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That's the thing about cash. I really had no credit rating..never really was involved with credit cards..I was a hand to mouth sort of guy most of my life- a while back I inherited some money. I road a bicycle into town and withdrew 5000 dollars cash....I wheeled into a car dealership and started to look around..some thing that would seat my four kids. I pointed at a vehicle and said how much? The guy said 30 thousand...I thought - why not - never owned a new vehicle. We sat down and the sales guys ran off to check me out - "You don't exist..where did you get your name - off a tomb stone?- The refused to deal with me _ Then I dropped the 5 grand on the desk...You should have seen them move..
I got the works- extended warranty and bought some bulk insurance for the year...also with cash...I drove the hell out of that wonderful machine for a year and I could not destroy it. Finally I figure out that this vehicle was about to be come a liability. So I drove it to the lot at night - knocked on the window and tossed the keys to the janitor..Then walked away- Later they hounded me for the balance saying I still owed them five thousand dollars...They told me they sold it at auction...I asked how much? They said 5 thousand...So I like a pirate said - I guess we are square then...funny- cold hard cash will make a fool out of just about anyone.
Do you think you are cool or something for bragging about breaking a financial contract? If you don't want any credit, then fine, but don't buy a car under financed credit and then not pay what you owe. People like you are the reason that folks with little to no credit have problems in the first place!
You can thank "Cash for Clunkers" for reducing the supply of used vehicles. The demand for used cars didn't go down, but the supply did--hence the higher prices.
Puh-leeze.
Cash for clunkers took 690,000 used cars and trucks out of circulation over a two month period four years ago. (And all of them got less than 19 MPG combined EPA, so it was mostly minivans and tired old Ford Explorers.)
Annual auto sales in the US is about 15 million.
It was a drop in the bucket.
Last edited by Thegonagle; 07-24-2013 at 12:13 AM..
Where do you live, OP? 10-year-old Toyotas and Hondas with 130,000-150,000 mi. go for $2000 where I live, and they're in great condition, and still last forever. I got an old Camry for $2000 about 3 years ago, and when I asked if it needed a new battery, the sellers dropped the price $200. I love that car! I bought it from a private seller. Maybe that's where you have to find 'em--newspaper want-ads, or for sale by the side of the road, or whatever. I've seen Hondas and Toyotas at that price in the newspaper.
Where do you live, OP? 10-year-old Toyotas and Hondas with 130,000-150,000 mi. go for $2000 where I live, and they're in great condition, and still last forever. I got an old Camry for $2000 about 3 years ago, and when I asked if it needed a new battery, the sellers dropped the price $200. I love that car! I bought it from a private seller. Maybe that's where you have to find 'em--newspaper want-ads, or for sale by the side of the road, or whatever. I've seen Hondas and Toyotas at that price in the newspaper.
I just bought (well it was in May) a 2003 Mercury Grand Marquise for $2,300. It has about 150,000. Was a 2 owner. Never wrecked. Well maintained. Last year I picked up a Ford Tarus for $500. It's a 97 and I had to replace one head light. But it came with 4 new tires on the ground. That's worth $500. I use it as a car to leave at one of the locations where I work so if I end up there I have a way to leave. Not sure I will always be able to find such deals but so far I have been able to find a low priced car when I needed one.
Location: Butler County Ohio and Winters in Florida
929 posts, read 2,726,138 times
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Just bought one of my kids a 2006 Ford Taurus SES. The old woman passed and I bought it from her son.
60K, loaded, perfect shape, garage kept. Nice light green color also. Oh, paid 4 K.
Last edited by ghostrider7811; 07-24-2013 at 12:59 PM..
Reason: price
This is ABSOLUTELY the case. I sell cars both new and used. A lot of times when the Customer is trading in a used vehicle, they seem aware of this and DEMAND to be paid a king's ransom for their vehicle. We need to sell the new car and would like the trade. There are fewer cars available due to the Cash for Clunkers program and because people aren't trading in as often for new vehicles...they are driving them longer, putting more miles on them. I do not think that the market will correct itself, I think this is the new normal.
i get what your saying, but in the end, if i get anything over 150k miles, and i drive of 15,000 miles annually, by 5 years i will have 225k. most cars starts to go downhill at 200k+, and this is coming from a friend who owns a auto shop business.
back in the day maybe, but many cars today are quite capable of going 250-3000000 miles without issues with proper maintenance.
Of our eight cars (now seven), only two are worth more than $5,000 and one of those is from 1973. However we drive them all daily (most of them anyway), put a lot of miles on them, fix what breaks and they are serving us well so far. We have had them anywhere from 2 to 18 years.
I cannot really say how the OP's area and market are working. That said, I find it hard to believe there is nothing at $5000 which is lower mileage or not too ancient.
Locally here, I did a craigslist search for cars at or under $5000. There are lots which are 2003 or newer, with 100K or fewer miles. These within the first 10 listings alone...
2004 Kia Sedona minivan with 102K miles, $3987
2003 Buick Century, 90K miles, $4100
2003 Mercury Sable, 93K, $4500
Maybe the OP needs to do a deeper and more comprehensive search? Or look in other areas? These kinds of cars are not going to be on every available street corner, but they are out there.
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