So here's an issue I'm struggling with right now...is taking a loan out for a car right before law school advisable?
Now, before everyone starts shouting, "NOOOOOO," and/or laughing at me uncontrollably, let me explain. Now I know that I'm going to need reliable transportation while I'm in law school, especially since I'm going to school in Dallas. Yes, Dallas has fairly extensive public transport options, and it's not 100% necessary to have a car, but it would make life about a million times easier, so we're calling it a necessity. I have a car in California, but it's old...it got me faithfully through college, and it certainly wasn't new then, and I feel like it might be on its last legs.
My original plan was to pack my car up and drive it to Dallas, and then drive it until it crapped out. I mean, I paid cash for it, so I don't have any debt on it, it's in good external condition, and while the transmission might be wearing down, I did just have the brakes done, and it could (probably) get through another three years of daily driving.
But, do I want to chance it? I mean, if I do drive it until it literally craps out on me, then what do I do? I'm not going to be working during law school, so I won't have any money to buy a new one, and by then I'll already have the expenses of law school...loans, living, etc. And I won't even be able to sell it and use the little money I could get for it as a down payment or anything. I'd definitely have to ask my parents to help me out, and to be honest, I really don't want to do that unless I have to.
If I go ahead and drive it to Dallas and then sell it there, my only concern would be that the car's transmission might go out on the road from here to Dallas. Then I would be stuck on the side of the freeway in the southwest US in the middle of summer, and I'd have no choice BUT to pay for the repair to the car, so then I'm stuck with it.
If I sell it here in California, then drive around one of my family cars for the rest of the summer, I have to move back to Dallas by packing everything possible into suitcases and flying back there. Then I have two choices: I can either buy a car for the money I have now + whatever I get for my current car, or I can take out a loan and get a new car with a warranty and everything.
I don't need a BMW. I just need something that will get me from point A to point B and hopefully won't cost me a lot (or anything) in maintenance between now and 2014.
I guess I've just got a lot of thinking/number crunching to do. I hate number crunching.
Hmm I say new car! lol I would hate to be in a new city without a reliable mechanic that I can trust in case something did happen to the old car. It really will come down to what you want to spend, and I'm sure your aware of that. If it were me, I'd get something nice and reliable!
ReplyDeleteMake sure everything's good to go on your current car, make the trip to TX, and drive it till it craps out. No point in taking out a huge loan now if you can delay it for a while. Who knows, maybe your current shitwagon will make it another 5 years!
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