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I was looking at a used car thats 8 years old and the delaer is asking $9850 for it. It retailed new for probably 22K. I'd give them a serious offer of $5,000 based on what I've seen similar ones sell for IF I could be sure its free of some defects the model is known for. I just like that particular car and a second vehicle would be good but its not a necessity.
Right now I just ordered new tires for the 14 year old sedan which is running fine. As long as it keeps running well theres no need to go out and buy a new or newer car. And dealers will come down on their prices if you negotiate.
The last car I bought was a 2001 Buick Sedan. It has 110k miles on it. I paid $2,500 cash ans spend another 1,500 on paint and engine repairs. The car now has 160k + miles and is running fine. My other car is a 1996 Subaru Wagon I paid $5,000 for 10 years ago that is a few k short of 200k miles and has finally rusted out. It will be scrapped this summer. I am looking for a 2005 Subaru to replace it.
Anyone want to buy 4 slightly used snow and 4 summer tires mounted on steel and aluminum rims. They are the most valuable part of the car. PM Me
If I win the lottery I will either build my own (Factory Five '65 Daytona Coup) or restorod a '95 Buick Roadmaster Wagon. I might just buy a new Chevy Volt as a grocery getter if I had the cash.
The price of new vehicles (especially new light duty trucks) can no longer be justified. They depreciate so rapidly that it's almost a given that you're going to be losing money in the end. I own a business that requires me to have work trucks, and for years I bought new for the peace of mind of having reliability in those vehicles. I was wrong. The $500-$600 I was paying every month on each truck was essentially an insurance policy against the major repairs (transmissions, rear ends, etc) that would arise usually after 60-70,000 miles of towing and hauling. Since those repairs were covered under warranty up until 100k (which came quickly...usually within two years), I didn't have to pay for them obviously. Then, after 100k, I still had a payment for three years and a truck that was out of warranty.
I discovered the hard way that repairs under warranty were usually done half-a$$ed. Especially drive train repairs. Transmission is toast and needs a rebuild? Usually the dealer would only replace what was immediately broken, and leave gears and clutches in place that would obviously be failing within the next 5-10k. Especially if I was approaching my mileage limit for my warranty.
These days I no longer finance vehicles for my business. I use mid 90's through early 2000's Ford super duty trucks (F350's and F250's). I can buy them used with around 100k on them (give or take 20k) for around 6-7k cash. The trucks belong to me....Not a finance company. I have them serviced at the shop of my choice, and therefore I get what I pay for. When I have an automatic transmission rebuilt, it costs me $2000 and it's done properly and thoroughly, and it lasts for another 80,000 miles....NOT 10,000. Furthermore, shop techs are much more well-versed with these slightly older trucks, and know their ways around them under-hood much better than most of the newer models out there. Cash money also talks. You'd be amazed at how quickly you can get a turnaround on a transmission rebuild at a pro tranny shop as opposed to a dealer. I can have a tranny rebuilt better than it was when the truck was brand new within three days. I remember when I had that same job done at dealers under warranty, and it was more like three weeks.
When I purchase one of these vehicles now, it's usually off of a private owner. I scour the web for the perfect truck. No rust, garage kept, babied, etc. You'd be amazed at what you can find out there. Two years ago I bought a 1995 F-350 flatbed dually with under 100k on it for $5,000. The truck didn't have a spot of rust on it. It ran perfectly and was used once a month to deliver two bails of hay. Aside from that, it was garage kept. I ran that truck HARD for two years for my business, and sold it a few months ago.....For $5,000. I put 80,000 miles on it, and aside from oil changes, a set of tires, and a $300 transmission cooler, I didn't lose any money on it. Had I have purchased that model truck brand new, I would have spent roughly $45,000, and I wouldn't even be close to having it HALF way paid off. For what? To have a newer and more "modern" looking work truck? Ha! No thanks. I'm done paying interest so that some banker can buy coke or send his brat kid to private school.
I have the same mentality when it comes to family cars or personal vehicles. I truly believe that new vehicles, across the board, are one of the biggest ripoffs going now. If you walk into a car dealership in America right now and attempt to pay cash or write a check for the entire amount, even for a $15-$20,000 "economy" car, you could still have problems. I've heard of dealerships tattle-tailing on cash or check paying customers to the IRS under suspicion of "conspicuous consumption", but that's a topic for another thread entirely.
We all waste our money on things that would be frivolous to other people.
to some cars are more than just transportation appliances.....
I also don't think that the article written ihere is grounded in reality. maybe it is just where I live and my demographic..... but it seems that every kid who has a full time job, has a new car. they could be living in their parents basement working at a barely minimum wage job, but have a brand new mustang GT. The people I work with, who are young professionals, almost always are leasing a new car every 3 years, and not cheap nissan versas, loaded up nissans, infinitis, acuras, BMWs etc. I find that everyone here seems to have a burning desire to drive an impressive or nice car.
I'm a car guy and find imyself a little jealous, I'm also somewhat cheap,have a nice house and have a wife and kid. I don't think its responsable for me at the moment, to lease a car spending 500 a month on a nice BMW 3 series or G37 or mustang GT. Meanwhile people who appreciate these things less, get them as status symbols...
I've heard of dealerships tattle-tailing on cash or check paying customers to the IRS under suspicion of "conspicuous consumption", but that's a topic for another thread entirely.
It's the law that they have to report transactions of over $10k in cash. Banks will do a CTR automatically on cash transactions of $10k or more, and car dealerships ar required to do the same. Yes it's another thread, but don't blame the dealerships.
And this is why Kia is making a killing selling their $15,000 cars. Take the Kia Soul for example. $118 per month for a new car with $2,000 down. Now with the new Dodge Dart that starts at $17,000 and gets 41mpg, this will be a hot seller. Sure there is not much room, but these two cars get great mpg's and are loaded with cool technology. BTW, have you looked at the used car lots lately? Jesus! I am seeing Mini-coopers, BMW's, Mecedese, and all sorts of fancy sports cars for a fraction of the price.
The price of new vehicles (especially new light duty trucks) can no longer be justified. They depreciate so rapidly that it's almost a given that you're going to be losing money in the end. .
I don't think anyone buys a new car and expects to not lose money.
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New cars affordable?
