My mom and I each pay my sister $200 a month for the 07 and 03 Accords respectively (I think my mom will be paying 225 now actually, but the amount she paid for the 03 over the past 3+ years will be put towards the 07), plus we have to pay for full coverage insurance (well my sister highly suggested it to me since I'll still have to make payments if something happens to the car, and it's worth more than i thought it was...). If I had better credit, I would probably just finance a reasonably priced car of my choice but, unfortunately, my credit is not that good anymore .tankinbeans wrote:Keeps car payments down, and with the cars staying in the family everybody knows what has and has not been with the car. I personally wouldn't buy/take a car over from a relative due to the possible event that something goes catastrophically wrong.
As for the issues with buying within the family thing, it's never really been an issue for us. I had issues with the 91 Corolla I bought from my sister back in 01 (my first car) but I didn't blame my sister for them. Same thing with the 93 Accord I bought from her. The problems mostly were not her fault and it was my choice to buy the cars from her (plus she spent a lot of time and money looking for and buying newer cars so I could buy the old ones).