Or look for a used car and get some kinda loan to pay for it (not sure how that works - does anyone have tips?).
Or buy a clunker and then have to potentially replace it soon. I hate the thought of this option, especially as a single person w/out a boyfriend to cry to for roadside assistance.
Since I need a car like, yesterday, I'm leaning towards buying the Mini later this month. But not sure if most of the reasoning isn't just that it will make me feel deliriously happy. On the other hand, I can afford the monthly payment just fine so I don't want to be too stingy, and buying a new car will Fix The Economy -- um, right?
It's weird but all the options have the same upfront cost of $2000 dollars or so (either for down payment or full payment for the clunker) -- long term costs are a different story. So I have just enough options to confuse myself.
-- UPDATE
Tinypliny asked why I need a car, unfortunately I work by UB North Campus, so it's not a walkable sort of situation.
I have no advice really other then to tell you to go with your gut. If you want say a new car but you don't want the loan you might want to look into a lease. Of course there are down sides to that also like what happens if someone hits your car, and then some of them have Millage restrictions. I know they used to have them for 6 months. It is just another option that works well for somepeople.
The mini is pretty awesome.
GET THE MINI!
You want it. It will make you happy. You can afford it. There's nothing like a new car. It will be reliable and fun. And, MINIs rock.
Or... hold out for the MINI-E (the electric version, being tested in NY/CA now).
Or, a used MINI.
I think Towne has 0.9% financing now...
Or, maybe I'll buy a new car in a year or two and you can have mine. It's an '03 in pristine condition with only 30K miles. ;) Though that doesn't help you with needing a car yesterday.
But seriously...
Treat yourself. Do something that will make you happy.
You only live once.
It's only money.
You deserve it.
Tough decision with any of the options possibly resulting in headaches. If this helps at all, I've had stellar experience in buying clunkers for $1500 or less that have managed to get me through 2 plus years each time with out a lot of issue. My recent car is from another millenium, purchased for $1200 with only 60,000 miles. I've had it for over a year. If I had payments- I'd have spent much more than that easily. If figure, even if there happens to be a repair or two, I still have put less $$ into it. But I think I might just be lucky given how many people don't go this route. Anyway, if you have AAA, it is a nice safety net.
I've had new.. and it is hard to go back to making payments on something that really isn't worth it, to me...
other than the shiny happy newness of it all :) (and it is tempting..)
best of luck to you in finding an option that is perfect for you.
For a new or used car loan, the car counts as collateral so you don't have the high interest rates of a personal loan. Also, you don't have to go thru the dealer to finance, you should rate-shop a little, check one or two banks.
Used cars: easy to get a loan a your regular bank at a decent interest rate for something 3 years or less old. I think the last time I did that it was 10% down. My GEICO insurance includes roadside assistance. (I don't have AAA b/c I don't like their car-first political advocacy - I support mass/public transport!)
I've always taken the cheap route with cars. It's great to not have a payment. There also is no warranty in many circumstances, so depending on the reliability of the used car you get there may be nickel and dime charges that get very annoying.
You could also finance a newer used car, one that has a warranty.
I say buy the clunker and get AAA, but I guess that isn't so much fun.