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Hey all, I'm starting to look at getting a vehicle for medical school and to be quite frank - I'm a little lost! I'm wondering what kind of budget I should be setting aside for a solid starter vehicle that will:

 

- hopefully last me through residency (so maybe something 4 years old max)

- get me good gas mileage (this is a BIGGIE.)

- not hammer me insurance-wise too badly

- parts/repairs will not bankrupt me

 

With these factors in mind, I'm ending up at something like a 2010-2012 Toyota Corolla... however, it's looking like Corollas hold their value very well and do not depreciate. I was hoping to spend around 10-12K, but it's looking closer to 15K. Is this too much? What are you guys thinking? Appreciate any insight.

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A corolla is always a safe bet, along with a Civic.

 

Personally I have a 2008 Honda fit sport. Bought it about 3 years ago for around 10K w/ only 70K KMs. It's very comfy, fun with manual tranny, and fits a TON of stuff in the back. Great for camping etc.

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Corolla and Civic were pretty big names for a long time, but other manufacturers have really stepped up their game in the past 5 years, so it might be worth looking outside the box. If you take a look at some of the economic awards for newer cars...

 

http://usnews.rankingsandreviews.com/cars-trucks/Best-Cars-for-the-Money/

http://consumerreports.org/cro/2012/05/best-new-car-values/index.htm

 

...you'll note that neither car pops up very often these days. Ultimately what you buy will be a mix of need and preference. If you just want something cheap with wheels, then a Prius, Fit, and Fiesta are all good options. If you want something middle-ranged, then a Volt, Focus, Elantra, etc. are good options. Want something with more HP? An Altima 3.5 has anywhere from 240-286hp depending on the year and still is very economical. All should be within your price range if you buy used within 4 years.

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Hey all, I'm starting to look at getting a vehicle for medical school and to be quite frank - I'm a little lost! I'm wondering what kind of budget I should be setting aside for a solid starter vehicle that will:

 

- hopefully last me through residency (so maybe something 4 years old max)

- get me good gas mileage (this is a BIGGIE.)

- not hammer me insurance-wise too badly

- parts/repairs will not bankrupt me

 

With these factors in mind, I'm ending up at something like a 2010-2012 Toyota Corolla... however, it's looking like Corollas hold their value very well and do not depreciate. I was hoping to spend around 10-12K, but it's looking closer to 15K. Is this too much? What are you guys thinking? Appreciate any insight.

 

I wouldn't worry about holding value. If you are smart you won't resell it, just drive it into the ground. By the time you are done residency the car will be between 8 and 13 years old. That's the end of a car's design life cycle. You aren't gonna get that much on resale, no matter what kinda car it is. Plus if it's in good enough shape to sell at a decent price, it's in good enough shape for you to keep driving it if money is tight.

 

The thing I would concern myself with are maintenance costs over the life of the car and fuel Econ. If you can drive a manual, or are willing to learn, do it. Better fuel Econ most of the time for the Eco box class, plus more realizable tranny with lower repair costs.

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I would throw in Hyundai ! like previous poster mentioned...toyota and honda are not the only big names now. Im pretty sure Hyundai has won quite a few awards actually. And the other day at the mall (where they display cars) I saw a 2014 Elantra with loaded features for $12,000 !! If you can get a late year car (as in 2014 is almost over so the factory is trying to get rid of them) you can get a great NEW car for the same price as used. and the best part is maintenance! All new cars come with 6 year (or was it 8?) warranty so if anythinggggg goes wrong you just take it to Hyundai and they fix it on the house because everything is covered. no need to pay for a mechanic or parts!:P

 

You end up saving more time and money in the long run if you buy a new car and use it till it dies if you consider warranties + great deals. This is something my family has just realized... and cant believe we have been buying second hand for so many decades :P

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You end up saving more time and money in the long run if you buy a new car and use it till it dies if you consider warranties + great deals. This is something my family has just realized... and cant believe we have been buying second hand for so many decades :P

 

Sorry, but this is not true at all. You could buy the same car you are speaking of about 1-2 years old, with low KM and save thousands, but get almost the same use out of it. Doing this, it is impossible for it to be more expensive than buying new.

 

E.G. My car (2008 Honda fit sport manual) was about $18000 new. I bought it for $10,400 with around 70K km on it, only 2 years old perfect condition. I will drive it into the ground and those first 70K KM from the original buyer cost them the difference (around $7000) whereas I will get 10 years from it and easily 200K more kms for the $10K I bought it. Also, insurance was cheaper because it is used and thus collision is cheaper. This is not the exception, for any given car, it is always cheaper to buy use. Obviously some people will get unlikely and have major repair costs on a lemon, but that is not common and can happen with new cars too (warranties after a short time only cover powertrain...and many certified used cars offer warranties as well).

 

I do agree with Hyundai though, they have come a LONG way since they started in Canada. Very good value!

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Sorry, but this is not true at all. You could buy the same car you are speaking of about 1-2 years old, with low KM and save thousands, but get almost the same use out of it. Doing this, it is impossible for it to be more expensive than buying new.

 

E.G. My car (2008 Honda fit sport manual) was about $18000 new. I bought it for $10,400 with around 70K km on it, only 2 years old perfect condition. I will drive it into the ground and those first 70K KM from the original buyer cost them the difference (around $7000) whereas I will get 10 years from it and easily 200K more kms for the $10K I bought it. Also, insurance was cheaper because it is used and thus collision is cheaper. This is not the exception, for any given car, it is always cheaper to buy use. Obviously some people will get unlikely and have major repair costs on a lemon, but that is not common and can happen with new cars too (warranties after a short time only cover powertrain...and many certified used cars offer warranties as well).

 

I do agree with Hyundai though, they have come a LONG way since they started in Canada. Very good value!

 

What will the repair bills in total be do you think over the next 10 years? (Not disagreeing but adding the one other factor)

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100% agree that buying a car brand new is a huge waste. The second you drive it off the lot it drops 10-30% in value. If you buy a 1 or 2 year old car you reap all the benefits of a new car without having to pay the extra fees. The warranties on new cars also transfer over to subsequent owners, so you're still protected.

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Yeah, it's looking like I'm leaning toward a second hand car at this point, a new car just isn't in my budget. That list is interesting CIBC_Professional Edge, I'll definitely look into Hyundais, Mazdas and the like a bit more. From what I've seen RE: Hondas though, their insurance rates are pretty high (particularly the Civic). Thanks for all the input everyone!

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What will the repair bills in total be do you think over the next 10 years? (Not disagreeing but adding the one other factor)

 

Pretty well nothing more than a new car since it was only 2 years old :-P. Buying a new car will have the same amount of repair costs after it reaching the same age (statistically)...

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Yeah, it's looking like I'm leaning toward a second hand car at this point, a new car just isn't in my budget. That list is interesting CIBC_Professional Edge, I'll definitely look into Hyundais, Mazdas and the like a bit more. From what I've seen RE: Hondas though, their insurance rates are pretty high (particularly the Civic). Thanks for all the input everyone!

 

The insurance will be higher if it is a coupe (2 door) because insurance companies' stats show people who drive coupes are more aggressive and get into accidents more often. However, a 4-door civic should be quite cheap unless it is an Si (the sport version).

 

My wife and I pay about $125/month insurance for our Fit for the two of us. Not bad at all.

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I should clarify..it is worth it if:

 

A) You buy a DISCOUNTED late year model on SALE

B) and drive it till it dies (not looknig for resale)

 

only in those two cases would it be worth it....and it would depend on the brand too. I'm thinking specifically of the $10K loaded Hyundai which was like $5k off. That $5k discount I would say is = depreciation after a year or two. I think if you sell a $15k car for $10 K 2 years later is reasonable....

 

anyways just my two cents :)

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I bought a car in clerkship once I actually needed it (hello rural rotations). It was used or "pre-owned" rather, a 2007 VW Rabbit (~60k) that I bought for about $15k from the dealer. Not cheap, but it came with a 2-year warranty that meant about $4k in repairs and service for free. Since then I've had maybe another $1500 in total repairs, including a new exhaust assembly.

 

While more expensive, my car is a lot nicer to drive than comparable Japanese cars (to say nothing of Hyundais) and being a higher-level trim it feels like a much pricier car than it was. Fuel economy isn't that great, but apparently the new Golfs/Jettas are a lot better. Even so, I fill up only 1-2 times per month as I mainly just drive around town.

 

In general I agree with everyone advocating against buying a new car. Ideally, get a certified used car from a dealer with a warranty. Despite what some people think, a car is not really an asset; it's an expenditure. The only reason ever to buy a new car would be to get a longer warranty, but if I had, I'd be close to its end now, and I would have spent an extra $6000 for nothing.

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I bought a car in clerkship once I actually needed it (hello rural rotations). It was used or "pre-owned" rather, a 2007 VW Rabbit (~60k) that I bought for about $15k from the dealer. Not cheap, but it came with a 2-year warranty that meant about $4k in repairs and service for free. Since then I've had maybe another $1500 in total repairs, including a new exhaust assembly.

 

While more expensive, my car is a lot nicer to drive than comparable Japanese cars (to say nothing of Hyundais)

 

Quite subjective! Certainly Car and Driver would disagree given that no non GTI golf/rabbit has been a top 10 car for a long time, and the Mazda 3 has been there multiple times over the past ten years (including this year).

 

The GTI is still quite respectable however.

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Yeah I was looking at VW's, my impression was high prices/higher maintenance costs however, relative to the Japanese compact sedans. Still really nice cars though.

 

Secondary question: I just remembered that OSAP penalizes you if your car's value is over $5000. When I get a car, if I register it in my dad/mom's name but am still the primary insured driver, will OSAP still consider it "mine" for loan assessment purposes? As much as I want a car, that OSAP grant money is tasty, and I don't want to lose it. Did you guys try this and have it work out, or is one simply expected to eat the loss of OSAP grants. Or should I get something below $5000?

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Yeah I was looking at VW's, my impression was high prices/higher maintenance costs however, relative to the Japanese compact sedans. Still really nice cars though.

 

Secondary question: I just remembered that OSAP penalizes you if your car's value is over $5000. When I get a car, if I register it in my dad/mom's name but am still the primary insured driver, will OSAP still consider it "mine" for loan assessment purposes? As much as I want a car, that OSAP grant money is tasty, and I don't want to lose it. Did you guys try this and have it work out, or is one simply expected to eat the loss of OSAP grants. Or should I get something below $5000?

 

technically as long as it is not your asset then you don't have to report it. Of that would mean your parents own the car.

 

a few points - always dangerous trying to do something sneaky, and there is a way to get your school to say the car is needed and raise the allowed limit so it doesn't have an impact.

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Yeah I was looking at VW's, my impression was high prices/higher maintenance costs however, relative to the Japanese compact sedans. Still really nice cars though.

 

Secondary question: I just remembered that OSAP penalizes you if your car's value is over $5000. When I get a car, if I register it in my dad/mom's name but am still the primary insured driver, will OSAP still consider it "mine" for loan assessment purposes? As much as I want a car, that OSAP grant money is tasty, and I don't want to lose it. Did you guys try this and have it work out, or is one simply expected to eat the loss of OSAP grants. Or should I get something below $5000?

 

This was asked this in one of the posts on the Macmed 2017 facebook group a while back, and someone responded that the limit is 10k. As long as you're buying used, it should be fine.

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Pretty well nothing more than a new car since it was only 2 years old :-P. Buying a new car will have the same amount of repair costs after it reaching the same age (statistically)...

 

true! I guess my point was that often if you are looking at a 10 year frame then you could then be staff at this point for 4 or even 5 years as a family doc which 40-45% of doctors become. Many won't want to be driving around in that old of a car when the income is higher so you may not be dealing with a 10 year time frame. Those end of life repairs may be more important than. I mean this is a subtle point and may easily not apply - but how realistic is it for you to literally drive the car until it falls apart :)

 

Personally even as a residency I still don't own a car so that answer is easily. I have found other ways to access vehicles when I want them, so I would be the sort to buy and hold for a long time. Not sure how common that is though!

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true! I guess my point was that often if you are looking at a 10 year frame then you could then be staff at this point for 4 or even 5 years as a family doc which 40-45% of doctors become. Many won't want to be driving around in that old of a car when the income is higher so you may not be dealing with a 10 year time frame. Those end of life repairs may be more important than. I mean this is a subtle point and may easily not apply - but how realistic is it for you to literally drive the car until it falls apart :)

 

Personally even as a residency I still don't own a car so that answer is easily. I have found other ways to access vehicles when I want them, so I would be the sort to buy and hold for a long time. Not sure how common that is though!

 

Depends on the residency and the person. If you are always in house on call it's possible. I'm home call, so I need one.

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Depends on the residency and the person. If you are always in house on call it's possible. I'm home call, so I need one.

 

oh yeah it is very definitely a personal thing. I happen to live 10 mins walking from the hospital and PARO's contract even covers a taxi to the site if needed. Home call - which I did for about a 1/3 of PGY 1 was a null issue. I was going to be buy a car and never got around to it - in the end it just didn't become a problem.

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at Mac at least, you have to write a letter saying you would like to be considered for the 10k exemption, and drop it off at the OSAP office.

 

also, mazdas handle very nicely :)

 

I know several people who owned Mazdas, after 4-5 years lots of things started to go wrong with them (heating and AC problems, excessive amounts of rust).

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