dullard
Elite Member
- May 21, 2001
- 26,185
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I personally would avoid buying a used Civic. However, I just bought a new Civic. Why? Depreciation.
Since the value is retained for so long - it is quite cheap to own a new Civic. I paid about $14,000 for a 2002 Civic, and in 3 years I can reasonably expect to get $11,000 back ($11,000 is an low price, even $12,000 is common in newspapers around here). So that means it will cost me $83 per month to own this car for 3 years. It is great for me - but then there is a stupid person who got a 3 year old car for the price of a new car.
Now if you want a reliable used car with great gas mileage and similar to the Civic, get the Toyota Corolla. It should be about 20% less than the used Civic for the same features. I could have paid $14,000 for a 2002 Toyota Corolla and in 3 years sold it for $9000 (monthly cost is $139). Do you see the difference? The person buying the 3 year old Corolla gets about the same car for a whole lot less money.
In my newspaper, I see 1997 and 1998 Corollas for $6000. I also see 1994, 1995, and 1996 Civics for $6000. If I were in your shoes, I'd get a two year newer Corolla with less miles.
Important things to ask about: accidents, maintainence records (actually check to see if the oil was replaced regularly), and repair history.
Edit: My monthly costs do not take into account any interest you might have to pay (I paid cash).
Since the value is retained for so long - it is quite cheap to own a new Civic. I paid about $14,000 for a 2002 Civic, and in 3 years I can reasonably expect to get $11,000 back ($11,000 is an low price, even $12,000 is common in newspapers around here). So that means it will cost me $83 per month to own this car for 3 years. It is great for me - but then there is a stupid person who got a 3 year old car for the price of a new car.
Now if you want a reliable used car with great gas mileage and similar to the Civic, get the Toyota Corolla. It should be about 20% less than the used Civic for the same features. I could have paid $14,000 for a 2002 Toyota Corolla and in 3 years sold it for $9000 (monthly cost is $139). Do you see the difference? The person buying the 3 year old Corolla gets about the same car for a whole lot less money.
In my newspaper, I see 1997 and 1998 Corollas for $6000. I also see 1994, 1995, and 1996 Civics for $6000. If I were in your shoes, I'd get a two year newer Corolla with less miles.
Important things to ask about: accidents, maintainence records (actually check to see if the oil was replaced regularly), and repair history.
Edit: My monthly costs do not take into account any interest you might have to pay (I paid cash).
