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Your down payment has nothing to do with the value of the car.
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Originally Posted by Rocko20
Yes they do. Drive a used car off the lot, take it back and see how much you get for it.
I haven't bought a used car off the lot in years. Even so, a used car does not lose value nearly as fast as a new one. Finally, the last place I'm going to sell a used car is a car lot.
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Originally Posted by Rocko20
Especially if it's an Audi, Cadillac, Jaguar, or any other non-Japanese car.
Okay?
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Originally Posted by Rocko20
Accounting for the amount of gas guzzling jeeps, SUVs, and trucks on the highway it's clear that Americans are content with buying things based on preference in their short lives on planet earth.
Great. I buy things based on preference every day.
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Originally Posted by Rocko20
But you can't afford a new car? Must be a sad bank account.
Sure I could. But why do I need one? My wife has a new car, it was a great deal. She likes the security, she has a demanding job, and she wanted the car. Me, I work from home mostly. I might drive 100 miles in a busy week, so what do I need a new car for? I'm not trying to impress people with what car I'm driving.
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Originally Posted by Rocko20
A good used car is subjective. You don't know what you're going to get until you own it.
True, but a good mechanic can spot any major problems before you buy it. I've taken care to my mechanic and had him tell me not to buy it. The one time I ignored him I bought a lemon.
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Originally Posted by Rocko20
No different than buying a used car. The profit is built into the price, once you drive it off the lot, you eat the depreciation.
Again, I don't buy from lots. Private sales typically make for better deals, because the private seller doesn't have to cover the expenses of running a car lot.
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Originally Posted by Rocko20
He's not doing a very good job, we call that a con man.
Translation: he doesn't think about money like me, so he's wrong.
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Originally Posted by JimRom A new car loses nearly 20% of its value in the first year.
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Originally Posted by Rocko20
Not when you make a substantial down payment.
You don't really believe this do you, or are you just trying to fool us? A new car depreciates the same amount no matter how much your down payment was. Say you put 50% down on a new car. You drive it home. If you tried to sell it that very same day it would NOT be worth as much as what you paid for it earlier in the day. It is now a used car. It depreciates as soon as you you drive it off the lot. Fact! Go ahead, and slap yourself in the head again. I love watching that vein in your forehead when you get frustrated .
People need to know that they are losing money when they buy on credit. Save, and pay cash. But don't worry, there will always be enough people out there who don't listen, and get into financial trouble . Only the wise will listen.
If most people can't afford to buy a new car what makes you think they can afford a used car? So, they can't get their new BMW, you think a used BMW will depreciate any less? No. It's going to depreciate just like the new one.
By your logic, Americans should just go back to riding the bus. It's the cheapest form of transportation.
The economy says otherwise.
No different than owning a used car and taking it to get repairs for 4, 5, or even 6 or more years while its value goes down.
It helps to put a substantial down payment on the vehicle to immediately offset the initial depreciation.
The individuals he's trying to help include those in the car industry.
I’m curious about this. Tell us how the amount of the down payment affects the depreciation.
If no one ever bought a new car, until a net worth of $1 million, then multiple industries would be laying off thousands and the economy would suffer. .
Obviously everyone won't, so nonissue.
People spend rediculious % of their income on vehicles.
I don't believe I'll buy new even when I hit 7 figures.
People are driving around in their retirement funds, justify it however you like, but the years they spend working to buy new cars is amazing.
If no one ever bought a new car, until a net worth of $1 million, then multiple industries would be laying off thousands and the economy would suffer.
His advice is for people with massive money problems. You don’t need a new car if you can’t even pay your bills.
For everyone else who is financially responsible and can afford a new car, they have every right to treat themselves or their spouse to an enjoyable vehicle as they only live once.
If you can’t enjoy the fruits of your labor until retirement, what’s the point? Tomorrow isn’t promised.
You must either work in the new car industry as a salesman, or the credit industry. Or maybe car insurance, something that makes money from new cars. You sound so desperate to have us stay, and give you money. We are your sugar daddies, but we don't even get a kiss .
You have been using all the catch phrases in your posts such as "treat themselves", or "you deserve it". "owning a nice car during your short time on earth", "You can't take the car or money with you when you're dead". How many more do you guys see out there? They work on the gullible.
That $5K car would still cost you another $8K-$15K in repairs, gas, maintenance, insurance, etc. over the course of years of driving.
There's no "cheap way" to own a vehicle. You just have to pick your poison.
There's a reason people abandon broken down cars on the side of the highway. Because they couldn't afford to take care of it and they can't afford to fix it....And those are the "$5K cash cars."
I could respond more elequently, but this horse**** can be responded to adequately in a single word:
Sometimes we as a culture need "simplistic" over, and over again to get through our thick heads . We need it repeatedly to counteract the constant feeding into our consciousness that "You can't live without this", "You must have this in order to be truly happy".
Everywhere we turn we are bombarded with mind control from the people who want our money. They DON'T care if you can afford it, or not. They look for, and find our soft, vulnerable spots, and aim for it with accuracy in their ads/commercials. It's very simple. We are their target.
People spend rediculious % of their income on vehicles.
I don't believe I'll buy new even when I hit 7 figures.
People are driving around in their retirement funds, justify it however you like, but the years they spend working to buy new cars is amazing.
Exactly! We are worth north of $2.7M and wouldn’t for a moment think, in the grand scheme of things, (which is how we think), that we ever could afford new vehicles to throw away that money on frequent new car purchases. We did buy both of our vehicles new years ago, when we didn’t know any better, but at least we bought them from a friend who owned the dealership and gave us a great price. Now we are driving 17 and 12 y.o. cars that should last several more years. Instead of replacing those old (but perfectly serviceable) vehicles we are dumping money into our retirement accounts. We may buy one more “nice” car but almost certainly used vehicle for retirement but that will be after we’ve saved a sheetload of money to buy it cash. I happily portray myself as a poor serf with my old and still fun sport wagon that impresses no one.
One thing that we have never and will never do is to portray our perceived wealth to others by the ridiculous purchase of a high end cars in an desperate attempt to do so. We are fine being perceived as being poor as we make our way around the city. Fancy cars are just a burden unless you are über wealthy.
I do know that since I've experienced it. Again the proof is in the pudding, if used cars were cheap to own there wouldn't be a broken down one on every highway in america, from an owner who can't afford the repair.
so because a car is broken down on the side of the road it’s not a good car? I see new cars broken down too.
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Used cars cost money like new cars.
No **** Sherlock. You’re just spending less. Sometimes considerably less. Doesn’t mean a used car is bad.
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Bingo
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Bingo what? You’re buying a car. New or used it’s going t9 have a certain amount of monthly ownership overhead.
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None of which comes close to the amount of repairs used cars will cost.
Says who? You? I have a 19 year old truck. My biggest repair up to date was a waterpump, u joints on the front axle shafts and hubs and ball joints. The shocks and brake pads and rotors were wear item. And I had 180,000 TROUBLE FREE MILES OUT OF IT. So at 180,000 miles it required about $800 in parts. Let me rush out and buy the equivalen5 truck that’s going to cost 65,000 dollars.
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Make, model, year, and price? Specifics like that are important.
2007 Optima $2600. Registration/transfer fees $200 fixed ac $190. Oil change new wipers and valve cover gasket two headlight bulbs $80. I just turned 15,000 miles. In 4.5 months.
So in a year I’ll pretty much blow away ANY 3/36 bumper to bumper warranty a new car had. And in a lease I would pretty much kill the mileage. At .10 cents a mile penalty I’ll be paying a lot of money. Oh and I broke the inside door handle because I pulled really hard. Not really the cars fault. Ordered a new one $15. I’ll have it in and working in about 20 minutes. Car runs fine. The previous owner was a coworker. Original owner have all maintenance records. 30/60/90 k services, Gets 28 mpg interior is great no rips or destroyed trim. I did splurge and replace the radio with a hands free Bluetooth model. I did the valve cover gasket in about 30 minutes. The lifters, valves cams timing chain looked brand new. No wear at all. Valley was clean no deposits.
When it starts giving me trouble I’ll start looking for something else.
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If that was true, no one would ever buy new.
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Being smart has nothing to do with it. Carfax report and inspections won't tell you how the previous owner treated the car.
Bs. If youre too stupid to see if a car is a pile of crap you deserve to buy it. I’ve looked at a lot of cars when i was car shopping, I walked away from 99% of them. I know what I’m looking at in a car. I ask questions. I’m not in a hurry to buy. I’ll walk away if i feel or see anything funny.
I can look at a car and tell you if it’s a pile or not. If I come see your car and your place is trashed, you look trashed, the car is dirty... if a car has a bunch of broken trim or little things don’t work I’m walking.
There are hundreds of thousands of well running well maintained used cars. That will give years and hundreds of miles of trouble free ownership.
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I've bought both new and used. There's pros and cons to both.
There is pros and cons to everything. I’m not arguing that. For mope financially buying a new car is pointless. I don’t care what you do with your money.
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The true definition of happiness comes when you can buy the things you want in life a long with sufficiently saving for the future
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Yeah I can do that. That’s why I don’t have the financial problems other people have. I dont waste my money on new cars every 4-6 years. I dont lease because there is no benefit to me doing so. I dont see a need for a new car. If I need one I’ll buy one. How? Because I have the money for it. I just understand the difference between a want and a need.
The vehicles I have do everything I need reliably and cheaply.
Think about it. If I had two cars with $500 payments. That’s 12,000 dollars a year. That’s $48,000 dollars in 4 years (which is the typical loan term. Most likely 5-6 years now)
I don’t spend money needlessly.
As for your 5-15k in repairs on a used car? I’ve never had to put that kind of money in a repair. Ever. I’ve never put 5k in repairs in my truck in 20 years of owning it.
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. Only the wise will listen.
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