Posted on 03/03/2023 8:52:01 AM PST by dennisw
This is why “serial” leasing is a pretty good deal. We just turned in a 2020 Acura for a 2023 Infiniti. Because we’ve been alternativly leasing one or the other brand for a couple of decades, it cost next to nothing to get rid of the old and into the new.
I know many think leasing is stupid because you never build equity, which is true. However, you get a new car every three years which never goes out of warranty. Basically one just rents a lease then turn it in on another rental. Since the lease is about the only obligation we currently have it works for us. What works for us may not work for others.
One of the richest persons I have ever known that had a nice collection of classic cars explained he never bought a new car. Ever. Multimillionaire with a lot of common sense.
My advice to those who have known reliable vehicles, such as 3 generation Toyota 4Runners, do not sell them.
The used car market is strange right now. I have two teenage drivers and have been looking to get a new car for my oldest and transition my younger driver to her “first car” (its a beater).
However, this market (between 8-12k) still seems high to me and most of the vehicles in this range for sale by owner are “flippers” or the flippers (even dealers) scoop up the good deals very fast off craigslist or facebook marketplace. There are not a lot of vehicles out there at the low end, but I have noted more and more late model cars for sale by owner.
It’s been a little frustrating.
Never, EVER buy a new car - best advice I was ever given, and always use.
“Does this mean there will be more used cars on the market soon? Prices are nuts right now. Greater supply should reduce prices.”
I have noticed prices are dropping a slight bit, but it’s got to pull back another 15-20% before I even look.
Self-denial is tough, but this is the winning auto strategy.
1. Save up a big down payment
2. Buy a used car with 20k to 30k on it. Let somebody else take the new car depreciation hit when they drive it off the dealer’s lot.
3. You save a lot on lower insurance and registration fees.
4. Buy on the last day of the month with salesmen are extra-motivated. Keep them there until 11:30 pm.
5. Get as small a loan as you can. Never take financing from the dealer. Use your local credit union. Keep the term to 3 years, 4 tops, if possible.
6. Drive around with a smug look on your face.
7. Years 5+, you own it free and clear.
8. Drive conservatively and defensively to avoid accidents.
9. Never drive after drinking. A DUI will clobber you for five to ten years.
A lot of numbskulls respond to dealer ads “we will pay off your old car loan” like this is a free lunch. The dealer just pays it off and rolls the debt into the new car loan.
Looks like fat Teddy’s car he left something in the back seat.
Yes, I drove past CarMax yesterday in North Austin TX and their lot was overflowing. That means the supply of used cars is way up, and/ or few are buying at inflated prices. The auto bubble will burst.
Obamy’s clunkers certainly didn’t help people’s finances.
Vehicles are scary high priced today.
Obamy’s clunkers certainly didn’t help people’s finances.
Vehicles are scary high priced today.
Including what was owed on the two cars, plus the registration and all other dealer fees, the couple ended up paying $66,000 for a $49,000 Explorer.
No they didn’t. They paid 49000 for the explorer and rolled pay off and fees in to the loan on top of the 49k
Idiots none the less.
A low mile caravan for 3500-4k would have done just fine
A year ago I bought my third car in 30 years. It’s a nice 4 year old BMW which they stopped making in stock shift 4 years ago. I’ve never owned an automatic and don’t want one. I plan on keeping this car until the wheels fall off like I did my first two.
You can even splurge and get a more expensive car you really like. If you get a low mileage used one and just keep it and maintain it, then it ends up not being very expensive. The key is don’t get tired of your car and flip it every few years.
Right! The remainder of their past automobile loan. What they still owed. This was rolled into their new automobile loan. Making the new loan thousands of dollars larger. Kind of a wraparound loan, 8 years probably.
Paid off? Did you say paid off? That means you are now eligible to help others pay off their loans. Whatta guy!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.