First post to MMM forum!
Ok, so here's a quick rundown on me. I'm a 23 year old woman that just graduated from college in December 2011. I'm currently living in Omaha, Nebraska but am planning to make the move to Austin, TX at the end of July of this year. I've got $9000 in loans I'm trying to pay off before the grace period ends in August. I make around $1000/mo.
Recently, my 1998 Jeep Grand Cherokee was t-boned and the insurance company decided to total it out and gave me $4000 so I am currently carless. Now, I'm not mustachian enough yet to be able to go without a car, especially in a city that doesn't seem to have stellar public transportation. Also, I've never been to Austin and would feel more comfortable if I had a vehicle at first. The cost of living is a bit higher than it is in Omaha as well and it's going to cost around $1500 to move (moving truck, gas, rent, deposit, etc.), so I have been saving every single penny I make/find.
So, here's the deal. I'm sitting on $4000. I have $9000 in student loans. My parents have a 1994 Buick Park Avenue that has 168k miles on it. My mom purchased it from a 90 year old guy for $1500. She then put $3000 worth of work into it, mainly into the ABS & the suspension, I believe. There are no mechanical issues with it. It gets around 18mpg in the city and 25 on the highway if it is driven poorly. This car is basically like driving a sofa perched on top of a pat of butter that glides around on a cloud. I took it to my mechanic and it seems to be a solid car. There are a few minor things that would need to be tuned up, but nothing totaling more than $500 max. My mom has said that she would generously let me purchase the Buick for $1500. My stepdad (and others) keep telling me that I would be better off buying a newer model car (say, a 2000) that has less miles and gets better mpg. I believe their reasoning is that a newer car would not only get better mpg, but would need less repairs in the long run.
So here's my question: Do I purchase the Buick and use the rest of the money for moving expenses & loans? Or do I blow my entire load on a $4000 car and just scramble to save the rest of the money, loans be damned? I am worried about future repairs and the price of gas, although I am hoping to be able to be car free in the next two years or so. I'm feeling pressured by my stepdad & friends to get something newer, but it just doesn't seem right... but I can't really explain why.
Any advice, fellow Mustachians?