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I'm starting to feel the same way. As much as I "like" wrenching on my own cars and saving a few bucks, i also like just writing a check for a newish car and not worrying about fixing stupid little things here and there. Rather spend my Sat AM golfing, than fixing a 10 year old car. (with that said, my current vehicle is 10 years old)
As for vehicle financing, i feel the same way. If they offer 84 months at 1% interest, you bet your ass I'm going to take that. Doesn't mean I'm going to make the min payments, but if I can keep my money in my pocket and invest it and make more than 1% in the market, why should I be in a rush to pay the vehicle off?
Historically, i've purchased 1-2 year old vehicles which tended to offer a savings off sticker, and still be covered under some sort of warranty. No more it seems. I'm finding that 1-2 year old models of the vehicle I want are essentially the same price as buying new. In that case, why buy a used car when i can get better financing (usually) with the new car and a longer warranty term? I do tend to keep my cars beyond when they are paid off.
I'm currently shopping for a new vehicle and decided to buy new for the first time ever. I'll likely keep it for a while beyond it's paid-off date.
Yea, 1% is fine. That's pretty reasonable in the flexibility it lends to you at a fairly low cost. Unfortunately, it appears a lot of people are getting lengthy car payments with much higher interest rates than that. The national average for a 60 month loan is 5.27% https://www.valuepenguin.com/auto-lo...interest-rates Generally, the APR goes up with the longer your terms so the average for a 84 month loan is probably closer to a solid 6%.
I find that to be a far less appealing proposition.
Last edited by OyCrumbler; 03-30-2022 at 02:02 PM..
I'm starting to feel the same way. As much as I "like" wrenching on my own cars and saving a few bucks, i also like just writing a check for a newish car and not worrying about fixing stupid little things here and there. Rather spend my Sat AM golfing, than fixing a 10 year old car. (with that said, my current vehicle is 10 years old)
As for vehicle financing, i feel the same way. If they offer 84 months at 1% interest, you bet your ass I'm going to take that. Doesn't mean I'm going to make the min payments, but if I can keep my money in my pocket and invest it and make more than 1% in the market, why should I be in a rush to pay the vehicle off?
Historically, i've purchased 1-2 year old vehicles which tended to offer a savings off sticker, and still be covered under some sort of warranty. No more it seems. I'm finding that 1-2 year old models of the vehicle I want are essentially the same price as buying new. In that case, why buy a used car when i can get better financing (usually) with the new car and a longer warranty term? I do tend to keep my cars beyond when they are paid off.
I'm currently shopping for a new vehicle and decided to buy new for the first time ever. I'll likely keep it for a while beyond it's paid-off date.
I know that feeling. Kept one of my cars for 31 years +. Easy to work on but you end up spending more time with that car than you do of taking care of yourself. It can get tiring and become a money pit as time goes by.
I'm starting to feel the same way. As much as I "like" wrenching on my own cars and saving a few bucks, i also like just writing a check for a newish car and not worrying about fixing stupid little things here and there. Rather spend my Sat AM golfing, than fixing a 10 year old car. (with that said, my current vehicle is 10 years old)
As for vehicle financing, i feel the same way. If they offer 84 months at 1% interest, you bet your ass I'm going to take that. Doesn't mean I'm going to make the min payments, but if I can keep my money in my pocket and invest it and make more than 1% in the market, why should I be in a rush to pay the vehicle off?
Historically, i've purchased 1-2 year old vehicles which tended to offer a savings off sticker, and still be covered under some sort of warranty. No more it seems. I'm finding that 1-2 year old models of the vehicle I want are essentially the same price as buying new. In that case, why buy a used car when i can get better financing (usually) with the new car and a longer warranty term? I do tend to keep my cars beyond when they are paid off.
I'm currently shopping for a new vehicle and decided to buy new for the first time ever. I'll likely keep it for a while beyond it's paid-off date.
Same here. Working on the daily driver just plan sucks. I'll save my wrenching for my classic car, the snowmobiles (although those are getting so complex that is getting tough), the quad or the Polaris RZR.
While I don't pay cash for my vehicles I do try to pay them off in 3 or 4 years. My last new one was in '19, ordered a new Ram, exactly the way I wanted it. Prior to that, the last new vehicle was in '01. I did have several used ones in between though.
Same here. Working on the daily driver just plan sucks. I'll save my wrenching for my classic car, the snowmobiles (although those are getting so complex that is getting tough), the quad or the Polaris RZR.
While I don't pay cash for my vehicles I do try to pay them off in 3 or 4 years. My last new one was in '19, ordered a new Ram, exactly the way I wanted it. Prior to that, the last new vehicle was in '01. I did have several used ones in between though.
The newer they are the more difficult to do it yourself repairs. Maintenance should be lower or closer to maintenance free but it depends on how long you keep your vehicles. Some people only keep their cars for a few years so they won't see the water pump, timing chain type of repairs. Maybe brake maintenance and tire replacement.
Sadly, my wonderful paid-for car met an untimely end last year and I had to replace it pronto.
I found a 2019 which one review described as providing "basic transportation from point A to point B with very little fuss" and "amazing fuel efficiency". That's what I needed, and with a 100-mile daily R/T commute I was glad to find a car with just a little over 15k miles on it. It's also quite comfortable!
I felt sick having to take on a payment again but you do what you have to do, and I was glad to find it FAST.
I don't know why ANYONE would buy a new car when you can get 30-50% off by getting a used one. I get the reclaimed title cars. They come pre-dented!
And hard to insure, and probably need a lot of maintenance. And if they are bigger, probably a huge fuel bill, too. As I said, for my wife, I'll buy a new car with a warranty (so I don't have to work on it) and the latest safety features.
And these days, to get 30-50% off you either need to buy one that was wrecked, which I won't do for a daily driver, or get a 10 year old or older car. Which, while it may have life left in it, I'll be on the hook for repairs and maintenance, and there's nothing worse than having to work all Sunday into the night to get a car ready to go to work on Monday morning. Especially when every 30 minute job is one broken bolt away from being a 3 day ordeal... lol!
And hard to insure, and probably need a lot of maintenance. And if they are bigger, probably a huge fuel bill, too. As I said, for my wife, I'll buy a new car with a warranty (so I don't have to work on it) and the latest safety features.
And these days, to get 30-50% off you either need to buy one that was wrecked, which I won't do for a daily driver, or get a 10 year old or older car. Which, while it may have life left in it, I'll be on the hook for repairs and maintenance, and there's nothing worse than having to work all Sunday into the night to get a car ready to go to work on Monday morning. Especially when every 30 minute job is one broken bolt away from being a 3 day ordeal... lol!
You can buy plenty of used vehicles that are still in good shape from coworkers, family members, and friends. Otherwise you can trade a used vehicle for another used vehicle that is still in good shape at some of the local dealerships. Some dealerships deal used vehicles only. The first new vehicle I bought was a 1985 Civic Si hatchback, and the last new vehicle was a 2009 Subaru Forester. If you don't know about the condition of the "used" vehicle you are buying, pay your trusted mechanic for one of his labor hours.
It’s pure insanity. Carmax is now selling 2010 to 2012 Toyota Corolla‘s from between $18,000-$21,000! That model year, brand new way back then, on a good day with a special you could pick up out the door for around 16,000. Lol so you are now paying two to $3000 more for a car that’s 10 years old then when it was NEW!
I hope consumers remember what these dealers are doing when things go back to normal.
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