The $5,000 Used Car Blues
My sister called me the other day. My 18 year-old nephew needs a car of his own — which my sister will be paying for — and they've got a budget of $5,000. What car do I recommend?
$5,000 for a car — that's a tricky price point. My nephew is the lead singer for a band, The Rooks, so he wants something that can haul some Gear. My sister wants something safe and sane.
I've suggested that we find the newest car we can get for the money. Forget about hauling gear for now — let's think about reliability, fuel efficiency and safety. The last thing an 18 year-old needs is a great big SUV — you really should have more years on the road before you pilot two tons of metal.
Maybe a Honda Civic will fit the bill. According to Kelley Blue Book, we should be able to find a 1998 Civic in good condition. Maybe a 2000 Toyota Corolla is the right choice. My brother-in-law tends to lean toward relatively big used American cars, so the family has had a succession of used Ford Tauruses (Taurii?) in the driveway (and at the mechanic's shop). I hope I can push them toward a more sensible choice…
What would you recommend for a $5,000 used car these days?
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How about a nice Chevrolet Prizm, same excellent Toyota reliability as the Corolla that it is based upon, slightly cheapner interior, lower used car price for an equivalent car (because of the Chevrolet badge).
Alternately, a Hyundai Sonata four cylinder; more size, more carrying capacity. A look in NADA shows a low mileage 2000 Sonata for $4675 retail (personal sales through a newspaper should even be cheaper) which leaves a little left over for the inevitable small things that go wrong with 5-6 year old cars.