re: Buying, Owning, Driving and Maintaining a car in North America Quote:
Originally Posted by rajushank84 Thanks again chevelle, really appreciate your answers to all my questions and sorry to keep posting more questions, do let me know if it is getting irritating ![Smile](https://www.team-bhp.com/forum/images/smilies/smile.png) . Just that too many thoughts running in mind...
What's your take on say, a manual Mustang V6 1999 or 2000 model for say 4k?
(something like this: 2000 ford mustang)
Also one more newbie question: Is it possible to transfer money (rupees) in our Indian bank accounts (like ICICI), to a bank account in US? If so, how?
(asking this because, I am thinking of directly putting proceeds from car sale here to car purchase there, and if i keep it within say $4k to $5k, I wouldn't have to go looking for loans. The whole craigslist world will open up as long as I can be careful not to buy a bad car). |
Oh, please don't worry. The pleasure is all mine. Keep posting questions since i was recently in market for a used car i went through all the pain you are going through. So everything is fresh of my mind.
The Mustang in link looks good. But from 1999-2002, Mustang had AIR Pump, Fuel Pump and the Differential Pressure Feedback EGR (DPFE) Sensor problems which could make a huge dent in your pocket if something of the above was to go wrong. I would pay maximum of $3400 for the mustang in the link. Also will have to check for its history, carfax and also do check for frame damage, consistent VIN across doors and hoods, paint, suspension, gearbox, battery and then some more. So a picture doesn't say much, just gives us an idea of what you are looking for.
Always check kbb.com/used cars for approximate price. Usually, you pay same price or less than kbb quoted. Many people who are unaware of kbb end up paying more. I paid $2750 less than dealer price on kbb while buying G35 and paid $400 less than kbb quoted price of camry 5 months back which owner was asking.
I used to see cars on craigslist which would look very good in pics, when i went to see it in person, it would have lots of problems. So its better to check in person. If you find it good, show them cash and they will willingly go down on quoted price.
You can take HDFC forex card from India and put your $4k-$5k in it. ICICI must have something similar but i am not aware of it. Once you arrive here, you can withdraw from any ATM and use it with a minimal fee(IIRC 50cents for $1000 withdrawal). You can also bring cash for that amount and/or traveler's check. TC takes longest time to encash so i would not prefer it, but many do. Even ICICI has bank in Bay area, so you can use it get money from you account in India. So once you are here, you can open a bank account and then transfer money.
IMHO, buying outright with cash is a much better option than taking loans especially since you don't have a credit history. Also, you can buy it anytime with cash after you get your social security number(SSN) as cash is the king my friend.
Sorry for long post |