xilikeeggs0
2008-12-09, 20:02
Tell me what you think of this... I'm 20, so I can't rent a car. I was looking up information on alternatives, and someone suggested buying a car, then selling it afterwards. How feasable is this?
I live in Texas, and I plan on going to Maryland for vacation from January 2nd-9th. I would buy the car once I got to Maryland, but I'm unsure what to do from there. Could I drive it for the week and wait until I got back to Texas to transfer the title over? What about insurance? I'm sure I'd have to have that, but can I get the car covered while I'm 1600 miles away from home? Keep in mind that I don't currently own a car, and the car that I do drive is on my mom's policy. I would have to get my own policy for this car, though. Putting my own car on her policy is not an option.
I think I could do this and break even, depending on what kind of car I buy. For example, here (http://baltimore.craigslist.org/cto/947106442.html)'s a
97 Mazda 626 for $1500 with nothing wrong with it. The KBB on it here in San Antonio is $2060, and similar cars on craigslist are offered at $2500 (http://sanantonio.craigslist.org/cto/939408696.html) (less miles but needs body work), $1495 (http://sanantonio.craigslist.org/cto/923307482.html) ("needs very little maintenance"), and $3399 (http://sanantonio.craigslist.org/ctd/922872587.html) (manual, but 60k less miles).
If I do my research correctly, I figure that I can buy a car in Maryland (not the one I listed, that was just an example), drive it for the week that I'm there, drive it back to Texas, and sell it. Even if I don't sell it for as much as I paid for it, it will average out to be the same as what I would have paid for a rental car and a flight back.
If I fly one-way and drive back, the plane tickets would be $134 each including fees. Roundtrip is $269 a person including fees, so I would save $270 just from the plane tickets. I figure I'll spend about $160 in gas (1600milesx20mpgx$2/gallon [I like to estimate high and be pleasantly surprised]), so I'll still save $90, which can be used for a hotel and food on the way back, which means I'll break even just from the money saved on the flight.
edit: I have a friend who lives in New Orleans, so assuming she's in town on the 9th or 10th, I could drive from Maryland to there, stay the night with her, then drive from New Orleans to San Antonio. It would only add 30 miles to my trip (according to Google Maps), but I could save money on a hotel and get to see another friend that I haven't seen in 2 years.
/edit
As for a rental car, I could borrow a friend's car and pay for her to rent a car, but that would be at least $300. So even if I pay $1500 for a car and sell it for $1200 when I get back, I'd still break even in that aspect. Except for insurance and the title and all of that.
How much of a hassle would doing all of this be? Keep in mind that I might end up keeping the car. The car that I drive now is in my mom's name, and she keeps bitching at me to move out, so if I do, I won't be able to take the car that I'm driving, and I may as well just keep the one that I bought.
But as for transfering the title and getting insurance for it, would it be worth it? I want to spend my time in Maryland relaxing, having fun, and seeing my friends from high school who I haven't seen in 2 years, not sitting in the MVA trying to get a car title transferred over.
I live in Texas, and I plan on going to Maryland for vacation from January 2nd-9th. I would buy the car once I got to Maryland, but I'm unsure what to do from there. Could I drive it for the week and wait until I got back to Texas to transfer the title over? What about insurance? I'm sure I'd have to have that, but can I get the car covered while I'm 1600 miles away from home? Keep in mind that I don't currently own a car, and the car that I do drive is on my mom's policy. I would have to get my own policy for this car, though. Putting my own car on her policy is not an option.
I think I could do this and break even, depending on what kind of car I buy. For example, here (http://baltimore.craigslist.org/cto/947106442.html)'s a
97 Mazda 626 for $1500 with nothing wrong with it. The KBB on it here in San Antonio is $2060, and similar cars on craigslist are offered at $2500 (http://sanantonio.craigslist.org/cto/939408696.html) (less miles but needs body work), $1495 (http://sanantonio.craigslist.org/cto/923307482.html) ("needs very little maintenance"), and $3399 (http://sanantonio.craigslist.org/ctd/922872587.html) (manual, but 60k less miles).
If I do my research correctly, I figure that I can buy a car in Maryland (not the one I listed, that was just an example), drive it for the week that I'm there, drive it back to Texas, and sell it. Even if I don't sell it for as much as I paid for it, it will average out to be the same as what I would have paid for a rental car and a flight back.
If I fly one-way and drive back, the plane tickets would be $134 each including fees. Roundtrip is $269 a person including fees, so I would save $270 just from the plane tickets. I figure I'll spend about $160 in gas (1600milesx20mpgx$2/gallon [I like to estimate high and be pleasantly surprised]), so I'll still save $90, which can be used for a hotel and food on the way back, which means I'll break even just from the money saved on the flight.
edit: I have a friend who lives in New Orleans, so assuming she's in town on the 9th or 10th, I could drive from Maryland to there, stay the night with her, then drive from New Orleans to San Antonio. It would only add 30 miles to my trip (according to Google Maps), but I could save money on a hotel and get to see another friend that I haven't seen in 2 years.
/edit
As for a rental car, I could borrow a friend's car and pay for her to rent a car, but that would be at least $300. So even if I pay $1500 for a car and sell it for $1200 when I get back, I'd still break even in that aspect. Except for insurance and the title and all of that.
How much of a hassle would doing all of this be? Keep in mind that I might end up keeping the car. The car that I drive now is in my mom's name, and she keeps bitching at me to move out, so if I do, I won't be able to take the car that I'm driving, and I may as well just keep the one that I bought.
But as for transfering the title and getting insurance for it, would it be worth it? I want to spend my time in Maryland relaxing, having fun, and seeing my friends from high school who I haven't seen in 2 years, not sitting in the MVA trying to get a car title transferred over.