Can I buy a car with 5000 dollars?

What is a good down payment on a 5k car?

A down payment between 10 to 20 percent of the vehicle price is the general recommendation. But if you can afford a larger down payment, you can save even more money on interest payments over the life of the loan.

What is a good salary to buy a car?

Remember the thumb rule: Always remember the thumb rule of not spending more than half of your annual income on a new car. For instance, if an individual earns Rs 10 lakh per annum, the ideal budget for the vehicle would be Rs. 5 lakhs.

What is a good price to spend on a first car?

Though budget for a first car depends on one’s income and life stage, $5,000 to $15,000 is a good range for the average person’s first car. This price range will typically eliminate junker vehicles that have severe mechanical issues, and the range is wide enough to include a wide variety of quality vehicles.

What is a good price for a first used car?

A dependable first car can cost between $5,000 and $10,000. That doesn’t include other costs such as car insurance, oil changes, and other types of maintenance and repairs. If it fits your budget, a new car or used car with monthly payments you can afford on a car loan will likely get you in a better car.

What is a good car payment for a first car?

NerdWallet recommends spending less than 10% of your take-home pay on your car payment and less than 15% to 20% on car expenses overall.

What is a reasonable first car?

Best Choices for a First New Car in 2022. 2022 Nissan Versa | $15,180 | Reliability Rating: 83/100 | USN Overall Score: 7.9/10. 2022 Hyundai Elantra | $20,200 | Reliability Rating: 80/100 | USN Overall Score: 8.0/10. 2022 Toyota Corolla | $20,175 | Reliability Rating: 85/100 | USN Overall Score: 8.0/10.

What are good but cheap cars?

How many miles is too many for a used car?

What is considered high mileage on a car? Often, 100,000 miles is considered a cut-off point for used cars because older vehicles often start requiring more expensive and frequent maintenance when mileage exceeds 100,000.

What is a good mileage for a used car?

As a general rule, you should assume that the average car owner puts 12,000 miles on a car each year. To determine whether a car has reasonable mileage, you can simply multiply 12,000 by its age. That means good mileage for a car that’s 5 years old is 60,000.

Which brand of car is most reliable?

How old should I buy a used car?

In retaining “like new” quality and inheriting a slower depreciation rate, the best used car age for buying is 2-3 years. In fact, Americans are saving up to $14,000 on a 3-year-old vehicle. For example, a car that may have cost you $30,000 when new would cost around $16,000 after just 3 years.

How many miles should a car have after 15 years?

That 5,000 average annual mileage might be an honest count each of its 15 years, driven on a short commute, or driven infrequently as a third car.

What car brand lasts the longest?

Toyota earns the top spot as the best automaker for dependability. Toyota vehicles are known for their longevity, and they are proven to last longer than any other brand. Toyotas are built so well they have below-average maintenance and repair costs, which helps contribute to why they remain on the road for so long.

Is buying a 10-year-old car worth it?

When buying a used car that’s 10-years-old or older, your primary concerns are purchase price and reliability. Don’t pay more than that 10-year-old car is worth. And, pick a car with a solid reputation for dependability. No car is really too old if you follow those rules.

Is it better to get an older car with less miles?

Generally speaking, it’s a great decision to buy low-mileage used cars, even if the mileage seems unusually low. With the lack of affordable cars on the market right now due to the chip shortage, many more buyers seek used cars. As a result, it could be hard to find a 5-year-old car with a few thousand miles on it.

How many miles should a 10 year old car have?

A wary buyer should use as a general rule of thumb that most cars are driven 12,000-15,000 miles per year. If a vehicle is 10 years of age, it should have between 120,000 miles and 150,000 miles on the odometer.

What is a high mileage car?

What is Considered High-Mileage? Typically, putting 13,000 to 14,000 miles on your car per year is viewed as “average.” A car that is driven more than that is considered high-mileage. With proper maintenance, cars can have a life expectancy of about 200,000 miles.