Getting a new car good for business? Please help

[Sherwin Vargas]

Hi guys,

I know a new car is never a good investment but hear me out.

I am a part time everything Dabbled in real estate, business ownership, other types of jobs and I want to focus some more on real estate and making sales and networking. I would never want to buy or rent a house from someone whose car is making noise coming down the street.

Here is my question.

I have a 2009 ford ok car but It is all beat up after several accidents that it runs and drives great but makes a lot of loud noises while driving and turning and has a hole on the side of the car and the hood is half open.

I wont get approved for a used car loan unless at 12 or 14 percent as I am still fixing my credit from college but I do make enough money for a new car. I was planning on buying a used car 12-18 thousand dollars but one that looks nice and presentable for when I drive around clients or I have open houses. I have owned a lot of cheaper used car and am just sick of the work necessary to keep them running. Ford has a program where new drivers can put 0 dollars down and have 0 or 1.9% financing this is only for new cars.

I am thinking of doing this but just want to hear your thoughts a 22 thousand dollar car would come out to maybe 25 thousand dollars total over the 5 years of payment. but a 17500 dollar car comes out to about 26k or 27k with the interest over the 5 years.

What are your thoughts. I know new cars are never a good investment but I am really thinking about doing this. For the image as a real estate agent who is really trying to grow their business and be taken seriously.

Thanks,

Sherwin

[Jake Thomas]

@Sherwin Vargas All I read was I am rebuilding my credit but I want to finance a new car... Seriously! This is a real estate investing forum, buying a new car is the WORST investment you can make right now. As a Realtor I closed $3.5 Million in real estate this year driving a $3,000 Honda Civic. So please don't tell me anyone needs a new car to be successful. 

Save up $3,000 and buy something that looks decent and not beat up. Repair that credit and save up a down payment and start investing.