Play it safe, wait for a better economy. Remember there are always good deals on autos if you learn how to look.
Last edited:
Please talk me out of buying a new car...
- Thread starter MGregoir
- Start date
- Status
MGregoir it sounds like your mind is made up... Enjoy the new car
Originally Posted By: ravenchris
Play it safe, wait for a better economy. Remember there are always good deals on autos if you learn how to look.
The very best auto deals are right now. When the car companies sell off the old inventory...inflation will start and prices will escalate and the deals will be gone because they will produce less cars and as more used cars hit the boneyard demand will increase for the fewer cars made. So prices will rise.
Play it safe, wait for a better economy. Remember there are always good deals on autos if you learn how to look.
The very best auto deals are right now. When the car companies sell off the old inventory...inflation will start and prices will escalate and the deals will be gone because they will produce less cars and as more used cars hit the boneyard demand will increase for the fewer cars made. So prices will rise.
If you only have $3000 for a down payment, then in my book you can't afford it. If you can't put down at least 25% then don't buy. That is my rule. My next car I"m going to pay cash. My car is an 04 and paid off but I keep paying the payment to myself so I'll pay cash for a new one in 5 more years...
Last edited:
When I started working I almost bought a new Miata after the first year... Had lots of money and no responsibilities, why not? But I didn't and I had a free 81 Omega(kinda cool in its own way) from my great aunt so I just saved my money and bought a good mountian bike(1/25th the cost of a miata) which was more fun anyways.
3 years later my wife and I bought 100 acres basically with cash, coincidently my half of the land cost about the same as the new miata I looked at 3 years before...
So if you ever want to buy a house or land in the future its never bad to have a bigger downpayment, makes everything cheaper, no mortgage insurance, less years on the mortgage etc...
3 years later my wife and I bought 100 acres basically with cash, coincidently my half of the land cost about the same as the new miata I looked at 3 years before...
So if you ever want to buy a house or land in the future its never bad to have a bigger downpayment, makes everything cheaper, no mortgage insurance, less years on the mortgage etc...
Maybe...
Ultimately you need to drive a car that makes you happy, but wait at least a few months to see what happens.
Originally Posted By: MGregoir
I can afford it, but I probably shouldn't spend the money right now.
I can afford up to $24,000, have $3,000 to use as down payment . . .
The car I am driving is . . . ten years old with 115,000 miles. I kind of want to be in something else before 125,000 because it is still running okay . . .
Ok, I'll try.
You don't need a new car. All you are doing is taking on $21,000+ in unnecessary debt and draining down your savings during a bad recession. If you really need that money or credit later for something genuinely important, it's not there anymore. You already wasted it on new/newer car smell.
Your present car still works fine. You know what you have with it. 115k miles is not that much on a modern vehicle. Unless it plans to have a catastrophic failure, you can keep it running for a fraction of the $3,000. That you hang out here means you know about good maintenance. And you can put your money to work in a savings vehicle. All it's going to do in a new car is depreciate.
I can afford it, but I probably shouldn't spend the money right now.
I can afford up to $24,000, have $3,000 to use as down payment . . .
The car I am driving is . . . ten years old with 115,000 miles. I kind of want to be in something else before 125,000 because it is still running okay . . .
Ok, I'll try.
You don't need a new car. All you are doing is taking on $21,000+ in unnecessary debt and draining down your savings during a bad recession. If you really need that money or credit later for something genuinely important, it's not there anymore. You already wasted it on new/newer car smell.
Your present car still works fine. You know what you have with it. 115k miles is not that much on a modern vehicle. Unless it plans to have a catastrophic failure, you can keep it running for a fraction of the $3,000. That you hang out here means you know about good maintenance. And you can put your money to work in a savings vehicle. All it's going to do in a new car is depreciate.
I would be very tempted to buy new, especially now if you can get approved for a very low interest rate. I am convinced inflation is around the corner, and with that, rising interest rates. The days of deeply discounted financing are coming to an end, likely never to be seen again in our lifetimes. If you can get 0% financing, take it now, don't wait.
If you are going to buy used, get the car you want and do all your inspections to make sure its a good one. The inventory for good quality used cars is drying up, especially cheaper ones. Prices for some cars are rising at auction. Again, if you can find what you want, get it sooner rather than later. Smaller inventories + higher interest rates = higher prices and monthly payments.
Sounds like you have a plan for the old Malibu. You've dumped in plenty of money, it runs OK, time for it to go to another home and you to move on to something newer.
If you are going to buy used, get the car you want and do all your inspections to make sure its a good one. The inventory for good quality used cars is drying up, especially cheaper ones. Prices for some cars are rising at auction. Again, if you can find what you want, get it sooner rather than later. Smaller inventories + higher interest rates = higher prices and monthly payments.
Sounds like you have a plan for the old Malibu. You've dumped in plenty of money, it runs OK, time for it to go to another home and you to move on to something newer.
I would say inflation is around the corner for you, one of our banks here started raising interest rates again.
My portfolio of investments is also on the rise in value so it's started for sure!
Just some signs...
My portfolio of investments is also on the rise in value so it's started for sure!
Just some signs...
One month's payment on a new car might buy two emergency taxi rides and a tow if your current car suddenly quits. This should fit within your reliability frame. And for long road trips away from home you could use a rental if you need super reliability.
New car fumes rot the brain.
New car fumes rot the brain.
I was in the same shoes as you in regards to the Yaris a little over a year ago.
I haven't stopped regretting it past the first month.
I haven't stopped regretting it past the first month.
The Allure/LaCrosse is not a less modern car than the Fusion. Well, sure, the engine is the pushrod design (though I think in '08-'09 Buick started putting newer 3.6 engines in them?). But while I haven't driven a Fusion -- and it's on my back-of-the-mind list as a future choice for me -- the LaCrosse I had on an overnight test drive in '07 was swift, silent inside, and nimble. It was nothing like the '94 Olds Cutlass I drove in the late '90s, a car probably quite similar to your '94 Regal.
As for the choice, you can't lose either way, if you like both cars. As for hanging on to your money, that's always a good idea too. Think of all the things you can do with that car payment. . . .
As for the choice, you can't lose either way, if you like both cars. As for hanging on to your money, that's always a good idea too. Think of all the things you can do with that car payment. . . .
While I've had a new-car addiction for many years, my boss is quite the opposite. She consistently drives what I refer to as 'old beaters'. She brags about how much less she spends on them over a given 12-month period, because there's no car payment. But what she does have to put up with A LOT is breakdowns. Borrowing cars, getting hers towed, dealing with repair shops, and paying what are sometimes large repair bills. I think she's crazy for investing the amount of money she does in keeping old POS cars running. She paid the KBB value of her 93 Camry several times over with all the stuff she had done to that car before finally giving up on it and selling it to a junk yard with a fried engine.
I guess to some people, the convenience of driving a dependable car, covered under warranty is worth the monthly payment. I couldn't live like she does, with my car in the shop every few weeks with a leaking this or a broken that. My time and aggravation is worth something. Because I have a car payment, I don't have the cash laying around to throw at a major repair. But since I have a nice long warranty, that isn't an issue. As we all know, everything's a trade-off. The story changes greatly for those who are fortunate enough to have the financial fortitude to pay cash for a brand new car.
This is something that everyone with an aging car has to decide for themselves. I certainly wouldn't be the person to come to if you want to be talked out of buying a new car, because I'm a big fan of new. You have to decide if being stranded aside the road, being faced with the cost of a new transmission, replacing water pumps, etc. is something you're willing to deal with.
I guess to some people, the convenience of driving a dependable car, covered under warranty is worth the monthly payment. I couldn't live like she does, with my car in the shop every few weeks with a leaking this or a broken that. My time and aggravation is worth something. Because I have a car payment, I don't have the cash laying around to throw at a major repair. But since I have a nice long warranty, that isn't an issue. As we all know, everything's a trade-off. The story changes greatly for those who are fortunate enough to have the financial fortitude to pay cash for a brand new car.
This is something that everyone with an aging car has to decide for themselves. I certainly wouldn't be the person to come to if you want to be talked out of buying a new car, because I'm a big fan of new. You have to decide if being stranded aside the road, being faced with the cost of a new transmission, replacing water pumps, etc. is something you're willing to deal with.
I would either wait to purchase a car until the economy starts back up, or find a really nice used Crown Vic/Mercury Grand Marquis. Thos cars are simply fantastic deals used and have all the power and torque you would like for an easy, smooth ride. Very good on gas for a V-8 to (25 hwy.). You should be able to find one in the price range you are looking at. The 'cool' factor is low for some....but many like the cop-car look of a Crown Vic and prefer to make them look even more 'official' with basic rims and such. I have a Grand Marquis and love the car. Got it used with 30k miles for about $10k. No issues with the car and these things can go well over 200k miles.
Just my two cents...
Just my two cents...
guess to some people, the convenience of driving a dependable car, covered under warranty is worth the monthly payment. I couldn't live like she does, with my car in the shop every few weeks with a leaking this or a broken that. My time and aggravation is worth something. Because I have a car payment, I don't have the cash laying around to throw at a major repair. But since I have a nice long warranty, that isn't an issue. As we all know, everything's a trade-off. The story changes greatly for those who are fortunate enough to have the financial fortitude to pay cash for a brand new carer
I guess I drive a beater, Geo Metro gets 40 plus MPG on the highway has over 180,000 on the odmeter, doesn't use or leak oil, paid $500 for it 5 years ago. Last years repairs--replaced muffler $50. So far this year--replaced oil pressure sending unit $5, and fixed a flat $10. Pretty cheap transportation, reliable well I think so.
Doesn't impress anyone anymore but I'm not into that anyway.
I guess I drive a beater, Geo Metro gets 40 plus MPG on the highway has over 180,000 on the odmeter, doesn't use or leak oil, paid $500 for it 5 years ago. Last years repairs--replaced muffler $50. So far this year--replaced oil pressure sending unit $5, and fixed a flat $10. Pretty cheap transportation, reliable well I think so.
Doesn't impress anyone anymore but I'm not into that anyway.
Also these days there is so much information on almost any used car available. You can watch the known weak spots and not get surprised on the side of the road.
I drive what is one of the least reliable cars made in the 90's and have only been at the side of the road once due to my stupidity... I ignored a rattling water pump for a week...
So I used my CAA towing and got it fixed.
I drive what is one of the least reliable cars made in the 90's and have only been at the side of the road once due to my stupidity... I ignored a rattling water pump for a week...
So I used my CAA towing and got it fixed.
Originally Posted By: ViragoBry
I guess to some people, the convenience of driving a dependable car, covered under warranty is worth the monthly payment.
I subscribe to that view. Two of our vehicles are relatively new, and under base or extended warranties. But we do that because we can afford it, I'm older now and I greatly value the reduced agg factor over the added cost of owning new vehicles. I'm willing to pay for that. I just don't worry about those two other than doing basic maintenance. On one, I don't even pay for the maintenance. But it is a luxury.
On the other hand, on most days I drive a 12 year old car with over 200k miles. That's our "beater", even though it's straight, clean and rust free. It is only slightly less dependable than a new car. I'd trust it cross country any day. It does the dirty work. It makes us money every time I drive it, as it's long paid for and relieves the new vehicles from mileage and wear and tear. My new cars are worth more because of it. Occasionally, I have to dump some money into it, but nowhere near a car payment. There's a lot to be said for driving an older vehicle that's still dependable.
So I guess I can speak to both points of view on this one.
Still, for the OP, who looks to be plunking down the bulk of his savings and taking on an 80%+ loan, I think he should keep what he has. Now is not the best time to take on debt and reduce liquidity. On top of everything else, highly leveraged car purchases are usually upside down, an added problem to manage.
I guess to some people, the convenience of driving a dependable car, covered under warranty is worth the monthly payment.
I subscribe to that view. Two of our vehicles are relatively new, and under base or extended warranties. But we do that because we can afford it, I'm older now and I greatly value the reduced agg factor over the added cost of owning new vehicles. I'm willing to pay for that. I just don't worry about those two other than doing basic maintenance. On one, I don't even pay for the maintenance. But it is a luxury.
On the other hand, on most days I drive a 12 year old car with over 200k miles. That's our "beater", even though it's straight, clean and rust free. It is only slightly less dependable than a new car. I'd trust it cross country any day. It does the dirty work. It makes us money every time I drive it, as it's long paid for and relieves the new vehicles from mileage and wear and tear. My new cars are worth more because of it. Occasionally, I have to dump some money into it, but nowhere near a car payment. There's a lot to be said for driving an older vehicle that's still dependable.
So I guess I can speak to both points of view on this one.
Still, for the OP, who looks to be plunking down the bulk of his savings and taking on an 80%+ loan, I think he should keep what he has. Now is not the best time to take on debt and reduce liquidity. On top of everything else, highly leveraged car purchases are usually upside down, an added problem to manage.
Originally Posted By: MGregoir
What does the almighty BITOG figure? I want something with under 20,000 miles, no older than a 2008, and to spend $24,000 Canadian or less.
I don't know why you are asking for advice -- unless we tell you what you want to hear, you're going to ignore what is said.
Also, how can anyone give good advice when we have no idea how much you'll drive, whether in city or on the highway, how many miles annually, etc.
Do you want a vehicle that gets outstanding fuel mileage, that will last ten years with you driving 30k-50k miles a year? Or do you intend to buy something that you'll trade in just as soon as it's paid for?
See what I mean?
What does the almighty BITOG figure? I want something with under 20,000 miles, no older than a 2008, and to spend $24,000 Canadian or less.
I don't know why you are asking for advice -- unless we tell you what you want to hear, you're going to ignore what is said.
Also, how can anyone give good advice when we have no idea how much you'll drive, whether in city or on the highway, how many miles annually, etc.
Do you want a vehicle that gets outstanding fuel mileage, that will last ten years with you driving 30k-50k miles a year? Or do you intend to buy something that you'll trade in just as soon as it's paid for?
See what I mean?
I agree with the others, w/ $3k down you're not ready for the purchase. You'd be a couple of paychecks away from being one of those financial disaster stories you read about each day (ie, the people who lost their car or house because of a layoff). Do not buy a car unless you have 2/3 of its value in cash. So for you it means you should not buy anything more than $5k. Most people don't want to hear this, but if everyone followed this advice all the repo guys would be out of business
- Status
Similar threads
