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It's not everyday you're going to come across an individual selling a relatively new vehicle with very low miles. I'd be wondering, too.
Maybe for an estate, or somebody's life situation changed unexpectedly, and it no longer fits their needs. Other than those reasons, I can't think of much else why someone would want to unload a perfectly good, barely-used vehicle.
You find a deal too good to be true, it probably is. I would check real close for flood damage on such a vehicle. Could also be a lemon from state without a lemon law.
Now I used to go to lot auctions. Estate auctions you could find OLDER low mile cars. Elderly that bought new car for their retirement and never put that many miles on it. Called them the "old lady" cars. Sometimes a good deal, but watch out for dried out seals, that can be expensive. I was usually never that interested cause they tended to be luxury barge type vehicles with bunch bells and whistles I didnt want. I did buy a big ole Buick once that worked out well for me. Low mile but even on it, the transmission blew. Though simpler and cheaper to replace one back then. Now far enough back wouldnt been impossible to downgrade them as there were usually bare bones versions in junkyard, but the computerization in modern era makes that super complicated. Especially since darn few without the bells and whistles.
In 2006 my boss bought a brand new Ford GT off the showroom floor.
He completely enjoyed that car and when they were downsizing sold it for 50K more than he paid just 6 years prior.
Imagine that... a domestically produced Ford with appreciation?
There's also low depreciation. I bought a brand new Jeep for $37K and traded it 7 years later for $24K. Actual cost per month was $154. Not bad for a car payment.
Very much so... what you buy and how good a deal you can negotiate can make a world of difference.
One young lady with terrible credit showed my her new Truck... it has everything on it... she paid full retail plus and I asked why so much.... she said she wanted a new car and was just happy the Dealer could make the payments work with her credit...
I currently own 50 vehicles... only once in my life did I buy a new car... still have it... it was when I was working in Germany and did a factory delivery... saved a bundle plus had a car to drive there...
I can also say I have never "Lost" money on a car... that is sold for less than I had in it...
At one time I really liked convertibles... I would buy and old ratty one... drive it as I cleaned it up... and then sell for a nice little profit the next summer.
There is also a case for buying new too...
The receptionist at work was commuting 130 miles each day in a Jeep... not very good gas mileage and the Jeep was showing it's age...
She made a great deal on a Volt a few years back when they were giving them away... gas savings covers the payment and she has not paid for any repairs or been late to work due to car problems...
Buying more car than you need is maybe not biggest mistake but its up there. I would argue going in debt for any item that loses value is pretty dumb. But each to their own.
this is an issue i have with people who arent particularly interested in finance but they start talking about finance. what you said above indicates that you think that this is an opinion and other people can also have valid opposing opinions. that isnt true. this is a factual black and white statement (then analyzing each situation and its own details can have different results). saying that "going in debt for any item that loses value" is flat out wrong. you shouldnt argue that point.
a lot of finance matters arent up for debates or opinions. there is wrong and right in many cases. but everyone wants to have an opinion and think that all opinions are valid.
Ain’t that the truth. And Buffet works more than I do. I use Buffet as an example of what I don’t want to end up like.
6500 sf house, Beach house in Laguna Beach (recently sold,) Membership at Augusta National, Private jet...Is it just that he works or is it that he has a flip phone?
I currently own 50 vehicles... only once in my life did I buy a new car... still have it... it was when I was working in Germany and did a factory delivery... saved a bundle plus had a car to drive there...
I can also say I have never "Lost" money on a car... that is sold for less than I had in it...
I guess one can say that if they never sell them...that includes folks with junkers in the yard too. Given that you have 50 in the barn it isn't a fair statement to say that you've never "lost" money on them since they apparently don't often get sold.
I guess one can say that if they never sell them...that includes folks with junkers in the yard too. Given that you have 50 in the barn it isn't a fair statement to say that you've never "lost" money on them since they apparently don't often get sold.
It does help... but in my teens and twenties I was trading several cars a year... some were come get and others were cheap... often left behind Grandma's car settling the estate.
They were transportation and almost all American Iron with a few Toyota in the mix... actually traded a 65 mustang and cash for 1 year old Toyota... it was a great swap at the time.
Of my 50 vehicles... 26 are insured and the others are projects...
In my 30's I was mostly trading Model A Fords... by the way my first car was a Model A bought at age 13 with money earned... and I still do have it...
There is one car I would loose money on and it is the only car I ever bought new... I have owned it 18 years and it is still my "New" car. I did originally plan to sell it when I came Stateside but really enjoyed it and it was a factory order I picked up in Munich... After 17 years I imagine I would "Loose" about 22k but it still looks showroom new with 69,000 miles on it.
My oldest car is from a brand no longer made... Oldsmobile and for all I no it could have been my Great Great Grandfathers Oldsmobile if he had owned Oldsmobile... 1905 Curved Dash...
Lets say you have 20 years left to retirement. You buy a new $40K car every six years and that car depreciates to $0 every single time you trade it. That's only 3 more cars till retirement. You're only saving at most $120K and that's assuming you got your "used car" for free and it lasted 20 more years with no repairs of any kind (highly unlikely). The extra $120K isn't going to add much to your wealth. That's only roughly 2 years worth of the average US salary. I fail to see how this is the key to financial independence. At best you can retire 2 years early and at that point you'll probably just work till you can get Medicare anyway. Warren Buffet didn't get wealthy because he drove an old truck and has a flip phone.
I think the point is to have that 120k saved when you’re young and let it grow throughout your life so when you’re retired you can drive a nice car, vacation etc. if you go out and buy a new car every 6 years usually you got plenty of money to do that and retire.
I know more than a few people who are gonna have a rough going come retirement time. They literally have no money saved.
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I did originally plan to sell it when I came Stateside but really enjoyed it and it was a factory order I picked up in Munich... After 17 years I imagine I would "Loose" about 22k but it still looks showroom new with 69,000 miles on it.
