Brand New Car - Loan, < 5 yrs old - loan or > 5 yrs old - Cash

[_Cathy_]

Hi. I am in a real dilemma here. I drive a 96 corolla GLi which we bought brand new. It has served me well over the years but I think it's time for me to get a new car. I've spent over 100k in repairs in the past 3 years so as much as possible I don't wanna sell it.

My mom refuses to buy me a brand new car now since she said I'm old enough to buy a car for myself. This is not true because my salary isn't enough for me to pay for my gas going to work. So here are my options:

1. Mom will give me 300k and I will loan 480k since I want an Altis 1.6 e

2. I'll use the 300k and loan 200k to buy a relatively newer second hand car.

3. I'll only buy a car worth 300k.

4. Buy a car worth 250k and keep 50k for repairs.

5. Sell my corolla pangdagdag for option 1 or 2. Is it true that I should sell my car before it is old enough for an overhaul. It's 160k na kasi in the odometer.

Our family has never bought a car on loan before and this might be the first time should I choose to get a loan. I would have gone through with the loan right away if only my Lola were alive because I know that she can always pay it off in case something happens. It's scary because my savior lola is gone already