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Old 12-04-2014, 06:47 AM
 
9,109 posts, read 5,668,477 times
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My last "new" vehicle was in '01 , for that one I put $7500 down and financed $22,500 for 48 months. Kept that vehicle for 10 years. lately I've just purchased pre owned , paid cash or financed for 24 months.
I'm due for a new commuter vehicle sometime in the next year. I had planned on going pre owned again but after seeing the prices for some of these used vehicles I really think I'm just going to bit the bullet and go new. Drop $10k down and finance for 60 months. I put 20-25k miles on a year and do plan on keeping it until the wheels fall off so I think it is just better to start out new with a warranty. I'm also going to buy what I want... not really caring about price (within reason). Most likely going to go with a Cadillac CTS either the sedan or wagon. This will be replacing a '00 Jetta TDI with currently 210k miles on it.
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Old 12-04-2014, 06:57 AM
 
37,072 posts, read 38,316,614 times
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Quote:
Originally Posted by Annuvin View Post

Would you mind listing some of these 10 year old cars that are "known to be reliable" and aren't going to start having a lot of parts wearing out out until the +15 year mark?
I said low mile vehicles and keep it for 5 years... I've owned nothing but Buicks with both the 3.3 and 3.8 and have absolutely no trouble with any of them for the pat 25 years. The latest one is a 2002 Supercharged Regal GS Buick with 65K miles I bought off a little old lady, no kidding. $4K for car that cost $27 when it was new. This one I may actually sell in the Spring because I should be able to get $5 to $6K for it.

You can expect you'll need to put the normal stuff into such car and struts which is usually going to be the biggest expense.

Quote:
You may *think* you are saving $$$ on that $2000 10 year old beater, but when you are paying for constant repairs and sitting on the side of the road with the hazards on, you aren't going to be saving much.
LOL, I don't buy beaters and I never sit on the side of the road. They call it preventative maintenance but I have a nice warm garage to do that.
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Old 12-04-2014, 07:00 AM
 
3,558 posts, read 4,144,538 times
Reputation: 3743
I have a truck that I financed about 60k of ($62k msrp and was upside down on trade ins)

I bought it new in February of 2013 and will have it paid off around late summer of 2015. Hopefully I will keep it for 8-10 years, but it may not be practical when I move into a city (Lifted F250) because it won't fit in most parking garages and many parking spaces. We will see.

I love vehicles, I've probably had 15+ in the last 10 years (I'm 26) So really, it's more of a hobby than a point A to point B. I've put a good amount of $ into modding it and I just enjoy that.

I make a good salary, and feel my spending is reasonable based off my income (my rent consists of less than 10% of my take home pay) so I can splurge in the hobbies I want. My 2nd car is a 99 Toyota Camry which has turned into more of a DD the last few months with all the miles being put on my truck. I paid cash for that and it's cheap to drive and maintain.



Now, I'm just really trying to justify how I can get the new GT350 when it comes out lol. I think I really need to wait until I buy a house first and have a garage to park it, though.
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Old 12-04-2014, 07:08 AM
 
8,312 posts, read 8,591,539 times
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Quote:
Originally Posted by Panther2004 View Post
How are people buying cars these days? Just about every car is atleast $30k and suv and minivans over $40/$50k. Is everyone financing or saving large sums of money?

The price of a quality new car with some nice options are absolutely insane.
You've gotten some good answers here. Let me summarize it myself:

1. With a good credit rating you can finance a new car at a very low rate. I was pre-approved by my credit union for a loan of up to $35,000.00 I ended up buying a car that cost about $31,000.00 I think my interest rate is 2.9%. I have a six year loan and I make payments of about $500 a month.

2. Save up and make a healthy down payment and reduce your monthly payment further.

3. Many new cars are under $30,000. On the cheap end, look at cars like the Nissan Versa or the Ford Focus. My son contributed, but we bought him a new Ford Focus in 2008 for $14,400.00 A new Versa would have been cheaper.

4. Most importantly, get yourself a decent job that gives you the purchasing power to make a sizable down payment every month without sweating it. Easier said than done, but it highlights the fact that its not the price of the car that's the problem for so many people. Its earning too low a wage to do much.

5. Do like I do and plan on driving the car for a long time. I usually buy new and drive a car for seven to eight years, putting around 200K miles on it.
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Old 12-04-2014, 07:09 AM
 
37,072 posts, read 38,316,614 times
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Quote:
Originally Posted by scarabchuck View Post
Most likely going to go with a Cadillac CTS either the sedan or wagon....
You can get Caddies ridiculously cheap in the ten year range. I almost bought one but after researching it realized it was probably a bad idea. It was a '03 and the engine had a known intake or head gasket issue. After reading up on the cost of replacing the suspension, no thanks....
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Old 12-04-2014, 07:10 AM
 
3,558 posts, read 4,144,538 times
Reputation: 3743
Quote:
Originally Posted by Annuvin View Post
Posts like this are hilarious.

Would you mind listing some of these 10 year old cars that are "known to be reliable" and aren't going to start having a lot of parts wearing out out until the +15 year mark?
A 1999 Toyota Camry with reasonable miles. FIFTEEN years old, and I bet it will easily last 20 or more.

I bought a 1999 Toyota Camry with 88,000 miles for $6k in January. It's in excellent condition, one owner for 13 of those years. Just had the timing belt and 90k mile service done after buying it.

I will bet $$ that this car will be a very good financial decision vs. buying other cars or spending more on newer cars.

Don't believe me? Go to New Cars, Used Cars, Car Reviews and Pricing | Edmunds.com and look up the user reviews. It has, hands down, the best reviews of any vehicles I have ever looked at on there. Of course there are some complainers, but they are drowned out by the tons of people claiming to have gone nearly 200k-300k trouble free miles in their car. Heck, at 10k miles a year, that could put me at 10 more years in the car. Did I mention the parts on it are dirt cheap and anyone can work on it? Not like some old german car.


Don't get me wrong, I love nice vehicles. I have a $62k 2013 F250. But to say that there aren't any older cars that are BETTER financial decisions than some newer ones isn't true. I even overpaid a bit for that Camry. I can bet you one thing, there's a LOT less things to break on it than new cars, and the things that do break will be about 1/10 as expensive when these new fancy cars get out of warranty.
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Old 12-04-2014, 07:21 AM
 
Location: Billings, MT
9,004 posts, read 7,093,644 times
Reputation: 12460
I have purchased two new cars in my life.
The first one cost less than $5K; a '69 Dodge Coronet R/T. I lost it when Boeing laid me off.
The second one cost about $8K; an '81 AMC Eagle wagon. I gave it to my soon-to-be-ex wife.
Since then, ALL of the vehicles I have purchased have been used. Or, to put it in the current vernacular, "Pre-Owned".
I don't anticipate ever buying a brand-new vehicle again.

Oh, yeah, the "high miles" bugaboo...
One of the used vehicles I have purchased was a '94 Dodge Ram 3500 standard cab long box 4X2. It had 210,000 miles on the odometer. Over the next ten years or so, I replaced the alternator, the water pump, the serpentine belt, a relay in the Rambrake controller, and the tires.
For a while there, every vehicle I owned had over 100K on the odometer. I had very few problems with most of them.
My current truck has 192K on it. I would rather take a few thousand and rebuild this truck (with a few updates) than spend fifty thousand on a new one!

Last edited by Redraven; 12-04-2014 at 07:31 AM..
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Old 12-04-2014, 07:24 AM
 
4,914 posts, read 5,531,053 times
Reputation: 7132
Another option is to lease at a low rate with low payments then once the lease is up, opt to buy the vehicle and finance the balance.
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Old 12-04-2014, 07:28 AM
 
Location: Miami, FL
8,088 posts, read 7,323,159 times
Reputation: 6650
Quote:
Originally Posted by Panther2004 View Post
How are people buying cars these days? Just about every car is atleast $30k and suv and minivans over $40/$50k. Is everyone financing or saving large sums of money?

The price of a quality new car with some nice options are absolutely insane.
I agree and I would have agreed in 2004 and in 1992 and 1986 and....

It is a standard Ben Franklin Close scenario. pros vs. cons
How much payment burden do you want to carry for the loan period
How much you wish to deplete your savngs
What price to you accept
etc,etc

Save save and save. Look for deals. Look for closeouts if not picky. Look for used but new appearing,etc.etc.
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Old 12-04-2014, 07:47 AM
 
2,382 posts, read 6,082,406 times
Reputation: 2029
Quote:
Originally Posted by jm1982 View Post
Interestingly, I'm noticing that slightly used car prices aren't much different than buying used. Of course if you are looking at buying a used car that is like 5yrs old or older it's a different story.

Interesting you've only have 2 cars in 20 years of driving, would you mind sharing which cars those are?

I think i've had about 6 cars in 16 years of driving.
I will chime in,vehicles are a waste of money and for a lot of people a status symbol.
As for vehicles,1986 Toyota used ,drove it 286,000 was still in excellent condition.
I replaced it with 99 Toyota,bought new in 2000,now has 195,000 and will drive it till it needs repair.
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