broke on wheels
April 12, 2010 8:46 PM Subscribe
No money, need car.
So I'm a pretty poor student with little hope of having money anytime soon. I also know nothing (really. nothing.) about cars.
I need a car most especially for an extended, two month trip home this summer, for which I'll be bringing my new dog. The rest of the year I live in a city, and, while it would be really (really) nice to have a car, it's not absolutely necessary. Having the dog has made me want a car even more though.
I have about 3000$ to contribute towards getting this car.
My question is whether I should do a lease takeover or buy an old beater?
I've been looking at a lease takeover website, and apparently you can get a decent car for about 200/month, with only 6 or 7 months left on the lease. This seems like an ideal option, but when I think about it, that would be 1200$ that I could have spent having my own forever-car.
These summer trips home are going to be a regular thing, and now that I have a dog, I'll always need a car for them. On the other hand, I fear the repairs that an old car will require. Really fear them.
So should I dish out the cash and get the 2007 lease transfer, or buy an old beater to call my own?
So I'm a pretty poor student with little hope of having money anytime soon. I also know nothing (really. nothing.) about cars.
I need a car most especially for an extended, two month trip home this summer, for which I'll be bringing my new dog. The rest of the year I live in a city, and, while it would be really (really) nice to have a car, it's not absolutely necessary. Having the dog has made me want a car even more though.
I have about 3000$ to contribute towards getting this car.
My question is whether I should do a lease takeover or buy an old beater?
I've been looking at a lease takeover website, and apparently you can get a decent car for about 200/month, with only 6 or 7 months left on the lease. This seems like an ideal option, but when I think about it, that would be 1200$ that I could have spent having my own forever-car.
These summer trips home are going to be a regular thing, and now that I have a dog, I'll always need a car for them. On the other hand, I fear the repairs that an old car will require. Really fear them.
So should I dish out the cash and get the 2007 lease transfer, or buy an old beater to call my own?
With the lease takeover, do you have to give it up after those 6 months are over?
If so, I think you should get a used car. It doesn't have to be a beater; choose something reliable. (Despite recent news, Toyota is very reliable in my experience.) I don't think you'll regret buying a car, but you might regret having to give the leased car back.
FWIW, I've been driving a 1997 Toyota that I bought for about 2,800 for about a year and I've had no problems. As long as you do minor upkeep things like changing the oil, and avoiding accidents, you should be okay. I've actually never gotten a new car and have not had to do any major repairs to my cars except when I had an accident.
posted by too bad you're not me at 9:04 PM on April 12, 2010
If so, I think you should get a used car. It doesn't have to be a beater; choose something reliable. (Despite recent news, Toyota is very reliable in my experience.) I don't think you'll regret buying a car, but you might regret having to give the leased car back.
FWIW, I've been driving a 1997 Toyota that I bought for about 2,800 for about a year and I've had no problems. As long as you do minor upkeep things like changing the oil, and avoiding accidents, you should be okay. I've actually never gotten a new car and have not had to do any major repairs to my cars except when I had an accident.
posted by too bad you're not me at 9:04 PM on April 12, 2010
Minus the "I know nothing (really. nothing.) about cars." bit, the no-brainer is to buy a beater. If you're willing to teach yourself a bit about cars, you could do quite well.. or disastrously, depending. I don't know where you are, but I have had mixed results with sub-$1000 cars. In reality, you should expect to pay $1500 in "cost" for a car per year - repairs, inspection, whatnot.. this being on top of the cost of the car. Then there is insurance, gas, and.. parking tickets?
However, if you can get a car for $200 a month (and no money down) and it'll do the trick for you, that isn't a horrible option, either. You'll just have to a) pay more in insurance costs, and b) have no car at the end of the lease.
posted by mbatch at 9:06 PM on April 12, 2010
However, if you can get a car for $200 a month (and no money down) and it'll do the trick for you, that isn't a horrible option, either. You'll just have to a) pay more in insurance costs, and b) have no car at the end of the lease.
posted by mbatch at 9:06 PM on April 12, 2010
Get a used car. I bought my last two cars for less than 2500, and both have been excellent cars.
posted by strixus at 9:27 PM on April 12, 2010
posted by strixus at 9:27 PM on April 12, 2010
Best answer: Whalebreath, I looked at your profile to see if I could get a sense of climate and travel distances. Not irrelevant as they figure into whether the three bills will buy you something decent. FWIW, you can buy a pretty damn decent car in my part of the USofA for 3000.
It does take some time & research and to some extent nerves of steel for the negotiating-the-price part. And I'm also going to give you some counterintuitive advice: buy from a reputable used car dealer in your area (or in your parents area if that's an option).
Now, granted, I an old enough to have a ton of experience in having to buy older cars, some for me, some for my sons. All but one have treated us pretty well; the one exception was a Honda that was misrepresented materially by its private party seller.
The reason I say go to a dealer is b/c a private seller has the one car to sell and doesn't really care whether you do your due diligence or not. And if they are the slightest bit unethical, they have no compunction in screwing you over and you have little or no recourse once you drive away. A dealer wants your repeat business, even if you are an impoverished student. They also have BBB ratings that you can investigate first.
Look for a range of cars that hold up well in resale value, have good to great reliability ratings and fit your price range using Kelley, Edmunds or NADA blue books before you ever set foot at a dealer or private seller. Autotrader is also a good search source. Limiting "my" search to dealers in 25 miles from me and a top price of $3k, I found 7 cars I would take a look at and another 10 that I might consider. They ranged from a 97 Subaru with 135K miles to a 2001 Toyota Corolla with 150K.
Set aside about $100 or so to pay an independent mechanic to evaluate any finalists--this should pay for pretty decent inspections of two vehicles. While not infallible, this should go some way to allay those fears of endless repairs. And ANY seller who balks at letting YOUR mechanic look at the car is immediately out of contention. Also--and this is something I learned from my son while scouting cars for him--look for models with the fewest "extras" under the reasoning that the fewer gadgets, the fewer things need to be fixed. Sunroofs are nice, but they can leak or fail to open/close on old cars, same with power windows. If you can drive a stick, look for manual trans--you'll save on gas mileage, save on costly (and hard to predict) automatic transmission repairs, and improve your physical coordination as a bonus. If you don't know how to drive a stick--learn.
You will, or should, budget money for inevitable repairs, say $50-75/month (I'd say $100 but if you could afford that, you'd buy a better car). Many people have $200/mo car payments and spend that much or more on car repairs. No, you won't spend that much every month, but at some point you'll need tires or brakes or new front drive axles, and these will be $250-450 repairs that you won't have money for if you don't already have a plan.
Finally don't fall for a clean, pretty little number just b/c it fits into your budget. Toyota, Honda, Subaru, Volvo, Saab, and a rare few others have the track record to last for 200,000+ miles on the engine. If there are others that can be added to this list--that can also fit whalebreath's budget--I'm sure others will mention them. (BMWs & Mercedes can go forever, too, but for 3k, you won't get one with much life left, imo).
posted by beelzbubba at 9:39 PM on April 12, 2010 [12 favorites]
It does take some time & research and to some extent nerves of steel for the negotiating-the-price part. And I'm also going to give you some counterintuitive advice: buy from a reputable used car dealer in your area (or in your parents area if that's an option).
Now, granted, I an old enough to have a ton of experience in having to buy older cars, some for me, some for my sons. All but one have treated us pretty well; the one exception was a Honda that was misrepresented materially by its private party seller.
The reason I say go to a dealer is b/c a private seller has the one car to sell and doesn't really care whether you do your due diligence or not. And if they are the slightest bit unethical, they have no compunction in screwing you over and you have little or no recourse once you drive away. A dealer wants your repeat business, even if you are an impoverished student. They also have BBB ratings that you can investigate first.
Look for a range of cars that hold up well in resale value, have good to great reliability ratings and fit your price range using Kelley, Edmunds or NADA blue books before you ever set foot at a dealer or private seller. Autotrader is also a good search source. Limiting "my" search to dealers in 25 miles from me and a top price of $3k, I found 7 cars I would take a look at and another 10 that I might consider. They ranged from a 97 Subaru with 135K miles to a 2001 Toyota Corolla with 150K.
Set aside about $100 or so to pay an independent mechanic to evaluate any finalists--this should pay for pretty decent inspections of two vehicles. While not infallible, this should go some way to allay those fears of endless repairs. And ANY seller who balks at letting YOUR mechanic look at the car is immediately out of contention. Also--and this is something I learned from my son while scouting cars for him--look for models with the fewest "extras" under the reasoning that the fewer gadgets, the fewer things need to be fixed. Sunroofs are nice, but they can leak or fail to open/close on old cars, same with power windows. If you can drive a stick, look for manual trans--you'll save on gas mileage, save on costly (and hard to predict) automatic transmission repairs, and improve your physical coordination as a bonus. If you don't know how to drive a stick--learn.
You will, or should, budget money for inevitable repairs, say $50-75/month (I'd say $100 but if you could afford that, you'd buy a better car). Many people have $200/mo car payments and spend that much or more on car repairs. No, you won't spend that much every month, but at some point you'll need tires or brakes or new front drive axles, and these will be $250-450 repairs that you won't have money for if you don't already have a plan.
Finally don't fall for a clean, pretty little number just b/c it fits into your budget. Toyota, Honda, Subaru, Volvo, Saab, and a rare few others have the track record to last for 200,000+ miles on the engine. If there are others that can be added to this list--that can also fit whalebreath's budget--I'm sure others will mention them. (BMWs & Mercedes can go forever, too, but for 3k, you won't get one with much life left, imo).
posted by beelzbubba at 9:39 PM on April 12, 2010 [12 favorites]
The lease takeover thing is interesting but I get the feeling that's not really what you want to do.
If you have $3000 then you really only have $2000 to put towards the car; the rest you should keep in reserve for repairs and any deferred maintenance that you have to do immediately after taking ownership of it. That said, you can get a very decent car for $2k if you are careful.
Since you said you don't know anything about cars, it is a must to take any possible purchase to a reliable and trusted mechanic for evaluation before buying it. Seriously, don't skimp on this. Since you probably don't have a mechanic, you could start off by asking friends or you could use something like the Car Talk Mechanics Files.
Of huge importance — more important than the brand of the car IMO — is how it was maintained. I am completely unconvinced that late-model US-branded cars are in any way inferior out of the gate to late-model Asian cars, but the people who buy them can be very different, and thus create a bit of a self-fulfilling prophesy. Avoid sporty or 'boy racer' type cars that are likely to have been ridden hard and put away wet. I'd much prefer to buy a Ford with 80,000 miles from its original owner who has all the paperwork and has been meticulous about getting it maintained (with records to prove it), than a Toyota with 40 or 50k that's gone through two owners and maybe only as many oil changes.
And most of all, when you're looking at cars, don't get talked into anything. This is America: there are tons of cars. You can't walk ten feet without literally running into one; don't buy anything until you're as sure as you can be that it's the one for you.
Also: don't buy anything without airbags. Even for two grand you should be able to insist upon and get that (maybe not dual or side-curtain, but at least a drivers-side).
posted by Kadin2048 at 9:44 PM on April 12, 2010
If you have $3000 then you really only have $2000 to put towards the car; the rest you should keep in reserve for repairs and any deferred maintenance that you have to do immediately after taking ownership of it. That said, you can get a very decent car for $2k if you are careful.
Since you said you don't know anything about cars, it is a must to take any possible purchase to a reliable and trusted mechanic for evaluation before buying it. Seriously, don't skimp on this. Since you probably don't have a mechanic, you could start off by asking friends or you could use something like the Car Talk Mechanics Files.
Of huge importance — more important than the brand of the car IMO — is how it was maintained. I am completely unconvinced that late-model US-branded cars are in any way inferior out of the gate to late-model Asian cars, but the people who buy them can be very different, and thus create a bit of a self-fulfilling prophesy. Avoid sporty or 'boy racer' type cars that are likely to have been ridden hard and put away wet. I'd much prefer to buy a Ford with 80,000 miles from its original owner who has all the paperwork and has been meticulous about getting it maintained (with records to prove it), than a Toyota with 40 or 50k that's gone through two owners and maybe only as many oil changes.
And most of all, when you're looking at cars, don't get talked into anything. This is America: there are tons of cars. You can't walk ten feet without literally running into one; don't buy anything until you're as sure as you can be that it's the one for you.
Also: don't buy anything without airbags. Even for two grand you should be able to insist upon and get that (maybe not dual or side-curtain, but at least a drivers-side).
posted by Kadin2048 at 9:44 PM on April 12, 2010
Response by poster: Thanks everyone. Beelzbubba that was such a thorough and helpful answer!
Yay I'm getting a car I'm getting a car!
I'm going to gather up all of my friends/acquaintances to teach me what they know, and take out a bunch of library books, and follow all of your helpful advice.
And to answer a couple questions: I wouldn't get to keep the lease car afterwards (only for a hefty fee) and I live in a climate with harsh, salty winters.
Travel distances are three days there and three days back, on highways the whole time. I don't know the miles.
posted by whalebreath at 9:47 PM on April 12, 2010
Yay I'm getting a car I'm getting a car!
I'm going to gather up all of my friends/acquaintances to teach me what they know, and take out a bunch of library books, and follow all of your helpful advice.
And to answer a couple questions: I wouldn't get to keep the lease car afterwards (only for a hefty fee) and I live in a climate with harsh, salty winters.
Travel distances are three days there and three days back, on highways the whole time. I don't know the miles.
posted by whalebreath at 9:47 PM on April 12, 2010
One comment about insurance, with a lease you need to pay for all the bells and whistles, but when you own the car outright you can just get the minimum liability which can save you wads of cash.
posted by hungrysquirrels at 9:57 PM on April 12, 2010 [1 favorite]
posted by hungrysquirrels at 9:57 PM on April 12, 2010 [1 favorite]
I have owned four cars, or five if you count transplanting the engine and running gear out of the one I crashed into a replacement body.
The first and second one was a Leyland Mini Clubman GT that I bought for AU$3600 from a co-worker. He was also the one kind enough to do the vast bulk of the transplant work after I spun and crashed his dear little car in a typical Young Indestructible Male 18-24 manoeuvre while illegally road racing another co-worker.
I would probably still have that car, had it not been killed by a bus.
The next (and overlapping) car was a Volkswagen Kombi bought for AU$2000 from a dodgy Adelaide car dealer that neither of us had any intention of ever seeing again, with no prior research at all, just a cheerful expectation that it would get us most of the way around the continent. It did (just).
Next was a 1991 Daihatsu Mira bought for $3500 from a co-worker's sister. Fantastic little car. I would almost certainly still have it, had it not been killed by Young Master Flabdablet in a typical Young Indestructible Male 18-24 manoeuvre while driving too fast on dirt.
My present car is a 1995 Daihatsu Mira bought from a reputable Melbourne car dealer for AU$3250 (of which Young Master Flabdablet contributed AU$2500) It's as lovely in its own way as its predecessor: four doors instead of two, 800kg instead of 608, not quite as zippy, pretty much identical fuel consumption at 5l/100km, and in rather better condition.
Of all the cars I've owned, the one bought from the reputable dealer is the best value for money and has been the easiest to buy.
I have also convinced myself that money spent on reliable mechanics to keep the car in good working order at all times is money well spent. Fixing things as they break, rather than preventing things from breaking, breaks more things and costs more money in the long run.
If you only need a car for a few months, then provided you do your due diligence before buying your $3000 car, and look after it properly while you have it, you should easily be able to sell it again for $3000 once you're done with it; there will always be somebody slightly hungrier for a car in a hurry than you are. In my opinion, that makes way more sense than leasing.
$3000 is about the right amount to spend on a used car. If you spend that all upfront, you should be able to get a completely hassle-free vehicle. If you spend $1000 upfront, expect to spend several months plus an additional $2000 to achieve a mostly hassle-free vehicle that doesn't look or smell quite as good as the one you could have got for $3000.
I have always utterly failed to understand the allure of new cars. You can get a reliable used car for a tenth of the purchase price of a comparable new one. Sure, it will cost you a little more in maintenance costs, but it will cost you nothing at all in car loan interest. And don't bother with comprehensive insurance. If writing off a $3000 used car is going to break you, you can't afford to operate a car. Third party property damage, fire and theft cover is plenty for a cheap used car.
On running costs: if you have a halfway decent used car, putting aside N/2 dollars for maintenance every time you spend N dollars on fuel will see you right.
posted by flabdablet at 10:43 PM on April 12, 2010
The first and second one was a Leyland Mini Clubman GT that I bought for AU$3600 from a co-worker. He was also the one kind enough to do the vast bulk of the transplant work after I spun and crashed his dear little car in a typical Young Indestructible Male 18-24 manoeuvre while illegally road racing another co-worker.
I would probably still have that car, had it not been killed by a bus.
The next (and overlapping) car was a Volkswagen Kombi bought for AU$2000 from a dodgy Adelaide car dealer that neither of us had any intention of ever seeing again, with no prior research at all, just a cheerful expectation that it would get us most of the way around the continent. It did (just).
Next was a 1991 Daihatsu Mira bought for $3500 from a co-worker's sister. Fantastic little car. I would almost certainly still have it, had it not been killed by Young Master Flabdablet in a typical Young Indestructible Male 18-24 manoeuvre while driving too fast on dirt.
My present car is a 1995 Daihatsu Mira bought from a reputable Melbourne car dealer for AU$3250 (of which Young Master Flabdablet contributed AU$2500) It's as lovely in its own way as its predecessor: four doors instead of two, 800kg instead of 608, not quite as zippy, pretty much identical fuel consumption at 5l/100km, and in rather better condition.
Of all the cars I've owned, the one bought from the reputable dealer is the best value for money and has been the easiest to buy.
I have also convinced myself that money spent on reliable mechanics to keep the car in good working order at all times is money well spent. Fixing things as they break, rather than preventing things from breaking, breaks more things and costs more money in the long run.
If you only need a car for a few months, then provided you do your due diligence before buying your $3000 car, and look after it properly while you have it, you should easily be able to sell it again for $3000 once you're done with it; there will always be somebody slightly hungrier for a car in a hurry than you are. In my opinion, that makes way more sense than leasing.
$3000 is about the right amount to spend on a used car. If you spend that all upfront, you should be able to get a completely hassle-free vehicle. If you spend $1000 upfront, expect to spend several months plus an additional $2000 to achieve a mostly hassle-free vehicle that doesn't look or smell quite as good as the one you could have got for $3000.
I have always utterly failed to understand the allure of new cars. You can get a reliable used car for a tenth of the purchase price of a comparable new one. Sure, it will cost you a little more in maintenance costs, but it will cost you nothing at all in car loan interest. And don't bother with comprehensive insurance. If writing off a $3000 used car is going to break you, you can't afford to operate a car. Third party property damage, fire and theft cover is plenty for a cheap used car.
On running costs: if you have a halfway decent used car, putting aside N/2 dollars for maintenance every time you spend N dollars on fuel will see you right.
posted by flabdablet at 10:43 PM on April 12, 2010
Harsh, salty winters call for something built no earlier than maybe 1995. Not sure about Canada, but 1995 was about when seriously rust-resistant cars started appearing in Australia.
posted by flabdablet at 10:45 PM on April 12, 2010
posted by flabdablet at 10:45 PM on April 12, 2010
Best answer: i believe there's a 'buying a car for dummies' (with all sorts of tips like 'rub your finger in the exhaust pipe'...and why. what's cheap to fix and what means 'walk away', and etc.) book as well as 'car repair for dummies' (that will give you a good overview of what does what under the hood)...those, plus the Hayne's repair manual for whatever model car you decide on (a lot of their manuals will cover more than one model/year) are pretty much must-have's for owning a used car. (i just used my repair guide last month when my signal lights stopped working...an $8 part and a screwdriver and i probably saved myself $200. and trust me, i never would have known to remove the glove compartment and look behind it for the flash unit...or for that matter, what the hell is a 'flash unit?' ;)
posted by sexyrobot at 11:03 PM on April 12, 2010 [1 favorite]
posted by sexyrobot at 11:03 PM on April 12, 2010 [1 favorite]
You're welcome, whalebreath, and happy shopping. I will second some advice that Kadin2048 offered: good maintenance & relatively clean bill of health for a car of approximately 10 years old is more important than brand. The brands I mentioned are ones that I've had good experiences with. I would not rule out a domestic brand, but know that there are far by percentage fewer Chevy Cavaliers with 200K miles at 10 years old than there are Subarus for a reason. The time between the ascendancy of Dr. José Lopez at GM and, say, 2005-2006 were dark times for product quality at the Big Three--cost cutting became more important than product quality and customer satisfaction, and I would say that from 2005 +/- Toyota became more obseesed with being the #1 global producer.
But 3-grand isnt going to get you--nor should it--a 2005 to 2010 automobile. If you find one, be very suspicious.
A sideword about services like Carfax. I have used them, and in one case it told me relatively nothing and in two cases, it told me everything. A Carfax report won't tell you if the maintenance record is spotless, but it will tell you if there have been 5 owners in 5 years--not a good sign. It should also tell you about warranty & recall work that was performed, and whether the vehicle was resold/auctioned because of flood, hail, frame-bending accident or the like. And armed with a CarFax report, you won't get sucked into buying anything with a spotty history. I will assume that "Car Buying for the Impaired" (or whatever) also contains this advice.
As a Canadian, you probably have a few brands with a longer history there than here--Kia & Hyundai spring to mind. They have had a recent quality surge, but I remember looking at some 2003-to-1999 models that had the signs of pretention toward quality, but not the actual quality.
In the wintry times in Canada (assuming you don't live somewhere relatively balmy), the Subaru's full time AWD can be your friend. My 1992 Legacy wagon was bought for $1800 at 153K miles, and lasted me three years and 50K more miles with only nominal repairs until its untimely demise just last year.
You probably should listen to the advice of flabdablet--set an age limit of 1995 or newer. Not simply b/c of changes to materials, but b/c there are any number of structural joints which will fatigue somewhere between 12 and 20 years. Older than 15 increases your chances that a mechanically sound car will have engine mount failure, axle or strut failure, etc.
posted by beelzbubba at 9:49 AM on April 13, 2010
But 3-grand isnt going to get you--nor should it--a 2005 to 2010 automobile. If you find one, be very suspicious.
A sideword about services like Carfax. I have used them, and in one case it told me relatively nothing and in two cases, it told me everything. A Carfax report won't tell you if the maintenance record is spotless, but it will tell you if there have been 5 owners in 5 years--not a good sign. It should also tell you about warranty & recall work that was performed, and whether the vehicle was resold/auctioned because of flood, hail, frame-bending accident or the like. And armed with a CarFax report, you won't get sucked into buying anything with a spotty history. I will assume that "Car Buying for the Impaired" (or whatever) also contains this advice.
As a Canadian, you probably have a few brands with a longer history there than here--Kia & Hyundai spring to mind. They have had a recent quality surge, but I remember looking at some 2003-to-1999 models that had the signs of pretention toward quality, but not the actual quality.
In the wintry times in Canada (assuming you don't live somewhere relatively balmy), the Subaru's full time AWD can be your friend. My 1992 Legacy wagon was bought for $1800 at 153K miles, and lasted me three years and 50K more miles with only nominal repairs until its untimely demise just last year.
You probably should listen to the advice of flabdablet--set an age limit of 1995 or newer. Not simply b/c of changes to materials, but b/c there are any number of structural joints which will fatigue somewhere between 12 and 20 years. Older than 15 increases your chances that a mechanically sound car will have engine mount failure, axle or strut failure, etc.
posted by beelzbubba at 9:49 AM on April 13, 2010
The above advice you've gotten is great. I would mention a couple more things:
1) Hondas, Toyotas, etc. are known to be super-reliable, but they have really high residual value for that very reason, so they'll be a bit more expensive.
2) Every once in a while, especially in the 90's/early 2000's, domestic auto makers would sell cars that were "rebadged" versions of an import -- essentially, the car WAS a Toyota or whatever with a Chevy label on it. The one of these that I can think of immediately is a Chevy Prizm. You can usually get a Prizm for about $1000 or $2000 cheaper than a comparable Corolla.
posted by kataclysm at 10:34 AM on April 13, 2010
1) Hondas, Toyotas, etc. are known to be super-reliable, but they have really high residual value for that very reason, so they'll be a bit more expensive.
2) Every once in a while, especially in the 90's/early 2000's, domestic auto makers would sell cars that were "rebadged" versions of an import -- essentially, the car WAS a Toyota or whatever with a Chevy label on it. The one of these that I can think of immediately is a Chevy Prizm. You can usually get a Prizm for about $1000 or $2000 cheaper than a comparable Corolla.
posted by kataclysm at 10:34 AM on April 13, 2010
I would purchase rather than assume a lease. Do not fear the beater.
I have always purchased used cars. To my way of thinking, maximum car value exists in the 3 or 4 year old vehicle with between 45 and 60K on the odometer. At this point, there is a LOT of car left for you to use and the value has dropped considerably from the "new" price because the car no longer looks or smells "new" even if it's been immaculately maintained. At 3 to 4 years old, a car will not appeal to "new" car buyers.
American-made vehicles tend to have wider variability in a given model than the riceburners. Some model years have poor overall quality. This sort of information is not readily apparent to you as a buyer. However, if you have a good car guy or know anyone who has a good car guy, try asking that fella what he would suggest for your preferred sort of car and price range. (Like, for example, in the world of small, stick shift, cheap four-bangers, what kinds would he suggest? What kinds would he avoid?) The "dealership" car guys are not as useful on this front as the independent car guys who work on a variety of machinery. My car guy is a wealth of information, offers up stuff like "Don't buy the xxx yyy from 1995-2000, the heads tend to blow" and "The mmm nnn for 2003 was a redesign and they didn't work all the bugs out. The 2004 and 2005 model years are a lot more reliable."
Anecdata: In 2000, I bought a used 1997 Chevy Cavalier with 68K on the odometer. I paid cash for the car, slightly less than kelly blue book because of the high mileage. Ten years later, I am still driving my used 1997 Chevy Cavalier. Odometer now says 193K. I have enjoyed the hell out of ten years of not having a car payment. I did buy it a clutch and a water pump... but I am still way ahead and the game isn't over yet. (I expect 250K out of this car.)
posted by which_chick at 12:33 PM on April 13, 2010
I have always purchased used cars. To my way of thinking, maximum car value exists in the 3 or 4 year old vehicle with between 45 and 60K on the odometer. At this point, there is a LOT of car left for you to use and the value has dropped considerably from the "new" price because the car no longer looks or smells "new" even if it's been immaculately maintained. At 3 to 4 years old, a car will not appeal to "new" car buyers.
American-made vehicles tend to have wider variability in a given model than the riceburners. Some model years have poor overall quality. This sort of information is not readily apparent to you as a buyer. However, if you have a good car guy or know anyone who has a good car guy, try asking that fella what he would suggest for your preferred sort of car and price range. (Like, for example, in the world of small, stick shift, cheap four-bangers, what kinds would he suggest? What kinds would he avoid?) The "dealership" car guys are not as useful on this front as the independent car guys who work on a variety of machinery. My car guy is a wealth of information, offers up stuff like "Don't buy the xxx yyy from 1995-2000, the heads tend to blow" and "The mmm nnn for 2003 was a redesign and they didn't work all the bugs out. The 2004 and 2005 model years are a lot more reliable."
Anecdata: In 2000, I bought a used 1997 Chevy Cavalier with 68K on the odometer. I paid cash for the car, slightly less than kelly blue book because of the high mileage. Ten years later, I am still driving my used 1997 Chevy Cavalier. Odometer now says 193K. I have enjoyed the hell out of ten years of not having a car payment. I did buy it a clutch and a water pump... but I am still way ahead and the game isn't over yet. (I expect 250K out of this car.)
posted by which_chick at 12:33 PM on April 13, 2010
This thread is closed to new comments.
Conversely, with tax, title, and insurance, you'll be lucky to get a $2500 car for $3000. You'll also be stuck paying for insurance every few months for the life of the car, in addition to maintenance that may run at about $1000/year for a car that old.
If short-term rental or a Zipcar like program is a possibility for you, look very closely at it.
posted by 517 at 9:02 PM on April 12, 2010