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Buying New vs. Used Vehicles

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  • Okay ..... I'm now about 90% sure that I'm going to fork over the $2000 and get my POS VW fixed and keep my fingers crossed that nothing happens over the next 3-5 years. I've been wrestling with this whole idea of buying an 06/07 Lexus GS for 38k vs. keeing my POS....... At this point, I'm not exactly salivating at the thought of coming up with 38k....

    Quite honestly, the POS is a nice looking car and looks pretty sporty for a 1999 sedan.
  • xrunner2xrunner2 Posts: 3,062
    That's what I plan on doing. I will sift through the phone calls/emails and try to get the most desirable person to deal with. I'll probably set up meetings/test drives a mile or 2 from where I live so that I don't have to have strangers coming to my door step

    I have sold many cars in the past (most recent last Sept) in private sale from my house. I "always" go over everything about the car, features as well as warts and problems, with the potential buyers and the ultimate buyer. I can sleep well knowing that I have provided full disclosure.
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,348
    I know a guy who sold an Oldsmobile years ago. The car was, as I recall about 8 years old and the seller was totally upfront. He thought it was in great shape but he still pointed out a couple of minor things.

    Two months later, the transmission went out. The buyer took the seller to Small Claims court and the judge made him split the cost of a rebuild!

    Of course, this was California and no doubt one of Jerry Brown's appointees.
  • xrunner2xrunner2 Posts: 3,062
    Two months later, the transmission went out. The buyer took the seller to Small Claims court and the judge made him split the cost of a rebuild!

    Maybe I have been lucky and/or the cars I sell don't have anything major until years down the road. I always use a form that the buyer has to sign stating that he is buying the car "AS IS" with no warranties or guarantees.
  • wlbrown9wlbrown9 Posts: 837
    Well, if your are set on those 2 options....but for mid 20s to low 30s you could get a number of new (with factory warranty) CUVs, SUVs or sedans...not the Lexus GS you are looking at, but you could pick up something new and even get a factory backed extended warranty for less than the 38K you were talking about. If you can afford to go the 38K for the Lexus, you could afford to fix up the VW a couple of times over 3-5 year and not be any worse off moneywise. Thinking about it, would the Lexus be covered under warranty for the next 3-5 years? If not, then there is the possibility of some repairs on that, probably not as high a probability as the VW, but out of warranty Lexus repairs might not be fun either.

    Good luck on whatever you decide.
  • the_big_althe_big_al Posts: 1,068
    when the wheels fall off :D - basically when the cost to keep it on the road out wiegh the purchase cost of a new vehicle in car payments.

    I would be willing to drop 1500 in a transmission if it happened before 200K or a motor before 250K, but if I have to start dropping more money into keeping it on the road than a car payment a month would cost me, that's when I would dump the vehicle. It would not be cost effective in terms of down time and in lost finances to keep the vehicle operating. It would be like investing in a losing stock. Why not take that same money and invest it in something that is a little more reliable. It wouldn't have to be new, but I would say 2-4 years old with less than 50K on the clock. That way you wouldn't have to deal with the lost time to repair the vehicle your self, plus the parts cost, or the money spent and the time to find and or wait for the car to be repaired by your mechanic just so you can "squeeze" a few more miles out of the vehicle.
  • the_big_althe_big_al Posts: 1,068
    Even though this post is a few months old - I'll throw in my 2 cents worth and say get rid of that car when the costs per month of keeping it on the road exceed the costs per month of a newer financed vehicle.

    .....

    Now that I think about that maybe I should clarify a little more since a financed amount can vary drastically and so can the monthly car payment. I would venture to say replace the vehicle when car repairs exceed 200-300 a month. The last 2 cars I purchased I finaced and the payment was around 300. If you are spending more than that to keep a car on the road, then there are probably some serious reliability issues and the security of having a car that won't break down in the middle of the road versus have a minimal car payment is worth it.

    Of course if you shop well, you should be able to find any number of good reliable used cars that won't exceed a $300 monthly payment when financed.

    It would be better to be able to pay cash for a vehicle, but as of yet I have been unable to. Hopefully that will change by the next time I am ready to purchase a vehicle..... And again hopefully I won't need a vehicle for a while since both of mine are paid off and running just fine.
  • I live in California, which is considering passing a law to offer up to $5k for a clunker over 8 years old. Has anyone heard the latest news about this bill and details on it? I wonder if there will be a clause that states how long you must have owned the car before being able to use it for the rebate.

    I'm curious about this bill because I've been looking to buy a newish used car (06-08) but if this goes through, I think it would make it worth it to buy a new car instead. My '96 Accord is worth ~$3k private party, so if possible, I'd rather buy a real clunker for <$1000 and use that for clunker money, and also sell my Accord.
  • explorerx4explorerx4 Central CTPosts: 9,446
    there is a thread about this on the news forum.
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,348
    I seriously doubt this would pass, even in California.

    Is Jerry Brown back or something? :confuse:
  • Kirstie@EdmundsKirstie@Edmunds Posts: 10,676
    He never leaves. He just hides in various corners, awaiting a comeback opportunity.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • isellhondasisellhondas Issaquah WashingtonPosts: 17,348
    As a native CA guy I remember Gov. Moonbeam and all of the trouble he caused and I remember some of the judges he installed.

    Still around, is he?
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,876
    Well.... he did have good taste in music.. ;)

    Moderator - Prices Paid, Lease Questions, SUVs

  • isellhondasisellhondas Issaquah WashingtonPosts: 17,348
    Yes he did

    I wonder what Linda is up to these days?
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,876
    About 195?

    Moderator - Prices Paid, Lease Questions, SUVs

  • cccompsoncccompson Posts: 2,388
    At age 70 Brown is now the Attorney General of CA.
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,876
    Wow... thanks!

    It's amazing that I've never heard that.. :surprise:

    Moderator - Prices Paid, Lease Questions, SUVs

  • isellhondasisellhondas Issaquah WashingtonPosts: 17,348
    For awhile I think he was the mayor of Oakland and I thought that was a good place for him!
  • freet3freet3 Posts: 5
    edited March 2010
    My 2007 sahara 4d 4x4 jeep wrangler lease is ending . I can buy it for 19,200 at 8.4 that is $393 a month with 42,000 miles (trying for a better rate ). I went to a dealer and i can buy a new one for $450 a month. Whats the better deal ? I m thinking the new one ???
  • Kirstie@EdmundsKirstie@Edmunds Posts: 10,676
    You're missing some key variables -
    How long is the loan term on the 2007 Jeep deal you're being offered?
    What is the purchase price (the price you've agreed on with the dealer) for the new Jeep? What model year is that Jeep? How long is that loan term?

    Monthly payment alone doesn't give enough info for folks to advise you.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

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