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.
I do have a 4-cylinder '84 Olds Cutlass Cierra that still runs good, but need some work done on it though to pass inspection. This car has 186K miles on it and still runs great. I do need to replace the exhaust pipes and the converter since both had rusted out (being in Michigan and Ohio the last few years) but other than that it will run.
I know the Prius now commands a premium price due to high gas prices, but I figure if I put a decent amount aside for the next few years, then by the time the vehicle I need is available, I'll be ready. Used cars can be a viable option too since you are pretty much immune from the big depreciation hit on new cars, but my main concern on used cars is reliability and making sure that it wont spend more time in a shop than on the road. My late granddad always taught us about avoiding buying someone else's problems. And seeing as how many people smoke in their cars, I don't want a car that has been smoked in either, as you cannot rid of the smell unless the seats and upholstery was replaced.
Anyway, I will look at some saving options for my next car.
I would agree with you--you've probably gotten most of the good miles out of an '84 Ciera. One of the best used car values these days can be a former rental car. They are usually well-maintained and put up for sale with low (usually less than 30,000 miles) mileage. Time was that about all the rental car companies had in their fleets were cars from the Big Three, but now they have just about all makes. Oftentimes they have remaining warranty, too.
A lot of people won't buy a former rental because they usually aren't the fancy, loaded up car that people think will impress somebody else. Well, if you're buying a car to look "cool" for somebody else, you're buying it for the wrong reason, anyway.
A couple of years ago, my Mom bought a former rental car. It was a just over a year old and she bought it for over 30% less than the same model would have cost new. It had under 7,000 miles on it. She laughed all the way to the bank, so to speak.
I have said this elsewhere but I will say it again. Buy well used (5+ years old) and buy transport. Do not buy new, style, status, entertainment or satisfaction. Buy these things someplace other than the used car store.
That really depends on what intewrest rate you can get. Many vehicles with good credit you can buy at 0% interest rate. The last vehicle I bought last july I payed down all but 10000 which was the minimum I could finance for 36 months at .9% interest. I get more than that on my money.I also got the vehicle for 2000 below edmonds listed invoice;so now is a good time to buy a car.I could have gotten others for 0% but didn't like the vehicles that were available on.After I bought my first vehicle by saving for a large down payment I always open a savings account and put the payments into it after paying off the vehicle.Usually iIkeep my vehicles for ten years and always do maintenance and get a good price and never had any problems selling them for retail value.
Buy a $2000 car and keep saving. When you have another $2000 or so, sell the $2000 car and get a $4000 car. When you save up another $2000 (or whatever), save the $4000 car and get a $6000 (or car value + savings) car.
There are tons of fuel efficient used cars out there.
I bought a 2500.00 used car 16 months ago and have spent 3000.00 in repairs since. Kind of hard to save when you are buying worn out junk. Unless you bought it new and took care of it.
Mine had only 2 elderly owners and mostly highway miles, (140,000) and a 94 model. Last week told transmission needs replaced, great only another 800.00 or so. Dang I can't seemto save for that 5,000.00 worn out peice of junk that I have been dreaming about.
Develop an attitude of buying transportation not entertainment or image. Buy a used car from a salt free state. Avoid the instant depreciation. Save the purchase money in a credit union by having it deducted from the paycheck using the psycology of what you don't see you don't have. Keep credit cards empty.
Same should go for buying anything of value. Why not buy a small cheap trailer for 5 to 10,000.00 and live in and save until you have enough for a larger home, but don't buy one that is nice and something you would enjoy and be proud of, its just a place to eat, and sleep. Seems like everybody is only concerned about saving every dime until your old and sick and not enjoying life and saving a little along the way.
I know so many people that lived like bums and did without and then got sick and died with a large amount in savings so their heirs could blow it.
Of course a lot of these people don't live the way they suggest. My brothers were always telling me to not buy that nicer car or house but they both live in 500,000.00 plus homes and drive 50,000 cars on combined incomes of 130,000. But when I lived in a 200,000 home and drove a 25,000 car with a 80,000 income I was a dumba$$.
Sorry to ramble I'm in a b.....n mood now and my wife is at work so have to vent somewhere. lol
Don't want to bother with financing; this time around I want to be able to buy a car in cash, with no payments and no interest. With cars being such a depreciating asset, it seems pointless to finance them at all.
So, what is the best way, or for those of you who have paid cash for your cars been able to save up for such a vehicle, say one for $25K? Did you save a monthly payment's worth for several years until you had enough to buy it, or by some other means?
Nothing feels more satisfying than walking into a dealership and handing over a cashier's check for the amount of the exact car you want, and you don't have to waste time in cubicles or playing the Atari version of 'Combat' with the finance managers. Its the best feeling in the world to have a vehicle that's paid for and no annoying notes to worry about.
My next car that's what I would like to do.
I understand where you're coming from but there are two major reasons why paying cash for a car is a horrible idea.
1) The biggest reason is this. Let's say you pay 20,000 dollars for the car. The second you drive it off the lot, it's dropped in value. If some idiot comes flying down the road one day very early on into your ownership and totals your car, what is his insurance company going to give to you? It won't be 20,000. 14,000? 13,000? Whatever amount they've decided on (dependant on the miles and how long you owned it), you can be sure you just lost alot of money. Far more money than you saved by not financing.
2) Dealers generally receive their money on the back-ends. You can believe they will be less likely to haggle with you if you're paying for cash.
But #1 is the real reason why it's a terrible idea. If in an accident, you stand to lose thousands of dollars.
What you should do is finance and in your deal, make sure there is no stipulation against early payments and pay your loan off quicker. I know, it's not quite what you're looking for, but it's alot smarter. And Texdav makes a good point: If you can secure a healthy interest rate, you can save the money and make more off of it in the meantime. Not to mention the increased credit you'll get by taking care of the loan quickly.
Basically you wil llose the money no matter if you payed for the car cash or not.The lender is going to make sure his interest are cover.The lender isn't going to take less just because you totaled it.I have never actually bought a car where I talked about financing or not before I actually had the price. I do know that many sales men are good about getting people to9 satr the buying and just love them to say that they can afford so much a month. A good salesman can pretty much read a buyer.
I understand where you're coming from but there are two major reasons why paying cash for a car is a horrible idea.
1) The biggest reason is this. Let's say you pay 20,000 dollars for the car. The second you drive it off the lot, it's dropped in value. If some idiot comes flying down the road one day very early on into your ownership and totals your car, what is his insurance company going to give to you? It won't be 20,000. 14,000? 13,000? Whatever amount they've decided on (dependant on the miles and how long you owned it), you can be sure you just lost alot of money. Far more money than you saved by not financing.
Let's say you finance a $20,000 car. The second you drive it off the lot, it's dropped in value. If some idiot comes flying down the road one day very early on into your ownership and totals your car, what is his insurance company going to give you? It won't be 20,000.
Guess what? Now you'll be out interest, financing charges, and the difference between the 20k and what the insurance co pays you.
Paying cash doesn't give you a disadvantage in that situation. Finance or cash - you get the same amount from the insurance company.
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.
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.
