Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Smart Shopper Buying New vs. Used Vehicles
121 messages, Last post on Apr 01, 2009 at 5:26 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
|
Replying to: leomort (Oct 08, 2007 10:17 pm) Really! I suppose the good news is that your Explorer's depreciation will now be slower in absolute terms.  tidester, host SUVs and Smart Shopper |
|
|
Tidester, I had Volvomax give me guestimate on my Trade-in value for the Explorer. ~4K. I was also surprise to see how high the interest rates are for new (and used) vehicles. Many loan institues have certain borrowing minimums and minimum lengths. For example, I was expecting to borrow ~3grand and wanted payment terms at 2yrs. I guess I'm in the minority for such requirements. Still can fill the pain in my wallet during fill-ups for the Explorer. Even the compact Prizm cost more to fill-up than it use to! Leo
|
|
|
Replying to: leomort (Oct 09, 2007 7:16 am) 
|
|
|
|
|
Our lease is up in two months on our 2004 Sequoia. I will be replacing it with a GMC Acadia. However, my husband is thinking of replacing his 1999 Acura RL sedan with 93,000 miles. He is hoping to sell this for $8,000 - $9,000. He really needs something that is good in snow and on ice because he is an ER doctor and works very odd hours when the snow plows aren't always out yet. We are considering whether we should buy the Sequoia at the end of the lease. The residual value is $24,178. Leasing company will not negotiate on the price, however, after researching on Edmunds and some local Toyota dealership sites, this looks to be a fair price. The 2004 Sequoia will have 37,000 miles on it at the end of the lease. It will probably need all new tires as the tires are worn and the brake pads need to be replaced soon. Should we buy the '04 Sequoia which needs all new tires and brake pads or should we lease a new car for him or an'06. We are considering either an Infiniti FX35 althought the gas mileage is only a little better or some other smaller SUV? I know this is a lot of questions at once but we are really struggling with whether to buy or lease used or new. It seems that buying cars is a losing battle no matter what... |
|
|
Replying to: qbrozen (Oct 09, 2007 11:31 am) If trading in the 2001 Explorer, I'd pefer something newer. Looking for 3yr vehicles, either compact or midsize sedan. I'd like to get 5k out of the Explorer, but more like 4K. Willing to put an additional 10k of my own $$$ into the mix. So 14K has to be the OTD price on 3yr old car. Any recommendation in this price range? Has to be reliable and good gase mileage---high 2o's mpg, mix driving. Leo
|
|
|
Replying to: leomort (Oct 09, 2007 5:44 pm) You could get a used civic in that range, too, but used Civics are not good values, IMHO. Accords seem to be a bit better in this regard, although not much. Considering new 4-cyl accords are under $20k, I would imagine a 3-year-old would fall in your range, too. My personal choice, if I wanted 3 years old or newer and high 20s mpg, would be a mazda3 hatchback.
|
|
|
Replying to: qbrozen (Oct 10, 2007 5:31 am) Thank you for the help. I hate the idea of trading in a perfectly good vehicle, Explorer, and taking a bath on trade-in. I typically keep my cars a long time, usually at least 150K miles before considering trading them in. I can't imagine how people trade-in their vehicles every 3yrs or so! They must take a beating financial or more well off than I! After crunching the numbers, I'm going to "make a go" of keeping the Explorer. This year could have been a "break even" year financially speaking, but after that the economics favor keeping the Explorer. There's nothing mechanical wrong with the vehicle thus no real need to trade-in aside from the desire of wanting better gas mileage. Deciding factor for me of when to get a new(er) vehicle is when the vehicle's age causes reliability and repair issues. Leo
|
|
|
Replying to: leomort (Oct 09, 2007 7:16 am) Don't let the rates scare you. The difference between borrowing $3000 for two year at a 8% and a 12% is only $144 over the course of the loan. The reason you are finding higher rates on the small amount is because at that amount of money it really is not worth it to the bank to even service the loan. What you pay them pobably does not even cover set up cost. Hell for $3K get a CC with a 0% introductory rate and put it on there. But the difference between 8% and 0% is till only $289.
|
|
|
Replying to: joel0622 (Oct 11, 2007 4:56 am) Yeah, the lenders probably don't want to be bothered by a small fish like me. The like the big loans with high interest rates. Gotta be careful with that type of thinking, that's what got the housing market in trouble!LOL
|
|
|
Replying to: leomort (Oct 11, 2007 4:41 pm) |
|
You are here:
Forums
Smart Shopper Buying New vs. Used Vehicles
