premed89 Posted February 10, 2011 Report Share Posted February 10, 2011 Hey everyone, I have been thinking recently about my need for a vehicle if I do get accepted this cycle... How many people here have bought their own car when they were accepted into medical school? Was it new? Used? I'm also wondering for those of you who did buy a car, was it very expensive or just something that will get you safely from point A to point B? Is it a good idea to buy a fancier car? Growing up I haven't really 'rewarded' myself with anything and since I do need a car, is it silly to think I should reward myself with a nicer car if I do manage to get into medical school? Link to comment Share on other sites More sharing options...
hking03 Posted February 10, 2011 Report Share Posted February 10, 2011 Hey everyone, I have been thinking recently about my need for a vehicle if I do get accepted this cycle... How many people here have bought their own car when they were accepted into medical school? Was it new? Used? I'm also wondering for those of you who did buy a car, was it very expensive or just something that will get you safely from point A to point B? Is it a good idea to buy a fancier car? Growing up I haven't really 'rewarded' myself with anything and since I do need a car, is it silly to think I should reward myself with a nicer car if I do manage to get into medical school? i think buying a car for med school depends upon a few factors- they say at ubc that you don't actually need a car, but if you have your clinic hours out in langley/surrey it would be a pain to cycle/commute out without a car. however, if you are based out of vancouver then you may not have to own a car. having said that, if you own a car and it is in your name you'll want to make sure that the value of the car is ok with student loan programs in your province. for bc the value has to be under 15k. of course, one could "borrow" their mom or dads car for med school to avoid any issues with loans. as for my personal opinion, if you were to buy a car, i would say buy something that will last you the next 4-6 years, is going to be good on gas and has good features like a/c, heat, alarm, keyless entry, maybe an auxiliary jack for ipod hookups and has under 100k km's. mazda 3's, nissan sentras, honda civics and the like that are older than 2007 should fit that price range of 10-15k and come with a lot of features that will make early morning driving sessions a bit easier to stomach. Link to comment Share on other sites More sharing options...
premed89 Posted February 10, 2011 Author Report Share Posted February 10, 2011 Thanks for that response! I've only had an interview at MUN so if I do get accepted I will definitely need a car as I don't have any other choice of transportation from where I live... I'm not sure if you have any idea, but in NL would a student loan be voided or lowered if you owned your own car? I've read that some people put their vehicles under their parents' names in order to lower insurance and for loan purposes. Link to comment Share on other sites More sharing options...
future_doc Posted February 10, 2011 Report Share Posted February 10, 2011 You need to be insured as primary driver or you are asking for trouble. Aug/Sept ius the perfect time to buy or lease b/c gthe new models come out and that is a good time for deals. So you buy/lease in your parents' nasme but you are insured as primary driver. Then, there is the issue of safety. If you will be driving often on highways, and i n winter, you may prefer a 4 wheel drive. Do not invest in an older car, there is no reason. In Aug/Sept, you will also get an excellent deal on the previous year model that may have been driven 13,000 km or so by the Sales Manager or a Salesperson. hking has raised many excellent points. In Ontario, you don't want to be owner, it does not matter if you are from Quebec. Link to comment Share on other sites More sharing options...
hking03 Posted February 10, 2011 Report Share Posted February 10, 2011 Thanks for that response! I've only had an interview at MUN so if I do get accepted I will definitely need a car as I don't have any other choice of transportation from where I live... I'm not sure if you have any idea, but in NL would a student loan be voided or lowered if you owned your own car? I've read that some people put their vehicles under their parents' names in order to lower insurance and for loan purposes. i'm not sure about newfoundland since i live in vancouver, but i just did a google search and apparently newfoundland student loans don't care about assets so based on that you could buy a car and not have it impact your loan... however, i would just call student aid for newfoundland and clarify with them directly. also, you could use a vehicle in your parents names as the principal operator. i'm not sure if it lowers the insurance, but you would not own it- it would be your parents car and you would just have coverage while driving it (not sure if the insurance goes under your name or theirs). Link to comment Share on other sites More sharing options...
premed89 Posted February 10, 2011 Author Report Share Posted February 10, 2011 You need to be insured as primary driver or you are asking for trouble. Aug/Sept ius the perfect time to buy or lease b/c gthe new models come out and that is a good time for deals. So you buy/lease in your parents' nasme but you are insured as primary driver. Then, there is the issue of safety. If you will be driving often on highways, and i n winter, you may prefer a 4 wheel drive. Do not invest in an older car, there is no reason. In Aug/Sept, you will also get an excellent deal on the previous year model that may have been driven 13,000 km or so by the Sales Manager or a Salesperson. hking has raised many excellent points. In Ontario, you don't want to be owner, it does not matter if you are from Quebec. So in terms of finance rates and that sort of thing, I guess it would be better to buy a newer car since the deals are much better? I'm also curious since part of the car would be paid using a line of credit.. Is that a good idea? Do you know anyone who has used their line of credit to buy a car? Would you be able to get an even better deal from a dealership if using a line of credit since you would be paying completely up front, or would you need to compare the rates of both the dealership and your line of credit to see which would benefit you more? Link to comment Share on other sites More sharing options...
future_doc Posted February 10, 2011 Report Share Posted February 10, 2011 Yes, it is much better and safer to buy a newer car, aimum age of 12 months. And with the deals, you may get it interest free. You use interest free student loans first and the LOC as bridge financing only until the goverment loan comes through. So, you pay down as much as you can reasonably afford (say from the govt loan) which reduces your montly payments. And the monthly payments are from your LOC. Generally speaking, itis foollish to pay 100% cash as, for example, your deal for the vehicle, e ither purchase or lease, may be interest free. Or, you masy pay 1.9% interest which is cheaper than the intererst paid on the LOC, so this too would be a reason not to pay cash. The dealership could not care less how you finance or pay for the vehicle. The devil is always in the details. Oh, and you would want to anti-rust it, under a long guarantee, and shop for the cheapest insurance from a reliable insurer. Then, you would take out extra insurance, the cost of which is minimal, to ensure that you receive replacement or market value in case of total loss and not depreciated value. Link to comment Share on other sites More sharing options...
hking03 Posted February 10, 2011 Report Share Posted February 10, 2011 cars are probably the worst investment one could make... i personally do not agree with fd's assessment of buying/leasing a brand new vehicle... unless you have a job that qualifies you for the loan or have a cosigner to qualify you for the loan you may not get approved, and if you do it may not be for the low interest rate that is offered oac. a new/slightly used car is still susceptible to depreciation in the 10-20% range annually... if you go for something a little older with low km's you will have an easier time getting approved for a loan, your insurance rate may be lower (older non sporty vehicles usually have lower interest rates, especially for young male drivers under 25) it will be more likely to hold it's value over a longer period (still depreciates, but not at the same rate as a brand new car). this is something that you should talk with your parents about, or a financial advisor/accountant before moving forward. verify that the value doesn't impact loans/bursaries in newfoundland, then see what your parents/job qualify you for, then make a choice and move forward. Link to comment Share on other sites More sharing options...
future_doc Posted February 10, 2011 Report Share Posted February 10, 2011 Any med student has access to financing at extremely low rates if (s)he cannot cut a deal with the dealer, however, the dealer is motivated in Aug/Sept. There is a learning curve involved and you will need to become proactive to maske a decision. Then, ask others whose opininon you respect and do as you decide. Link to comment Share on other sites More sharing options...
premed89 Posted February 10, 2011 Author Report Share Posted February 10, 2011 Yeah, an issue I have with buying a slightly older vehicle is warranty. I would never want to end up spending more money on a used car due to fixing it up than I would spend on a new car where things are covered... However, before I think about that, I definitely need to look into the loan situation as well as insurance... If anyone else has any advice or has personally went through this process, I'd love to hear more feedback! Link to comment Share on other sites More sharing options...
future_doc Posted February 10, 2011 Report Share Posted February 10, 2011 Why even go there and assume such an unnecessary risk? As for obtaining more feedback, here it is, lol. There is nobody else interested in giving you advice (joke). Link to comment Share on other sites More sharing options...
premed89 Posted February 10, 2011 Author Report Share Posted February 10, 2011 Why even go there and assume such an unnecessary risk? As for obtaining more feedback, here it is, lol. There is nobody else interested in giving you advice (joke). Well I've been patiently waiting because your advice is never any good Jokes jokes, 100% lol ... I appreciate your posts, they are very informative as I obviously do not have much experience here... I think I've read random posts from people talking about their vehicles so I figure they will have some sort of advice as well... Just have to keep bumping the thread to make sure they see it Link to comment Share on other sites More sharing options...
future_doc Posted February 10, 2011 Report Share Posted February 10, 2011 Just have to keep bumping the thread to make sure they see it Well, I cannot speak for them, but I am here. Link to comment Share on other sites More sharing options...
kylamonkey Posted February 10, 2011 Report Share Posted February 10, 2011 Well I've been patiently waiting because your advice is never any good Jokes jokes, 100% lol ... I appreciate your posts, they are very informative as I obviously do not have much experience here... I think I've read random posts from people talking about their vehicles so I figure they will have some sort of advice as well... Just have to keep bumping the thread to make sure they see it OK- so I run an auto repair shop. Most cars newer than 2005 should not need a whole lot of maintenence at this point. A 2007- yeah, you should be OK until the end of school. There is always stuff that needs to be done like oil changes, fuel filters, etc. I have to say a few quick things about vehicles and maintenence. Cars are cheaper than trucks to get parts for, and b/c they are lighter they wear less on the parts too. Imports cause my technicians to swear less.The top line brands (Honda and Toyota) are WAY better than the Kias and the Hyudais. Having a "normal" car will mean there will be less hassle getting parts. Creature comforts cost a lot to fix. Things like power door locks and stuff. Electrical stuff is a bugger. After working here for 2 yrs+, I would buy: A honda, toyota, or VW. I would not go for anything else. The slight extra cost in the beginning is worth it in the end. The ONLY exception I might make is if I was buying a "throw away" car that I would only be using for a few months/years, and if reliability was not a huge factor. Link to comment Share on other sites More sharing options...
future_doc Posted February 10, 2011 Report Share Posted February 10, 2011 A honda, toyota, or VW. I would not go for anything else. Sounds like sound advice to me monkey. And Toyaota has a 4 wheel drive. Link to comment Share on other sites More sharing options...
HBP Posted February 10, 2011 Report Share Posted February 10, 2011 Don't get a Corolla or a Civic. Mazda 3 is a decent car . Same with the Lancer. Learn to drive stick! You won't regret it. Link to comment Share on other sites More sharing options...
premed89 Posted February 10, 2011 Author Report Share Posted February 10, 2011 OK- so I run an auto repair shop. Most cars newer than 2005 should not need a whole lot of maintenence at this point. A 2007- yeah, you should be OK until the end of school. There is always stuff that needs to be done like oil changes, fuel filters, etc. I have to say a few quick things about vehicles and maintenence. Cars are cheaper than trucks to get parts for, and b/c they are lighter they wear less on the parts too. Imports cause my technicians to swear less.The top line brands (Honda and Toyota) are WAY better than the Kias and the Hyudais. Having a "normal" car will mean there will be less hassle getting parts. Creature comforts cost a lot to fix. Things like power door locks and stuff. Electrical stuff is a bugger. After working here for 2 yrs+, I would buy: A honda, toyota, or VW. I would not go for anything else. The slight extra cost in the beginning is worth it in the end. The ONLY exception I might make is if I was buying a "throw away" car that I would only be using for a few months/years, and if reliability was not a huge factor. Yeah I don't think I would ever buy anything older than a 2007, simply because I feel as though I would spend far too much on parts and repairs... As for the type of car, I would rather a VW they are nice and I like German cars. Link to comment Share on other sites More sharing options...
premed89 Posted February 10, 2011 Author Report Share Posted February 10, 2011 Don't get a Corolla or a Civic. Mazda 3 is a decent car . Same with the Lancer. Learn to drive stick! You won't regret it. I'm one of those one is drinking coffee or having a snack while driving, which makes driving stick slightly more complicated for me I'll have to see though, because everyone who does drive stick says how great it is... Lancers seem to be the car to get in NL, since I see them absolutely everywhereeeee... Link to comment Share on other sites More sharing options...
premed89 Posted February 11, 2011 Author Report Share Posted February 11, 2011 What would people suggest is a reasonable amount to spend when relying purely on student loans and LOC? What would you consider the upper limit? Link to comment Share on other sites More sharing options...
future_doc Posted February 11, 2011 Report Share Posted February 11, 2011 Expect the cost to be anywhere up to $25k incl insurance, derusting, etc but the payment will be over a long period in monthly payments. Link to comment Share on other sites More sharing options...
deeman101 Posted February 11, 2011 Report Share Posted February 11, 2011 I've bought a car partly using my LOC. Its not an entirely unwise decision. My general tips would be: - buy used, no point taking the depreciation on a new car - aim for one that has maybe 2 to 3 yrs warranty left on it. Ie. a 2-3yr old car - you WILL be spending money on random things on a car. the maintenance list can get long. budget for that - buy toyota/honda if you want the sure thing. yea it will cost more, but those damn things never go wrong. my 9 year old toyota just won't die. it just won't! i've put it in 3 accidents total, two of which might have been insurance write-offs but each time I fix it for under $900, lol! I wouldn't say buy VW cause parts are hard to come by / expensive, otherwise good cars though I'm now late for small groups so I gotta go. GL! Link to comment Share on other sites More sharing options...
premed89 Posted February 12, 2011 Author Report Share Posted February 12, 2011 I've bought a car partly using my LOC. Its not an entirely unwise decision. My general tips would be: - buy used, no point taking the depreciation on a new car - aim for one that has maybe 2 to 3 yrs warranty left on it. Ie. a 2-3yr old car - you WILL be spending money on random things on a car. the maintenance list can get long. budget for that - buy toyota/honda if you want the sure thing. yea it will cost more, but those damn things never go wrong. my 9 year old toyota just won't die. it just won't! i've put it in 3 accidents total, two of which might have been insurance write-offs but each time I fix it for under $900, lol! I wouldn't say buy VW cause parts are hard to come by / expensive, otherwise good cars though I'm now late for small groups so I gotta go. GL! That's my only issue with VWs or any german cars.. it sounds like it costs a lot to fix.... I'll probably lean towards a toyota or honda since they seem to last for years and years.. I guess I just need something that will get me through and shouldn't give me too many problems... I'm still trying to figure out a price range though.. hard to spend less and not splurge since you know you will be coming out making a decent amount of money Link to comment Share on other sites More sharing options...
future_doc Posted February 12, 2011 Report Share Posted February 12, 2011 toyota or honda .... last for years and years Okay, decision made! Either last year model (new) when new model comes out, a demo or dee's suggestion. Next? (oh yes, acceptance ) Link to comment Share on other sites More sharing options...
premed89 Posted February 12, 2011 Author Report Share Posted February 12, 2011 Okay, decision made! Either last year model (new) when new model comes out, a demo or dee's suggestion. Next? (oh yes, acceptance ) Currently waiting on that one Link to comment Share on other sites More sharing options...
Renin Posted February 12, 2011 Report Share Posted February 12, 2011 Okay, decision made! Either last year model (new) when new model comes out, a demo or dee's suggestion. Next? (oh yes, acceptance ) We used to own a demo car, but it had a lot of problems. Also, they don't really give you a good discount (ie: $500. yip) So I prefer to go used. Link to comment Share on other sites More sharing options...
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