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+--- Thread: The false economics of a used car (/showthread.php?tid=4783)
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- .RJ - 09-15-2006
Evan, have you looked into leasing, or taking over someone's lease?
If you are bent on this new car thing and presume all used cars are going to be busted things that eat up all your time wrenching on it then it might be a good way to go to avoid some of the depreciation on a new car.
- Mike - 09-15-2006
taking over a lease is a freaking great idea if you only plan on keeping a car for 2-3 years.
- .RJ - 09-15-2006
leasetrader.com , swapalease.com
- Evan - 09-15-2006
well, this was just an exercise and food for discussion, not really "help Evan find a DD"
as I said in my original post the biggest drawback for the new car is the high monthly payment and upfront cost. Neither of which I can swing right now.
I think Mike has the right idea with the 30-50k mile car being a nice sweet spot. A certified used car wouldnt be bad either.
My logical brain cannot fathom paying 300 or so a month to rent a car so a lease is out of the question.
all this exercise has really done is rule out a 90k mile E46. Because I cant afford a E90. Maybe if I was smart I would buy a lightly used Mazda3 or something. Ive thought about that, but fwd econoboxes just dont stir my loins. I need rwd like i need oxygen.
Maybe Ill stretch my budget and go for a 40 or 50k mile E46 if I can find one. But that brings a ~20k price range, which brings in a whole lot of other very cool cars..... like STis...nice S2000s..... dammit. And a $450 monthly payment with it...
The IS is a great car except the gas mileage is very poor, for some strange reason. Kind of a deal killer.
maybe Ill just stick to old busted miatas.
- Maengelito - 09-15-2006
Evan Wrote:all this exercise has really done is rule out a 90k mile E46. Because I cant afford a E90. Maybe if I was smart I would buy a lightly used Mazda3 or something. Ive thought about that, but fwd econoboxes just dont stir my loins. I need rwd like i need oxygen.
last time i checked, my bro's 2003 325is had less miles than my 2004 STi (which is at 46k right now) i doubt he's put 40k on it since last year.
- .RJ - 09-15-2006
Evan Wrote:My logical brain cannot fathom paying 300 or so a month to rent a car so a lease is out of the question.
But if you take over someone's lease, they've already absorbed the up front cost, security deposits, dealer fees, etc.... just take over the monthly for 1-2 years and you come out WAY ahead out of any other option.
- Evan - 09-15-2006
.RJ Wrote:hrm. Ill look into it, but i still dont like paying 300 or so a month and not actually owning anythingEvan Wrote:My logical brain cannot fathom paying 300 or so a month to rent a car so a lease is out of the question.
But if you take over someone's lease, they've already absorbed the up front cost, security deposits, dealer fees, etc.... just take over the monthly for 1-2 years and you come out WAY ahead out of any other option.
- Andy - 09-15-2006
I don't like the idea of making payments on a car. I'm currently in the market for a nice Miata w/a touring package and you could just pay that off with a single check. What about a late 90's Maxima? Those things are comfortable, look good and really reliable?
In my mind, making payments suck and paying interest on a luxury item doesn't make sense especially because almost all cars are money pits in one way or another.
Then again, you single guys can't go to the club in a clapped out shit box.
- .RJ - 09-15-2006
Evan Wrote:but i still dont like paying 300 or so a month and not actually owning anything
If you're making a payment on it, you still dont own it... the bank does.
- Feersty - 09-15-2006
Also the benefit of buying a new sports car is that you know the history and can be 99% sure it hasn't been ragged on. I treat my cars nice and would love to take a car through its lifetime so to speak. I hope to purchase a new car sometime in my life, but it is a pie in the sky at this point. Good thread Evan.
- Mike - 09-16-2006
Feersty Wrote:Also the benefit of buying a new sports car is that you know the history and can be 99% sure it hasn't been ragged on.
i would hope a new car hasn't been ragged on.... again, my 5 year old sports car cost me $0 in extra costs this year. it has been reposessed too... i'm sure it hasn't had an unragged life.
- WRXtranceformed - 09-16-2006
I personally don't think I'll ever buy a brand new car, unless I'm wealthy someday and some car comes out that I HAVE to have. You just get hosed so bad on depreciation as soon as you drive it off the lot. Not to mention higher insurance costs, higher personal property taxes, etc.
A good used car can hold up just as well as a brand new one, especially if you get a certified used car in case something does happen to it. I took a beating on the sale of my old WRX, it had depreciated that much in 1 year.
- Maengelito - 09-16-2006
Mike Wrote:Feersty Wrote:Also the benefit of buying a new sports car is that you know the history and can be 99% sure it hasn't been ragged on.
i would hope a new car hasn't been ragged on.... again, my 5 year old sports car cost me $0 in extra costs this year. it has been reposessed too... i'm sure it hasn't had an unragged life.
your car has also been driven around with the hood up too
- Apoc - 09-16-2006
Evan Wrote:I think Mike has the right idea with the 30-50k mile car being a nice sweet spot. A certified used car wouldnt be bad either.
+1
My last two cars had 30k miles (+/- 10%) on them and one was certified.
After also owning a 10 y/o car Accord and a brand new Prelude I can say the 30k mile plan is the sweet spot for reliability and fiscal sense.
- Scrubber - 09-16-2006
Buy a new Civic SI.
My insurance went DOWN from a 2001 Mustang GT. Incredible...
Limited Slip for life! :o
- Feersty - 09-17-2006
Scrubber Wrote:Buy a new Civic SI.
My insurance went DOWN from a 2001 Mustang GT. Incredible...
Limited Slip for life! :o
Was that hard to find out there? Got any pics man? Throw them in Appearance/Cosmetic. Any plans for modifications?
- Mike - 09-17-2006
Feersty Wrote:Scrubber Wrote:Buy a new Civic SI.
My insurance went DOWN from a 2001 Mustang GT. Incredible...
Limited Slip for life! :o
Was that hard to find out there?
yes, they don't have honda dealerships out west..
- G.Irish - 09-17-2006
Well 06 Civic Si's are very difficult to get in most of the major metro areas...