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Used Cars vs. New Cars

Used Cars vs. New Cars

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Written by DSP
Friday, 26 October 2007
Not everyone wants to buy a new car. Sometimes it seems as if these leases and new cars are being forced on people. At other times a somewhat used car is forced on one at new car expenses. If you're anything like myself I'd prefer just buying a decent used Honda or maybe Toyota. I like reliability and just need transportation in my local driving area. if I have to go 2 to 3 hours out of town, it isn't too bad either. If I have to drive further I'll just rent a car. I don't know how people deal with the heavy expenses that come with these new cars, vans, and SUV's. I mean not only do you have the payment every month(which the commercials make it seem as if it's so low and it's affordable for you), but you also have to deal with insurance, and maintenance. Even for the cheapest car, the total cost can reach upwards of $1000.00 a month. If you're just a simple person like myself you can buy a reliable used car and pay for the whole thing at once. Only other costs you have to deal with are insurance and maintenance. I don't mind paying maintenance cost of a possible $1000 a year as opposed to $1000 a month for a new car or used car with new car costs(as I like to call them). You know the kind you buy in 2007 when it's a 2005 model. I take a look at long term costs alto more as opposed to style, looks, and comfort. Trackback(0) TrackBack URI for this entry Comments (9) Subscribe to this comment's feed ... written by site visitor, August 19, 2008 I thought you guys were kidding about cars losing value. Check this one out: http://www.igotgot.com/content/new-car-lost-value-soon-i-drove-it-lot-really ... written by Swift, October 31, 2007 Yeah, if I were to buy a new one every other year, I could see where you are coming from. I am going to keep my new (\'97) car until until it dies (250K miles and counting). Doing it this way, I think my way can beat your numbers of buying a used one every 5 years. ... written by umbrarchist, October 31, 2007 So what would it have cost you to buy a used car in \'97 drive it for 6 or 7 years and then bought another used car. The interest and insurance you saved could have been saved or invested and not so much lost on depreciation. How have the cars changed since 97\'? I haven\'t been to an auto show since \'65. The problem is the cost of all these useless changes raising the price of the cars. We have wasted hundreds of billions. It is mostly the people that get a new cars every few years that are the big losers. But our economists don\'t mention that. umbra Huh? written by Swift, October 29, 2007 Bought the car in \'97. Paid $13,500 for it. No problems with it because it is a Toyota. Haven\'t had it 12 years, but 10 is good enough. Paid it off in 3 years and it seems to have been a great new car purchase for me. Mathematical Delusion written by umbrarchist, October 29, 2007 Yeah, pay more for your own problems. 20% to 25% loss the first year. Do you intend to keep the car 12 years? Can you pay cash? If not you must buy collision insurance in addition to liability and paying interest on the loan. I don\'t buy collision. That is another savings. umbra ... written by DSP, October 29, 2007 So you can afford upwards of $1000 a month? ... written by Swift, October 29, 2007 Why keep buying used cars? No way man. I will never buy somebody else\'s problems. New cars last so long now that depreciation can be tossed out of the equation. ... written by DSP, October 29, 2007 Funny thing, I was called cheap by some coworkers because I don\'t lease or buy new cars. Some people live for image I guess. The Missing Link written by umbrarchist, October 27, 2007 Buy a new $40,000 car and after one year it may be worth only $30,000. On top of payments and insurance there is the hidden cost of depreciation. Even if it just sat in the garage for a year it would lose value. In the book The Millionaire Next Door the authors say that 36% of millionaires buy used cars. Why would they do that? To avoid depreciation. Once you get the money why lose it on nonsense? umbra Write comment Email Comment Write the displayed characters

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