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Buy new, buy old, or keep current car?

Discussion in 'Other Guitars, other instruments' started by naveed211, Oct 21, 2020.

  1. 1 21 gigawatts

    1 21 gigawatts Tele-Meister

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    After reading my last post, I realized that it sounds a bit snobbish. For that I apologize. I will admit that there is value in the piece-of-mind that a warranty brings, and it may be worth the price to some people. It isn't worth it to me, but everyone's situation is different.
     
  2. Mr. Lumbergh

    Mr. Lumbergh Poster Extraordinaire

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    I'd say buy out your lease. If you get another used car that has issues, the actual cost of not being reliable goes far beyond just maintenance costs. Possibly missing work, having to reschedule appointments, call in favors of friends and family for rides, etc. Having something reliable isn't something you can really put a price on.
     
  3. chris m.

    chris m. Poster Extraordinaire

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    Having something reliable actually can have a price put on it. You can do the math and calculate the delta vs.
    having a car that isn't fully reliable. What it's worth to your peace of mind is of course another matter.
    But you might do the math and find out that it's around $10k. And then you can decide whether higher peace
    of mind with regard to reliability is worth $10k in cold, hard, cash to you, or whether for that kind of kimchee you'd
    be willing to take a flyer and maybe have to call AAA once or twice a year.

    It's funny, even with a reliable car sometimes you have to call in favors. Maybe it's in the shop for maintenance, or a factory recall repair, or wheel alignment, and so you need to bum rides/use Uber/take the bus/ride your bike for a day or two.

    In a two-car family another way to go is to have a more expensive, super reliable car as #1, and an old beater, back up car as #2. It's OK for #2 to be less reliable because one person in the family is mostly able to walk/bike/use public transport anyway. The #2 is for when #1 is in the shop or those rare times when both people need a car at the same time. Wife always gets #1 in those situations, of course.
     
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  4. Mark the Moose

    Mark the Moose Tele-Holic

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    Turn it in. Buy cheap. Get out of debt. For future reference, a lease typically works out to around an equivalent interest rate of 20%. It's the most expensive possible way to buy a car. Turn it in. Buy cheap. Get out of debt. Put together an emergency fund. Then never borrow money again.
     
    Last edited: Oct 21, 2020
  5. Whatizitman

    Whatizitman Friend of Leo's

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    Wow. Don't mind us little ignorant folks.

    Details? Out of the goodness of your heart? :rolleyes: You apparently gave OP all the "correct" info for free, on a forum. What else could you possibly provide beyond the free "discussion" that OP can't provide for himself, for free?

    Access to Manheim? Please. :rolleyes:

    Nice marketing, BTW. Accusing your fellow forumites of disseminating erroneous info? You must be a blast at parties.
     
  6. chris m.

    chris m. Poster Extraordinaire

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    Well, if he actually works in the car buying and selling business, he might know some stuff. It's funny. Whenever I read a newspaper article about a topic that I'm actually personally deeply involved in professionally, I find at least one error in the article, even from the very best newspapers. Part of it is their 24 hour deadline which makes fact-checking challenging. On a website like TDPRI I suspect the error rate is even higher, even if everyone is acting in good faith.
     
  7. Whatizitman

    Whatizitman Friend of Leo's

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    I purposely avoid threads related to my areas of career/expertise. I'll leave it at.

    As for OP, he's got plenty of suggestions to sift through. He can decide for himself what works for his situation.
     
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  8. TwangerWannabe

    TwangerWannabe Tele-Holic

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    Dude was offering free advice and apparently works in the auto industry. Seems like a lot of what he said has validity and he didn't sugar coat it, so that offended some. I say grow a thicker skin and maybe learn something instead of getting so easily offended.
     
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  9. lewis

    lewis Poster Extraordinaire

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    Buy the leased car.
    Subarus are relatively inexpensive to maintain.
     
  10. Piggy Stu

    Piggy Stu Friend of Leo's

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    I focus on buying well made luxury spec cars that have done extremely low mileage for their age. Nearly always buy some old guy's pride and joy off relatives after he died

    Good car with 60k on it is still a good car when it is 15 years old

    Limited choice, and you are driving a grampamobile, but it costs me peanuts and they are rock solid

    Current car is 17 years old and was mint when I bought it with 56k on it
     
    Rocky058 likes this.
  11. Whatizitman

    Whatizitman Friend of Leo's

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    He seemed pretty offended at others' suggestions, but didn't really bring anything new to the table that hadn't at least been touched on by a few others.

    Free advice? Nuh huh. Read his post again.
     
    glenlivet likes this.
  12. stealyerface

    stealyerface Tele-Afflicted

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    I'm not offended by anyone's suggestions. What is offensive are people/persons that know nothing about the auto industry and then attempt to "help" someone who is asking for advice, all the while inserting snarky anecdotes about the "Stealerships" or how they "got one over" on the place they bought their car.

    Not only does this often belittle the original person asking the question, but the answer used to do the belittling is such blatant horses***, that it is offensive.

    I PM'd the original poster, with some pretty sound advice, that I think he could use to help his situation. That in and of itself was worth more than the person who told him he should be negotiating EVERYTHING on the deal, including the manufacturer's residual value on the lease.

    You CANNOT and WILL NEVER negotiate a Manufacturer's ending value for a vehicle. EVER. Based on the model you choose, and the miles you decide to drive, the RESIDUAL value is set in stone. It is law. It is what the entire lease is based on. It is how the manufacturer puts a value on their car in the future, to base payments off of.

    It would be like someone asking advice as to how to catch lake trout in December on the Finger Lakes, and I tell the person, "Use a Jitterbug or Hula Popper on the surface, in 140 feet of water, I did it last year and caught seven in one trip". Well,
    A. No you didn't and
    B. That is stupid advice

    Anyone who fishes and has knowledge of fishing knows that this "advice" is made by someone who knows little about fishing, and is either trolling the OP, or is an idiot.

    The same applies to "advice" given about a business I have been in and a part of for thirty years, that is untrue, blatantly false, or given in order to make themselves look like they are quite the negotiator, and impress others who are reading.

    Every few months, these car-buying threads come up, and I read them, and laugh to myself. Sometimes I keep quiet, and sometimes I offer help, and sometimes when the sh** gets so deep and impossibly inaccurate, I comment.

    It was getting pretty deep with this one, and especially from I brand I represent.

    Sorry I offended you with my ire, but the original poster got some sage wisdom, at no cost, and no agenda.

    I have asked plenty of questions on this forum, and mostly I ask for advice on things I don't know about. I have gained some great insight from folks who know about stuff than I do, so paying that back with knowledge that other's may use, seems fair to me.

    But I can tell you, I have never offered advice on questions I know nothing about.

    ~syf
     
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  13. stealyerface

    stealyerface Tele-Afflicted

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    I could go post by post and critique the "information" given, but singling people out for misinformation seems a bit of a Massengill Maneuver.

    ~syf
     
  14. Strebs

    Strebs Tele-Meister

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    I never buy new. I buy at least 5 years old with low mileage and then expect to spend some money on repairs occasionally. I have no regrets and save a bunch of money.
     
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  15. chris m.

    chris m. Poster Extraordinaire

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    That's one thing I really like about bicycles-- I can fix almost everything on them myself (send out suspension forks and suspension shocks for service), and I can quickly inspect and see exactly what is in good condition and not in good condition in about five minutes.

    With used cars you got a few options. You can buy a certified pre-owned, pay to have a mechanic go over it, or drive it and listen/smell/feel for anything funky. Evan just a 30 day warranty can help reduce risk, but read the fine print!
     
  16. tfarny

    tfarny Friend of Leo's

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    Keep it for sure. Minimizing car costs is the best single thing most people can do for financial health. My wife and I have two cars, both bought "good used" and long paid off, each well over 100k miles. If one breaks the other will work just fine in the short run.
    I'm not even sure we will ever finance another car, even with very low interest rates. Prefer outright ownership and the security that brings (the car as an asset and not a liability) over New Car Smell any day.
     
  17. lmjmitchell

    lmjmitchell TDPRI Member

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    Buy the lease for cash if you can get a good deal and drive it for the next 10 - 15 years.

    My truck is 16 years old and I paid it off about 13 years ago. I see no point any buying a new one until it dies. Not having a vehicle payment for all these years has been very nice.
     
  18. El Marin

    El Marin Tele-Afflicted

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    THIS
     
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  19. Spontaneous

    Spontaneous Tele-Meister

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    Getting out of debt top priority. I'd look for a slightly older Honda or Toyota, they're more dependable in the long run than Subaru.
     
  20. 777Brad

    777Brad Tele-Meister

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    What the above poster said.


    A few year old Honda or Toyota is the way to go. Even used, they may be more expensive than a comparable car of another brand, but they last FOREVER! That & they are super reliable. That makes the initial entry price more than worth it.

    Never buy new as cars as they depreciate way too much.
     
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