Stray: congrats, you've narrowed it down.
First instinct was to suggest you to try to avoid both. Living in the Lower Mainland gives access to lots of cars, so you don't have to buy a rebuild. However, these may be good if they are at the right price.
If you can live with an Accent, they cost less.
For comparison
-an 05 Accent ad from Jim Pattison Hyundai quotes lease rates based on NEW MSRP price of $13,750. (No accident, no kms, 5 yr warranties)(back of Van Sun TV Times Jan 7th)
-a new 04 Chev Alero (small 4 dr) at $11,995 at Preston Chev Olds in Langley from Surrey Now paper Jan 12th, pg 2.
-"2003 HYUNDAI ACCENT GL , 4 dr, auto, 43122 kms Very clean, comes with , 4dr,automatic,air cond,power windows and power locks,balance of factory warranty...Includes Free Trip For Two To Las Vegas. $12995. Stk# 2535. CALL JIM PATTISON HYUNDAI" from
www.jphyundai.com.
- "2003 HYUNDAI ACCENT GS , 2 dr hb, 4 cyl, auto, 41800 kms Air conditioned. $8888. Stk# PU4190. Toll Free 1-888-240-2288. Call ToyotaTown Tel: 604-530-3156" (from buy+sell,Langley)
These lead one to believe those prices may be on the high side for rebuilds. If the dealer went down $1,100 easily, there is probably more room.
So, in your price range, about $4,000 looks to be the difference between a new Hyundai with full warranty, or a 5 year old Civic.
In (rough) payment terms @ 8% (which is high)
$10K over 4 yrs, payment = $244.
$14K over 4 yrs, payment =$341.
or... $14K over 5 years, payment = $284.
At the end of 4 years, you could have a 9 year old Honda, or a 4 year old Hyundai (with one year left on the warranty).
Or, get the 03 Hyundai for $10,800 (haggle and don't take the trip to Vegas), over 4 years = $265/month.
Figure out which scenario is closest to your ideal.
Burnaby /Kingsway has a reputation for having a number of lots selling rebuilds. Sounds like a good idea to expand your search.
This turned into the omnibus edition.
Sorry for the wasted bandwidth, and sorry if this is covering info you already know. Just trying to be helpful, not presumptuous.
Pick two cars you could live with (like the Civic and the Accent) and call the ads in the Sun and Buy and Sell. Cross off rebuilds and high miles.
You're now set on two viable cars, and have narrowed down the price.
Pre-arrange your financing with your credit union or bank.
Find a couple of prospects from ads (or calling the local dealers, and asking what they have in stock). Go in, test it, and make offers. Allow enough time for the process, and be prepared to walk away if you really can't make a deal.
Plan B:
convince your parents that they need a new car, and that instead of giving you the downpayment, they could buy and enjoy a new car, and just give you theirs!!!
Set aside what would have been your loan payment every month, into an account for possible repairs.
Cool, you get a car with a known history, they get a new car of their own choice.
Actually not such a bad notion. $4K is just less than a year's tuition, or more than a students' entire summer income.