what mileage?
when do repairs exceed depreciation?
how old the car is to provide great value? little repairs until you rack up more miles.
buy cpo, used, or from private party.
let us discuss. helping fiance’s bro. he is poor.
rental car? multiples owners? accidents?
The chances of finding a CPO or rental car for less than $10k is extraordinarily small. The mileage, repairs, etc., all depend on the vehicle itself. SUVs and trucks cost more than sedans, so the mileage has to be higher to get into that price range.
Accidents themselves are not disqualifiers. You can usually get a copy of the accident reports on the applicable state’s website. Accidents where airbags deploy should be avoided, as well as accidents where there’s potential suspension damage.
A co-worker of mine recently bought an almost-new Ford Focus (I think it’s 3 years old and had like 20k miles) for $12k, so that might be a good direction to start in if the type of car doesn’t matter.
life comes at you fast
Yea I mean a 10k car 6 year monthly payment is only 150. Crazy cheap. Perhaps we may boost it I gotta figure out what he can afford. Not so sure on his income. But he just graduated high school and works at a warehouse. Minimum wage laws here are 13 bucks I think.
I bought my current Toyota Corolla barely used during the Great Recession for 10k and still driving it today with no issues. I’d imagine similar bargains exist right now or will exist fairly soon.
My .02 - New cars cost a LOT less than used cars.
I have bought a few used cars over the years. They all died about 3 years after I bought them.
I have bought one new car, and it has lasted my 16 years so far.
I realize that n=1 is a small sample size, but still…this is my real-life observation.
you gotta get a new car greenie. bluetooth and backup camera are game changers. i think those are basic for 2016 models nowadays.
I don’t know. I have mixed feelings.
New car pros -
- They look nicer (and people here do judge you by your car),
- It would be bigger (mine is a 2004 Mazda Tribute, the smallest SUV in the Ford lineup), and
- I have to get a new one someday.
New car cons -
- I like having a paid-for car.
- It would be bigger, and I like driving a smaller car. Easier to drive.
- Even though my car is a “compact” car, it still feels really roomy inside. Feels roomier even than my wife’s giant SUV.
- It’s paid for.
What kind of cars were the used ones?
I’d get a Civic or Corolla but if you really want CPO, you should be able to find a Kia or Hyundai sedan around there.
Yea I’d get a Hyundai if I was a poor. Those are good cars with great warranties.
fascinating info. best age to buy a car 7 years. longest lasting car brands is toyota and honda. GMC, chevrolet, ford are trail them. currently only 1% of cars are over 200k miles. average life expectancy of a car is 200k miles and 12 years. banks iwll only finance 10 year old cars with less than 100k miles and must be at least 5k. here is a sample car
also the typical budget for a car for someone who makes 20k per year:
10% of annual income. around 2k. minimalist
20% of annual income. around 4k. compromise.
35% of annual income. around 7k. typical budget.
https://www.iseecars.com/longest-lasting-cars-study
https://www.sensiblefinancial.com/should-you-buy-a-used-car-if-so-how-old/#:~:text=The%20optimal%20age%20at%20which%20to%20purchase%20a%20used%20car,between%20five%20and%20ten%20years.
https://www.carsdirect.com/auto-loans/how-old-of-a-used-car-will-a-bank-finance
https://www.moneyunder30.com/how-much-car-can-you-afford
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Pretty embarrasing to have this kind of a thread on AF. I thought everyone was driving beamers and porsches over here!
Admin, please delete thread. Tanks.
Fun fact Porsche 911 has the second least depreciation. So that’s the car to buy when buying new. Weird right? The most depreciation is the Maserati quartrope!
Standard Detroit metal. Last one was a 1998 Chevy Malibu.
No wonder you had such poor experiences
Blockquote No wonder you had such poor experiences
Truth hurts.
I bought my car - a 2001 Lexus GS430 - in 2012 with about 90k miles. Still going strong with 187k miles.
Purchase price - $7500
Repairs - $3000 (rebuilt transmission)
Maintenance - ~$1500 for brakes and suspension work (not unexpected, I used to live in a dirt road area)
If you take out the transmission cost, which isn’t really predictable unless it’s already a problem when you test drive the car, it’s a pretty decent cost to own. You probably won’t do better with a new car unless you get a Hyundai with their 10 year / 100k mile power train warranty.
my benz first yaer depreciation was like 8k. so id say you came out of it ahead