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Old 11-13-2018, 10:16 PM
 
8,317 posts, read 4,548,305 times
Reputation: 8884

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we was talking about this at work today, company going trade in some old work trucks, Im talking 250k miles beat from one end to another. so I wanted to buy my work truck since i had it since new and it well kept. that trade in company is giving them 10k for a plain base truck with 225k miles on it. I cant even buy a worn out work truck, i make decent money. but when new plain truck cost 30k, it gonna get where no buy trucks anymore just rent them. my old truck is 35 years old, I bet i could almost get what i paid new for the truck in 83
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Old 11-14-2018, 05:10 AM
 
Location: Vermont
188 posts, read 43,537 times
Reputation: 337
I've never owned something less than 15 years old - that's basically when they hit the bottom of the depreciation curve. It's nice to walk onto a lot or meet with a private party, exchange $3-4000 cash, and then never have a car payment again. Buy the right car and it will still have many years of trouble free operation left in it.

My last purchase was a 2000 Honda Insight (sold in 1999) in 2014. $3000, 156,000 miles. It has given me another 90,000 miles so far with only a wheel bearing and a leaky clutch master cylinder, which were $35 and $75 respectively, has a lifetime fuel economy of just under 70mpg, and insurance is a little over $25 per month. I love this car to pieces. More importantly though, I'm able to save around 75% of my paycheck each month. Working a blue collar job, I'll be financially independent before I'm 40 and will have the luxury of being able to work on my terms, not because I need the money.
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Old 11-14-2018, 05:24 AM
 
Location: Gray Court, SC
2,668 posts, read 1,788,787 times
Reputation: 2722
Quote:
Originally Posted by Coldjensens View Post
I paid $44,000 less for something with 70,000 miles on it. Did you mean 7500 miles? Maybe 750?
No, I meant exactly what I said, however, I will say that really just applies to certain vehicles around here.
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Old 11-14-2018, 09:18 AM
 
Location: Wasilla, AK
6,012 posts, read 3,250,247 times
Reputation: 12204
Quote:
Originally Posted by EckyX View Post
I've never owned something less than 15 years old - that's basically when they hit the bottom of the depreciation curve. It's nice to walk onto a lot or meet with a private party, exchange $3-4000 cash, and then never have a car payment again. Buy the right car and it will still have many years of trouble free operation left in it.

My last purchase was a 2000 Honda Insight (sold in 1999) in 2014. $3000, 156,000 miles. It has given me another 90,000 miles so far with only a wheel bearing and a leaky clutch master cylinder, which were $35 and $75 respectively, has a lifetime fuel economy of just under 70mpg, and insurance is a little over $25 per month. I love this car to pieces. More importantly though, I'm able to save around 75% of my paycheck each month. Working a blue collar job, I'll be financially independent before I'm 40 and will have the luxury of being able to work on my terms, not because I need the money.

The depreciation curve isn't linear. After four years, the average vehicle has depreciated 50 percent. At 15 years it has depreciated around 90 percent. So you're waiting an extra 11 years for it to go from 50 percent to 10 percent. And you're buying a junker that's 15 years behind in safety and technology features.
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Old 11-14-2018, 05:24 PM
 
Location: Vermont
188 posts, read 43,537 times
Reputation: 337
Quote:
Originally Posted by AlaskaErik View Post
The depreciation curve isn't linear. After four years, the average vehicle has depreciated 50 percent. At 15 years it has depreciated around 90 percent. So you're waiting an extra 11 years for it to go from 50 percent to 10 percent. And you're buying a junker that's 15 years behind in safety and technology features.
Matter of perspective. You're spending 5x as much on a car, and the safety features were the best you could get 15 years ago.

Here's my ancient 250,000 mile junker. It's practically falling apart!










My girlfriend's 210,000 mile Fit ($3400):




Admittedly, a 4 year old car is a far more financially sound purchase than a new car off the lot, and everyone's circumstances are different, so I would not expect there to be one right answer. I also understand there are good reasons for some people to buy new cars. Maybe they don't mind working years longer and having a new car adds a lot of fulfillment to their lives. Maybe money isn't a concern. Maybe they have no interest in learning the requisite information about cars to be able to effectively pick out a used one that hasn't been abused.
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Old 11-14-2018, 08:17 PM
 
Location: NH
2,175 posts, read 2,161,607 times
Reputation: 2790
Quote:
Originally Posted by AlaskaErik View Post
The depreciation curve isn't linear. After four years, the average vehicle has depreciated 50 percent. At 15 years it has depreciated around 90 percent. So you're waiting an extra 11 years for it to go from 50 percent to 10 percent. And you're buying a junker that's 15 years behind in safety and technology features.
My daily driver is 13 years old, and is not a junker by an means. My wife's is 20. I prefer less technology and both had excellent safety ratings when new. If you chase new cars based on technology and safety you'd have to buy new on a yearly basis.
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Old 11-14-2018, 08:21 PM
 
Location: BFE
605 posts, read 136,065 times
Reputation: 1413
Never bought new, never will. Let some other sucker pay Leon's UAW pension.
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Old 11-15-2018, 09:53 AM
 
18,219 posts, read 16,585,551 times
Reputation: 9823
I purposely sought out a car that didn't have all the bells and whistles and technogadgets. I didn't want a touch screen or cameras, or GPS. I got a base Kia Soul with an automatic transmission. Its been trouble free for over four years. There's no energy drain on the battery, the controls are simple to use. No distractions. My last car was purchased new and kept for 15 years and I'd still have it today, probably, but for an accident that wrecked it. This car will hopefully last just as long.
There's no reason to replace it and go into further debt just to have a new car. I don't care to impress strangers I don't know and I'm never impressed by a car someone else is driving unless its an antique or a very well maintained old car.
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Old 11-15-2018, 10:07 AM
 
226 posts, read 47,938 times
Reputation: 310
DD are always new. Fun vehicles are purchased used since they usually are out of my price range new.
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Old 11-15-2018, 10:35 AM
 
1,206 posts, read 2,076,257 times
Reputation: 1845
I want to buy a used luxury/sports car like a Jaguar F-type, since they probably will be 50% of retail at 3 years old. But I do get concerned that a car like that may be abused by previous owner. How do I get over this anxiety? I can get so much more car if I go used but having something new ensures that I have full warranty and car has been maintained
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