I want to buy a car but make a measly amount of money (how can I buy one)?
I have a 2001 Ford Focus with a little over 170,000 miles on it. It's not really running that well. I will try to keep it up with oil changes, tune ups, etc. But if I sell it, how much trade in value will it have? How much will I need to get a cheap car? I only make under 400 dollars every two weeks because I have a part time job so I barely have any money.
All you are going to be able to buy is another car with just about the same mileage and almost the same age. Your trade in value will be close to zero. You will not be able to finance a car making so little as you are not allowed to spend more than 10% of what you earn on car payments. And few places will finance a car worth under $5000.
Just keep driving the Focus for now until it needs a major repair over $1000.
Sadly, you won't qualify for an auto loan with an $800 monthly salary.
- If you have enough money, can you have a new classic car built? Like can I pay to have ford build me a 1970 Mustang? Lets say I don't want to buy an old car and restore it, I want a 1970 but straight off the factory line. Can you have a car built with the old style frame, engine, trans, etc?
- Can I make more money working at a Ford dealership or open my own shop? I'm 19 going to uti automotive doing Ford Fact. I'm thinking about working at a dealership then open a shop specializing in ford Mustangs and doing performance. Is there any money to be made in what I want to do. I also want to buy cars and sell them. Also if anyone recommends trying to work for bmw Mercedes or Volvo let me know.
- Is an auto loan the same as the amount of the car cost? For instance my auto loan is 30k, but I could have sworn my car costed less then that. Don't understand why my auto loan is so high. My auto loan is through capital one and I got my car at a ford dealership
- Made my first car payment but money wasn't taken out of my checking account? I'm really confused as to why because when I called the ford (I have a fusion) credit card number they said the money was credited to my account for this month s payment and yet my capital one checking account doesn't have the money taken from it yet. Why would this be? I'm getting a little nervous