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Let's say you have $12,000 to spend on a car. Do you buy an average new car (example: Toyota Yaris) or a used luxury car (example: a Benz but it's 7-10 years old)?
Me: I would go with the used luxury car
Reason: Unless you're rich, your only hope of ever owning a luxury car is to buy used.
What would you choose and why?
I am looking to buy a car after college and there's a high chance I will buy a used luxury car. But I know some people that would rather have an average new car. Buying new is a bad investment plus with the used luxury car, you get luxury at an affordable price.
I completely agree that buying used is the way to go. Just make sure you fully understand all associated costs with owning whatever car you're looking at, including: potential repair costs, maintenance costs, and insurance costs.
Personally, I would buy something used but sporty. Luxury cars are well and good.............when you're 50. Just out of college is the time to buy that sports car that's completely impractical and somewhat idiotic since you at least have 'youth' as the excuse.
Depends on my ability to maintain the car. A used luxury vehicle that is 7-10 years old can require some significant investments into repair and maintenace. Costs that won't be born by the person buying the new car. So, it really comes down to your wallet and whether you can afford to maintain the car. You have to pay to play either way you look at it.
In my case I had a $14k budget for a commuter car several years ago and after looking at the new options I settled on a used (about 5 years old) Audi A4. It was in great shape, but I knew the maintenance items (timing belt replacement being the big one and possibly the turbo depending on prior maintenance) that could come up down the line and had the knowledge and money to fix them when/if needed. The car ended up having zero issues in the 3+ years I owned it and I got to enjoy a much better car than a Yaris or something like it.
I've purchased quite a few used luxury cars over the years and the key to each of them was going in knowing what to expect and being prepared for the possibilities. Taking the time to really get the car checked out thoroughly is also a good bit of insurance. Some of the ones I've bought like my A6 had issues that were common ones I knew about before buying and others like the A4 and M3 were fantastic cars and I feel that I saved a ton buying used even on the cars that had some issues.
I would buy a used mid-range car. Buying a VERY used luxury car will cost you. A 10 year old Mercedes, BMW, or Lexus will require expensive maintenance. It will have well over 100K miles on it.
I would not buy a Yaris because it is a very mediocre small car.
I would probably buy something like a 2-4 year old Mazda3, Civic, or Ford Fusion. All reliable, comfortable, efficient enough, and reasonably fun to drive.
If you are just getting out of college, why do you not think you'll have more money later to afford a better car? Are you getting a degree like English or history that has almost no value on the job market?
I would buy a used mid-range car. Buying a VERY used luxury car will cost you. A 10 year old Mercedes, BMW, or Lexus will require expensive maintenance. It will have well over 100K miles on it.
I would not buy a Yaris because it is a very mediocre small car.
I would probably buy something like a 2-4 year old Mazda3, Civic, or Ford Fusion. All reliable, comfortable, efficient enough, and reasonably fun to drive.
If you are just getting out of college, why do you not think you'll have more money later to afford a better car? Are you getting a degree like English or history that has almost no value on the job market?
Of course I will have more money later on, but I don't think I will make enough to afford a new luxury car even when I'm 40. The typical luxury car costs $45,000-90,000 new.
I don't go to paid for mechanics, so I buy what i am willing to fix myself. I am a x foreign car tech which helps a lot. I tend to buy volvos and saabs because they weigh something, have built in protection, and are reliable.
When it comes to trucks and full size vans i buy American, no frills work types, which can include a rolling bed room type van.
If I was single i would just have pick up trucks.
When I was younger I liked sports cars, but I got a bit too deep into motorcycles and have no use of sports cars anymore. Maybe when i get to old to ride sports cars will be fun again.
I guess if I was stright out of college i would go for a small compact Honda car. They seem cheap to pay techs to fix. Just no room to put big things in like several full sheets of plywood.
Agree, I would also go with a used nicer car. I wouldn't go with a big luxury sedan though but would probably get a fun sports car if I was right out of college. I'd look at something like a Nissan 350Z, Honda S2000, BMW Z4, or similar. As far as luxury sedans go, I love the E39 5-series BMWs, but I think they would just be too much $$$ to maintain and I'd probably skip it unless I found one with really low miles at that price.
I would buy a used mid-range car. Buying a VERY used luxury car will cost you. A 10 year old Mercedes, BMW, or Lexus will require expensive maintenance. It will have well over 100K miles on it.
Precisely. The thing about $12k cars that used to sell for $50+k is that they still have maintenance costs of a $50+k car. That is also the reason for some of their steep depreciation. Price a 15 year old German V12 (MB S600, BMW 750i) ... they used to cost $90+k, but nowadays, they're candidates for 24 Hours of LeMons (a grassroots race of sub-$500 cars).
So count me in on the slightly used "mainstream car" category too.
$12k- P/U! No question about it.
I can do more, get more, and travel from "A" to "B" just as easily!
Maintenance on most 5-7yr old P/U's is for the most part just general maintenance- oil, filters, tires, alignment.
And I'm certainly not going to worry about a ding or three.
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