Fed Financial - I need EMERGENCY financial advice!!!!!!!!!!!?

I need EMERGENCY financial advice!!!!!!!!!!!?

After months of searching I found a used car I want to buy: 2001 Mercedes Benz E320 (leather, sunroof, 90k miles, warranty) asking only $8000 by a reputable dealer. Original asking price was $14000. I want to buy it, but my parents are saying NO. They say we're in a recession and that spending money on a luxury car isn't a good idea and that I should save the money for a rainy day. I do have a car right now, a 2002 Honda SUV that my dad "gave" me but it gets horrible gas mileage (18mpg), rattles and squeaks like crazy, has 150k miles and doesn't even have a CD player. I really want to buy this car and I think that if I buy it and economy gets worse, I can eBay the car and recoup most of what I paid since the car is under wholesale. So what do you guys think? No the Mercedes gets 28mpg! And although the Honda is kinda like mine, it's technically still my dad's so he sorta tells me where I can or can't go. So if I want to go out of state, he won't let me. If I get a car then I can be more independent

Public Comments

listen to dad,,,
Gas milage on thr MB would be the same or worse that the Honda. Do you have the cash for it? Why not just buy a CD player for your Honda? Be greatful for what you have.
I am with your parents...you do not need that car. Keep the car you have right now.
Mercedes Benz???? ----- DO NOT buy that car.... I had a Mercedes until recently -- the fuel pump went bad -- $750 to have it replaced!! Then the computer went bad -- another $1000...... Hey if you can afford the service then great but if your a person on a budget then forget this car.... Under wholesale? I wonder why. Run a Carfax on it........ If the dealer cant unload this car at full value what makes you think your smarter than him by selling it on ebay?? ------- Economy gets worse sell it on ebay??? If the economy gets crappy no one will buy it on ebay. The prices of cars on ebay now are soft..... Get something sensible that gets decent gas mileage...... Driving a Benz with no money in your pocket makes you a chump...... Drive a smart car and save some cash.... I'll take cash in the bank with a boring car than tryin to bling bling it and be broke!!
Nobody is going to be on your side on this...sorry but your parents are right...buying a 7 year-old Mercedes is a bad idea. They aren't the most reliable cars when they are new. If you want your own car then get something a little more sensible.
First, buying a Mercedes with 90k miles is never a good idea. Second, an E320 will never get 28 mpg, I don't know where you read that but it simply is not true. You'll be lucky if you are in the same range as your Honda. If you think the squeaking in your Honda is bad wait until you are driving that MBZ everyday, those E-class from that range are going to be worse. This isn't even mentioning the maintenance or repairs on that MBZ. If your Honda breaks it is reasonable to have repaired. When something goes wrong on that MBZ it is costing you $1,000 every time you have to take it in! AND, the Mercedes is GOING to break down with that many miles on it,you probably have another 150k on that Honda! As far as a CD player you can pick one up at Best Buy or Circuit City for $100, even change the speakers for another $100. You have a car that is paid for,keep it that way and wait until you can actually afford to buy a new MBZ before jumping in over your head.
Find out how much parts and labor are compared to the two, you'll be deterred from the Mercedes immediately. If you want a car that gets good fuel economy and doesn't rattle or squeak, then get a small economy car from a reputable manufacturer (eg. Honda, Toyota, Mazda, etc.). I have a Mazda 3 and I like it a lot. I just wish I opted for a manual.
Nope I wouldn't get it. First and foremost just be happy with what you got. I had to "buy" my first car and I'm still paying for it and it's not a mercedes but it gets me to where I need to go. Next we are in on the verge of a recession and if you "ebay" the car and where in a recession, you are not going to recoup what your going to be paying. Thridly, do you have a job??? Also why would you buy a merceds for 8000 with 90000 on it, doesn't seem like deal to me.
Fixing the rattling and squeaking and buying a CD player will be much cheaper than a new car! Hondas are great cars! As long as you have the regular maintence done it will last well up to 300,000 miles. By the way, I looked up the Kelly Blue Book values on that model with 90k miles. $8000 is way too cheap! The TRADE IN value in fair condition is $9000! The private party value in fair condition is $12,050! The suggested retail price is $17,550! Why is this dealer selling this car for almost $10,000 less than the SRV? It's probably got major issues.
sorry, but this is no emergency. you seem like you're easily influenced. here's where you can get unbiased advice, go see your banker to see if you qualify for a loan for it. if you don't that says it all. i'm still not saying buy it with a loan if you do qualify, read the other great answers!