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I see many used cars with asking price over $8-10,000 and the car has 100K miles + on it and then there are the $5k cars with 150K+ miles on them. I seriously doubt they are going to make it to 200-250K without draining the owners wallet
Using GM for an example, there top of the line engine from 2005-2009 was the 3.6L non DI v6, but that engine would also give many timing chain problems if you didnt change the oil on time. The computer said every 7500, but realistically, if you were not doing every 5K, you were guaranteed a stretched timing chain for a cool for of $2-3000 to fix it.
Then came the DI engines with the 2.4L, 3.0L, and 3.6L. Many reports of timing chain issues on the 1st generation DI engines on the 2.4 and 3.0, with 3,6l being the worst, so they got extended coverage. So I would not recommend a GM Direct Injected engine made before 2013 or 2012 on some models.
Then there is the 3.6L DI V6 that went into many of their cars and Crossovers that had known timing chain failures regardless of how well you took car of the car. This was for 2008-2010 models and even 2011 & 2012 models have the issue after the supposed redesign and the cost to repair the stretched chain was $3000+ and if the chain broke, the quote was for a new engine. GM gave a 10yr 120K warranty on most, but with that warranty about to expire on many of those cars, there will probably be thousands of these cars being dumped on the used car market with in the next few years, with owners fearing a future timing chain issue coming out of pocket at that point. So those unaware of the engines problems have a expensive surprise waiting for them.
Before these DI engines were the supposed bullet proof 3800 with intake manifold failures, the head gasket problems on the 3500-3900 that replaced it and the northstar with all its issues.
I know all cars can have their issues and ive owned 4 GM cars only my current is relaible, but it seems GM's issues cost $$$ to fix and they just call everything a TSB and make all their money once these things break after the power train coverage is up, so a used GM for the first 4-5 yrs or up 125-150K miles MIGHT make sense of for most, but from that point on 5yrs/120K miles, they look like a real money pit or fear of what TSB item will come back.
Is anything different than what it used to be? Asking price and what one actually gets can be different numbers. Ask high, accept less--standard selling practice. Also, it's always payed to know what you are shopping. Some vehicles are best left for others.
Paying $5k for 50kmiles... assuming few repairs, its not that bad. Especially if it's a "desirable" model (crew cab 4x4, SUV, etc). Costs more to take most vehicles from 0 to 50kmiles (in terms of depreciation). Inflation comes into play too, as it's hard to use "what it used to cost" back in the day.
I paid $18,000 for my truck with 70,000 miles and it was $5,000 - $8,000 below every other price I could find, except most of the available trucks had more miles and most were at the higher end of that range. It now has 130,000 miles and form what i can find, it would sell for about $12,000 - $13,000.
I intend to drive to to 300,000 miles barring some disaster. IN part, because i cannot afford to replace it. I think they now sell in the $60K range.
When you start with a $55,000 vehicle, it is not going to drop to $5,000 until it is pretty well spent.
A personal use vehicle is NOT and investment. It loses 20% value the moment it left dealership. It is investment when it is used for business, written off on taxes and produces income or serves as a tool to produce income.
A personal use vehicle is NOT and investment. It loses 20% value the moment it left dealership. It is investment when it is used for business, written off on taxes and produces income or serves as a tool to produce income.
Yeah, should have worded it as poor choice, seeing how every car will lose value and be worth $1000-5000 after 15 years.
Well, it can be investment quite well, actually. I had a Camry Hybrid paid in cash. But, as I am paid for biz mileage, in about 4 years of ownership, she started being profitable. I had gas paid for all of our cars from that and some left. Of course, that under condition that I did zero repairs and all maintenance was DIY. Also, as it was partially used for biz mileage, I depreciated her on taxes. That's investment on a personal vehicle. So it depends.
Commercials call any car "investment" so it stuck to minds. It's a money pit, normally.
I recently paid $15k for a Tacoma with 99k miles, but these trucks are known to go 300k miles with no major problems. I would never have spent that much for a domestic with those miles.
There is a lot to be said for buying new and then taking excellent care of a car. That way, you know for sure that all routine maintenance has been done on schedule.
The family mechanic bought me a vehicle with over $100,000 miles on it. I pointed out that it was due for some things to need replacing because they have simply worn out. He just laughed and said he'd just bought a $70,000 vehicle for $14,000 and for that price he could afford to do some work on it.
(touch wood) he has always been really good at picking out a car that doesn't have problems and then they get a thorough "make-over", all fluids, hoses, and belts replaced, a tune-up, everything checked. I got new wheels and tires on mine because he didn't like the tires it came with. Then routine maintenance is done on schedule and every wrong click or rattle is checked out to see what has caused it and whether or not it needs to be fixed.
It's nothing for my family to put over 250,000 miles on a vehicle and his Blazer has just over 320,000 miles on it and runs like a champ with only routine maintenance and a few inexpensive repairs.
The tricky part about buying a used car is that you have no way of knowing how well it has been treated by previous owners.
Well, it can be investment quite well, actually. I had a Camry Hybrid paid in cash. But, as I am paid for biz mileage, in about 4 years of ownership, she started being profitable. I had gas paid for all of our cars from that and some left. Of course, that under condition that I did zero repairs and all maintenance was DIY. Also, as it was partially used for biz mileage, I depreciated her on taxes. That's investment on a personal vehicle. So it depends.
Commercials call any car "investment" so it stuck to minds. It's a money pit, normally.
That's more of a fluke rather than the norm. 99% of cars sold lose value over time.
Quote:
Originally Posted by southernnaturelover
I recently paid $15k for a Tacoma with 99k miles, but these trucks are known to go 300k miles with no major problems. I would never have spent that much for a domestic with those miles.
I have two domestic trucks with 160-170k miles. I routinely get offers in the 12-14k. I had very few actual problems. A Superduty with a 7.3 and 100,000 miles can sell for upwards of 20k.
A personal use vehicle is NOT and investment. It loses 20% value the moment it left dealership. It is investment when it is used for business, written off on taxes and produces income or serves as a tool to produce income.
Exactly!
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