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Personally I have bought new and bought used. Other than my first new car purchase (young and dumb!) my only other new car purchase was purchased new because the different in cost was less than $2k between new and used. But that was a huge exception.
Typically, used is always going to be a better deal because someone else will have taken the initial depreciation hit. Key to buying a used car is research. Not just on the brand but the particular model.
Like a previous poster, I would take a Honda with miles on it over a Mitsubshi every day and all day long.
I assume that you have a down payment you are planning to use. If it was me, I owuld probably look to see if I could find an older reliable car for the amount of the downpayment...and then take what you thought you would pay monthly and put it in the bank and save it. If you thought your payment was going to be $300/mo x 12 mon you would have $3600 saved to put on a car (including the remaining value of the one that you would be driving). Certain cars like Honda, Subaru, etc can easily last for 200k miles.
I wouldn't buy a brand new anything; you lose thousands of dollars in value as soon as you drive off the lot. There is nothing wrong with a good used car.
In theory, yes. Go to Carmax and check their prices. Their late model used are almost as much brand new. I frankly don't know how they sell them.
So right now, My initial thought was to have a max of 12,000(but a trying to stay 10,000), as this will put me under $200 per month for 72 months. My plan was is that once my spouse gets a job, then I can put more in terms of payment. I picked the 72 months just to get the lowest payment, but with the intention of paying it off in less than 72 months.
As for my driving habit: It's really nothing out of the normal, I would think. maybe 20 to 40 miles on the weekdays (mix of highway and non-highway), and a bit more on the weekends. Occasional 300 mile round trip every couple months to visit family. I would average definitly under 1000 miles per month.
But how much cash do you have to put down? And have you no car at all right now or is your current one about to die?
And realistically, how close is your spouse to getting a job?
I'd get the Fit. There's no reason for anyone to get the new Mirage. Worthless little car with poor reviews. The Fit, on the other hand, is safer, more reliable, more comfortable... and just a great little car with great gas mileage.
I'd like to see the OP save up and buy a used car outright. Once her husband is working for a few months, perhaps upgrade the vehicle. One can buy a decent used Honda Civic sedan for $2500-$3000 from a private party. Just go through all the service records and have a mechanic look at it before the purchase.
Nine years ago, friends of my boyfriend made some terrible car buying decisions. They owned an all paid for VW Passat. It drove fine, but they were bored with it. Then lured in by a dealership ad, they went in and traded that car towards a brand new Mitsubishi Eclipse. Of course, they didn't have perfect credit, so they didn't qualify for the advertised special. But they persisted in buying the new car because they were attracted to the shiny new car. Long story short, they eventually fell behind on the car payments and the car got repossessed. Feeling very sorry for them, I found a $900 Civic sedan on craigslist in Boston and we drove it down to Florida for them. That car lasted many years for them.
Anyway, don't buy new, buy used and pay for all of it in cash or at least don't drag out the payments for 72 months. And inquire about the interest rate. Also check around for a lower interest on a car loan with banks and credit unions. Actually, the one car loan I've ever taken out, I went to my local AAA office for. You don't have to take the dealership's offered financing.
When I sold cars, I came across a woman who was considering buying a used car from another dealership and getting financed by them at 21% interest!!! I begged her not to do that, but she probably did.
In theory, yes. Go to Carmax and check their prices. Their late model used are almost as much brand new. I frankly don't know how they sell them.
Private party car purchases are best for value. However in buying a used car from a dealership, there is the added convenience of financing and being able to purchase various extended warranty plans.
I wouldn't buy a brand new anything; you lose thousands of dollars in value as soon as you drive off the lot.
There is nothing wrong with a good used car.
This, exactly...you can find a car with 5000 miles...let the other guy take the depreciation.
This, exactly...you can find a car with 5000 miles...let the other guy take the depreciation.
Where is anyone going to find a used car for sale with only 5000 miles on it? lol No private party is going to sell their car at 5000 miles, they'd be selling it at a loss. They'd owe more on their car loan than what they could sell it for. And a dealership isn't going to discount a brand new car with 5000 miles all that much. They'd probably try sell it as a demo or a manager's car.
Actually, anytime you take out a car loan, even on a used car... the moment you sign on the dotted line, you become backwards on the loan. And that's for three reasons... the car is continually getting older, the mileage can only increase and because of the interest on the car loan.
I bought my '94 Civic with 24,000 miles on her... and she drove just like a new car. Even at 200K miles, she still felt like a new car. Now at 415K miles, while she is tired looking on the outside and the drivers seat is worn, she still handles like a new car.
And I've bought many cars with over 100K on their odometer, and they were always winners. A $400 car, one for $500, a $900 one and two for $2500. BTW one of my friends was so tinkled when he bought an old Toyota hatchback for $1500, drove it for five years and sold it for $1500!!
I would like to add some sage advice my dad gave me over 30 years ago... when buying a used car, expect to put $1500 into it to make it right. And the reason why is that most people are inspired to sell their car because it has developed a needed repair or maintenance. They are getting tired of driving that car, so think it better to trade in that car and use that repair money towards the down payment of a new car.
However, the most I've ever had to put into a newly purchased used car was around $400. Sometimes tires were needed, another time the brakes and rotors needed to be replaced. But remembering what my dad told me, I was always ready to spend some money to make the car right and not be cranky to do so.
And part of the reason I stick with Hondas is that they are really dependable, fun to drive and easy to work on. Plus I know some great mechanics in my area. I thought about straying and looked at a Peugeot and lusted after a mid-80's Audi Quattro Sport, but one of my mechanic friends told me that they'd both be money pits... so I passed on them. So much for my fantasy of being Michelle Mouton. Sigh.
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