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$7000...cash for a used car or downpayment on a new?

HeroOfPellinor

HeroOfPellinor

Lifer
My primary concern is getting something reliable with a low cost of ownership that can fit a small family. Should I pay cash for an older reliable car like a Volvo or Toyota and put $100 away each month to cover unexpected repairs down the road? Or get a loan for another 10K and get the best new car I can for ~$17000 OTD? Possibly a combination with a $5k loan for a few year old car.
 
In the 30 years I've been driving, I've never purchased new. The best bang for the buck will be found with a domestic. The foreign car repair prices are going to suck, as well as the high initial price. As far as reliability goes in a domestic, it's no problem if you steer clear of front wheel drive stuff, plus repairs are cheaper and easier on a RWD.
 
With 7K, you should be able to pick up a Honda/Toyota less than 4 years old and under 75K miles. I would go private, just have/pay a mechanic give it a serious run through for mechanical and structural (very important!!!!) before buying. If it is a Honda, you can even take it to a Honda dealer for a 10-15 point inspection for under a 100 bucks. They check the frame and stuff to make sure the car haasn't been in any frame bending collisions. Read all the maintenance records and get the Vehicle History Report. Steer clear of rentals or auctioned vehicles. If you finance that 17k, the car is going to end up being over 20k. If you know cars at all, domestic cars can be an option. If you have trouble with even changing the oil, I would go foreign.
 
One of the more important questions to ask is how old are you? I know you said you'd like to fit a small family, but is this an indication of planning ahead, or where you are at now? If you have children that are almost in their teens, get a used car and then you'll have a car to give them to tear up when they turn 16. (because teens will do that)

You'll save a boat load on insurance on a used car versus a new car, and repairs on an old car when you wreck may be cheaper (because let's face it, thing like this are bound to happen.)

Not only that, but if you are a new driver, a used car will teach you responsibilty in care-taking with a car, whereas people who get new cars right away seem to think that they don't need any maintenance until 5 years later when they start junking it up. The used and setting money aside plan is good, because people soon forget that just because a car is new, doesn't mean it won't have problems that sneaking warrantys don't seem to cover.

Even more, on a 10k loan, you'll be spending about 4 times more a month that you would with just setting aside $100.


My vote goes to used. It's all a matter of your budget and planning ahead. Remember, the decision you make will last for the next few years in the form of car payments or repair bills. Paying one of those is a certanty, one is not.
 
Depends what you want. Fact is, with new cars you can get excellent monthly payments, better then you can get going used. Thats usually a function of dragging the loan at 90 million months versus the standard 36 months on used car loans.
It a tough call. Theres alot of peace of mind in owning a 1 butt seat (New car). Factory warrenty, powertrain warrenty, everything new and (almost always) highly reliable.
Of course, theres alot to be said for owning a car which is paid off too. And a used car purchased outright is what you'd get going that way.

I myself would probably go used. For me, a car being paid off goes along ways to being a reliable good car IMO.
 
Originally posted by: Ornery
In the 30 years I've been driving, I've never purchased new. The best bang for the buck will be found with a domestic. The foreign car repair prices are going to suck, as well as the high initial price. As far as reliability goes in a domestic, it's no problem if you steer clear of front wheel drive stuff, plus repairs are cheaper and easier on a RWD.
Click to expand...

Ahhh yes the obligatory Ornery the only good car is a rear wheel drive domestic boat comment.
 
Originally posted by: tnitsuj
Originally posted by: Ornery
In the 30 years I've been driving, I've never purchased new. The best bang for the buck will be found with a domestic. The foreign car repair prices are going to suck, as well as the high initial price. As far as reliability goes in a domestic, it's no problem if you steer clear of front wheel drive stuff, plus repairs are cheaper and easier on a RWD.
Click to expand...

Ahhh yes the obligatory Ornery the only good car is a rear wheel drive domestic boat comment.
Click to expand...

<< Obligatory M4H "Buy a used Civic" comment >>

- M4H
 
Originally posted by: Shockwave
Depends what you want. Fact is, with new cars you can get excellent monthly payments, better then you can get going used. Thats usually a function of dragging the loan at 90 million months versus the standard 36 months on used car loans.
It a tough call. Theres alot of peace of mind in owning a 1 butt seat (New car). Factory warrenty, powertrain warrenty, everything new and (almost always) highly reliable.
Of course, theres alot to be said for owning a car which is paid off too. And a used car purchased outright is what you'd get going that way.

I myself would probably go used. For me, a car being paid off goes along ways to being a reliable good car IMO.
Click to expand...


Agreed.
 
Originally posted by: tnitsuj
Originally posted by: Ornery
In the 30 years I've been driving, I've never purchased new. The best bang for the buck will be found with a domestic. The foreign car repair prices are going to suck, as well as the high initial price. As far as reliability goes in a domestic, it's no problem if you steer clear of front wheel drive stuff, plus repairs are cheaper and easier on a RWD.
Click to expand...

Ahhh yes the obligatory Ornery the only good car is a rear wheel drive domestic boat comment.
Click to expand...
rolleye.gif


Gotta wonder why your local cops use them as interceptors, eh? Why they're the first choice for taxis and other fleet vehicles? These reviewers must have their heads up their ass, I guess:
  • Editors' Most Wanted Vehicles for 2002
    • A rolling example of the "If it ain't broke, don't fix it," philosophy, the Crown Victoria and Grand Marquis twins continue to be the vehicles of choice for taxi companies, police departments, retirees and families who want a large, comfortable sedan without having to spend the big bucks on a luxury nameplate.

    Value is the story here, as well.
    • After spending several weeks behind the wheel of this big Merc and its sister in the Ford product lineup, the Crown Victoria, our elders have earned newfound respect for the wisdom of their automotive preferences.
      It's fairly obvious why the Ford Crown Victoria and Mercury Grand Marquis are smart choices. The cars are, most importantly to our staff, fun to drive.

    What's with kids these days? I guess there are some things they'll just never understand.
    • But the original "pony car wars" actually signaled the end of the muscle age ? an era that had its genesis with a slew of big-engined, full-size hardtops and sedans.

      That's right, fast family-size cars started it all. Big Chevy Impalas, Pontiac Bonnevilles, Buick Wildcats, Ford Galaxies and Plymouth Furys ruled the roads. They touted huge, powerful V8s ? the fabled Chevrolet 409. Poncho's (Pontiac's) hot 421 and Buick's 401. Ford's venerable 406. And Mopar's 413.

    Who Needs a Minivan when Lincoln Offers a Trunk this Big?
    • Truth be told, we did not expect to like this Lincoln, which obtained an unsavory nickname concocted by a groomsman. Still, after living with the Town Car for ten days, we came to appreciate the comfortable interior, the huge trunk, the V-8 power, and all the little luxury conveniences. Driving this Lincoln made us wonder how big rear-drive cars fell out of favor with the American public.

    An enduring, endearing tradtional.
    • It is, as they say, a lot of car for the money.

    1992-2002 Ford Crown Victoria: Consumer Guide Best Buy
    • Handling and stability are fine for a big sedan. The base suspension absorbs bumps nicely, yet doesn't wallow or float past pavement swells.

    Ford Crown Victoria, 1992-1998
    • It's hard to believe, I know, but this big four-door handles surprisingly well. Even the base suspension does a good job of absorbing bumps and road bruises... The truth is, you don't wallow and float in a Crown Vic, at least not to the extent you might think.

    Jedlicka Reports
    • Virtually all American family cars were downsized and switched from rear- to front-drive in the 1980s to lighten them so they could deliver higher fuel economy without losing much?if any?interior space.

      But guess what? New large domestic cars with rear-drive will be introduced in the not-distant future. Engines and transmissions have become far more efficient, and American automakers know that a rear-drive layout?common with upscale European cars such as BMW and Mercedes-Benz?gives better weight distribution and balance. The result is sharper, more stable handling.

    Review by RON DRYSDALE
    • Such antics are more typically undertaken in something like a Porsche, but they also provided my most edifying moment in the surprisingly-athletic Crown Victoria that I was driving that day. Simply put, the car remained flat and cornered like it was on rails.

    Edmunds Used Car Best Bet
    • Ever wonder why police departments and taxi companies use these "old-tech" V8, rear-wheel-drive sedans? Because they're basically bullet-proof. Really, could a car have a tougher job than serving cab duty in New York City? Or cruiser duty in Los Angeles? Not only that, but these traditional American full-sizers are also very comfortable to ride in, have plenty of luggage capacity and are cheap to keep in light of their low maintenance requirements and commendable fuel efficiency (highway ratings are as high as 25 mpg). They also have very good crash test scores.
 
Definitely used... my dad just bought a 2002 Grand Am with 30k miles on it for $8500 or so. I'd never buy a car new, its funny how you see a 2004 selling for $28k right now and the exact same model in a 2003 for like $16k.
 
Originally posted by: OREOSpeedwagon
Definitely used... my dad just bought a 2002 Grand Am with 30k miles on it for $8500 or so. I'd never buy a car new, its funny how you see a 2004 selling for $28k right now and the exact same model in a 2003 for like $16k.
Click to expand...

I know. Ford Tauruses and mid-size GM sedans are fine examples of a hell of a deal. (Anyone who's driven them and evaluated them for what they are knows that most newer domestics aren't bad by a long shot.) There are lots of Nissan and Mazda "hell of a deal" used cars out there too. It's hard to feel sorry for whomever took the resale beating. In fact, I celebrate for them, because we get their still-shiny, low-mileage "rejects" for 1/2 to 2/3 the original price. It's awesome!
 
Go for the big downpayment on a used.

$12,000-$16,000 will buy you a very nice used car, probably with some factory warranty left on it. Finance $5000 (often the least you can borrow) over 3 years and you'll have a reasonable monthly payment ($170ish?) plus a nice newish car.
 
Originally posted by: Ornery
Originally posted by: tnitsuj
Originally posted by: Ornery
In the 30 years I've been driving, I've never purchased new. The best bang for the buck will be found with a domestic. The foreign car repair prices are going to suck, as well as the high initial price. As far as reliability goes in a domestic, it's no problem if you steer clear of front wheel drive stuff, plus repairs are cheaper and easier on a RWD.
Click to expand...

Ahhh yes the obligatory Ornery the only good car is a rear wheel drive domestic boat comment.
Click to expand...
rolleye.gif


Gotta wonder why your local cops use them as interceptors, eh? Why they're the first choice for taxis and other fleet vehicles?
Click to expand...
What about the Chevy Impala? FWD and used as police cars quite often (my town has '96 Impalas as squads). The Dodge Stratus is also offered in a police package.
 
Originally posted by: flot
Go for the big downpayment on a used.

$12,000-$16,000 will buy you a very nice used car, probably with some factory warranty left on it. Finance $5000 (often the least you can borrow) over 3 years and you'll have a reasonable monthly payment ($170ish?) plus a nice newish car.
Click to expand...
If you do finance, it can be cheaper to go through a bank sometimes. Depending on how you go on insurance, getting a cash loan + cheap insurance can be better than car loan + full coverage.
 
"What about the Chevy Impala? FWD and used as police cars quite often (my town has '96 Impalas as squads). The Dodge Stratus is also offered in a police package."

I'm not going to recommend anything that I don't have first hand experience with, and the fact is, RWD is the first choice for fleet use. I'm personally not too keen on having the tranny and engine shoehorned into the same small compartment. It's cheaper and easier to replace shocks than struts, as well as U-joints VS CV joints. I know the V8s use a timing chain, instead of a belt. If you're buying used, these things have to be considered.
 
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