Keep your old clunker or buy a new car?

[IGBT]

Text

To the first, a round of applause. There?s nothing short of the bus that?s cheaper than keeping a car until it crumbles into a pile of rust. Almost any car can be nursed to 200,000 miles without endangering your life, and even a new engine is cheaper than all but the cheapest used cars.

To the second, another round of applause, because the 16 million or so new cars they buy every year instantly become used cars soon available at a considerable discount to those in Camp 1. And a moment of silence, because a new car will change their lives in ways they never foresaw on the dealer?s lot.

 

[edfcmc]

Excellent article. The only issue they really side stepped is safety. How much value should one place on "upgrading" for features such as air bags, side air bags, better NHTSA/IHSI crash ratings?

 

[NascarFool]

My newest car is a 98, the oldest is an 89. I don't have any plans to buy a new car anytime too soon. The new Mustang has had my interest for a couple months but I've resisted really well.


By the way, I am a Dodge man.

 

[mugs]

Or try swapping cars with a friend, returning it gassed-up and clean (with the oil changed, too, if the loan was more than a day or two. You want to be able to ask again next year.).

If someone changed the oil in my car without asking me first, I'd be PISSED.

 

[IGBT]

Originally posted by: NascarFool
My newest car is a 98, the oldest is an 89. I don't have any plans to buy a new car anytime too soon. The new Mustang has had my interest for a couple months but I've resisted really well.


By the way, I am a Dodge man.

..wait till the New Challenger comes out. Looks a lot like the 69-71 Chally. Too bad the 440 6 pack won't be with it.

 

[Lonyo]

I'd never buy a new car, unless I was seriously rich.
It just makes no sense to buy a new car for the sake of saying it's new, when a used one is likely to be just as good, but a lot cheaper (assuming it's been looked after).
Unless your employer offers an incentive to get a new car (ie: if they give you one/money towards one as a job perk) it makes little sense to spend (waste) a load of money to be able to say your car is new (IMO)

 

[illusion88]

Why not buy another used car
It's still an upgrade off your junker, but it doesn't hurt the wallet quite so much.

 

[mugs]

Originally posted by: Lonyo
I'd never buy a new car, unless I was seriously rich.
It just makes no sense to buy a new car for the sake of saying it's new, when a used one is likely to be just as good, but a lot cheaper (assuming it's been looked after).
Unless your employer offers an incentive to get a new car (ie: if they give you one/money towards one as a job perk) it makes little sense to spend (waste) a load of money to be able to say your car is new (IMO)

One good reason for buying a new car is that you know it's been maintained as well as you would maintain it. A lot of people don't have basic maintenance done on their cars. The idea that a new car loses half its value when you drive it off the lot is mentioned a lot, but it's simply not true. Even after 5 years a Honda or Toyota will still be worth about half what you paid for it.

I did a very rough comparison of buying a new Honda Civic vs buying a 2 year old Honda Civic and driving both for 5 years. I concluded that the new Honda would cost an additional $167 a year over the 5 years. For that $167 you get a 2 year newer car and the peace of mind of knowing it's been maintained to your standards.

I bought my Civic new in 2003. I maintain it well, and I'll probably keep it as a beater if/when I get a nicer car.

 

[IGBT]

Originally posted by: mugs

Originally posted by: Lonyo
I'd never buy a new car, unless I was seriously rich.
It just makes no sense to buy a new car for the sake of saying it's new, when a used one is likely to be just as good, but a lot cheaper (assuming it's been looked after).
Unless your employer offers an incentive to get a new car (ie: if they give you one/money towards one as a job perk) it makes little sense to spend (waste) a load of money to be able to say your car is new (IMO)

One good reason for buying a new car is that you know it's been maintained as well as you would maintain it. A lot of people don't have basic maintenance done on their cars. The idea that a new car loses half its value when you drive it off the lot is mentioned a lot, but it's simply not true. Even after 5 years a Honda or Toyota will still be worth about half what you paid for it.

I did a very rough comparison of buying a new Honda Civic vs buying a 2 year old Honda Civic and driving both for 5 years. I concluded that the new Honda would cost an additional $167 a year over the 5 years. For that $167 you get a 2 year newer car and the peace of mind of knowing it's been maintained to your standards.

I bought my Civic new in 2003. I maintain it well, and I'll probably keep it as a beater if/when I get a nicer car.

..I wana get a new truck. I'll prob.stick with Dodge like I have over the years. And always have bought them used. My current truck is a 92 Dakota with near 100k on it. Still runs well and is largely trouble free..but is 14 years old.

 

[vi edit]

If you've ever bought a bleeding edge video card, name brand designer clothes fresh off the shelf or go out to eat instead of cooking at home...you aren't really any better.

New cars are a luxury to many people. Not a necessity.

Just like the things I said above.

 

[TheShiz]

my commute is a whopping 2 miles, so i am just fine with my 91 manual camry, having no car payment is nice.

 

[FoBoT]

my paid off used cars get me where i need to go

the 1990 mazda has 193K miles, runs fine

 

[Ornery]

Didn't read the article or the thread, but I've never purchased a new car, and probably never will. If you buy a solid vehicle platform, and resolve to keep it, you'll ALWAYS be dollars ahead... LOTS OF DOLLARS!

 

[Plasdom]

Originally posted by: vi_edit
If you've ever bought a bleeding edge video card, name brand designer clothes fresh off the shelf or go out to eat instead of cooking at home...you aren't really any better.

New cars are a luxury to many people. Not a necessity.

Just like the things I said above.

 

[RossMAN]

Unless I'm rolling in the dough anytime soon I'll be pimping our 02 Accord for a decade or longer.

 

[JDrake]

Give me your clunkers

 

[DrPizza]

Originally posted by: vi_edit
If you've ever bought a bleeding edge video card, name brand designer clothes fresh off the shelf or go out to eat instead of cooking at home...you aren't really any better.

New cars are a luxury to many people. Not a necessity.

Just like the things I said above.

While I don't buy bleeding edge video cards, I disagree with that analogy. With a top of the line video card, there is apparently a noticeable performance difference. However, with a 10 year old beater vs. a brand new car, I won't notice any difference on the way to work - I'll still drive the speed limit (+7mph).

New cars are a far better deal for your money. Everyone should listen to mugs advice above... it's only $167 more a year for 5 years for a brand new Honda vs. a 5 year old Honda.

/me doubting those calculations and hoping that with more new cars sold, demand for used cars goes down, followed by falling prices for used cars

For what it's worth, I'm getting a 10 year old Toyota Camry, great shape, and well maintained next weekend. That should last me at least 5 years.. The car was worth $400 to the dealer, (best negotiated price with the trade minus best negotiated price without the trade) therefore it wasn't traded in. I expect to get a good 5 years out of it... So, mugs, calculate what it's going to cost me per year for that car vs. new My monthly payment = $0. $20 every 3000 for oil... and maybe average $100 per year for other maintenance (brakes, etc.). At 8 miles on most days, gas mileage isn't going to make much of a difference either.

 

[TitanDiddly]

Financial responsiblity++

I'm pledging up to Auto Society next year so I can learn how to fix my own cars.

 

[vi edit]

While I don't buy bleeding edge video cards, I disagree with that analogy. With a top of the line video card, there is apparently a noticeable performance difference. However, with a 10 year old beater vs. a brand new car, I won't notice any difference on the way to work - I'll still drive the speed limit (+7mph).

Yeh, but if you wait 6 months you can buy that $400 video card for $200 and have the same performance with the same games. You just have to wait a bit. It's a similar comparison.

A 20 year old chevy impala will get you to work and back and it will (probably) do 65MPH on the highway.

But it isn't going to have the safety features, comfort, bells and whistles, and economy of a brand new Impala.

I absolutely agree that in most situations buying used is the more finanically responsible choice. But lets face it, we all have our weak spots and guilty pleasures. For many people (including myself) it's a choice we are willing to make.

When you have a household income 3x that of the national average and consumer debt that's a fraction of the national average, it's a luxury I'm willing to afford.

 

[promposive]

Originally posted by: mugs

Or try swapping cars with a friend, returning it gassed-up and clean (with the oil changed, too, if the loan was more than a day or two. You want to be able to ask again next year.).

If someone changed the oil in my car without asking me first, I'd be PISSED.

Yea.... bad idea...

Unless it is someone who knows nothing about cars and doesnt change the oil, or always goes to the same place and has it done (sticker on window? stating oil type, etc..)... but yea.. bad idea