New vs used

[JackBurton]

🙄 What idiot told you that?

No shit.

 

[JackBurton]

I do not agree with brand new.
I recently bought new and it has been a struggle for me to justify keeping it, but I think it's sorta paying off. I have had to do zero to my car since I got it in April of 2011 and that is more or less why I wanted it. If I was not commuting close to 50 miles one way to work I would still be driving one of my older cars I paid a few hundred for. If I were ever to get a job in town again first thing I'd do is put my 2011 car up for sale. Payments are lame.

I agree. That's why I'm just paying it off. 😉

 

[Crono]

Buying a single new car to keep for a while (say, 10 years+) makes more sense to me in terms of time and maintenance than buying a sequence of used cars over the same period. I hope to keep my current car for at least 10 years.

It's not usually a cheaper option to go new over used, but if you have a specific car in mind to purchase, buying new might make more sense.

 

[skipsneeky2]

Crono has a good point,i test drove a 2012 chevy sonic hatchback yesterday going for about $18.5k msrp considering putting about $8,000 down,the drive went fine,everything went fine till i popped the hood to see the goodies in the engine department.

To much plastic and the cooling department reminded me of a early 2001 daewoo with a cheap plastic reservor and cheap rubber hoses with store bought clamps,i doubt a car with little quality under the hood can go 10 years,i would almost think buying a 04-05 corolla with about 75-85k miles for the same money would be much smarter.

 

[Jumpem]

Why do people talk about keeping a car for ten years? I couldn't imagine. I'm already looking at what's next after a year and a half. It's a struggle for me to keep one for two and half or three years.

 

[vi edit]

Why do people talk about keeping a car for ten years? I couldn't imagine. I'm already looking at what's next after a year and a half. It's a struggle for me to keep one for two and half or three years.

It's really a function of how many miles you put on a car. If you are doing less than 10,000 miles a year you realistically can drive a car for 10 years and not do a whole lot more than gas, tires, and oil...as well as routine other things. If you paid in cash, or paid it off in the first couple years that's 7+ years of very low cost ownership.

If you are driving 30,000 miles a year then 10 likely isn't a realistic number.

 

[WackyDan]

Why do people talk about keeping a car for ten years? I couldn't imagine. I'm already looking at what's next after a year and a half. It's a struggle for me to keep one for two and half or three years.

Then either you have the income to justify buying new every few years or you like being deep in hock to cars. Which is it? I'm not faulting you either... if you have the cash reserves - are in great financial shape, no debt... etc... then go right ahead and buy the new vehicle when ever you desire.

I kept my last truck 13 years from new. Live in the south so that helps. Wanted to buy several new models over the years, but being debt free makes you even more of a miser.... Just bought a new truck in January... $36k... I put $24k down. That is the difference. I'll have this one paid off in a year or two and keep it 13+ years. Works for me.

 

[jlee]

Why do people talk about keeping a car for ten years? I couldn't imagine. I'm already looking at what's next after a year and a half. It's a struggle for me to keep one for two and half or three years.

I seem to switch something up every 2-3 years, with the exception of projects. My MR2 will be 4 (to me) in May, and I don't see that changing anytime soon.

 

[Jumpem]

Then either you have the income to justify buying new every few years or you like being deep in hock to cars. Which is it? I'm not faulting you either... if you have the cash reserves - are in great financial shape, no debt... etc... then go right ahead and buy the new vehicle when ever you desire.

I kept my last truck 13 years from new. Live in the south so that helps. Wanted to buy several new models over the years, but being debt free makes you even more of a miser.... Just bought a new truck in January... $36k... I put $24k down. That is the difference. I'll have this one paid off in a year or two and keep it 13+ years. Works for me.

You buy a car and have say a $500 payment. After two or three years you're at the point where you can trade it in and get something new with the same payment. I'm not in a hurry to pay off a car. I see it as just another monthly bill like everything else. I plan to always have a car payment.

I don't like to keep them long because of all the road salt either. trade them before they rust and their value plummets. Warranties too. I get extended warranties, and trade just before they are up.

 

[skipsneeky2]

It's really a function of how many miles you put on a car. If you are doing less than 10,000 miles a year you realistically can drive a car for 10 years and not do a whole lot more than gas, tires, and oil...as well as routine other things. If you paid in cash, or paid it off in the first couple years that's 7+ years of very low cost ownership.

If you are driving 30,000 miles a year then 10 likely isn't a realistic number.

Yup,for about a year about 3 years ago my daily driver was a low mile 1967 dodge dart with a slant 6,got it at 86k,sold it at 95k,the biggest trip was a 700 mile round trip to vegas and i considered that packing miles for that year.

So i could easily purchase even a low mile 04 corolla with about 80k and knowing toyota and reliability another 10 years for a 04 would be a walk in the park and a buddy of mine bought a 95 model in 98,and its still going just fine with about 189k to this day.

 

[nerp]

Used car prices are nuts. I traded in an 09 yaris with 58k on the odometer and they gave me a bit more than I owed on it. Saw it on the side of the road at the dealership and they want 9 grand for it.

 

[justfrank]

I always buy used but then I repair cars for a living and I know what I'm buying to begin with. My newest daily driver car is a '95 Volvo 855T followed by a '94 Volvo 945T, both now in restored, like-new condition, both inexpensive and paid for years ago and both will last me many more years. The '95 has 216K miles and will easily last me another 5+ years, the '94 has far less miles (a better car overall) and will last me another 10+ years. My last Volvo was an '86 745T, bought it when it was 8 yrs old and kept it 14 yrs until its frame looked too questionable from rust (lots of salt here in winters). I drive costly high line cars (Lexus) daily as part of my job so I have no need to own one, nor do I ever want car payments. I've never had car payments and don't plan to because I can can easily repair, restore and maintain any older car that I buy.


Oh, as for the OPs opening statement:

All my life I've always heard that one should never buy a BRAND new car (unless money just flat out isn't an issue for you) because it's just really financially stupid.

ANY older guy who knows how to repair older cars would have told you that. Most people today don't work on their own cars anymore however.

 

[WackyDan]

You buy a car and have say a $500 payment. After two or three years you're at the point where you can trade it in and get something new with the same payment. I'm not in a hurry to pay off a car. I see it as just another monthly bill like everything else. I plan to always have a car payment.

I don't like to keep them long because of all the road salt either. trade them before they rust and their value plummets. Warranties too. I get extended warranties, and trade just before they are up.

Yep.. salt does make a difference... Down here in the Carolinas, we get a big break on the initial sales tax ( is discounted to 3% )... But we pay a yearly property tax on the vehicle...

So... buying new every few years here is expensive as you have consistently high property tax bills on your buggy. Where as if you keep it ten plus years... the tax is pretty low late in the ownership.

I bought my Dakota new for about $20k... and was only paying $60 in tax per year recently... My new F-150 is going to nail me for $300-$400 for the first year.

 

[manimal]

I have always been of the mindset that you buy high mileage cars to put miles on em. The whole beater concept if you will....



People always overplace importance on mileage. Its just one of many factors that determine value and reliability.

My Infinity for instance is gong on 80k and still feels new and is as reliable as a brand new car.


On the other hand I did a PPI on a M3 a while back that had so much vanos noise you could use it as a drum track and was brutal to start cold. I even questioned weather it had some bearing noise in the bottom end which pissed off the dealer. That thing just screamed BEATEN like clarkson drove it 24/7.

 

[PandaBear]

For a car that doesn't drop in resell value much, I'd buy new. For a car that depreciate a lot, I'd buy used.