Buick century from some grandma and basic liability insurance is all she needs. $35k is nothing to play with. Insurance payment for a lease will be higher then lease itself so make no sense to get one.
1 Like
Lol it’s like $350 a month with the fee.
I also have a 2010 Corolla S I can sell someone too, in our own inventory lol. $9k, 86k miles.
2 Likes
First, there is some reading comprehension struggles going on in this thread. OP is moving from NYC to NJ. Depending on where she lives public transit may not be an option.
As for the Nissan, I’d agree its about $350 for the car. Insurance is obviously more but that applies regardless of vehicle choice.
The person in question seems like she might have significant career earning potential. Sounds like maybe working in big pharma. I’d be a little less concerned about my vehicle situation in 2025 if my reasonable career trajectory includes an expected huge salary increase in a year or two. Also, based on that I might be willing to stretch for a safer new car versus a ten year old Corolla. OPs mind and body has significant value. Being in a much safer vehicle has both subjective and objective value.
All that said cars, especially now, are expensive. Someone in this position has to consider whether a combination of an E-bike, Ubers and delivery services make more sense.
8 Likes
Most graduates have high expectations for their salaries and future position(s) - ask them how that plays out. I never said anything about purchasing a “ten year old Corolla”. I said that I don’t believe leasing makes the most sense in this case. She also has a drastic life change ahead (moving & a new source of income). I wouldn’t jump into something like a lease that has a nearly guaranteed 0 return on the back end, but that’s just me.
2 Likes
Buy used honda civic or toyota corolla. Under 10k and you can run them into the ground and still sell for likely 5k. Cheaper option than most leases.
5 Likes
Maybe you missed the part where she was moving from NYC to the burbs of NJ where there is no good public transit
Not in NYC - she’s moving 2 hours away to suburban NJ
1 Like
A new car lease is not right for her in this situation. She will have a very difficult time getting approved at tier 1 or 2 even with excellent credit since she has never owned a car before and does not have the income or savings to support it. Plus cars in NY/NJ get beat on just from street parking and random people. Insurance will also not be great since I assume she has not had insurance before if she has never owned a car.
Save some money and buy something used in the $5k-$10k ballpark and use a CU if she needs to finance a small portion, assuming the rate is decent. Insurance will hopefully be less than a new car and she is building some auto loan history. It should also be less painful to get out of if any life changes happen.
That is a great way to end up in debt and over your head in bills. I am sure the future earning potential are there, but there are a lot of “what-ifs”. Better to make a financial decision when you have the funds to support it.
7 Likes
With her circumstances, the crown vic is really the answer. Cheap to buy and maintain, tons of parts available. She’ll likely be able to sell it for nearly what she paid for it in the coming years. Leasing may not make sense at this time considering the leases cost the amount of a crown vic at the minimum
Also consider that she’d need need full coverage for leases vs just getting liability insurance on a used car. registration will likely be higher as well.
1 Like
I think purchasing a Corolla, Civic or even Crown Vic may be the answer…I hadn’t thought about the insurance on the lease. Thanks everyone for your ideas!
3 Likes
For safety check iihs and lean towards whatever rates better.
While I still think a 1-pay Altima or Sentra might still make sense in the likely scenario that she’ll be making a higher income a few years from now, a used compact like a Corolla or Civic seems like a way better fit than a Crown Vic. Mediocre gas mileage, massive size, etc.
1 Like
For a used car spend the $3-400 for a pre-purchase inspection from an independent mechanic or dealer in case the car has neglected maintenance or other issues. Repairs add up quick when on a budget.
I had a friend who bought an old used car while in med school in upstate New York and ended up selling it at a profit in Boston when she moved there after graduation. 
As for insurance would having comprehensive coverage cost that much more? It would be bad if a simple car theft sets her back to square one. Just set higher deductibles to offset.
1 Like
Agreed. My civic depreciated about 2.5k in 10+ years. And less than $1k in repairs. Can’t beat that TCO.
3 Likes
Tesla model 3 will be $350/month for 36 months. Plus the free charging at the university. Just have her change her license to NJ.
1 Like
4 Likes
Who pays for the subway?
1 Like
"New York City residents and businesses also pay 71 percent of the regional and statewide taxes the State allocates to the MTA. ’