Here's a look at Danielle Serino's 'One for the Money' as we head into the weekend.
Cheap Ride
If somebody told me they were buying a used car for $2,000 to $3,000 dollars, I would tell them they were crazy. But I found out I'd be wrong. So, here's how I'm told you can find a reliable one.
- Don't ignore a car with dents, nicks, or a scuffed-up interior. Those are bargaining chips for you, and the look won't impact the ride…except If the tires are bald. That will cost you a few hundred to replace so negotiate that into the price.
- Look for cars 10 years old with 100,000 miles on them. Today's cars can go two hundred thousand miles or more if they're properly maintained.
- Do your research. The Consumer Reports Auto Reliability Survey www.consumerreports.org has the best intel on used cars. Also run the VIN though CarFax www.carfax.com.
- And have your mechanic look at it before buying. Because "as is" means...as soon as you drive away, the engine can fall out, and it's your problem not the seller’s.
Better Banking
Now, even at 2-3 thousand dollars, you still might have to save up. And where you bank makes a difference. Here’s what you should consider.
-Bigger is not always better. Consumer Reports ranked the big guys like Bank of America, Chase, Citi and Wells Fargo in the bottom fifth of a survey on customer satisfaction
-A better alternative might be a credit union. In fact, they often offer lower interest rates on car loans.
But make sure you choose one which is part of a network, so you have access to those fee free ATMS.
-Online banks area also a good alternative because they offer many of the same services as regular banks but with fewer fees and higher returns.
-But no matter where you decide to bank, make sure you have fee-free checking. In fact, few fees in general and no required minimum balance.
Sell that Cell
From saving money to making money. Here are ways to ditch your old cell phone for some dollars:
-Do it now! Sell your newest model right away, because with all these new phones coming out there, that market for old ones is going to get saturated.
All you do is request the price quote, ship the phone and wait to get paid.
-Sell it yourself on a site like eBay. But remember, some sites charge fees which will cut into your profits.
-You could also just post an ad on a billboard at colleges, churches or community centers.
Then maybe you'll have extra cash to shell out for that thousand dollar iPhone.
And that's One For The Money.