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It's a little better to own, which is more hassle, and pretty much a wash if you feel like you have to drive new cars.
The lessor expensive thing to do is to buy used. If you can convince yourself that a new car isn't that much of a big deal and you're secure enough to know you're a baller without having to have gimmics, you can buy cars that are 2 yrs old or older and the depreciation has already been taken out of them and you'll end up $$$ ahead. Some people do have jobs where having a new car is an important part of their business.
Some chicks have mastered the OGM plan, the Other Guy's Money, where they have a dood lease them a car, pay the insurance, use his credit card for gas and it doesn't cost them anything. They can let their friends drive it or crash the car, walk away and have the dood get you another and if he doesn't tell him that he's a cheap ass, dump him and find a new dood to get you a car..
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A good used car is worth it's weight in lithium. Well, not really, but a good sound investment, better than a new car. Every car I've owned I was the second owner, usually bought from a mechanic or an elderly person. As always, do your due diligence.
d
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Cars are status symbols. You don't need new car every 3 years.
Buy a good quality car my preference is Mercedes or BMW and only let the dealer maintain the vehicle, and it will virtually last 20 years or more. Keep it clean and in pristine condition and it will look classy as the day you bought it.
I have a 10yr old Mercedes runs like a clock super clean looks fly with my custom wheels and every time I pull it out of the garage I can't believe it's that old.
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Cars are like relationships. If you are the type that may fall in love, give yourself a chance and own one. The longest one I owned was for 18 years. I always wanted a more flashy car for the 1st ten but then there were so much fond memories, particularly in the back seat that I just wanted to keep it going.
On the topic of cars, never underestimate anything with an electric motor in it. New types of tires are designed to withstand the torque. While I was teaching other drivers a lesson in a winding road, the mailman determined that I was overdoing it. What he was driving looked like a standard USPS issue, not big and not small. I couldn't leave him behind at the lights. When he seemed to be fading, he caught up at the next light. It was like being chased by a killer clown.
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It's good to have mechanical skills and a good mechanic.
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Leasing- what a waste of money on a depreciating asset
Your full down payment is allocated solely to depreciation for driving the car off of the lot. You then pay a monthly fee to rent the car from the dealership for a set term. You also have to have gap insurance and the true "we got you good" on the contract; an exact amount of mileage that they allow to to drive their vehicle and if over that mileage, a penalty per mile for overage.
Certified Pre-Owned is the way to go for me.
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Lowdown, in Lompoc?
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I think it depends on your level of risk aversion.
For more than a decade, I never had a car payment but I got tired of the unpredictability of driving an older car. It's just too stressful always wondering if the weird noise coming from the engine is a minor problem or a major problem.
I like leasing because if anything goes wrong, which is unlikely with a new car, it doesn't cost me anything and the dealer will give me another car to drive.
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Paid off my accord, kept it, and am now making payments on a camaro.
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A car is something to get you from point to point. A truck does the same thing but allows you to haul
more and bigger items from point to point. Buy it used. learn some basic maintenance and repair or know someone that knows how and drive it till it dies. If you need a certain type of car to feel good about yourself then you are a giant douche.
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I try and crash mine so they're totaled and let the insurance take care of it
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I'm going through the same thing right now!!! I'm almost done, and I've already had to get my transmission redone so I want to keep it after all I've put into it..
And there are some places with some very attractive options if I was to trade it in. I just don't know..
I HATE driving though so....
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Buy a new car, make your payments. Once you’ve paid it off, continue making payment but make them to yourself. Create an online savings account paying you 1.5% interest. And send the payment you were making to that account every month. In 5 years, you’ll have enough money to sell your now 10 year old car and pay cash for the new one.
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My vehicles annual cost:
$150 for oil changes
$350 Miscellaneous (wipers, liquids, etc.)
$300 Brakes
$600 tires
$600 tune up
WTF? A new set of tires every year? $350 for miscellaneous? WTF kind of car is this that cost you that much every year?
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I have a feeling that's a result of a lot of road rage.
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Auto Club or tow insurance from somebody goes hand in hand with a used car. Cost around 100 a year more or less. Know a good garage that you can have them tow your car to if need be, call a car rental agency to come pick you up or Uber there. I usually spend around 30 bucks a day to rent a car and rent them for long trips so I don't add to wear and tear on mine.
New cars are usually an esteem issue. There are so many nice cars being driven around out there that you have to spend around 100k or more if you want to turn heads. A lot of people trying to look good have a negative $$$ self worth.
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Thanks for sharing
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Best vehicle I ever owned was a 1985 Dodge Aries. I purchased it at a tow yard for $225. spent about $450 in a new starter, battery, alternator, oil and transmission change. Drove it for 5 years and it got totaled in an accident, not my fault. Insurance company gave me $1200 for replacement.
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Usually within a 4 years TOPS
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Leasing works best for me.
Worry free new car every 3 years.
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I'm going to guess ego drives a large part of the car purchasing decision on this website.
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Buy a cheap used car for A to B. One that no one else wants, but is ubiquitous. Dodge van, camry.
Cheap tires, insurance etc.
Gotta travel farther or need the "whip" - rent or gig a car - apps like Turo and Maven are cool new options.
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I pay cash.
I always have a 4WD truck or SUV for practical purposes and daily driving. Buy it new and get rid of it after a couple years when I want something else.
Then I'll have a 2nd car around for fun. Usually an older sports car that looks good and goes fast and I can drive on weekends. Keep it for a while and then replace with a different one when I get bored.
This is also my strategy with women.
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I drive WAY too many miles to lease...
I have paid off 3 cars & after I pay them off I always seem to want something new...
I guess it’s whatever works for you & your lifestyle...
I can’t see paying my 600 car payment & paying to rent a car every time I go out of town (which is a lot)....
I just buy a nice car, drive it everywhere, pay it off, then sell it....
Just to do it all again..!! Lol
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I like buying certified pre-owned.
The number-cruncher in me hates paying for the depreciation on a brand-new car or for making payments on a lease where I walk away with no asset. On the other hand, I don't want the risk of buying an 'as-is' used car. That can go very wrong.
The compromise I settled on was buying certified pre-owned. I don't pay the big initial depreciation, I still get the warranty, and I still get reliable wheels I can afford.
I am not in an income category or a profession where I need to worry about impressing people with my transpo, so I typically buy an Accord or a Camry that came off a lease, and has less than 35,000 miles on it.
I make sure it gets all the recommended maintenance from a good place. I'll get it a makeover a few times just to look nice - - you know, get the dings out and a good paint job. And I drive that sucker maybe to 180,000 miles. Usually by then, the engine and tranny are still fine but the car starts having too many other problems - stuck windows, A/C going out, heater problems, door handles coming off, has trouble passing smog, power seat problem, etc.
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the truth is that a car is a lot more than just getting from point A to point B
it's all about how you feel when you're driving and feeling good is well worth the money you spend
- if you don't believe that then you don't belong here
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<--- doesn't believe that.
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Neither do I.
Self-worth does not depend on how much I spend for a car. That idea seems silly to me.
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I buy from Auction with cash. I have gotten some pretty nice cars and I never have a payment. BMW and Mercedes only do major body changes every 10 years so you could have an older car and not really anyone would know unless they are an aficionado. I fortunately have not had any issues with having major repairs because I do the due diligence before I buy. Plus after I am "over it" I just flip it and buy another one and always make money that covers the maintenance I paid while I had it.My cars I have now are 3-5 years old but no one can tell. I cannot justify working for a car payment. My first car was bought brand new with 4 miles on it and all it did was break down and after driving it off the lot I lost 4k! I love cars though and do a lot of the work on them myself so if you have the skill and find it fun why not? I believe I make the car the car doesn't make me. For men on the other hand the opposite may be more true.
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^^^^^ I just love a smart women. A hot chick that's mechanically inclined is even hotter.
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Nice, a chick who does her own car maintenance. Between google and youtube I figured out how to fix almost everything - recently had to pay a mechanic ~$400, first time in over 20 years, except for tires. Bad ECM, which required programming. Damn CEL kept coming back. There's probably a way I could have done that too.
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Fubar, you say you're paying "$167 per month" just for the maintenance of an old car.
You can lease a new car for $200/month.
So that's an extra $30/month that you pay for the satisfaction of worry-free driving.
No matter how well an old car is maintained, you just never know when the tranny is going to get blown out or some other random part of the engine. And it's not just the cost. It's the unpredictability. It can happen at any time.
Also, in the comparison of $167 versus $200, that assumes you ALREADY paid for the old car.
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I don't pay $167/ mo, that's too high.
That $200/ mo car won't include the maintenance Fubar listed.
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I bought a few new cars in full and after that never again. Used cars all the way for me. I always get repairs done at the dealership and I have never had a problem with any vehicle I have.
And as for esteem, I am not a person that likes to show off but I do have a fancy pants car that I rarely use because it actually isnt very comfortable and for day to day shit it is just impractical.
I like and prefer driving around my Accord tho
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