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Smart Shopper Buying New vs. Used Vehicles
121 messages, Last post on Apr 01, 2009 at 5:26 AM
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Replying to: joel0622 (Oct 12, 2007 5:19 am) There was a car salesman on this site, believe his name was Rich and went by the handle audi- something. A good rule of thumb for financing a vehicle that I picked up from him is that if you can't afford the payments of 48 months or shorter you can't afford the car. That keeps you from being upside down and a bad financial situation. Another salesman here on this site by the name of Terry, he use to do the "Real Trade In Values" on Smart Shopper, whose opinion I value and respect turned me on to giving used cars a try. With proper research, 2yr to 5yr old used cars can be a good value. This way I can either pay outright cash for them, or very short-term repayments---3yrs at most with 2yr perferred. Before running into this site and the advice from Rich and Terry, I'd only buy new cars, usually at 60months just to afford the payments.
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Replying to: leomort (Oct 12, 2007 5:46 am) If it was a set in stone transaction every time with no variables I would be unemployed right now  or at least doing something that actually could be considered work.
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Replying to: joel0622 (Oct 12, 2007 7:57 am) As to those longer terms and low financing, I've found that they often fool people into not putting any money down. Combine this general trend of trading their vehicle every 2.5 to 3 years and you are NOT doing yourself any financial favors. When it comes to cars alot of people tend to let their emotions dictate things instead of logic and finance. Now when your young and just starting out, you usually have to take out longer loans w/ higher interest. That's just part of paying your dues. Plus its a learning experience as well. Most of us been there, done that. Just try not to repeat the same mistakes of youth 
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Replying to: joel0622 (Oct 12, 2007 7:57 am) Leo |
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Replying to: leomort (Oct 11, 2007 4:42 am) Good luck.
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Replying to: dtownfb (Oct 12, 2007 11:52 am) That's my generally philosophy regarding cars: as long as they remain reliable, run them into the ground. Crunching the numbers, I'll pay around $264/month on gas for the Explorer. I'll break even with new Corolla; about $140 monthly payment + $120/month gas = $260/month. This only takes into account driving to work (weekend travel excluded), also downgraded mpg on Explorer to take into account winter fuel blend which decreases mileage. |
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you will miss the versatility of the SUV. I wish I had kept my 95, sold it and my Mustang GT a few years back for my Pathfinder, which is soon paid for. |
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Got a chance to buy a Demo vehicle with 1200 miles on it. What's you advice on buying a Demo? What should I look for in terms of discount, warranty extension, pre-sale maintenance, etc???
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Replying to: jintorcio (Oct 25, 2007 12:12 pm)
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Replying to: jipster (Oct 25, 2007 12:16 pm)
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