Buying New Cars

Discussion in 'Autos' started by Mirage, Jun 11, 2009.

  1. Mirage

    Mirage Administrator Staff Member V.I.P.

    Do you think buying a new car is a good idea?

    I am not a fan of new cars. They lose so much of their value over the first few years. They are also ridiculously overpriced. Why pay $20k for a car and pay $500 a month for years on end when you could just buy one for $5,000 or less that will last a long time still?

    I have only ever bought used cars and I would never buy a new one. I think they are a waste of money and I don't like the idea of having a hefty car payment. I would rather save up and buy one with cash and be done paying for it than have to be stuck in a long cycle of monthly bills for a car that is no longer new.
     

  2. Merc

    Merc Certified Shitlord V.I.P. Lifetime

    One car I kind of want is the Nissan Versa. It goes for about 8-10K new. That's something I could save up within a year to purchase. It's also a nice little car with great gas mileage (about 35 MPG) even though it's not big on power.

    I want to buy a new car someday, mainly because with used cars, you never know 100% what you're going to get and there's rarely much financial protection on a used car.
     
  3. AnitaKnapp

    AnitaKnapp It's not me, it's you. V.I.P. Lifetime

    I've only had 1 new vehicle before. It was nice knowing that I was the only owner of it, and that it only had 13 miles on it when I took it home.

    However, I mostly buy used cars because of how much value is lost within the first year, like Brix said. My practical side wins out on luxury when it comes to things like this. You can save a lot of money if you just wait a year or two before getting it.

    I shoot for 2-5 year old mark. I have a 2005 model that is still covered by manufacturer's warranty, even though I bought it used. That warranty came in very handy.
     
  4. Hiei

    Hiei The Hierophant

    I have a "new" car that I'm still making new payments on. I hate it. The car isn't worth what I'm paying and I really let my parents talk me into getting this car. But the one thing that I like about having a new car is that it's still under full warranty and if anything goes wrong with my car, I don't have to pay to have it fixed. Problem with that, though, is that nothing goes wrong with my car and once things start falling off of it, chances are good that I'll already have it paid off and the warranty will just barely be gone. Not to mention that you have to have full coverage insurance on new cars, and my insurance is just about as expensive as my car payments.

    Looking back, I wish I would have just gone with a used car that I would have already had paid off and with only liability insurance. I'd have WAY more money.
     
  5. Arcadoc

    Arcadoc Registered Member

    I've owned two "new" cars and a bunch of used cars. I think the decision rests on the length of time you intend on keeping it, as well as it's intended purpose. If you like to keep a car for 10 or 15 years, and run it until it drops, then a new car is the best way for you to go. You will be the only one using it, and since you intend on keeping it for it's entire useful lifespan, then trade-in value isn't even a consideration.
    If you are going to keep it for only a few years, then buy a used car, preferably one that's only 2 or 3 years old and has maybe 30K or less miles on it. You want to be able to resell it when you upgrade to a newer vehicle.
    If you want a vehicle for your personal use, or for that of your spouse or other family member, then new is the only way to go. You don't want for them to get stranded out in the middle of nowhere in a vehicle that's seen it's better days.
    If the purpose is to run around town on errands, going fishing and/or other hobby, or run a small business, then you definitely want to go with a used vehicle.
    Regardless, you want to consider the price of the vehicle, as you will want to pay as much up front as feasible and keep the payments and duration of financing as low as possible. Remember: The longer you stretch out the payments, the more you are going to end up paying for it.
     
  6. icegoat63

    icegoat63 Son of Liberty V.I.P. Lifetime

    I've done both, I've owned pre-owned private sale used vehicular Devices and then I'm also waist deep in a New Car purchase.

    The Used Vehicles

    I've had 2. One was a little '97 Ford Ranger that I'd bought for $1,500 bucks then turned around and sold it for $2,000 after I'd put 300 bucks worth of new tires on it. Honestly it wasnt really even worth that much. The thing was a pile of junk and I didnt like it. I'd bought it mainly 'cause it was the first thing I saw that I could afford. My dad told me I shouldnt have but I didnt listen and alas I ended up with that POS.

    After I sold that I found a '94 4Runner for $4,000.00. I bought that and loved it. I would probably be using it still to this day if I hadnt been convinced by my girlfriend to get rid of it.

    The thing with a used vehicle is, you cant be 100% sure of what its gone through. For instance I got lucky with the 4Runner because the previous owner kept great records of what kind of work he'd done to it and when he'd gotten the oil changed. But that Ranger was a beater... lol So in reality it was more of a ticking time bomb than anything.

    Brand New Vehicles

    Yeah its a disgusting feeling to sign up for a $25,000.00 dollar vehicle loan only to drive the thing off the lot and have it take an immediete 10k hit on its sell back value. But thats life.

    The thing I appreciate about purchasing a new vehicle is mainly the credit. I was (am still) young when I bought it, I was 20 at the time and in dire need of something to build my credit. So I went with the vehicle and honestly... its done wonders for my credit and I'm not even the 1st on the title (I'm 2nd). The payments suck, yeah 500 bucks a month is not something I like to pay but again... such is life.

    However on the flip side! I've managed to maintain life while making those payments... so one thing I'm definitley looking forward to is that extra 500 bucks a month I'll have when my truck is paid off.

    But most importantly about buying new. I know exactly what has gone on with my truck. Oil Changes, Maintenance, where its been, how hard its been driven. You cant really know those things for sure with a Used vehicle.

    ~~~~~

    So to be honest in the end I feel that the choice is always just going to be, can you handle the debt? Do you need the Credit? and How much do you trust that used Vehicle will start when you need it to. Those were all the questions that were posed to me when I made my choice to Buy New.
     
    Last edited: Jun 14, 2009

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