The "New" Used Car

A local dealer promises to "finance anyone."

The car
7 years old, 110,000 miles
Down Payment: $700
Monthly car payment: $250

What happens
Four months after she buys the car, Jane's mechanic tells her the car needs a new exhaust.

Total payments: $2,200
Repair costs: $700
Days in the shop: 5
Months the car will last: 9?
Stress level: Medium

Total cost per month: $483

The "Clunker"

Jane's sister-in-law has car that she's looking to get rid of. It needs new brakes and a new exhaust, but she'll sell it to Jane for $200.

The car
12 years old, 150,000 miles
Purchase price: $200
Initial repairs: $1,500

What happens
Three months after she buys the car, the engine dies unexpectedly, leaving Jane in need of another car.

Total payments: $200
Repair costs: $1500
Days in the shop: 9
Months the car will last: 0 (it's  dead)
Stress level: High

Total cost per month: $283

A New Car

Bonnie CLAC helps Jane rebuild her credit through the Bridge Program, and helps her qualify for a low-interest loan on a new Toyota Corolla

The car
New Toyota Corolla
Down payment: $0
Monthly car payment: $310

After six months
Jane's Corolla is zipping along with regular oil changes. Because she's been so reliable at work, her manager gave her a raise!

Total Payments: $1,860
Maintenance: $30
Days in the shop: 2 hours
How long the car will last: 8 years
Stress level: Low