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I'm going to look at a car - my 2000 neon's lease is up in Dec. I can buy an 87 Toyota Corrolla DLX for $1,500 cash, and insure it for $766 per year.
Meanwhile, the neon costs $315 per month to lease, and about as much as the Toyota costs to buy, to insure per year.
Hopefully, it will not require a lot in the way of repairs. It should be good on gas. This car will be what we call here "a Beater".
Basic transportation. Not much money wasted on car washing and waxing. One air-freshener per annum. Bumper stickers cushion impacts - put more on today!
I'll tell you more once I look at the thing.
Laters!