(May 15, 2012) SANTA MONICA, Calif. — Edmunds.com has launched "The Debt-Free Car Project," which aims to assure car buyers that they can find a reliable used car for under $5,000 without the burden of monthly payments. Last month, Edmunds.com's consumer advice editors purchased a 1996 Lexus ES300 for $3,800, and over the next year they will document the vehicle's performance as part of the company's long-term car test fleet.

"Not everyone has the credit or steady income to afford monthly car payments, so it's important to show consumers that they can find a dependable used car for just a few thousand dollars up front," says Edmunds.com Consumer Advice Editor Ronald Montoya.

"We were determined not to buy a beater that would have us visiting a mechanic every month and, like any car buyer, we wanted a car that we would not be ashamed to drive."

Edmunds.com's consumer advice editors used online resources to find the Lexus at an independent car dealer in Pasadena, Calif. The forest green ES300 had 135,000 miles on the odometer and a vehicle history report showed a clean accident record and multiple service visits to a Lexus dealer. After back-and-forth negotiations, the dealer agreed to sell the vehicle for $3,800 out the door.

For the full blow-by-blow of Edmunds.com's shopping and negotiating process for the 1996 Lexus ES300, click here.  

Edmunds.com editors will track the car's fuel, maintenance and repair costs, as well as their anecdotal experiences while driving the car on a daily basis. They'll drive to and from work, run errands around town and take long road trips with a goal driving it 15,000 miles in the next year. Readers can track the vehicle's progress on Edmunds' InsideLine.com's Long Term Road Tests blog.

"The Debt-Free Car Project" is just the latest example of Edmunds.com practicing what it preaches. Editors will use the same strategies advocated in a piece published earlier this year that advises consumers "How to Buy and Maintain a Very Inexpensive Car."