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Cross out an item on somebody's bucket list. The next vehicle I will purchase will be a certified pre-owned. I'll let someone else take the hit on depreciation.
Blah blah blah blah...I can afford it and enjoy the smell.
Exactly. Why does anyone buy any luxury item? (and to me a new car instead of a used one is a luxury item) They can afford it, and it's what they want. I always buy used, because I think they're overpriced also, but it's their money and their life.
It may never make sense to you in your entire life. It makes sense or a lot of other people cause there are plenty of people out there buying brand new. Imagine the CPO market if everyone thinks like you.
OP that's why they have used car lots.
New cars are for the other half of the population
Who the heck buys off the used car lots anyway?
I buy private party after taking it to see a mechanic. DINK (Double income no kids) and 2015 combined income will be six figures, I still wouldn't choose to blow my money that way. In 2010 I bought a 2003 Toyota (Tacoma). In 2020, barring major accidents, I will still be driving that 2003 Toyota. I normally wouldn't have bought a car that was that new, but I wanted something I could easily use for 10 to 15 years and buying the pickup there allowed me to haul a large load of equipment I had purchased for my business at substantially under market value. Within a few years the profit on the equipment had paid off most of the car price.
I buy new cars! That someone has driven 25,000 miles and taken off
thousands of dollars for me...!
I got my mom's at 35,000...it was like new and smelled new!
Gosh, she spent so much money needlessly.
"New Car Smell" and "Seat farts". Lol Really? Such irrational arguments/reasons. As is "I can afford it!", you can just as well afford a used car then. And if you really REALLY REALLY want to spend $24k on a Kia Optima or something you can just as well spend that $24k on a 3 year old Mercedes E class or something which would obviously be the favorable option, no?
Maybe this is why the economy is in the toilet. People value the scents of their cars more than their financial security/futures.
I agree to an extent. People who cannot afford it shouldn't buy used. I've seen friends buy outrageously expensive cars with high interest rates and then end up having to lose the car. I look at them and wonder why on earth they would accept a loan for a car that's $30k with 12% interest! No wonder people are drowning in debt.
I did buy a new car in 2006, a 2007 Corolla, I put down a few k down payment and paid it off early. I still have that car now. I've had no car payments for 3 years and it's great. BUT I don't plan on buying new ever again (unless I'm a millionaire).
My mom bought a brand new 2014 Honda Civic, CASH. She plans on using that car for many years to come, and since she doesn't drive very much, maybe 100 miles/week, she will have that car for a long time.
If a person can afford it and can either pay cash or pay it off early and get a good interest rate, I say bring on the new car! But if you are struggling to make ends meet you don't need to add a $300-$600 monthly payment!
My DH bought a used Mazda for $10k, our car payments are $130/month, we'll have it paid off in a few more months so instead of taking 5 years to pay it off, it's taken us just over 2, and the car still has retained the value, we could easily sell it for $8k if we just wanted to get rid of it. If we held out we probably could get the $10k we paid for it.
I drive a 20 yr old car and it has only 156000 miles on it. Obviously, I just don't get why people are so enamored of cars. They take you from A to B. I never have to worry about high insurance, car payments, dings, etc. I'd rather have the money for something else. I'm glad we all have choices.
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