[Jomz]

Originally Posted by Jeroen

Car Max doesn't do sub 10.000 cars. So you will need to spend upwards of 10.000 and do your own insurance. But on a car just upwards of $ 10.000 you should be fine with third party only most likely.
Jeroen

Lots of Sub 10,000 cars from Carmax. Check following link.

http://www.carmax.com/search?AZ=4808...e&parametric=1

There is a lot of misinformation on this thread regarding Carmax.

Any car, if financed needs full cover insurance - whatever the price might be. If you outright own the car ( loan paid off and have title) , you need to have state minimum insurance (3rd party in India) alone.

[dr.abhijeet]

I am just suggesting to sell the car at carmax if he is not able to sell it off. He can buy it from anywhere. I had a resident who sold a 1994 Chrysler Lebaron to carmax last year.
On a different note , he picked up an E63amg.

[Jeroen]

Originally Posted by Jomz

Lots of Sub 10,000 cars from Carmax. Check following link.

http://www.carmax.com/search?AZ=4808...e&parametric=1

.

Yes, technically you are correct. If you do an unlimited price search on Carmax you will find over 54000 cars for sale. When you limit it to $ 10000 it drops to about 1300 cars. If you search within a few hundred miles of your location it drops to a few cars only, Depending on your location. Carmax used to bring a car to your location not sure if that is from anywhere in the USA.

So Car max isn't really a big player in the sub $10000 segment with less then 2% of their stock spread all over the USA. But their website works very well and it will take only seconds to check.

So I don't consider Car Max as being active or a real
Player for this. Having said that we bought my wife's Ford Focus at Car Max and sold it back to them three years later.

Good services.

Jeroen

[Jomz]

Originally Posted by Jeroen

Yes, technically you are correct.

Thanks.Request mods to edit the posters note which says carmax does not do sub 10k cars. It is misinformation

[Jeroen]

Originally Posted by Jomz

Thanks.Request mods to edit the posters note which says carmax does not do sub 10k cars. It is misinformation

I think it should have read Car Max has very few sub $ 10.000 cars

[guha_2001]

theMAG - thank you for this brilliant thread, really appreciate it! And thanks to everyone for all the insights. I moved to the US about a month back and this thread was a great primer to guide me through the minefield of car purchase in the US.

I looked at several options, both used and new. Finally ended up with a 2016 Honda Accord EXL which came to about $26k, after $3k discount on the MRP. Financed it through a company credit union who gave me a 100% loan for about 3.8% interest. Could have negotiated more but was running out of time, so settled for the best deal in hand.

Went with GEICO for the insurance, and paying about $230/month. Hopefully will go down with time once I get my local license.

My 2 cents - use Yelp/Foursquare feedback on dealers to figure out the good ones. There are some really sad ones out there - some of them were a real pain to deal with. Play them off one another and negotiate through email/phone. These guys are a real pain in person, they offer a random discount and pressurize you to sign up on the spot.

On the other hand Carmax and some of the used car dealers were really nice and helpful!

[mail4ajo]

Originally Posted by guha_2001

Financed it through a company credit union who gave me a 100% loan for about 3.8% interest. Could have negotiated more but was running out of time, so settled for the best deal in hand.

Went with GEICO for the insurance, and paying about $230/month. Hopefully will go down with time once I get my local license.

Guha, I am almost in the same stage. I am just awaiting my local DL. Just don't want to rush as I have till April. Really low interest rates you received.

Please let me know the union you used and the process for financing via them.


Also a quick note on applying for your state DL. There is something called SAVE verification for issuing DL, SSN etc. Its a 5 second process that the DL office does. Most of you would have not even known this exists. I learned it the hard way.

My date of birth was entered by the officer as seen on Indian passport in d/m/y format while DL requires it in m/d/y format. I had to go back to office as the USCIS can't verify the details online. They will ask you to wait for 5 working days if verification is not done. Please ensure details are entered right to avoid holdup. It was purely their mistake.

[kaka46]

Originally Posted by guha_2001

I looked at several options, both used and new. Finally ended up with a 2016 Honda Accord EXL which came to about $26k, after $3k discount on the MRP.

I think that is a great deal on the 2016 model. I'm looking at buying an Accord Sport and the best quote that I got so far is around 25k. That being said, the EX-L is two variants above Sport and 26k is a very good deal if you ask me.

Originally Posted by mail4ajo

Please let me know the union you used and the process for financing via them.

Do try DCU. When I was shopping around for a car loan, DCU offered the lowest rate. https://www.dcu.org/

[guha_2001]

Originally Posted by mail4ajo

Guha, I am almost in the same stage. I am just awaiting my local DL. Just don't want to rush as I have till April. Really low interest rates you received.

Please let me know the union you used and the process for financing via them.

I got it through a credit union called Advancial, and I was eligible to join them through my employer. This is how I got such a nice deal despite having no SSN. They took care of the process from start to end, the dealer just had to send them the purchase order and they took care of all the paperwork. It took just one day to get the car.

DCU is the most popular credit union, and there are many around. Do shop around, and keep in mind that you can easily refinance in a few months when you credit score is up. Unfortunately at the start we get treated on par with the lowest of the subprime guys.

Originally Posted by kaka46

I think that is a great deal on the 2016 model. I'm looking at buying an Accord Sport and the best quote that I got so far is around 25k

25k is too high, I just tried on Truecar and got a quote for a 2016 Accord sport auto for $24k in my area. Reach out to dealers through Truecar, Edmunds, KBB etc. You will get plenty of follow up calls and you can negotiate hard. You don't get a great quote when you land there in person.

[kaka46]

Originally Posted by guha_2001

25k is too high, I just tried on Truecar and got a quote for a 2016 Accord sport auto for $24k in my area. Reach out to dealers through Truecar, Edmunds, KBB etc. You will get plenty of follow up calls and you can negotiate hard. You don't get a great quote when you land there in person.

I should have mentioned that I'm looking for a Accord Sport with Honda Sensing . The Costco member pricing for this variant comes to $24684 including the destination fee.

[Stigissimo]

Just bought a 2011 Jetta 2.5 off an older couple for about $10k. 58,000 miles and in good condition. Bought basic liability insurance from Progressive for a ridiculous amount of money thanks to my age (19) and full time student status. Managed to get a good student discount though, I believe a 3.5 GPA is the minimum for that.

[VPSuchin]

Originally Posted by Stigissimo

Just bought a 2011 Jetta 2.5 off an older couple for about $10k. 58,000 miles and in good condition. Bought basic liability insurance from Progressive for a ridiculous amount of money thanks to my age (19) and full time student status. Managed to get a good student discount though, I believe a 3.5 GPA is the minimum for that.

Hi Stigissimo,

The Jetta is a solid choice. I had driven a rental few years back and I liked it.

And yeah, insurance sucks if you are young but hang in there. Your rates drop significantly once you are 25. It also helps if you can combine Auto with something like renters insurance wherein you might get a discount.
The other thing to pay attention to is your credit score as it does affect your premiums. Monitor your score regularly and once it hits the "Good" threshold you can shop around for better rates. I use CreditKarma.com. It is free and has tons of information to help you raise your score. Good Luck!

[mail4ajo]

Can someone give a crash course on auto insurance in US? How does the rates work?

Say I am someone who just received license, aged 35, 2015 Corolla. What should I be expecting to pay, $150-$200 or more?

[VPSuchin]

Originally Posted by mail4ajo

Can someone give a crash course on auto insurance in US? How does the rates work?

Say I am someone who just received license, aged 35, 2015 Corolla. What should I be expecting to pay, $150-$200 or more?

There are many many factors that go into determining your Auto Insurance rate. Common Factors include:

• Your age- Since you are over 25 you will have a lower rate
• Your Marital status- if you are married you get a lower rate
• Home ownership- if you own and home and have home insurance thru the same provider, you get a lower rate.
• Your driving record.
• The type of car you drive. Safer cars have better rates- 2015 Corolla mostly will be in the safe car list
• How often and how far the car is driven.
• The amount and types of coverage that will be purchased. Liabilty vs Comprehensive
• The size of the deductibles you choose. $500 or $1000 is the most common.
• Where you live.
• Your credit score.
• Other insurance products you have combined with you Auto policy

Source: how-is-an-auto-insurance-quote-determined? and what I got from talking to my insurance agent.

It is near impossible to predict how much you will end up paying exactly. But it would be a good idea to talk to other people in the same area with a similar profile like yours to get a ballpark figure. Always shop around for quotes online and a year or so later when your credit scores have improved you can look for better rates.

[dr.abhijeet]

You are in the ballpark, where the car is parked, how much is it going to run, your zip code, credit score and the color of the car: these are variables. I know I am missing a few.