Comments on: If I Buy A New Car…

By: LAL

LAL — Thu, 25 Jun 2009 18:02:06 +0000

With the tax credit for new cars, I’m not sure that new cars are cheaper than used cars. A lot of articles have mentioned this actually this weird phenomenon.

By: Slinky

Slinky — Thu, 18 Jun 2009 15:57:29 +0000

I would agree with you on the new vs. used. People who buy 6-speeds and sell it in a year or two are the people who drive their cars HARD. You don’t want to buy one of those.

What kind of car are you looking at?

By: A.M. Postscript

A.M. Postscript — Fri, 12 Jun 2009 03:21:12 +0000

What about leasing?

By: Sun

Sun — Fri, 12 Jun 2009 02:45:14 +0000

Somehow I think you have attached too much to the new car purchase. Are you going to quit your job if you DON’T buy a new car? Unlikely, right? Well, if your card is giving up on you, then maybe it’s time to buy a new one (and I really mean a NEW car, not a new used car).

By: Finance Junkie

Finance Junkie — Thu, 11 Jun 2009 23:02:10 +0000

You should buy a new or 1-2yr old car if:
(1.) You live or transit through a high crime area.
(2.) You will need to drive cross country in the car. Don’t want to break down in the middle of no where and incur the associated costs.
(3.) You sacrifice in all other areas of your life and have zero debt. Racking up a ton of money is never cool if you can’t enjoy it every now and then.

That said, we got rid of my wife’s car at 160k miles (driving thru rough areas of Memphis). I’m getting rid of my car w/ 130k miles in early 2011 since I’m moving cross country.

By: T'POl

T'POl — Thu, 11 Jun 2009 20:22:33 +0000

It looks like you will have to give up a lot of fun and important things if you buy a new car. If I were you, I would buy a gently used car and not get into too much debt just for a car. During the last 10 years, I always had company cars all brand new and shiny at one point even a Mercedes C200. I quit my job two months ago and bought a 2000 Honda Civic with 80,000 miles from my uncle. It is in great condition. It does what it is supposed to do so why buy new?

By: Single Guy Money

Single Guy Money — Thu, 11 Jun 2009 19:19:13 +0000

First of all, I would wait as long as possible before you purchase a new car. As long as your old car isn’t costing you too much money in repairs, I would keep it until the wheels fall off. While you are doing this, I would continue to save as much as possible towards your new car.

I agree with Zeromoney, I would go for a 1-2 year old car and let someone else take the hit for the depreciation.

If you do buy a used car, make sure you get it thoroughly checked out by a reputable mechanic and you should be ok.

By: zeromoney

zeromoney — Thu, 11 Jun 2009 18:49:33 +0000

the best bang for your buck is a 1-2 year old car.. they lose so much of their value the minute you drive it off the lot. And not everybody beats up their cars. All my purchases have been from dealerships, 2 years old, and haven’t had 1 issue yet. Not to mention I end up saving myself over $10,000 everytime, and really a 1 year old car feels like it’s brand new..

just a matter of priorities i guess.. nothing wrong with keeping a 1 year old car with 15,000 miles for 150,000 miles..

By: TJ

TJ — Thu, 11 Jun 2009 15:30:17 +0000

I love how people justify buying new cars over used (how much can a car get “beaten to hell” in a year, for example). The biggest drop in value over the life of a car comes as soon as you drive it off the lot, and that’s a guaranteed loss versus a potential loss of repairs when buying used. I’m all for people buying new cars if they want, as long as they understand why they’re doing so (that new car smell, ick factor of other people having driven it, finding the exact car they want, etc), but I’m highly suspicious of saving money due to less repairs.

By: Rob Carlson

Rob Carlson — Thu, 11 Jun 2009 15:11:48 +0000

I hear ya. I haven’t regretted my new car in 150,000 miles. Aiming for 225,600 which is the distance to the moon (at its closest point).