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With 28k, you can buy a brand new Toyota Camry or Honda Accord.
Right. Or for $14K you can buy a 2011 Camry, which is a fine car. Point is the same, though; 2 year old cars cost a lot less than new ones, and in most cases are just as reliable as new ones.
For us retirees, taking long trips may be a part of life. And the Lincoln is a fine road car. So we could buy the used Lincoln and have 24K left in the bank when we close the deal. The way you think will change a lot as you grow older and actually have the cash. When you don't really have the cash you think in a different direction.
We both remember the days when owning a 28K car was unthinkable.
I feel tempted to buy a new car, such as a 20k midsize car (not going to name brands). I never had a new car before, and i would love the experience.
but Living in washignton state, the sales tax is 10%. so, thats 2000 just for taxes.
for 2000, I can just get a used 15 year old Japanese car and call it a day. I just cant justify spending 2000 just on tax while i can just get a car out of it. and of course, if I factor in the financing interest, its about another 3,000 dollars, on top of the $ 2000 tax, which gets me to 5000. and yes, for 5000 I can get a pretty decent car.
so my question is, for folks who bought new cars and are frugal, how do you feel about getting hit so hard on the devaluation of your car and so on?
for the folks who never got a new car, do you feel that you are depriving yourself?
i have no interest in used cars primarily because i hate maintenance and repairs. i had my last car 8 years and 136k miles and while its needs were limited, i still hated replacing parts. also, when you look around for used cars, it seems to me like that big depreciation hit that you are supposed to get in the beginning isnt really that big once you figure in the mark up of the seller of the used car. so i just got a new forester and i financed it, 0% over 63 months. i doubt ill keep it the full period.
Depreciation happens for a reason. You get what you paid for.
Unless you have the expertise auto mechanics have, and you can handle all the repairs and maintenance without going bankruptcy.
i dont even know why people would care about depreciation as a matter of principle. most things i buy are worthless by the time im done with them. at least with a car, there is some value left over that i can use to get a new one. now, since depreciation is a factor it should definitely be considered but it shouldnt despised. its not an investment asset that you are looking to make money on.
I only buy certified-used Honda. I have a 2012 Pilot Touring that cost me $35k instead of $42k before my trade-in.. Came with 10k miles on it but I got the 7yr/100k bumper to bumper warranty, Plus it came with remote start, running boards, and tinted windows, all things I would have paid extra to add anyway.
With 28k, you can buy a brand new Toyota Camry or Honda Accord.
With $28K in the bank you can buy a perfectly good older used car every year and pay for all the repairs and maintenance for the rest of you life and have a significant amount left over when they're kicking dirt in your face.
$28K spent on a new car minus the maintenance and post-warranty repairs will leave you with a negative net value by the time you replace it.
Besides, I think this is about new vs. used all other things being equal, not used luxury vs. new pedestrian. It seems pretty unlikely that someone shopping for a Lincoln is even going to look at a Camry, and vice-versa.
This is a Lincoln MKS. List price around $47,000 new. Used price $28,000; 35,000 miles, 2011 model.
We just don't buy new cars. To us, it doesn't make sense.
This is my thinking exactly. Buy a used luxury brand car with mileage in the 30,000s.
You pay substantially less for a high quality car that lasts you a long time - maybe 20 years or more.
A new car gets un-new in a hurry. Meanwhile, you are paying a pretty penny for its few moments in the sun. I'd personally rather let someone else eat all that up-front depreciation, then acquire a solid performer with lots of life left in her for a reasonable price. I don't date 18-year olds either, by the way.
Well, that's usually true. However, when I was buying in 2011, the prices for used cars was sky high, largely because of Cash For Clunkers. So I did the math and found that buying a new car made a great deal more sense, particularly when it has a seven-year warranty and 0% financing.
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