You need a new daily driver, your budget is $24,000...

[Archie F. Swin]

You can buy a new or used vehicle. What would you buy and why?

[BWillie]

2005 Toyota Prius.

Can get one for $4,000.

Save $20,000. Buy other things useful.

Also, by buying an older vehicle you get to save $90 or so a month by not having to have comprehensive & collision coverage.

[Dayze]

Lol. Bastards.

[Donger]

Originally Posted by 505 Chief

That's fast.

AND furious.

And comes with a collection of show tune CDs!

[Sweet Daddy Hate]

Originally Posted by Donger

And comes with a collection of show tune CDs!

[Dayze]

I live my life a 1/4 mile at a time.

[Frosty]

Originally Posted by BWillie

2005 Toyota Prius.

Can get one for $4,000.

Save $20,000. Buy other things useful.

Also, by buying an older vehicle you get to save $90 or so a month by not having to have comprehensive & collision coverage.

Personally, I like to buy new or nearly new and drive it forever. We bought our 2006 Honda CR-V new in Jan 2006 for $21,000. We paid it off in three years and have been driving it payment free for 5.5 years. It now has 83K miles on it and I expect at least that many more years/miles before any major problems. I wouldn't even think twice about jumping into it and driving across the country. Generally you can't say that about a $4000 used car.

[Sweet Daddy Hate]

Originally Posted by Dayze

I live my life a 1/4 mile at a time.

I live my like like there's no tomorrow.

And all I've got, I had to steal.

[Dayze]

Originally Posted by 505 Chief

I live my like like there's no tomorrow.

And all I've got, I had to steal.

VH.

[hometeam]

There are so many factors out there.

To start with, how often do you trade? less than 3 years? Consider used. 3+? Why not go new.

[Rain Man]

You people and your pathological need for a back seat...harumph.

[Sweet Daddy Hate]

Originally Posted by Rain Man

You people and your pathological need for a back seat...harumph.

Agreed. My next car is a two-seater.

And fast.

[BWillie]

Originally Posted by Frosty

Personally, I like to buy new or nearly new and drive it forever. We bought our 2006 Honda CR-V new in Jan 2006 for $21,000. We paid it off in three years and have been driving it payment free for 5.5 years. It now has 83K miles on it and I expect at least that many more years/miles before any major problems. I wouldn't even think twice about jumping into it and driving across the country. Generally you can't say that about a $4000 used car.

See people say this, but it's not true. There are TONS of dependable cars out there, for less than $5,000. I know people argue that, well having a new car you don't have to worry about maintenance and that the maintenance on an old car will be more than that. Also not true.

Say you buy a brand new vehicle, and in theory, you have NO maintenance for one year, even though something could still easily happen to the vehicle. Your payment is $450, so you pay $5400 a year NOT EVEN INCLUDING interest if it's financed. AND NOT EVEN INCLUDING more in insurance premium to carry full coverage.

If you buy a dependable older vehicle, you have no car payment. No high insurance premium. You are likely going to have something go out for $700 per year. Even if that happens twice, in the worst case scenario it's still only $1400. AND when you go to resell your vehicle, you do not incur near as much depreciation.

Say you buy a new vehicle for $25,000. You sell it five years later for $12,000. You just incurred $13,000 of depreciation. If you buy a used vehicle for $5,000. Resell it 5 years later for $3,000, you incur only $2,000 of depreciation.

I've had maybe 3 older model used cars, drive them everywhere. Chicago, Las Vegas, Texas, Minnesota etc. They run indefinitely, with very little maintenance needed compared to the cost of a car payment or ownership of a newer vehicle.

I get that it is personal preference, and everybody likes nice things. Used cars are great for people that are strapped for cash or living paycheck to paycheck though...or really anybody that doesn't want to throw money straight down the drain. But so many times I hear these people complaining about their finances and how they have no money, but yet they are rolling around in a 2013 Acura. I just want to slap them.

There isn't really a worse investment than buying a brand new depreciating asset (new expensive vehicle)

[Buehler445]

I'm so far out of the car market it isn't funny.

However, in 12 we bought an 11 Buick Regal for 22K. I love that car. The gas mileage isn't as good as it should be, but it is a hell of a car. Depending on what you need to use it for, I'd throw that one in the mix.

They have a clean diesel option available, not sure on dollars, but that looks intriguing.

I really wish I could get away with driving that Regal out on the farm.

[Frosty]

Originally Posted by BWillie

See people say this, but it's not true. There are TONS of dependable cars out there, for less than $5,000. I know people argue that, well having a new car you don't have to worry about maintenance and that the maintenance on an old car will be more than that. Also not true.

Say you buy a brand new vehicle, and in theory, you have NO maintenance for one year, even though something could still easily happen to the vehicle. Your payment is $450, so you pay $5400 a year & interest if it's financed. AND more in insurance premium to carry full coverage.

If you buy a dependable older vehicle, you have no car payment. No high insurance premium. And at the very worst, you might have something go out for $700 per year. Even if that happens twice, it's still only $1400.

I've had maybe 3 older model used cars, drive them everywhere. Chicago, Las Vegas, Texas. They run indefinitely, with very little maintenance needed compared to the cost of a car payment or ownership of a newer vehicle.

I have two sons and bought cheap cars for each. One was $4500 with 90K miles on it. That car has been completely reliable and I trust it completely (though, to be fair, I bought it from my grandpa, who bought it from my dad, who bought it new, so I knew the history). The other was $3600 with 120K miles. It was a one owner, garaged, adult driven car with mostly highway miles. It threw a rod while my son was just driving down the road on the way to school right after we bought it.

It's a gamble and a crap shoot I would rather not take for a daily driver and especially for my wife's car. It's good that you have had good luck but that generally isn't the case unless you are very lucky.

Besides, if I can get 16 years or more from my $21K new car, I feel I'm coming out ahead of buying several $5K cars. At least I know the history, that all of the maintenance has been done, that it hasn't been abused (much), etc.

Different strokes and all that...

[Frosty]

Originally Posted by BWillie

There isn't really a worse investment than buying a brand new depreciating asset (new expensive vehicle)

I replied before your edit.

Buying a car isn't an investment; it's an expense.