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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Mon Sep 01, 2014 4:19 am

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 Post subject: Re: Need Advice on Used Family Car
PostPosted: Fri Jun 03, 2011 9:54 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1609
Location: Seattle, WA
Homework and I are a bit contrarian in that aspect.

It's up to you. Factors to consider:
Can you afford to buy new without taking out a loan?
Can you afford the "new premium" without compromising your other financial goals?
What kind(s) of car(s) are you thinking about buying? The "new premium" ranges from huge to practically nonexistent depending on the make and model.
How much do you like or dislike car shopping?
How much do you like/dislike care salespeople? Vs. buying from people on Craigslist?
Do you get sick of the same old same old? (A friend of mine gets sick of his car after 4-5 years, regardless of how old it was when he got it.)

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 Post subject: Re: Need Advice on Used Family Car
PostPosted: Fri Jun 03, 2011 12:18 pm 

Joined: Wed Sep 23, 2009 9:01 am
Posts: 5356
I think Stannius hit it on the head. A case can be made for new or used. It's really a personal choice. I think it is a bad idea to take out a high interest loan to buy a car. But if you can get 0-2% then it might not be a bad idea to finance. As I said, I sincerely believe that the warranty is a major factor in the decision. In addition to coverage, manufacturers use warranty for collecting data and all sorts of things so the cost is actually subsidized in a sense. In other words, while most things you buy you actually can self-insure for to save money, new cars are a possible exception.

You just have to look at all your options at the time you are ready to buy. I've looked at used cars and new cars at the same time. I would buy a used car if I found something I liked and was cheap enough. But 4 out of the 5 times I've bought a car in the last 25 years (including my wife's and mine), a new car has turned out to be teh best choice over all.

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