Buying an old luxury car vs Newer economical
So I’m finally retiring my 2006 Chevy Impala — it’s gotten to the point where there’s so much wrong with it that it costs too much to fix it than it’s worth, plus after my deployments and such, the exterior just looks horrible. Otherwise In this market I might debate just fixing it up until the prices drop. However, the AC and power steering don’t work, and those are pretty big factors in California.
I’m looking at buying a used car, and I’ve had a lot of varying opinions from varied people. My budget is up to 18k, and I can roughly pay cash up to 10k, which is what I’d prefer so I’m not financing.
My situation is, I can buy a Mercedes/some other luxury cars that are dated from 2008 to 2011 with mileage around 60-90k for under 12 to 10k, which is perfect. I understand their maintenance costs are higher, and obviously I would make sure any car I purchased had its maintenance up to date where I could.
Or I can take the potentially safer route and buy a Honda/Toyota/Mazda/Hyundai/Whatever reliable brand, in the years ranging from 2014-2018 for around 15-19k, with mileage varying around 50-90k as well.
I’m on the fence in some ways because I feel the more economical choice might be safer overall, but it will cost more (especially with the inflated prices right now).
Or I could buy a luxury car, and possibly one of my dream vehicles and use all that savings to fix whatever might come up (it helps I have a friend who gets a discount on Mercedes parts and has a mechanic she trusts with her Mercedes which has 300k miles on it, but I don’t want to bank on that factor alone). I could also keep that vehicle and maintain it until the car pricing goes down and maybe sell it back without losing too much and buy a more economical car, as Mercedes retain their value a bit more (and it’s already a 2008 so I think it’s depreciated a lot already). I figure this will give me a chance to own a nicer car for a little and get a taste for it, as I am only 33 and might want one in the future and at least then I won’t be blowing a lot more money on one if I decide it’s not for me. I wouldn’t say I’m
Poor, but I’m definitely not well off enough to afford a brand new car of most types.
Obviously I’m a bit biased towards the Mercedes route, but that’s why I posted here to see if anyone can bring up some good points to dissuade me. I appreciate your insight and time! Thanks!