Miss a payment? Your car stops running

[Bitek]

i do something similar. i buy used cars and drive them until the repair cost more then it's worth.

Though i buy $4-5k cars. I started doing it from the advice of my dad. I have purchased 1 new car (when i was 20). i just felt like i wasted 12k more to have a shinier car.

I was working some back of the napkin calcs on this as I just had to replace my old mazda. I had ~$3500 in suspension damage from potholes this accursed winter. The car had over 200K, but had been expecting a few more years out of it, but it was done and needed replacing.

Basically came down to amt of miles I drove and the cost of the car. From there I figured out what it would cost me per year to own spread over the lifetime. (eg $16K for mazda, got 13 yrs, ~$1200/yr) Bit more to it, but simple.

Looking at the used cars wasn't giving much of a price break over a economical new car, at least for my area. The newest cars are quite a bit more efficient than the older cars, plus the added mileage did't balance out the equation too much, plus there is the risk premium in buying used. So you figure the warranty protection, plus the financing on new cars is typically better than on used cars.

Added all up, the cost wasn't too much more for the cars I was looking at, plus my wife's car is hi miles, and it was worth it for our situation to keep two old cars going when repairs can be unexpected and expensive. Made more sense to get one new one, get it paid off, and then wife's car would about be near the end of its expected lifetime.

OTOH, we bought my wife's car used as it made more sense at that time.

Most of the price differences seemed to be in the class of car (truck vs sedan vs econocar) or if you didn't hold the car for a long time

 

[BoberFett]

We need to place high priority in protecting access to the what are the real necessities. People should have a fundamental right to:

Internet at least 2Mbs
Electricity
Water
Good Food
Gas
Transportation (This often includes a vehicle)
Telephone
Shelter
Periodic Entertainment (the minds needs to enjoy, in order to thrive)

This car is basically part of transportation, and with it comes access to many of the other fundamental necessities.

LOL, Democrats.

 

[BurnItDwn]

This should help lower interest rates for people who take out sib-prime loans for cars.

 

[highland145]

This should help lower interest rates for people who take out sib-prime loans for cars.

Doubtful. The market is what it is. Used cars and the problems they bring (many). The owners will get a better pay history with the cutoff until it's not running. But if it's running they "usually" get a better pay history. The customers and the problems they bring.


At the old job..."I'm going to let your have your car back. It's on I-20 with the tranny torn up. K, thanks." When was that? "A month ago." You still owe the debt. "So." -$4K for the lot.

 

[werepossum]

Would you like a calendar with an adhesive back or a magnet?

Someone I know drove the same prelude for 19 years....:whiste: He plans on driving the tacoma for 20.

LMAO! +111111111111111111

My plan is to drive them until repairing them becomes too much of a hassle. I drive an '03 Tracker 4x4 convertible, which still can be considered extravagant by some - one of the richest men I ever knew growing up (okay, one of only four men I knew growing up to which that label could be applied without laughter) drove a twenty+ year old Ford pickup. I asked him one day why he didn't buy a new truck and he just shrugged and said that one still worked fine and besides, there was no one he cared to impress who would be impressed by a new truck. Makes sense to me.

I would be interested in knowing what kind of phone does Oscar carry, what kind of TV package does he have, what kind of clothes he buys, and so on. None of that would be my business, but when he talks to the press about how his date got spoiled with the car not starting, it becomes everyone else's business as well. Don't I know these guys...

The sad part is that there are genuine cases, people who have fallen on hard times due to the state of the economy.

I would be interested in someone slap Oscar silly. Er, sillier. Regardless of how someone got to that point there is zero excuse for going on dates while not meeting one's freely incurred obligations.

LOL, Democrats.

Methinks he is quite beyond even most Democrats, many of whom actually have some sense.