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I'm torn, should I even get another car? If so, new or old?

My 1998 Chevy Lumina was totaled in an accident last week(other guys fault). So now I'm out a car, and while the other insurance company has taken liability they haven't settled yet. My car was old and had around 120,000 miles on it so I doubt I'll get much $ for it when the insurance company pays up. I *want* another car, but do I get an old car that I can actually afford (really cheap) but that I don't particularly like and will undoubtedly have many miles on it ( reliability and safety is important to me so I'm not going to buy a death trap or anything, just not anything that nice seems to be an option within my cheapo price range of $4,000) OR do I buy a year or two old car I *want* (Honda Fit Sport) but have to go into debt for the next three years and spend most/all of my savings when purchasing it? I don't have any debt of any kind currently. FACTORS TO CONSIDER Local transportation here is not very good (I'd give it a D+). I have $9,000 to my name. I'm graduating college in May and I live in Phoenix, Arizona. I'm 22 years old and getting a degree in Print Journalism. I have a job I have to drive 20 minutes to get to. I still live for free in my parents house and for now my parent are letting me borrow one of their cars. So no rent payments. I saved all my money for doing something fun after graduating and to have something to live off of while I figured out what the heck I'm gonna do, where I wanna live (not Phoenix), got a job, HAD FUN. I didn't not save all this money with intention to replace my car. I don't want to live with my parents for forever or use their car for forever. I feel like a leech doing that. But my career outlook isn't so good with journalism seeming to be going through its last death throws and the economy dead.

Public Comments

1. I doubt you'll get $4,000 for a 98 Lumina, but if you do I'd look at something like a 00 Nissan Altima or something like that. I'd go with your idea of not getting something brand new.
2. Many of us have "fun" plans for our money, only to be suddenly hit with bills for car repairs or replacements, dentist or medical bills, new clothing needs, insurance premiums, etc.. That's one of the realities of adult life that most young people haven't a clue about and never want to look at, including me, decades ago. Now that I've lived "adult life" for decades, and am finally getting my two wonderful kids to begin accepting some adult responsibilities in life (and they do it kicking and screaming and denying that they can't spend all their money on fun instead of "grown up" realities), I can tell you that the choice you're dealing with in your question is one of the adult realities that won't go away from you, no matter how hard you try to "have your cake and eat it too". Since your parents are still paying for room and board, and you don't want to "feel like a leech", try being VERY adult / responsible in choosing a reliable car. Yeah, it will cost you, but it costs us all, so, forget the fun right now till you figure whether you need a car and what you can afford, and realize someone has to pay for insurance too. And maybe you'll have to get a job outside your career dreams. That's just how life is. I know from experience on that. Once you get those psychological priorities set, then you'll be able to answer your car question much easier. God Bless you.
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