NEW CAR- YOU MUST BE RICH
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At the point where if we buy a new to us vehicle it will be a slightly used model so we don't take the depreciation hit and will be paid for in cash. That's the only way I would consider buying another.
My car is a 2003 Crown Vic Police interceptor. Bought it for just under $4000 with 66,000 miles on it. It now has about 195,000. I have had to pay for some repairs over the years but they were light and I paid out of pocket and was done and had/have no payments. If the engine ever blows up I will look to put in a rebuilt. Great car, real steel frame and it runs like a top.
I dont see it happening but unless they put out a no frills car ... guess I am not buying new. I dont need parking assist, wifi, rear facing cameras, lane monitoring ... just need a car. Im not even sure economy cars are under 15,000 now.
I dont see it happening but unless they put out a no frills car ... guess I am not buying new. I dont need parking assist, wifi, rear facing cameras, lane monitoring ... just need a car. Im not even sure economy cars are under 15,000 now.
There are a few cars that come in right about the 15k mark - but the issue is finding one on the lot. Dealers don't like/want to have the bare bones ones. Mitsubishi Mirages and Nissan Versas are 15k - but no one "wants" to drive one. Base model / trim level cars aren't appealing to dealers so you can't get them.
I daily a '97 Camry with nearly 200k on it. Easy to fix, parts are stupid cheap, and the thing will probably go another 200+ without breaking a sweat. I just rebuilt the entire suspension (control arms, bushings, ball joints, tie rod, rear links, struts, etc) for less than 400 in parts, and a afternoon of my time.
My '11 SHO I bought used, it was 53k new and I picked it up for 15.5k with 40k miles because the Mercedes dealer I bought it from didn't know what it was when they took it in on trade. I have put ~50k miles on it over the last 6 years and when I go to sell it will recuperate most of my original purchase price - or maybe make money on it given it's rarity.
What is crazy, is I know people who pay 75+ bucks a month for a payment plan on a cell phone. I also don't see how people pay 200+ a month for Cable TV - that is insane to me.
I daily a '97 Camry with nearly 200k on it. Easy to fix, parts are stupid cheap, and the thing will probably go another 200+ without breaking a sweat. I just rebuilt the entire suspension (control arms, bushings, ball joints, tie rod, rear links, struts, etc) for less than 400 in parts, and a afternoon of my time.
My '11 SHO I bought used, it was 53k new and I picked it up for 15.5k with 40k miles because the Mercedes dealer I bought it from didn't know what it was when they took it in on trade. I have put ~50k miles on it over the last 6 years and when I go to sell it will recuperate most of my original purchase price - or maybe make money on it given it's rarity.
What is crazy, is I know people who pay 75+ bucks a month for a payment plan on a cell phone. I also don't see how people pay 200+ a month for Cable TV - that is insane to me.
Budget for your vehicles, make payments to yourself, and then go buy what you want. You won’t be giving money away every month and most will be surprised how priorities change when it’s actual dollars leaving a bank account instead of “only raised my payment $20.”
I usually buy new & keep my vehicles for ~12 years. figuring a 2 car rotation, I'm always shocked every 6 years or so when I buy one. My truck is 5 years old now but still in great shape. Wife's car is 11, but also still in great shape so no plans to replace it. I have the feeling the next purchase is going to hurt.
Doc said:
True that is relative to the individual....I find it crazy what people are willing to pay per month or really overall after you factor in the purchase price, high interest rate and depreciation. Add to that the vehicle they trad in for does not have any equity either.
I refuse to pay what a new truck is going for. All our vehicles are paid for and I would really like to replace my pickup but the price of new is absurd and because of that the used market is also high. I cant find the logic in doing so at this time unless its walking in with a fist full of cash to buy out right. Even then Im not thrilled with the quality of covid-post covid vehicles. I feel the quality has gone way down to the point my 2011 with 200k feels better then a brand new truck.
I just did a search of new cars on cars.com. There are almost 600 new cars in a 50 mile radius that are $25,000 or less. Cars have gone up bit so have some wages (at least minimum wage). Still lots of affordable vehicles out there. I don't keep up on the costs as much but I'm wondering if the higher end vehicles have gone up more than the lower priced ones. Plus there are many expensive EV's out there that are probably driving up the average cost.
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