Board 8 > Might be buying a car. Help me make a decision here

(+) Yeah! (+)

So

My friend is selling a 2012 Dodge Charger for 25000QAR (about $6800).

I'm probably staying in Qatar another two years given the low rent I'm paying and the pay rise I'm getting starting in September.

Currently I'm renting a car for 1200 a month. I rent for 10m of the year, so if I stay 2 more years that's going to be minimum 24k. In other words, the Dodge is only 1000 more than that even before I sell it on. So money-wise it makes some sense. It has done 113km (about 70000 miles) which feels like a lot but not too excessive?

I like the car, too. It's a bit fast and furious but I dig it. This basically seems like a good deal provided I don't completely fuck the car during that 2-or-more-year period so I can sell it on later.

But I feel like I'm missing something and it can't be this simple. Help?
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Your logic sounds completely sound to me. Also, 70k is not a whole lot for miles. I just bought a car that has more than that actually. How does it do on gas compared to your current car and how far do you travel.

The biggest con I see is if it costs you too much that it throws out your budget. The big pro is that unlike your rented car you have the ability to sell this car when you're done with it. Naturally you already thought that through but I think you get the car. Also, Dodge charger is just a vehicle that I love and would have a hard time turning it down in that scenario.
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Also, I dont know how insurance works there but I would get a quote too so you can see if there is a drastic difference in your premium there because they may charge more because a charger is a "sports car"
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eaedwards6400 posted...

Your logic sounds completely sound to me. Also, 70k is not a whole lot for miles. I just bought a car that has more than that actually. How does it do on gas compared to your current car and how far do you travel.

If I leave Doha via car more than 5 times a year that would be surprising. I can't imagine I'll be significantly exceeding my current "one fill per week" deal.

Current car that I am renting is a Nissan Sunny. Pretty bored of it. It's just not very good. It does get me from a to b, but bleh.
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$7k is a good price for almost any car with only 70,000 miles on it.
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Yeah then to me this is absolutely a no doubter. Plus, the charger is just a cool looking car lol
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ChaosTonyV4 posted...

$7k is a good price for almost any car with only 70,000 miles on it.

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Hmm well. Looks like I'm buying my first car
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XIII_rocks posted...

pay rise

ew
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Pay...increase?
Pay...raise?
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Incremental Income Enlargement is the proper term for it.
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XIII_rocks posted...

Pay...raise

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Not American
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Cash Convection
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Bump
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one thing to be wary of is maintenance costs.

since you're renting a car right now I assume this means you always have the ability to rent a working car. if you buy a car and something happens to it, and it stops working, this means that you will not have access to a working car. you'll have to pay money to get it fixed or pay money to rent a car in the meantime (on top of the fact that you already purchased a car).
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yeah thats a good deal on the buy
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MariaTaylor posted...

one thing to be wary of is maintenance costs.

since you're renting a car right now I assume this means you always have the ability to rent a working car. if you buy a car and something happens to it, and it stops working, this means that you will not have access to a working car. you'll have to pay money to get it fixed or pay money to rent a car in the meantime (on top of the fact that you already purchased a car).

Yeah that's the inherent gamble with doing this. But renting is guaranteed to be dead money. I'm gambling on being able to sell this on.
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Cars arent great investments. If you arent hurting for $$ and just want to own your own car for roughly the same cost as renting , sure. I wouldnt get an American car personally. But if its a matter of trying to get money back, its probably a wash at best?
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I'm expecting a fair amount of depreciation. Anticipating selling it for about half the price. Been told I could sell it for 15k in two years, but I'm estimating lower
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I just did a Kelly Blue Book on it and it is generally worth around $12k. So if you kept it just the 2 years like you mentioned I think you might be able to sell it for what you bought it.
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