mileage Hondas (and this applies to other makes as well):
There is often some fairly expensive "routine maintenance" that is suggested in the 90,000 - 120,000 neighborhood. Assuming a properly maintained vehicle, you'll often get a better deal on a car with 130K miles than on the exact same car with 90K miles. The higher mileage one will appraise at a lower price, but since it's just had the expensive stuff taken care of, the short term cost to you will be lower. Just something to think about...
The last three vehicles I've owned have been Hondas, and when properly taken care of, they just go, and go, and go. As a result, they hold their resale value pretty well, which is why you have to be willing to look at high mileage vehicles to find a decent Honda in your price range - but again, if they've been properly taken care of, the mileage shouldn't scare you off with these cars. I'm at almost 190K miles on my 2004 TSX, and that thing runs perfectly, all the time. It's kinda ridiculous, really...
Something to keep in mind when you're looking at higher-mileage Hondas (and this applies to other makes as well):
There is often some fairly expensive "routine maintenance" that is suggested in the 90,000 - 120,000 neighborhood. Assuming a properly maintained vehicle, you'll often get a better deal on a car with 130K miles than on the exact same car with 90K miles. The higher mileage one will appraise at a lower price, but since it's just had the expensive stuff taken care of, the short term cost to you will be lower. Just something to think about...
+1 that's how i bought my outback.
I would vote for a Jeep Cherokee. Not a Grand Cherokee. I am on my second one and I put well over 100,000 miles on each one. I still have the second one. You want the 4.0 liter inline 6 cylinder engine. They are very reliable, I have over 200,000 on mine and it runs great. I have not had any large problems with mine out side of regular maintenance. Some parts wear out, I had to do a new alternator last year. I do as much work as I can on it. I do have a shop for the other stuff that is out of my capability.
If you can do any work on the vehicle your self you will save lots of money. Even changing your own oil will save you money.
Good luck with what ever you get. I don't think Japanese vehicles would be a bad choice but I would probably avoid a lot of the European vehicles. Lots of them had electrical problems. I would at least avoid any thing with a history of electrical problems, European, Japanese, American, what ever it is (do your homework). They can be difficult to diagnose and fix, this can get expensive.
If you can do any work on the vehicle your self you will save lots of money. Even changing your own oil will save you money.
Good luck with what ever you get. I don't think Japanese vehicles would be a bad choice but I would probably avoid a lot of the European vehicles. Lots of them had electrical problems. I would at least avoid any thing with a history of electrical problems, European, Japanese, American, what ever it is (do your homework). They can be difficult to diagnose and fix, this can get expensive.
