NO MARKET FOR USED CARS

Vanity | 10 January 2003

[winodog]

lol I plead guilty. It was my lease truck. I owed a couple grand because I put more miles on it then I thought I would.
I swore I would never lease again.
So I bought a new power stroker, just made the last payment and I was suprised at how quickly they sent me the title.
Now I am thinking about a new truck again. After the last one I said next truck would be a "new used" one with a loan from my credit union. After talking with my dad, it seems I might have to buy new again. I want a F-250 diesel with the extended cab.
He said he shopped for a long time for a good deal on a used and he is a real tightwad about stuff like that. I will probaly wait for a few months anyway. Whats the best time of year to buy?
I am the type that someone mentioned a few post back. I have to have dependable transpo that fires up every time.
The way I look at it that truck cost 32,000 + but it made me a lot of money by putting me where I had to be and it did it in style.
I dunno if I will keep this one (97 ford f250 power stroker with 4 wheels extended cab) or if I can get a decent price on it.
Sounds like used are not selling but since it is a diesel pick up. I might get something out of it.

[wardaddy]

My take....

Location is everything....repeat that till you pass out.

Economy of scale=It does not cost 10 times the cost to run a 1000 unit facility as a 100 unit facility.

It is a retail business, be prepared for rudeness or worse.

A successful mini-storage is probably one of the best earners of any real estate venture when it hits.....surpassed only by mobile home parks.

Very very management intensive....somebody is on call 24/7...like being an Obstetrician.

Put aside at least 3 times the money you think you will need to keep up thru "lease-up".

Do not build in close competition with a REIT...they can kill you.

I could go on and on...it differs largely in strategy due to scale and locale whether ....country, suburbs, or urban.

Mine is around 1000 renters and is lower to middle income(mostly) suburban...on 11 acres.

Get ready to meet and know more than you ever thought you would about 100s or 1000s of strangers a year....lol

That's the anecdotal stuff....I'm a wellspring of technical too if you need it. I just look for real estate that has the best odds for the biggest returns....management headaches be damned!

[wardaddy]

I forgot.

Planning Commissions, Zoning Aparatchiks, and Codes Nazis.....the Anti-Christ Troika to any bottom feeder developer like me.

Be prepared to do "favors" for folks you'd prefer to use as target practice.

[Centurion2000]

bump

[Caipirabob]

My old Ford Explorer was dying when I drove it to the car lot. Barely got there. I think they gave me the incredible price on the "newer" car just to get rid of me.

You're right, buyers market right now. Tell them you're paying cash (finance in advance and bring the cashier's check) and dream big, chances are you'll get it.

[AppyPappy]

There is really not a good time. We just had the "Year End Inventory Clearance Days" promising lowest prices of the year. However, I just saw the paper and the deals seem better now. The best time to buy is when you find the vehicle you want for the price you like.

I wouldn't go from a 97 to a 2003. If you have a free and clear title, I'd buy a beater or fun car. Look around for a Miata or something. Miata's depreciate rapidly and you can get good deals. Or maybe a Ute or 70's muscle car. I'm lusting after a 70 GTO in town. I'm a firm believer that you should not buy up to the same vehicle. Most people who do complain to me that they paid a lot of money for they had for free.

[ladyjane]

Volvo or bmw? No contest. Just go into the service department at BMW when people are picking up their cars. See the look of amazement on their faces when they see the bill. Almost as good as the look on their faces when their new bmw falls apart. (Yes, I used to own a bmw. I will never ever ever ever own one again.)

[Ouachita]

bttt

[rwfromkansas]

In my Microeconomics class last semester, we did not talk about cars or anything, so I never heard this rule.

I am taking Macro this semester, so I may ask the professor to talk about the econ of car-buying one day. He has always said if you have something you want to bring up, he is willing to spend a day talking about it.

I am currently of the opinion that only a 0% financed new car is really worth it in the end.....and you pay higher insurance etc. also, so it really depends on whether you are okay with an increased monthly cost or not.

I am the kind of person that when I spend money, it is like cutting off an arm and a leg. So, I probably will buy used cars. I have enough money now to get one, but not with a good cushion of cash left over after buying. If I got one, I would only have 500 bucks left over or so. Needless to say, I am perfectly fine driving my mom's car on campus...lol. Hopefully, they will help me out some though eventually, as I don't have a lot of cash. I hope that next summer I will get a good enough job that I don't have to just sink all my money into tuition, but we will see......(I am working two jobs on campus right now, but it all goes to tuition). Oh well, things will get better eventually.

[dtel]

Wait till you get ready to trade-in your current vehicle.
That $30,000 vehicle will bring about $5,000, far less than you will still owe on it.

[Polybius]

He asked me how we managed to have all the extra cash we do to go out and such. I said I can show you easy. I walked him outside to his garage and pointed at his brand new 2002 SUV and his 2002 Checy 3/4 ton pickup truck. He buys new cars every two years his wife and kids wear the latest cloths from Abercrombie and Fitch and replace their wardrobes every season. Some people have no clue on how to use money.

Do your friend a favor and get him a copy of The Millionaire Next Door for his birthday.

[copycat]

Let me give you a sound bit of advice then...DO NOT...I repeat DO NOT buy anything from Dodge/Chrysler/Plymouth. I learned the hard way. The '97 Voyager was my first minivan and my first Dodge...never again.

Not unless you like engine work...

[unixfox]

This is a good idea. However, you can also try using a ringer to get good deals somewhere locally. I did this with a friend once and it worked out really well.

[Blood of Tyrants]

That is primarily why I buy a vehicle and drive it until I can't fix it or it can't be fixed for less than the value of the car.

[dtel]

I wasn't really directing that comment at you personally.
But that is what awaits those at the end of the 0% orgy.
Nobody gives something for nothing, there is always a price to pay.
People are running around like they are taking the bankers to the cleaners, ha ha.

[Mamzelle]

When you're at the dealer, take a little look at the Highlanders, the midsize SUV. We love ours...a little pricey, but it's a loaded Lexus 300 with a Toyota brand label. Drives silent, smooth, elegant. Our first luxury car. It's on a Camry chassis, which means it drives like a car.

[Mamzelle]

Why wasn't the Lexus practical? BTW, this is also the Toyota Highlander. Curious, we find it very useful and comfortable.

[EggsAckley]

I'm accustomed to driving a Mazda MPV, and the Lexus felt way too small for me, and had rather a bumpy ride. I need lots of storage space for camping, etc., and the Lexus has very little storage.

I'm finding that there are LOTS of really innovative new models out there. So many choices.

[Blood of Tyrants]

That will mean it will be a buyers market for used cars. I have nothing against a used car. Everyone drives a used car.

[dtel]

One man's trash is another man's treasure. ;^)
If one postions oneself well, there should be some great bargains on cars and houses in the next few years.