It's been 6 month and I am still searching for that $5k car. Fortunately, I work from home and live walking distance to restaurants, grocery stores, etc. I've been sharing a car as well.
Why has it taken me so long? I have a feeling it's my unrealistic criteria, I'm looking for a 2001-2003 Honda or Toyota under 100k miles! Those cars seem to sell quickly, especially, in this economy. I've searched online and went to a few local dealerships. There was one dealership that was willing to sell me a car for $5k out the door. The conversation with the salesman was quite amusing.
I went with a male friend known as "Frugal Fred". Once we pulled into the parking lot, a slick salesman came running toward us.
Slick Salesman: "Good afternoon and welcome, what type of car are you looking for?"
Frugal Fred: "Used Honda or Toyota"
Slick Salesman: "Great! We have plenty to choose from! What price range?"
Frugal Fred: "$5000"
Slick's expression, Priceless! Such disappointment but pointed at a light blue 2001 Camry with 120k miles. It had the retro spoiler on the trunk. It was less than desirable but I was willing to check it out.
Slick Salesman "You do know there is a tax and licensing fee?"
Frugal Fred "Yes, the $5000 would include that"
Slick "Oh, I can't go any lower than that. It runs great and will go to auction in a few days."
Frugal Fred "Well, let me know when you can bring down the price and give me a call. Do you have AT&T? If not, call me after 7pm."
Frugal and Slick exchanged numbers and we headed back to the car. Ten minutes later, we receive a message from Slick. "Hi, this is Slick and I can sell you the car with tax and licensing for $5000. By the way, I have AT&T so you can call me without wasting your minutes". He chuckled during the message. I'm sure he's thinking "Cheap Bastard!" We haven't called him back yet.
Fortunately, I still haven't needed a car yet. I've saved a great deal of money by not having any car payments, auto insurance, and gas. The money I save will allow me to spend more on a car and thinking about purchasing a used Honda Prius.