New car or used car? What's Smarter?

[ViciouS]

Originally posted by: rmrf

Originally posted by: acemcmac
A CAR IS NOT AN INVESTMENT

If you're worried about resale value when you buy the car, your entire thinking about car ownership is completley flawed

thank you, I was starting to feel alone...

After 25 years some cars increase in value. Such as the 67 Mustang Shelby.

 

[rmrf]

^^ yes, but you should still not buy a car as an investment. who knew that the 67 Mustang Shelby would be a collector ~40 years later?

 

[deftron]

Never spend mnore than 5 grand on a car and you're set.


I like to keep it under 2

 

[deftron]

Originally posted by: ViciouS

Originally posted by: rmrf

Originally posted by: acemcmac
A CAR IS NOT AN INVESTMENT

If you're worried about resale value when you buy the car, your entire thinking about car ownership is completley flawed

thank you, I was starting to feel alone...

After 25 years some cars increase in value. Such as the 67 Mustang Shelby.

Not one that have been driven for 25 years.


Which is why you buy a car in the first place

 

[thomsbrain]

Originally posted by: acemcmac
A CAR IS NOT AN INVESTMENT

If you're worried about resale value when you buy the car, your entire thinking about car ownership is completley flawed

unless you literally drive your cars until they are ready for the scrap heap, resale value matters.

for dealer prices (too lazy to look for private party prices), a 10 year old honda accord can be worth $3.8-6.5K. a ten year old ford contour can be worth $1.8-2.1 K. So an Accord could be worth more than 3 times the Contour. That's certainly enough to outweigh any cost advantage the Contour might have had initially, and that means that when the cars were originally purchased, you could have compared the two cars as equals without pretending that the Contour would save you money. as the accord was a significantly better car, that could have easily made a difference in a person's decision.

edit: while i agree that a car is not an investment since they always lose value, there are better ways to lose your money than others.

 

[PLaYaHaTeD]

I grew up with piece of sh!t used cars all around me during my childhood and adolescence. As soon as I had enough money, I purchased a new corolla back in 2001. The thing has never had a problem, and has never been in the shop.

Even though I am 6 foot 4, and have to pry myself in and out of that little toyota, i have no regrets about the purchase. I'm too busy to even have to think for one second about car trouble.

However, it is time to buy a new car, and I can splurge a bit if i wanted to. I was considering the new '06 BMW 325 because, in my opinion, it is the epitome of style for under 30K. But then logic overtakes me, and then i just want the most reliable car on the market with the highest retained value after 5 years in its class (55%), all for 19k.

The eternal question....to pimp, or not to pimp

Edit: I forgot to mention that I am the subject of this thread

 

[ViciouS]

Originally posted by: PLaYaHaTeD
I grew up with piece of sh!t used cars all around me during my childhood and adolescence. As soon as I had enough money, I purchased a new corolla back in 2001. The thing has never had a problem, and has never been in the shop.

Even though I am 6 foot 4, and have to pry myself in and out of that little toyota, i have no regrets about the purchase. I'm too busy to even have to think for one second about car trouble.

However, it is time to buy a new car, and I can splurge a bit if i wanted to. I was considering the new '06 BMW 325 because, in my opinion, it is the epitome of style for under 30K. But then logic overtakes me, and then i just want the most reliable car on the market with the highest retained value after 5 years in its class (55%), all for 19k.

The eternal question....to pimp, or not to pimp

Edit: I forgot to mention that I am the subject of this thread

Pimp it...!

 

[Imaginer]

Being the second owner of the car's life around 50K to 80Kish is the best way to go. More bang for your buck there and the car has not worn down drastically yet.

 

[xgsound]

Here's an idea. Keep the Corolla for a daily ride, the 35 MPG, and the parts avalibility until it's paid for. Then continue to keep it.

When you're ready, buy a used "fancy" car of your choice as an extra. Insurance (check first) should be considerably less when you have second "luxury" car and the miles will stay lower for resale time on both vehicles. My son has done this with a 300ZX and a Porsche 928. These cars are a serious pleasure to drive, but they're too nice to leave parked just anywhere on a daily basis.

Jim

 

[PLaYaHaTeD]

Originally posted by: xgsound
Here's an idea. Keep the Corolla for a daily ride, the 35 MPG, and the parts avalibility until it's paid for. Then continue to keep it.

When you're ready, buy a used "fancy" car of your choice as an extra. Insurance (check first) should be considerably less when you have second "luxury" car and the miles will stay lower for resale time on both vehicles. My son has done this with a 300ZX and a Porsche 928. These cars are a serious pleasure to drive, but they're too nice to leave parked just anywhere on a daily basis.

Jim

I am keeping the corolla... my girlfriend's car died, so she gets it. I upgrade to something that i can fit in.

 

[Calin]

Originally posted by: rmrf

Originally posted by: acemcmac
A CAR IS NOT AN INVESTMENT

If you're worried about resale value when you buy the car, your entire thinking about car ownership is completley flawed

thank you, I was starting to feel alone...

You should take into account the resale value of the car when you buy it - but there are enough other things that are more important than that. The biggest one would be to like the car

 

[PLaYaHaTeD]

Maybe someone could help me with this. Is it smarter to buy 2005 at a sizeable discount, or a 2006 _immediately_ as it comes out at retail price? This is assuming they are both new. Here is my logic....

Lets say the 2006 is available at x price, and the 2005 version is also available. However, since they are trying to get rid of all the 2005 models, they can be had for x - $2500.

Now, 2 years down the road you decide to sell the car (in 2007). If you bought the '06, it would appear as if the car had only been owned for 1 year (albeit the mileage), while the '05 appears to be its true age, 2 years. Of course there would be a premium for selling the 2006....probably around the same amount that was saved in the beginning.

So why buy the accord with the ugly tail lights when you can get the new one with acura-like led tail lights?

 

[ViciouS]

LOL PLaYaHated Leased a 2005 Acura TL

 

[KK]

Originally posted by: ViciouS
LOL PLaYaHated Leased a 2005 Acura TL

why lease? I would never do that.

 

[ViciouS]

Originally posted by: KK

Originally posted by: ViciouS
LOL PLaYaHated Leased a 2005 Acura TL

why lease? I would never do that.

He got a good deal. He is a programer and gets big money, so why not. When he gets tired of this car he gets a new one. I wish i had that kind of doe to throw around.

 

[imported_goku]

Originally posted by: aplefka
If you know what you're doing and how to do it, you can buy a new car for the same price as a used car, but not everyone is good at it and there are tricks involved, and it's not something you can walk into overnight.

you mean haggling?

 

[pray4mojo]

Originally posted by: ViciouS

Originally posted by: KK

Originally posted by: ViciouS
LOL PLaYaHated Leased a 2005 Acura TL

why lease? I would never do that.

He got a good deal. He is a programer and gets big money, so why not. When he gets tired of this car he gets a new one. I wish i had that kind of doe to throw around.

regardless, he still leased. thats a no-no.

 

[ViciouS]

400 month for a used luxury car isnt bad at all.

 

[KK]

Originally posted by: ViciouS
400 month for a used luxury car isnt bad at all.

and what did he have to pay upfront and what will he have to pay on return? 2005 and used, how many miles?

 

[ViciouS]

Originally posted by: KK

Originally posted by: ViciouS
400 month for a used luxury car isnt bad at all.

and what did he have to pay upfront and what will he have to pay on return? 2005 and used, how many miles?

I think 1500 down, and New car miles. Like 0-10 type of deal.