Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Automotive
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-09-2014, 08:29 AM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,759,596 times
Reputation: 2962

Advertisements

Quote:
Originally Posted by Dopo View Post
You are spending $3160/year for 10 years to drive a new car
I just bought a Ford Focus with 95,000 miles for $4000
If I make it last more than a year, I'll be making money compared to you.
It doesn't matter how long you make it last - it's still a Focus. And if you make it last more than a year, you still won't be making more than me unless you're pulling in $200k/year.

Anyway, I think you missed the whole point of my comment. I was just answering the OP's question. I'm not sure what your comment relates to.
Reply With Quote Quick reply to this message

 
Old 12-09-2014, 08:33 AM
 
Location: Wisconsin
7,214 posts, read 9,359,684 times
Reputation: 7802
I buy lightly used. My current car was just bought with less than 13,000 miles on it, and the one before that had less than 7,000 on it. My view is to let someone else eat the depreciation. I change cars about every five years by saving up and paying cash along with trading in the previous vehicle.
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 08:36 AM
 
Location: Wisconsin
7,214 posts, read 9,359,684 times
Reputation: 7802
Quote:
Originally Posted by itsMeFred View Post
Where are people getting this idea that "used" is somehow synonmous with "beater" or "basic??"


"Used" can be a *really* nice car, with all the toys, and even the new-car smell (they bottle that, ya know )
The only difference is a few thousand miles, and that someone else has eaten the initial depreciation...
I agree. The "used" vehicle I just purchased is a 2014 vehicle and had less than 13,000 miles on it, fully loaded (bluetooth, cruise, power everything, premium audio system, etc) with AWD. I liken it to being barely broken in and doesn't feel "used" at all.
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 08:38 AM
 
Location: Miami, FL
8,087 posts, read 9,784,183 times
Reputation: 6650
Quote:
Originally Posted by thecoalman View Post
To me losing 20 grand compared to 2 or $4K is significant.

The one exception I've seen is if you are in my parents situation. They were looking for a newer small SUV perhaps 2 years old, 20K at the most and expecting to save some money. The price difference between a new one and the used ones were not that much and it was hard to justify not buying new. They may just keep it for two years and sell it.
It is. I see it in my own vehicle which is now 10 years old and pristine with relatively low mileage. Although a performance model it is about $17500 down from purchase price if I were to sell so there is no incentive to sell at this time.

I note a 2004 Z06 is now worth about $23-26000 in excellent unmodified condition compared to $52,000MSRP/$45000invoice new.

The older iron block GT500s are in the same boat. Deep depreciation as well.

Last edited by Felix C; 12-09-2014 at 08:57 AM..
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 08:40 AM
 
5,481 posts, read 8,513,851 times
Reputation: 8284
Quote:
Originally Posted by MaseMan View Post
I agree. The "used" vehicle I just purchased is a 2014 vehicle and had less than 13,000 miles on it, fully loaded (bluetooth, cruise, power everything, premium audio system, etc) with AWD. I liken it to being barely broken in and doesn't feel "used" at all.
Well with only 13k miles on it, its actually new and newer than had you gone certified pre-owned.
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 08:48 AM
 
5,481 posts, read 8,513,851 times
Reputation: 8284
I use to buy used all the time. Each and every time I had to dish out for repairs and maintenance. Now I go new. Why? Well it gives me peace of mind to know that nobody abused it before me. I know that it's covered under warranty in the event of costly repairs within the first few years. My fiancé and I require reliable daily drivers and cant risk buying a used vehicle with underlying issues that may leave one of us stranded.
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 09:19 AM
 
18,491 posts, read 15,455,281 times
Reputation: 16145
Quote:
Originally Posted by zoomzoom3 View Post
Easy, 72 and even 84 month loans are becoming more common as the prices of new vehicles increase.

Those types of loans really spread out the pain, but can really leave you upside down unless you've made a fairly large down payment. They're OK I suppose if you only put 10K miles per year on a car & just drive them until the wheels fall off.
Even worse, there are a lot of "sub-prime" car loans these days north of 15% interest. A long loan with high interest creates a situation where most of your early payments go to interest rather than principal, so in the middle of the loan you still owe a LOT of money while your car has depreciated down to half its value when new. You'll be unable to refinance even with good credit because you're so upside down that sleeping bats are jealous!
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 09:28 AM
 
307 posts, read 222,335 times
Reputation: 487
Quote:
Originally Posted by jm1982 View Post
There are a lot of options for less than $30,000 it seems.

Here are some
The Best 30 Under $30K: Comparisons, Tests, and More! – Feature – Car and Driver

Here are a bunch under 20k
Model:*2014 Kia ForteStarting price*$15,900Fuel economy:*25/37... Photo-5298091.71751 - Houston Chronicle

I feel that most people actually can't afford a new car and that people are spending much more in general than they should on cars. To top it off a lot of people are paying high interest rates too.

Of course there is always the option of used cars which can be bought for a lot less.

I think that a lot of people have the mentality of "I work, I deserve a nice brand new car" , but in reality these cars are a luxury they can't afford..even if they aren't a luxury brand.

A newer more expensive car also means more car insurance too.
Someone had to shed light on this. You did. My only added comment is part of how I live my life and that is you have to be careful of the source. Car and Driver and Motor Trend accept paid advertisements. So, their data is likely tilted to the highest advertiser.

To the OP, there are plenty of cars out there around and under $20k. We purchased two earlier this year. My own car was ten years old, pretty darn low mileage, and I started seeing signs of ethanol wear. I fixed the issues and sold it. I used the money (it was enough) and stuffed it in my bank. I put down about 50% on a new car and financed it at a low rate (dang it, I forgot about my credit union ... but it was still low) for a ridiculous seven years. I aimed for a monthly amount and got it. I've always added a little to pay down the principle. But I knew for the first year as I was paying off a home large system that had to be replaced, the extra payments would be delayed for a few months to allow breathing room.

Your keys to buying cars - $30k is a nutty price to pay if you're questioning it. Research everywhere and draw your own conclusions. Be conscious of the sources that are likely paid advertisements (like the car of the year) but read them because they will give you specifications. SAVE money first to put down what's affordable to you not what car dealers tell you you can afford. Finally, consider used and run CarFax and there's another similar product that may catch what CarFax (expensive and not free) didn't list. I got a report last year on a car and something didn't add up to the miles that were on the car and the CarFax report. I was able to track down the last place it was serviced and they confirmed what I suspected - the mileage had been tampered.
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 09:45 AM
 
Location: Sunrise
10,865 posts, read 16,935,191 times
Reputation: 9084
This hasn't been mentioned -- look closely at the total vehicle cost. Price of purchase + maintenance + fuel + insurance = total vehicle cost.

I drive a pickup truck that runs on natural gas. I bought it from the city of North Las Vegas for $4K. It had 60K on the odometer and is likely to be good for 400,000 miles. CNG is running around $2/gallon (it's sold by weight but that's the equivalent cost). No smog check. No lane restrictions. Insurance is dirt cheap. AND NO FREAKIN' OPEC.

The only downside is the lack of filling stations. But there are four to choose from here in Las Vegas. It's the best commuter I have ever owned, and it's a functional truck. I haul stuff all the time.

I would never, ever buy a new vehicle. I was not put on this earth to give free money to car salesmen. Let the crowd take care of that instead.
Reply With Quote Quick reply to this message
 
Old 12-09-2014, 10:37 AM
 
4,833 posts, read 5,684,140 times
Reputation: 5908
Quote:
Originally Posted by ScoopLV View Post
This hasn't been mentioned -- look closely at the total vehicle cost. Price of purchase + maintenance + fuel + insurance = total vehicle cost.

I drive a pickup truck that runs on natural gas. I bought it from the city of North Las Vegas for $4K. It had 60K on the odometer and is likely to be good for 400,000 miles. CNG is running around $2/gallon (it's sold by weight but that's the equivalent cost). No smog check. No lane restrictions. Insurance is dirt cheap. AND NO FREAKIN' OPEC.

The only downside is the lack of filling stations. But there are four to choose from here in Las Vegas. It's the best commuter I have ever owned, and it's a functional truck. I haul stuff all the time.

I would never, ever buy a new vehicle. I was not put on this earth to give free money to car salesmen. Let the crowd take care of that instead.
Unless you only buy from private parties, you will always be "giving free money" to a car salesman if you buy from any used or new dealership. Sounds like a strange mantra to follow. I prefer going for best deal and convenience. Many times that can be found at dealerships. I don't care if the salesman/dealer gets a piece of the pie as long as I get a good deal out of it.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Automotive

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top