The only vehicle I ever owned that broke down in less than two years was a
Honda. It blew an oil seal at around 30K, while one of my grand daughters
was driving it on the interstate and fried the engine. I had to engage an
attorney to get it repaired. Honda wanted me to "prove I used the proper
grade of oil" since it was serviced by a Lincoln dealership not a Honda
dealership. After they put in a new engine I sold it. ;)
Somewhat true, but there is a big middle ground there. Before buying may
last car, I looked at a few one or two year old used ones. The selling
price was 25% to 30% less than news, but the miles indicated the cars were
25% to 30% used up. IMO, that is a trade off. I was looking in the $25000
to $35000 range.
Cash in hand, it may be a better deal to buy the lower priced used model.
If, however, you are going to finance most of the cost, used car loans are
much higher than the often subsidized new car loans. I'm paying 1.9%. My
credit score is about 800+. If it was 450, I'd be looking at other models
and be paying 21%. Even with a good credit score, used loans are 8% or
If you can afford say, $300 a month, there is a good selection of both used
and new. Better to buy a new Chevy Aveo or a used Lacrosse or Impala?
If you want to pay cash and only have $2000, options are limited.
Sounds like no one is going to change your elitist mind on this one.
For years, Warren Buffet drove a old non descript beater, I can't
remember exactly but it might have been an Oldsmobile. But I guess he
was not able to afford a new one every two years like a money bags
like you, huh?
Lately he switched from a Lincoln to a DTS Caddy.
Personally, I like investing in things with a positive return rather
than new cars, but I don't require an ego boost some get from buying a
I did not want to boast of this fact, but if you are that curious, I
have enough investments to buy multiple new luxury cars for cash and
have enough left over to pay off my mortgage if I wanted to (but at my
low rate I don't). So its just that although I like cars, I enjoy not
blowing a lot of money on new ones when I can get great vehicles I
like for a lot less cash. It take more car know-how to deal with used
vehicles, so for folks who are mechanically inept and paranoid about
breakdowns, or those looking to impress they are some of the crowd
that frequently buys new cars. No offense to that group, I like them
for putting so many good late model used cars on the market after they
took the depreciation. FYI, I work advising people about investing
money and planning, so I ought to have my ducks in a row. This is why
I think you are full of crap with your statement and chose to differ.
Anyway, this is not a particularly interesting conversation, later.
This is a dumb statement, anyone with a pulse and a crappy job nearly
can buy a new vehicle. I don't consider buying new cars be any
indication of financial status, in fact, unless you have a lot of
disposable income to blow, its a very poor investment. For a lot of
people, the "car" is very important for some status reasons, and they
devote a large percentage of their disposable income to paying for,
insuring and driving (operating costs) their prestige vehicle.
Some folks choose to have their monies invested in assets that will
grow and drive a second hand car. Of course cars are an asset that
will be worth much less in a few years and be subject to the harsh
realities of road driving. Personally, I find a lot of satisfaction
in finding very nice vehicles with a lot of life in them, and buying
them for a fraction of their original sticker price, and being quite
proud of my "ride". Since late 90's nearly all vehicles are very
reliable compared to how it was for 70's and 80's cars - for the most
part. New also does not always equal reliable.
I have bought new, FWIW, but drove that car for 13 years. Would I buy
new again? In some cases it makes sense, like if you are going to
keep it a long time, when the resale on used Hondas is so high that
you'd be better off paying a bit more and picking your color and
options and getting a long warranty.
Indeed there are people that buy new that can not afford new, as well. But
like I said people that can afforded to buy new vehicles, buy new. People
that can not afford to buy new, buy used, but people that can afforded to
buy new vehicles can also invest wisely. That is one reason they no longer
need not buy used vehicles. LOL
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