is buying a newer car worth it?

[lxskllr]

I just find it a bit sad that mileage doesn't seem to have improved. I've got a '97 Hyundai Elantra GLS that gets around 35mpg highway. Some of the hybrids available today don't even match that, and the more efficient gas-powered cars I found are still right around there.
14 years have gone by since my car was made. Where are the improvements in efficiency?

I imagine it's close to as efficient as it'll get. You can cut weight, displacement, and improve aerodynamics, but you're still squirting gas into a hole, and igniting it. You could lean out the mixture, but then it would overheat. You could then increase heat tolerance, but that would add weight, so you're back to where you were. Most people wouldn't buy the funny looking cars it would take to get better mileage.

 

[xanis]

If there aren't any major mechanical problems and it's running okay, I'd keep it.

 

[DrPizza]

can you afford it?

That statement is interpreted by 80% of Americans to mean, "are you living paycheck to paycheck yet? Do you have a little bit of extra money left over at the end of the week that you could apply to a car payment?"

If you want to be frugal, and can afford the monthly payments on another vehicle, then hang on to your current vehicle and start putting those monthly payments into some sort of savings. IF you should end up stranded, on the side of the road somewhere, which really doesn't happen that often; usually there are signs before major problems happen like the transmission going, then you'll be in a very comfortable position to replace the vehicle with another easily afforded vehicle (and paying cash.)

It's a shame that the culture in the US is to constantly purchase newer vehicles to keep up with the Joneses.

 

[polarmystery]

In many cases, since a car is a system, it is the most economical to buy a car a few years after it is brand new. System reliability can be modeled (a car is considered a system) as a bathtub curve. The middle of the curve provides the least failures, which is a representation of where the car is in terms of cost of maintenance. Most people can be given incentives to buy new, but it is typically almost more economical to buy a used car (system) after a few years of solid operation.

 

[lupi]

Wow, you're a pathetic hack. Cash for clunkers required people to buy new cars - that is MORE new cars to become future used cars. It rewarded people for taking the most undesirable used cars off the road. Unless the OP is looking for an old, used car that gets less than 18 mpg, cash for clunkers would not affect him.

or you're just an uneducated idiot, I'll go with the later.


http://www.cosmopolitanconservative.com/2010/06/04/cash-for-clunkers-used-car-effect/

http://hotair.com/archives/2010/08/25/used-car-prices-skyrocket-a-year-after-cash-for-clunkers/

 

[brianmanahan]

thanks folks for all the advise, i am going to set a hard limit (like 7000$) and wait to find something decent below that limit!

 

[JimW1949]

You have to do what you feel is best for you. The wife and I normally buy a brand new car and then keep it for 10 years or more. That way we get it right from the beginning and we can make certain we take good care of it. We make sure the engine oil is changed on a regular interval, the transmission fluid is changed at the recommended interval, stuff like that.

I am not saying buying a new car is the best financial decision to make, but it does give the buyer a little peace of mind and if you take good care of the vehicle the likelihood of you having any major issues with it is pretty slim. If a problem should develop with the new vehicle, hopefully it would be happen before the warranty runs out.

 

[BoomerD]

Write a pome aobut your dilema...your the onlee won hoo can figer this owt.

Is it wotrh it four you? Wee dont no...

Beesides, ar yoo old enuf too drive?

 

[BUTCH1]

I imagine it's close to as efficient as it'll get. You can cut weight, displacement, and improve aerodynamics, but you're still squirting gas into a hole, and igniting it. You could lean out the mixture, but then it would overheat. You could then increase heat tolerance, but that would add weight, so you're back to where you were. Most people wouldn't buy the funny looking cars it would take to get better mileage.

Or you could drive a 93-96 Ford escort, I usually got 39-40 MPG hwy. but it's 1.9L, 88hp engine made merging a spine tingling challenge LOL..

 

[IndyColtsFan]

I drive a 2001 Grand Prix every day. The body is still in decent shape and I usually spend about $1500 a year replacing or repairing things on it. It still runs great and with 150K miles on it, I'm hoping I can stretch it to 200K or 250K before I need to replace it, despite my wife's objections. 🙂

 

[Engineer]

It still runs great and with 150K miles on it, I'm hoping I can stretch it to 200K or 250K before I need to replace it, despite my wife's objections. 🙂

LOL...my wife is already complaining that I need to replace my 2003 Intrepid...and it only has 92,000+ miles on it.

She just traded her 2003 Durango with 52,000+ miles on it for a 2011 Chrysler 200 Convertible. I'll miss the "utility" of the SUV (really used it to haul stuff more than almost anything) but she has wanted a convertible for years and putting up with me (20 years of marriage), I suppose that she has "earned" it! :sneaky:

On top of that, she refused to let me pay cash for the new car so I now have debt for the first time in 5 years! D:...although it's at 2.49% but still kinda sad.

 

[evident]

get a brand new infiniti m37

 

[nageov3t]

LOL...my wife is already complaining that I need to replace my 2003 Intrepid...and it only has 92,000+ miles on it.

I've been thinking about replacing my 2003 mazda with 49,000 miles on it :\

I probably won't, but I'm about to turn 30 and I've never had a new car and I can afford it... but I'll probably just save/invest the money for when I actually need a new car.

my "need" threshold is when driving is no longer enjoyable because I'm worried about reliability.

 

[Texashiker]

is buying a newer car worth it?

No, it is not worth it.

How much of the car price is the profit of the dealership? 10%, 15%, 20% of the total price? And then you have to have the full coverage insurance.

The full coverage insurance is going to cost you out the rear end.

I drive a 1996 Toyota T-100 with close to 300,000 miles on. I bought the truck used in 2001, paid it off somewhere around 2005. That is 2005 - 2011 I have not had to pay interest to a bank, and I get the cheap liability insurance.

 

[Capt Caveman]

Just bought a new vehicle, loving it...

 

[IndyColtsFan]

LOL...my wife is already complaining that I need to replace my 2003 Intrepid...and it only has 92,000+ miles on it.

She just traded her 2003 Durango with 52,000+ miles on it for a 2011 Chrysler 200 Convertible. I'll miss the "utility" of the SUV (really used it to haul stuff more than almost anything) but she has wanted a convertible for years and putting up with me (20 years of marriage), I suppose that she has "earned" it! :sneaky:

On top of that, she refused to let me pay cash for the new car so I now have debt for the first time in 5 years! D:...although it's at 2.49% but still kinda sad.

I have no problem financing a car especially at these low rates and the fact my workplace has a benefit where you can get a loan at 1% under the market rate. It almost doesn't make sense to pay cash for a car with terms like that. 🙂

My wife wants me to get an SUV because we really do need something with at least minor hauling capacity. The problem I have with SUVs is the gas mileage -- the ones that do have some fuel efficiency are either too small or have a huge premium attached.

 

[glenn1]

Drive your current car until you experience an issue that impacts safety, driveability, or comfort. For example, I drove my '94 integra until the air conditioning went out, then gave it to my nephew.

I also disagree somewhat with those saying to never buy a new car - if you plan on keeping it for the long haul (10-12 years or more) then I feel a new car is reasonable. if you plan to get another car in less than 10 years then yes, buy used.

 

[Capt Caveman]

LOL...my wife is already complaining that I need to replace my 2003 Intrepid...and it only has 92,000+ miles on it.

She just traded her 2003 Durango with 52,000+ miles on it for a 2011 Chrysler 200 Convertible. I'll miss the "utility" of the SUV (really used it to haul stuff more than almost anything) but she has wanted a convertible for years and putting up with me (20 years of marriage), I suppose that she has "earned" it! :sneaky:

On top of that, she refused to let me pay cash for the new car so I now have debt for the first time in 5 years! D:...although it's at 2.49% but still kinda sad.

I could have paid cash for my new vehicle and also finance at 2.49% which allows me to keep the money in my investments making much more than 2.49%.

 

[lxskllr]

Drive your current car until you experience an issue that impacts safety, driveability, or comfort. For example, I drove my '94 integra until the air conditioning went out, then gave it to my nephew.

I also disagree somewhat with those saying to never buy a new car - if you plan on keeping it for the long haul (10-12 years or more) then I feel a new car is reasonable. if you plan to get another car in less than 10 years then yes, buy used.

I've had my Jeep going on 11 years now, and it was 3 years old when I got it. Buying new always wastes money. It's up to the individual to decide if that waste is worth it to them.

 

[Fenixgoon]

considering the cars i was interested in, yes buying new was worth it.

05-06 GTO's were way overpriced
04 GTO's needed work (suspension, brakes). i wouldn't have minded but they are hard to find
08-09 G8 (GT) - hard to find, "high" cost, short warranty
mustang - great car, but not interested
camaro - didnt like interior, gauge cluster, and i felt cramped when i sat in the driver's seat
CTS - like the new ones(08+?) but they were out of my price range.

ended up with a hyundai genesis coupe - looks great, handles great, decent gas mileage, epic warranty 🙂

 

[lxskllr]

ended up with a hyundai genesis coupe - looks great, handles great, decent gas mileage, epic warranty 🙂

Korean is the way to go for value. I don't know what I'd get if I had to car shop today, but Korean cars are near the top of the list.

 

[Capt Caveman]

considering the cars i was interested in, yes buying new was worth it.

05-06 GTO's were way overpriced
04 GTO's needed work (suspension, brakes). i wouldn't have minded but they are hard to find
08-09 G8 (GT) - hard to find, "high" cost, short warranty
mustang - great car, but not interested
camaro - didnt like interior, gauge cluster, and i felt cramped when i sat in the driver's seat
CTS - like the new ones(08+?) but they were out of my price range.

ended up with a hyundai genesis coupe - looks great, handles great, decent gas mileage, epic warranty 🙂

Used car prices are at their highest in almost twenty years. Lots of folks are selling cars they bought used just a few years ago for more money than they paid.

 

[TwiceOver]

I just did exactly this. Sold my 95 Nissan Altima and bought a 2007 Saturn Vue. We needed more room...

 

[wirednuts]

yeah and new car prices are at all time lows, at least for the product you get nowadays.

i suspect too that used car prices will now stay very high, because conditions of these new gas sipper cars wont be the concern- as long as they dont burn much gas, they will be worth top dollar to most people.

i never thought new cars were financially prudent either, but if gas prices stay at $4+ a gallon i could easily see why people would be willing to shell out the cash for a new car.

 

[RedCOMET]

I drive a 2001 Grand Prix every day. The body is still in decent shape and I usually spend about $1500 a year replacing or repairing things on it. It still runs great and with 150K miles on it, I'm hoping I can stretch it to 200K or 250K before I need to replace it, despite my wife's objections.

My 2000 GMC Jimmy with 141K miles has been costing me about $1500/yr or more these past 4 years in repairs. The vehicle was a gift from my parents for graduation. I got it with about 120K miles. My problem with the vehicle now, is that original parts are either failing out right or rust issues are forcing major repairs in order to get the vehicle to past inspection. I want to drive the vehicle into the ground, but the cost of major repairs year after year make it hard to want to keep it. As was mentioned before in the thread about the the bathtub curve, It looks like I'm in the "increasing failure zone."

After grad school when i am gainfully employed again, I plan on looking at a buying a new vehicle. The car note will be annoying to pay off along with school debt, but It should be less headaches when in the long run for repairs, especially finding parts ( I had to repair an original part on my truck that was a dealer only part and it took some work getting it to the repair shop).