Car Debate: Old & Cheap or Newer & Costs a Bit More

[aus71383]

If you do decide to buy new, try to get the vehicle through the dealership's fleet dealer. These are the guys who sells cars and trucks in bulk to companies to be used for company cars, work trucks, etc.. If you can get the vehicle through the fleet dealer you will likely get a fair deal. My truck's MSRP was $31,000 and the fleet dealer was able to get it for me for $26,000 - now two years later if I wanted to sell it (I don't) I could get all my money back easily.

Austin

[DefensiveCarry.com]

[ScoobaSteve]

I just went through this same dilemma. I've always thought it smart to get a lease return honda or nissan, which is what I did for my last couple of vehicles. Low mileage, generally well maintained, and a good break on price. But then I find myself at 35 as the CFO of a petroleum company and I've never had a new car, so I just bit the bullet this time and bought new with all the bells and whistles. I've got to say I dont have a bit of regret!

[Kerbouchard]

I went with the old and cheap. Paid cash and have never looked back. Turns out, I hate making car payments on something that isn't worth what I owe on it.

The other reason for old and cheap is that with the breakthroughs they are making, in another 5 years or so, the options of new, affordable vehicles that get great gas mileage will be much better.

I'll drive my 01 Saturn that gets 35 mpg for another 5 years or so, until one of the manufacturers figures out how to get 50+ mpg in an affordable package. Just my .02.

[SIXTO]

I'll drive my 01 Saturn that gets 35 mpg for another 5 years or so, until one of the manufacturers figures out how to get 50+ mpg in an affordable package. Just my .02.

They havefigured that out years ago, but affordable doesnt mean profitable.

[HKinNY]

If you do decide to buy new, try to get the vehicle through the dealership's fleet dealer. These are the guys who sells cars and trucks in bulk to companies to be used for company cars, work trucks, etc.. If you can get the vehicle through the fleet dealer you will likely get a fair deal. My truck's MSRP was $31,000 and the fleet dealer was able to get it for me for $26,000 - now two years later if I wanted to sell it (I don't) I could get all my money back easily.

Austin

As some of you know I own a car rental company here in NY and I only buy used vehicles that were sold new to the major rental company and ran for 15-20k miles and for about 8-12 months. The only way to go. Stop by a several major car rental companies and ask what do they have for sale. SUV rentals are way of so they may be looking to unload one at their cost. You save.

[McPatrickClan]

I went with the old and cheap. Paid cash and have never looked back. Turns out, I hate making car payments on something that isn't worth what I owe on it.

The other reason for old and cheap is that with the breakthroughs they are making, in another 5 years or so, the options of new, affordable vehicles that get great gas mileage will be much better.

I'll drive my 01 Saturn that gets 35 mpg for another 5 years or so, until one of the manufacturers figures out how to get 50+ mpg in an affordable package. Just my .02.

Did you buy the car used? If yes, how many miles?

[ICTsnub]

If you do decide to buy new, try to get the vehicle through the dealership's fleet dealer. These are the guys who sells cars and trucks in bulk to companies to be used for company cars, work trucks, etc.. If you can get the vehicle through the fleet dealer you will likely get a fair deal. My truck's MSRP was $31,000 and the fleet dealer was able to get it for me for $26,000 - now two years later if I wanted to sell it (I don't) I could get all my money back easily.

Austin

Right now, a $31000 F150 has $7500 in rebates, and that is still selling the truck at full sticker. New truck discounts have caused used truck prices to collapse. If a new $31000 truck can be bought for around $23000, where do you have to price a similar two year old truck to make sense? Brand doesn't matter, all the makers have slashed prices. Ford won't sell fleet without an account, and there are no rebates for fleet, so that option is out. Right now is a great time to buy new trucks or suv, or a 100k mile trade in, the stuff in the middle is kind of the orphan. The only thing that would scare me about a 100k mile Expedition is that the easiest way to change the head gaskets is to take the body off the frame. I stand by a basic 02 and up Explorer as a great buy.

[MnemonicMonkey]

I have a '00 F250 with 196K and just recently had to put about $800 in new brakes and suspension parts on (pulling trailers takes it's toll.) But it's paid for and set for the next 100,000 miles.

My wife has a '01 4runner we bought with 71k on it that's now up to 127k, and the closest thing I've had to repairs on it are burnt out bulbs. Again, paid for.

All that to say. . . my dad insists that mom has a new "reliable" vehicle. I had to bite my tongue hard when I picked him up from the dealer after their Suburban blew a transmission at 14,000 miles!!! (They're probably still upside-down in it.)

The thing is, all mechanical things are prone to failure. They all require maintenance. In my experience, it's most economical to run cars roughly 3-10 years old. Newer than that, and they're still depreciating steeply, older ones start having problems with seals deteriorating, etc. And learning to do some maintenance yourself can save you quite a bit. I figure without spending $300 a month on payments, I can afford to put $800 into it every couple of years.

[Kerbouchard]

Did you buy the car used? If yes, how many miles?

I bought an 01 Saturn in 2005 with about 60K on it for right around 5K cash. It now has about 130K on it and the only thing I have ever had to do to it is change the oil and fix a tire.

[Agave]

Get a ten-year-old Camry or Corolla with 100k miles on it. It's still got another 200k.

[farronwolf]

The last 3 vehicles we have bought were all used. Two from autotrader, 1 from ebay.

Got a 2 year old Chevy Astro Regency Conversion with 32,000 miles on it from Irving for $11,000 about $15,000 less than new.

Got my Jeep with about 55,000 miles on it from Plano for $9,000 probably 10,000 less than when it was new.

Both through Autotrader, since the DFW area has many more to choose from than here in ETexas. Both of them were all fees included in the final deal.

The motorhome was from Ebay, and I don't know if I would do that again or not.

I guess my point is that you don't have to get a car that is over 100k miles on it an put your loved ones in something your not completely confident in, or pay top dollar for something new. You can go someplace in between. If you aren't dead set on a particular model, do your research find one that is rated good in safety and mechanical, but my not be a hot market item. Those are the ones your going to save the most on.

If maintained properly, most autos today will run a couple of hundred thousand miles without any major mechanical problems. My wifes truck is 21 years old now, she bought it new before we got married, and I wouldn't hesitate to drive it across the country. Then again it only has 88,000 miles on it and she will not get rid of it.

Good luck with your search, at least you live close to where there is a large number of vehicles to choose from.

[Juggernaut]

Having been at both ends of the stick, a used imported car with a manual transmission with all the paperwork supporting the maintenance is THE way to go. My next car is going to be a carbureted Honda just to beat around in. I have a pickup because having one is pretty much mandatory if you ride a motorcycle and that is the first and the last new vehicle I buy.
Late '90s accords would be ideal for a growing family. Plenty of room, good gas mileage, excellent reliability. Just stay on top of the maintenance, don't ignore "funny noises", and a car should last you a lifetime.

[luvmyglock]

I am looking at buying a 1988 Nissan Sentra just for the winter, to get me to work and back since I can't ride the motorcycle in WA winter. It has 130,000 Miles, and it is a one owner car. This lady bought it new, and has all the maintenance records for it. The price? $500.

[Gunnutty]

I am looking at buying a 1988 Nissan Sentra just for the winter, to get me to work and back since I can't ride the motorcycle in WA winter. It has 130,000 Miles, and it is a one owner car. This lady bought it new, and has all the maintenance records for it. The price? $500.

Good deal. Drive it a couple of years and get your money back.

[Sheldon J]

Most people get rid of a car because it became too much trouble to maintain. However if you go for used look at cars that are just off a two year lease, they often have warranties, are up to snuff or the lessee has to pay to have it fixed, n they are limited on the miles yhey can put on it while under contract.