Question For AutoBrag: Buy A New Or Used Car?
Question: I can’t decide between a new car and a used car. I will be driving 92.44 km (57.94mi) 5 days a week to work. For a new car I would be looking at entry level vehicles only (such as Chevy Aveo, Pontiac Wave, Kia Rio, etc). A new car is enticing because I can have a full warranty and not worry about the car.
Used car - I don’t know what to look for. I need good gas mileage because of the amount of driving each week. I will have this job from July 2, 2008 until the end of August 2009, and then I will be in teacher’s college. I need to decide soon so I can go and wrangle the dealers. Thanks!
Queen of the Road: Hi there. Buying new is a REALLY bad investment but if you have a business and can use a lease as a write off that’s not a bad deal. There is nothing wrong with buying new and not everyone cares about doing whats best for their pocket books long term. Short term, many new cars offer zero percent financing and other ways to lower that monthly payment. For many people the payment is the most important thing rather than the total price of the vehicle. We used to be new car snobs but have converted. Buying something 90% new for 75% of the price is a good value in my humble opinion. The only time I buy new is when its a family discount with Toyota/Lexus.
Purchasing pre-owned cars is the way to go. Especially now. New cars are the 2nd fastest depreciating possessions. Homes rank #1. The second you drive that new car off the lot, it tanks quite a bit. Look for a used car that’s no older than a decade, so at most, 1998. I recommend the Japanese cars for reliability. My 1992 Honda Accord has over 200,000 miles and only needs regular maintenance once a year.
