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Originally Posted by SD987
Kevin, I'm going to make a suggestion based on an assumption...which is that you're looking to pay about $500.00 a month (24K financed for 60mths at 8%).
The suggestion is that you assume a lease off lease-trader.
If you're willing to be patient, I frequently see good deals on wheels pop up here.
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I spent a little time looking at lease trader. This an interesting concept, but I have cash so it just doesn't look like leasing is the way for me to go. There were 12 Boxsters available when I searched, and I would be out anywhere from $7000-$20,000 by the end of the lease and still not own the car. While the "try before you buy" approach has merit, I think a pre-purchase inspection and/or buying a car with some warranty left will also go a long way towards increasing the likelihood that I won't be buying a lemon.
I was orignally thinking of spending $20-22k for the right car, but I'm beginning to think spending a bit more will be a smarter long-term strategy. I'm not sure I'm willing to go as high as $30k yet. I think your comment about being patient is the best (and hardest to follow) advice. If I'm willing to wait until next fall, and live with a few of my offers being rejected, I might be able to buy a nice 2003 for less than $30k.
Again, any "reality checking" will be appreciated.