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Credit Unions? I know you can get a loan for a car that's up to 10 years old and 125k miles on it. How favorable the terms, I don't know? But I would assume the most favorable terms would be with a Credit Union anyway.
More than likely, the scenario would be that if I had $3000 to put toward another car, but wanted to stay within the $7000 to $8000 range, I would try to save for the other $4000 - $5000 and then purchase a car straight out, or I'd find some way of borrowing the other half.
But anyway, it's not out of the realm of possibility of finding a car that's well within a decent age limit, well under $100k miles that's in the $8000 range. Might be something like a 2008 Sentra, but you could definitely get a good loan for something like that. Something dating back to 2005 would be a little tougher, but then again, I think it would also depend upon the vehicle.
Don't forget that if you are putting down close to half of the value of the car, you would tend to have more favorable terms, overall.
The Acuras would be the most similar to the Accord that you currently have, though a bit more practical than the coupe, being sedans. A vehicle not on your list because it is older, and would likely be a cash purchase outright, but is generally very reliable, would be the Acura RL. The '04 was the last year of the old body style, but did offer many modern safety features, XM radio, and nav, though the navigation would be outdated. The RL came standard with leather, sunroof, heated seats, etc., and a V6 engine. It needs a timing belt service at around 105k, so be sure that it was completed, but you should find a good example under $6k. The older RL did not have the transmission issues that were present in the 01-03 TL automatics, since the RL was imported from Japan and used a different transmission. Fuel economy tended to be a bit more mediocre, but a bit extra in fuel for a reliable, larger sedan might not be a bad consideration versus financing a newer more fuel efficient vehicle. The earlier RLs in the series, 00-03 model years, had the same equipment, traction control, etc., but the 04 had the newer navigation system and integrated satellite radio, though if you found a good example for $3500, it might not be a bad purchase to then add a more modern radio/nav system, unless that's not an issue.
The TSX has a timing chain, and was imported from Japan, so you do not have to change the belt as you do with the 04-08 TL, which is from the Ohio plant. The TSX uses Honda's 2.4L 4-cylinder while the TL had a 6-cylinder as standard, though the TSX is peppy. Both are very good bets for the age, mileage, and price range that you are considering.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Don't forget that if you are putting down close to half of the value of the car, you would tend to have more favorable terms, overall.
The Acuras would be the most similar to the Accord that you currently have, though a bit more practical than the coupe, being sedans. A vehicle not on your list because it is older, and would likely be a cash purchase outright, but is generally very reliable, would be the Acura RL. The '04 was the last year of the old body style, but did offer many modern safety features, XM radio, and nav, though the navigation would be outdated. The RL came standard with leather, sunroof, heated seats, etc., and a V6 engine. It needs a timing belt service at around 105k, so be sure that it was completed, but you should find a good example under $6k. The older RL did not have the transmission issues that were present in the 01-03 TL automatics, since the RL was imported from Japan and used a different transmission. Fuel economy tended to be a bit more mediocre, but a bit extra in fuel for a reliable, larger sedan might not be a bad consideration versus financing a newer more fuel efficient vehicle. The earlier RLs in the series, 00-03 model years, had the same equipment, traction control, etc., but the 04 had the newer navigation system and integrated satellite radio, though if you found a good example for $3500, it might not be a bad purchase to then add a more modern radio/nav system, unless that's not an issue.
The TSX has a timing chain, and was imported from Japan, so you do not have to change the belt as you do with the 04-08 TL, which is from the Ohio plant. The TSX uses Honda's 2.4L 4-cylinder while the TL had a 6-cylinder as standard, though the TSX is peppy. Both are very good bets for the age, mileage, and price range that you are considering.
I think I did look at some RLs on Autotrader, but I don't think I went back to 2004. Very good advice you gave about the timing belts and chains. One thing I thought might be a good negotiation tool (if I was dealing with a dealer) would be to get them to perform the latest tune up, but the timing belt maintenance is definitely a great idea as well! So, are you saying that the RL in '04 didn't have the transmission issues that the TL's around that era did? That's definitely something very important to me. I don't mind doing regular maintenance that you'll need to do on a car past 100K. I totally expect to replace alternators, water pumps, definitely batteries, maybe even a starter. But I wouldn't want to have to deal with rebuilding a transmission or an engine right from the start. If I could squeeze out another 80 - 100k miles before having to deal with something like that, that would be ideal.
The more I look at the Lexus, Acuras, and Infiniti, the more I really like them. I mean, naturally, they're luxury cars. But, it seems that you can really get a good deal on the older ones and even their mid-level and base level models seemed fully loaded compared to other cars. But I have to admit that I don't know much about them in terms of any mechanical issues or the cost to repair.
I think I did look at some RLs on Autotrader, but I don't think I went back to 2004. Very good advice you gave about the timing belts and chains. One thing I thought might be a good negotiation tool (if I was dealing with a dealer) would be to get them to perform the latest tune up, but the timing belt maintenance is definitely a great idea as well! So, are you saying that the RL in '04 didn't have the transmission issues that the TL's around that era did? That's definitely something very important to me. I don't mind doing regular maintenance that you'll need to do on a car past 100K. I totally expect to replace alternators, water pumps, definitely batteries, maybe even a starter. But I wouldn't want to have to deal with rebuilding a transmission or an engine right from the start. If I could squeeze out another 80 - 100k miles before having to deal with something like that, that would be ideal.
The more I look at the Lexus, Acuras, and Infiniti, the more I really like them. I mean, naturally, they're luxury cars. But, it seems that you can really get a good deal on the older ones and even their mid-level and base level models seemed fully loaded compared to other cars. But I have to admit that I don't know much about them in terms of any mechanical issues or the cost to repair.
Yes, the RL does not have the same transmission problems because it was manufactured in Japan, so a different supplier. All of the transmission issues with the early Honda 5-speed automatics were at the Marysville plant. The transmission in the RL is pretty reliable, just needs regular fluid changes, same as the TSX. The Acuras without AWD tend to have maintenance costs in line with the Hondas, meaning the parts are not always inexpensive for OEM parts, but the likelihood of a major failure on a maintained vehicle is not too likely. I definitely agree that you should get the full maintenance done when you buy it, advancing to the next interval. I would also use synthetic oil when you change it, and get the transmission fluid changed, unless you have maintenance records showing the last change and the fluid is in good shape. The 05 and newer RL have AWD, so more expensive than their predecessor in terms of maintenance and repair, but not unreliable. The early models also had a headlight ballast issue that can be a bit expensive to fix, indicated when the headlight warning light is illuminated on the instrument panel. Otherwise, that is not a bad series of vehicle, though you would be looking at higher miles than one a couple of years older that was the old FWD platform.
Acuras and Lexus are well equipped, and I find them to be economical. A friend of mine has a TSX owned from new with 130k miles on it and has only had to replace an alternator and a door lock actuator. There was a problem with one of the heated seats, but it was not difficult to fix. Everything else has been brakes, fluids, and a couple of sets of tires, routine maintenance. While the Lexus ES is a cushy vehicle that is not sporty, it is also a reliable vehicle that can be worked on by any Toyota specialist, so it is not expensive to own long-term, especially compared to marques that maya have lower cost parts whose frequency of repair is higher. You can also use a Honda specialist for just about everything Acura, so you are not tied to the dealership for repairs that do tend to be slightly higher than a Honda dealership.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Yes, the RL does not have the same transmission problems because it was manufactured in Japan, so a different supplier. All of the transmission issues with the early Honda 5-speed automatics were at the Marysville plant. The transmission in the RL is pretty reliable, just needs regular fluid changes, same as the TSX. The Acuras without AWD tend to have maintenance costs in line with the Hondas, meaning the parts are not always inexpensive for OEM parts, but the likelihood of a major failure on a maintained vehicle is not too likely. I definitely agree that you should get the full maintenance done when you buy it, advancing to the next interval. I would also use synthetic oil when you change it, and get the transmission fluid changed, unless you have maintenance records showing the last change and the fluid is in good shape. The 05 and newer RL have AWD, so more expensive than their predecessor in terms of maintenance and repair, but not unreliable. The early models also had a headlight ballast issue that can be a bit expensive to fix, indicated when the headlight warning light is illuminated on the instrument panel. Otherwise, that is not a bad series of vehicle, though you would be looking at higher miles than one a couple of years older that was the old FWD platform.
Acuras and Lexus are well equipped, and I find them to be economical. A friend of mine has a TSX owned from new with 130k miles on it and has only had to replace an alternator and a door lock actuator. There was a problem with one of the heated seats, but it was not difficult to fix. Everything else has been brakes, fluids, and a couple of sets of tires, routine maintenance. While the Lexus ES is a cushy vehicle that is not sporty, it is also a reliable vehicle that can be worked on by any Toyota specialist, so it is not expensive to own long-term, especially compared to marques that maya have lower cost parts whose frequency of repair is higher. You can also use a Honda specialist for just about everything Acura, so you are not tied to the dealership for repairs that do tend to be slightly higher than a Honda dealership.
That's good to know. I just didn't want to wind up getting something that could only be maintained through the dealership. It's one thing to find a good deal on a car in terms of purchase, but I'm also looking at the cost of maintenance down the road as well. Someone had mentioned to me a Honda specialist here in town that is an independent mechanic, so at least maybe I'll have the mechanic to take it to.
Then again, I might wind up with an '86 LTD before it's all said and done!
Speaking of big Fords, I bought a 6-speed Five Hundred off a commercial lease with 42,000 miles on it a few years back. Now has 116,000 on the odo. The only work I've done on it was normal wear/tear items - oil, filters, tires, brakes, shocks, spark plugs, taillights. Not a single system in the car has broken in the time I've owned it and it doesn't rattle. Ford's big cars are usually pretty safe bets, but this one really defied all my expectations.
I would avoid anything Honda/Toyota. They will be way to trashed by this point compared to their peers. Honestly, maintenance/condition is really more important than make/model in this price range, but I'll shoot:
Well, here's my situation. I have a 2011 Honda Accord V6 coupe. It's fully loaded with leather interior, heated seats, six disc CD changer, USB, Bluetooth, duo climate control, moon roof, 270 horsepower engine, automatic with manual sport drive, etc...it's got around 71,100 miles on it. We bought it brand new. I still owe about $12,500 on it. My car payment is about $280/month. My wife wants to stay home with the baby, and has announced that she's planning to quit her job by the fall. The reason why we are wanting to sell that car is that we also have another car payment on a Toyota RAV4 AWD Sport SUV 2011 model. My wife purchased the car last year used. It's better for transporting kids in than my Accord coupe, plus we figure we could fetch a pretty good price for the Honda.
Having said all of that, my thoughts are that I'd like to pay off the loan for the Honda, and hopefully have some left over to put toward another car in the future. Ideally, I don't want a car payment much over $100 a month. That's why I figured if it was possible to have around $3000 left over from the sale of the Honda, then I could put that toward a car that's in the price range of $7000. I could possible go up to $8000 to widen the choice a bit. So, my thoughts are that after a year or so of not having a car at all, I probably wouldn't be nearly as picky. But I'll admit, I still want something that's relatively nice, something I'd enjoy driving, but something that wouldn't have major mechanical issues, especially if I'm having to take out a loan for it.
Now, having said all of that, what I want is a full size truck that I could eventually tow a camper with (again, we're talking future tense), and eventually, I'd love to have another muscle car to appease my mid-life crisis that I'm probably going to go through in the next couple of years, lol! I went from a Mustang GT to the Honda Accord V6, and now going from the Accord to my feet. I want to be able to enjoy driving, but realize that in this day and age, it's all about my family first and what's most important to them, and my enjoyment takes a backseat.
You still have to sell the other car for less than you owe for it and you need a clear title to do so. The longer you wait the less that car will be worth, especially if it is a daily driver and you pack on miles. $7K would buy a really nice 96 Fleetwood Brougham or Roadmaster Limited. They have enough room for your family and will tow 7000 lbs. Consider them a big luxurious muscle car as they have a variant of the LT1 engine used in Corvettes and Camaros of the same vintage. Go for the Roadmaster wagon as you can lay a full 8x4 sheet of plywood on the floor after seats are folded down.
You still have to sell the other car for less than you owe for it and you need a clear title to do so. The longer you wait the less that car will be worth, especially if it is a daily driver and you pack on miles. $7K would buy a really nice 96 Fleetwood Brougham or Roadmaster Limited. They have enough room for your family and will tow 7000 lbs. Consider them a big luxurious muscle car as they have a variant of the LT1 engine used in Corvettes and Camaros of the same vintage. Go for the Roadmaster wagon as you can lay a full 8x4 sheet of plywood on the floor after seats are folded down.
I would I have to sell the car for less than what the payoff is? That would mean me selling it for about $4,000 less than it's book value. And wouldn't the bank still hold the title?
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