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I think its a balance between frugality and headaches. I prefer less headaches, so I give up a little on frugality. But there are some frugality pointers that I follow and have worked well for me:
-I drive exclusively Subaru's, Toyota's and Honda's. Simply put, they don't break. Not to start a manufacturer war, but I've gotten amazing service from these vehicles. In fact, at this time, its a Subie or a Toy for me exclusively, as they do not have timing belts (usually chains) or they have non-interference engines (unlike Hondas). One less $1000 bill to pay over the life of the car.
- Small trucks, while gas wasters, are built more heavy duty. I drive in rural PA, rural Upstate NY, as well as pothole ridden Philadelphia streets. Aspect ratio on truck tires are 70+. Thats a lot of air and rubber between you and a pothole. Truck suspensions are stronger too. I also put 40 psi in my tires for less rolling resistance and superior wheel/shock protection. It works- and my tires always last 75k or more.
- The old adage of manual trannies lasting longer is not true anymore. Manuals cost more, and thats why they are less than 5% of annual sales now. Auto trannies are now basically maintenance free and easily last over 200k. Also, try selling a manual now. Good luck- with people using cell phones and driving, no one wants them.
- I buy few comfort options in my cars. I want manual climate control, no sunroofs, no heated seats, etc. Simple is good. Less to break.
- Buy a "jack of all trades" car. Cars that do everything well will serve you well for 10 years into the future. A Toyota RAV4, a 4Runner, or a Subaru Forester will do reasonably well on gas, will haul things, will carry 5 people, are quick enough, are good in all weather, and can tow better than a car. You will never be forced to buy something new. Buy a Mustang or a pickup truck, and you might have to sell it at some point. A 4 cyl RAV4 can do everything a 4 cyl Camry can do, but with beefier suspension, a higher view of the road, way more cargo room, better weather capability, and very little penalty on gas.
People should listen to Stealth Rabbit. He's on the right track. I also use a $.10 rule. If I buy a car, it shouldn't cost me more than 10 cents a mile for cost of vehicle and major repairs. (Excluding maint.) But timing for that purchase is important also, and a factor not here yet considered. Buy in a slow season, like winter. February is considered especially good, as its a short month. Buy near the end of the month to get a good deal. And the worst thing you can do is run out and buy the fuel efficient car when fears of high gas prices are running high, like now. You'll pay a premium. If you can, wait till a recession, then buy. Prices will be lower.
i bought my most recent car, a 2010 with 20K miles on it, last year. Not quite new, but not 10+ years old like the rest of my previous cars have been. The reason I went so new was because I got tired of having to fix my car every other month (literally). Decent price, didn't take the hit for depreciation, and 1 year later + 25K miles later it's running great. I intend to keep it until repairs start to get ridiculous.
The used values have been skewed lately due to "Clunker Program" and otehr variables. In the truck market there isn't a whole lot of savings in the first 1-2 years. The other major change in the car equation is the cost of fuel. In years past the most expensive thing about owning a car would be the depreciation........now it is more than likely the fuel!
I just sold a GMC diesel pickup after 170K+ miles. Truck was about 32k new (MSRP was 42 but crazy rebates back then). I sold it for $8900. Rough cost to own (depreciation) was roughly 23K yet I spent well over $40,000 in fuel to get it to go 170K miles! That shocked me for sure.
So being that a new car or used car of the same style burns the same fuel at nearly the same rate the fuel issue is moot in the cost argument.
I like new cars. I don't like surprises, maintain everything to a high standard doing most of the work myself so for me the extra cost of depreciation on a new vs. used is worth it. If a new car is 25K and used it is 15K (as a 3 yr old, 45K mile car) but you keep it 10 years the 10K you saved is $83 a month amortized over the total ownership years. Heck $83 a month won't even fill the tank in most cars today! Many people spend $83 a week on cigarettes or $83 a month on Starbucks so it just comes down to how you want to spend your money (I don't drink coffee or smoke).
People should listen to Stealth Rabbit. He's on the right track. I also use a $.10 rule. If I buy a car, it shouldn't cost me more than 10 cents a mile for cost of vehicle and major repairs. (Excluding maint.) But timing for that purchase is important also, and a factor not here yet considered. Buy in a slow season, like winter. February is considered especially good, as its a short month. Buy near the end of the month to get a good deal. And the worst thing you can do is run out and buy the fuel efficient car when fears of high gas prices are running high, like now. You'll pay a premium. If you can, wait till a recession, then buy. Prices will be lower.
Yeah but it would be a great time to buy an Escalade (@ $4 a gallon+)
I think its a balance between frugality and headaches. I prefer less headaches, so I give up a little on frugality. But there are some frugality pointers that I follow and have worked well for me:
-I drive exclusively Subaru's, Toyota's and Honda's. Simply put, they don't break. Not to start a manufacturer war, but I've gotten amazing service from these vehicles. In fact, at this time, its a Subie or a Toy for me exclusively, as they do not have timing belts (usually chains) or they have non-interference engines (unlike Hondas). One less $1000 bill to pay over the life of the car.
- Small trucks, while gas wasters, are built more heavy duty. I drive in rural PA, rural Upstate NY, as well as pothole ridden Philadelphia streets. Aspect ratio on truck tires are 70+. Thats a lot of air and rubber between you and a pothole. Truck suspensions are stronger too. I also put 40 psi in my tires for less rolling resistance and superior wheel/shock protection. It works- and my tires always last 75k or more.
- The old adage of manual trannies lasting longer is not true anymore. Manuals cost more, and thats why they are less than 5% of annual sales now. Auto trannies are now basically maintenance free and easily last over 200k. Also, try selling a manual now. Good luck- with people using cell phones and driving, no one wants them.
- I buy few comfort options in my cars. I want manual climate control, no sunroofs, no heated seats, etc. Simple is good. Less to break.
- Buy a "jack of all trades" car. Cars that do everything well will serve you well for 10 years into the future. A Toyota RAV4, a 4Runner, or a Subaru Forester will do reasonably well on gas, will haul things, will carry 5 people, are quick enough, are good in all weather, and can tow better than a car. You will never be forced to buy something new. Buy a Mustang or a pickup truck, and you might have to sell it at some point. A 4 cyl RAV4 can do everything a 4 cyl Camry can do, but with beefier suspension, a higher view of the road, way more cargo room, better weather capability, and very little penalty on gas.
Good points....but you still have to drive it/be seen in it. That is something that the Mustang beats the RAV4 on!
I think its a balance between frugality and headaches. I prefer less headaches, so I give up a little on frugality. But there are some frugality pointers that I follow and have worked well for me:
Yeah, I think similarly... one of the major reasons I don't buy used cars if I can afford a new car is the "headache" factor.. there's no guarantee the used car has been properly maintained despite all maintenance records. I plan to buy a new car maybe once every 2 decades then drive it for 200,000 miles, preferably 300,000 miles while following its recommended maintenance schedule.
The other way to be frugal with cars is to purchase something that isn't so "popular". Some used cars just have a reputation of being dull, maybe even ugly, and impress no one, so they will tend to sell cheaper. I'd rather drive this kind of car than any Cadillac or BMW. People who drive those high dollar cars are out to impress people. I'm not impressed. In fact, just the opposite. I see the driver as someone who has foolishly wasted their money in an effort to impress me. I'm not impressed, so they wasted their money.
In fact, IMHO, these people are fools for buying into the whole, "be impressed with me because I have lots of money."(Or maybe just bit payments.) I've known several rich people. Never been impressed with any of them. In fact, in most cases, from what I know of them, I've been repulsed.
The other way to be frugal with cars is to purchase something that isn't so "popular". Some used cars just have a reputation of being dull, maybe even ugly, and impress no one, so they will tend to sell cheaper. I'd rather drive this kind of car than any Cadillac or BMW. People who drive those high dollar cars are out to impress people. I'm not impressed. In fact, just the opposite. I see the driver as someone who has foolishly wasted their money in an effort to impress me. I'm not impressed, so they wasted their money.
In fact, IMHO, these people are fools for buying into the whole, "be impressed with me because I have lots of money."(Or maybe just bit payments.) I've known several rich people. Never been impressed with any of them. In fact, in most cases, from what I know of them, I've been repulsed.
I think you are missing a major point......Beauty is in the eye of the beholder. If someone is into cars then it is important to them not you. There is a reason many different models are made, not everyone wants a red Corvette or for that matter a green minivan. Some people buy performance, some buy safety, some buy because of an emblem.....I have never been to a car show featuring minivans or dorky 4 door econoboxes, car shows for people that consider cars extentions of their personalities (through their cars, expensive or not). Plenty of people have fixed up old Novas, I don't care for them but lots of people cherish them and I certainly wouldn't pull the "not impressed attitude!"
You can negotiate on ugly cars. We once purchased a brown minivan, power nothing, for cheap. It was a great vehicle, just really, really ugly.
Before that I had an even uglier car that had hail damage when I bought it. It was so ugly that twice, the car parked next to mine was stolen and mine was sitting there unlocked.
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