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Old November 12th, 2012 #1
Alex Linder
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Default Making Cars Work for the White Man

A New Car? Or Maybe a Used Car?

by Eric Peters

Here are some good – and some not-so-good – reasons to buy a new car.

Or a used car:

* Higher interest rates on used car loans – and shorter loan periods . . .

Generally, you’ll pay a higher interest rate on a used car loan – in part because the loan term is usually shorter. That, in turn, can lead to a higher monthly payment vs. what you might have paid for a new car.

If financing a used car for $400 a month for 36 months means that for the next three years you’ll have very little reserve cash on hand to deal with unexpected expenses, it might be smarter to sign up for the new car loan at $250 a month for five years – if it means you’ll have more financial cushion in case something you didn’t anticipate comes up.

A good rule of thumb – if you really want to be safe – is to figure out the absolute maximum monthly payment you could afford – and then cut that in half and buy whatever car that sum will allow you to buy. New or used.

Even better – pay cash. This way, you avoid the problem of interest payments – and the car is yours as soon as the paperwork is done. No liens, no debt hanging around your neck. It’s a nice feeling – even if the car itself is nothing more than a $6,000 used Yaris.

Because it’s your Yaris.

* Anticipate higher – and sooner – maintenance costs if you buy a used car . . .

A new car will usually not need major repairs – and if it does need them, you won’t be the one paying for them. They will be covered under warranty. This may be the single biggest plus of buying a new car – especially if you’re not someone who works on cars and so have to rely on others to fix them when they break. And pay them to fix them.

Also, the normal wear and tear items – things like tires, brakes, tune-ups, etc. – are distant, down-the-road issues with a new car. Other than gas and routine oil/filter changes, you shouldn’t have to worry about having to get stuff fixed or replaced – for at least the first four or fives years.

When you buy a used car, on the other hand, you may need to buy tires for it, too. Or get brake work done. Right away, too. And – unless you buy a used car that still has some time left on its factory warranty (or you buy an extended warranty) anything major that blows up in your face will be entirely your problem.

This adds a level of “due diligence” to the process – it’s up to you to carefully check the car over (or have it checked it out by someone competent to do so) before you buy it. A given make/model new car sold at one dealership will be exactly the same as the same make/model new car sold by the dealer down the road. You can focus on the deal rather than the car. But with used cars, the deal can matter less than the car – or at least, it (the condition of that particular used car) matters as much as the deal. A good deal on a crap car is no deal at all.

Be aware, also, that some makes/models require very expensive service at certain time/mileage intervals. For example, timing belt replacement. Be sure to educate yourself about such potential costs – and factor them into your buying decision.

And: If you buy used – even if the car seems solid - it’s a smart idea to set aside some money for “just in case” repairs. Because more likely than not, you’re going to have to deal with them.

* Insurance costs -

If you buy a car and buy it outright (no financing) you can choose a lower-cost liability-only policy that doesn’t cover physical damage to your car in the event of an accident. This can knock your insurance costs down to maybe a couple hundred per years vs. two or three times that for a full-coverage comprehensive policy – which you’ll be required to buy if you finance, whether the car is used or new.

This can save you thousands of dollars over a period of just a few years. However, don’t forget that you could face having to pay for repairs out of your own pocket – maybe even buy a replacement car on your own – if you do get into an accident. If you’re a good driver, the odds are pretty low, but things can (and do) happen. Here again it’s good policy to have some money set aside for “just in case” so you can deal with things like having a fender replaced if you accidentally bag a deer with your Honda – without having to head for the pawn store first.

Also: Though premium cost for used vehicles tend to be lower, some insurers will lower their rates for a new car equipped with the latest safety equipment vs. an older, used car that may not have these features. Of course, rates also vary depending on the type of vehicle. It may – and probably will – cost you a lot more to insure a used Corvette than a new Camry.

Shop insurance quotes before you decide to buy a car – new or used.

* Longevity – and depreciation

A brand-new car should last longer than an older, used car – which by definition has already been used. It has miles on the odometer – and so, wear on the various bits and pieces. Even if the car has just been sitting, the clock is still ticking.

And while a new car will depreciate faster at first, it should also be worth more, longer – again, because it starts out having higher value.

On the other hand, late-model used cars with 40 or 50k on the clock will usually go at least another 100,000 largely trouble-free miles if you don’t abuse them and maintain them properly, especially the basic stuff like regular oil and filter changes. And if you get a really good deal on a four or five-year-old used car and drive it for another 8-10 years or more, depreciation won’t be as much of a factor anyhow since by the time a car (any car) is pushing 10-12 years old, its value has pretty much plateaued – regardless of whether it was originally purchased new or used.

http://ericpetersautos.com/2012/11/1...be-a-used-car/
 
Old November 12th, 2012 #2
Mr A.Anderson
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Good information.
 
Old November 15th, 2012 #3
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Just save up and pay cash. Cut the Jew banker out of the equation. That is easier said than done for some people, but I never buy things outside of my means. If it costs too much to be within reason to save and pay cash for, then I probably don't need it. You can buy a solid used car for $7,000-$8,000 that isn't a junker. If you got a decent paying job, you could save that over a couple years. A solid truck/SUV might cost you a few thousand more for something relatively newer.

I'm convinced after owning several brands of cars that Toyota and Honda will out last any American brands. I got no love for the American auto makers, who are Union which basically = Communism. But that is besides the point, the Japanese cars are simply better built. For full size trucks, I still like American though.

A 97 Honda Civic I bought 5 years ago, which had 160,000 miles when I bought it, has needed absolutely zero major repair work done. Nothing that cost me major money to fix. The worst I've had to do was replace the rotors, and the master cylinder. Its got 230,000 miles on it, and it doesn't burn, or leak oil. I'll probably get 300,000 or more miles out of it. You just can't beat those little Jap cars, the freaking things run forever.
 
Old March 7th, 2013 #4
John from Canada
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The main problem with American cars is they're designed for fat slobs who want to drive shiney, new cars, and are too lazy to take care of what they have. Instead of producing a quality vehicle that can last 10+ years, the market wants shiny and new, with lots of options, and needless styping changes, at the lowest price.

This is why I drive trucks. Trucks are made for people who haul heavy loads or use their vehicles for work, and still look at things like longevity and cost of ownership. A truck will use more gas. But the cost of gas is offset by lower repair costs, and a longer lasting vehicle. Trucks are cheap too. They haven't had to absorb the cost of making vehicles front wheel drive.

This is the other major problem with modern cars. It costs a lot of money to make vehicles front wheel drive. This is done to save space, and make the vehicle lighter. So you use less gas. But parts end up being undersized. And when something breaks, it's hard to get to. And the repair ends up costing more than the vehicle is worth.
 
Old January 12th, 2014 #5
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Buying a new car, and buying a new car using credit is just plain stupid. Cash is always the best way to go.

I have had very good luck buying used cars that have been leased. You can generally get a 3 year old car that still has some warranty on it, for half the price of the car new.

The other thing about leasing is, if the dummy that leased the car doesn't maintain the car properly, they are gonna nail him big time when the lease expires, so they tend to be well maintained, and the dealer will have a lot of the service records to back it up.

CarFax is pretty good too. If your looking at buying a used car, don't buy one without getting a report on it.

Then it comes to negotiation, most people fail this one. Never ever pay sticker or asking price for anything, ever. Only suckers pay full price.
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Old June 25th, 2019 #6
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Default Keeping Old Cars Running

Popular logic in American automotive culture is that one shouldn't put x amount of dollars into an old vehicle if it exceeds the book value of the car. Yet most don't take into consideration that just sales tax on a newer used or brand new car will will be hundreds of dollars or more. Then figure in depreciation and interest if you finance and suddenly putting even a thousand dollars a year into an old model makes a lot more sense.

With depreciation and interest there is no wiggle room. If you're somewhat mechanically inclined and own a few basic tools you can fix your own car for a fraction of what a mechanic would charge.
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Old 2 Weeks Ago #7
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These newer vehicles got more electronics, and sensors that can go bad and cost you a lot of money. I had a weird electrical problem on my newer truck that caused the power steering to randomly stop working, and it was the wiring running to this sensor that got shorted out.

It first happened when I was driving, and it was raining really hard. I had to spend nearly $600 to get this shit fixed, and they told me it took them 4hrs just to troubleshoot the problem.

Also, this truck has a display screen on the dash, it went out, and stayed off for 2 weeks, didn't really give a damn about it, but one day it turns back on and starts working again. Like magic. And I never had a problem with it again.

I'd just about believe this shit is intentionally designed to fuck up, so you gotta bring it to a dealership, and pay out the ass to get it fixed.

And this truck is a 2016 with 42k miles.... Piece of shit! I'm gonna sell it, and buy an early-mid 90s S10. I can actually work on those trucks myself.
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Last edited by Crowe; 2 Weeks Ago at 10:19 AM.
 
Old 2 Weeks Ago #8
robert burns
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Yes Crowe, I'm a mechanic soon to retire but it is impossible for an independent mechanic to afford all the equipment to diagnose modern cars.

It is cheaper to buy an older car in good shape and keep it up yourself. I would not go back to carbs and prefer fuel injection.
 
Old 2 Weeks Ago #9
Crowe
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Quote:
Originally Posted by robert burns View Post
Yes Crowe, I'm a mechanic soon to retire but it is impossible for an independent mechanic to afford all the equipment to diagnose modern cars.

It is cheaper to buy an older car in good shape and keep it up yourself. I would not go back to carbs and prefer fuel injection.
I used to have a 93 model S10 with a 2.8L V6, 5 speed, and it was a great little truck. Early-mid 90s is a good period for Chevy trucks.
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Old 2 Weeks Ago #10
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Yeah early 90 had simple TBI injection and I feel the best electronic ignition. Simple internal reg. alternator.
 
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