Stop measuring your self-worth by the car you drive -> Buy ancient Toyota or Honda -> Save $800/mo in car payment, $300/mo full-coverage insurance -> Pay for the occasional repairs -> Profit.
Or, keep paying out the nose for a status symbol that you use for an hour or two a day to be seen by strangers who will think you’re an asshole who can’t drive or park regardless of how shiny the badge is on your hood.
Reliable cars have existed for quite some time. Some of them are older and need some of the parts replaced, but they are no less reliable.
But, If by reliable you mean ‘cars I can drive for years with only simple maintenance’ then yes, you’re right. Only new-ish cars will have that property.
However, if you have to spend $5000 to repair a $5000 used car which costs you $0/mo + $80/mo in insurance you will save far more money in the long-term than paying a $5000 down payment and then $700-800/mo + $200-250/mo in comprehensive insurance for the next 72 months.
It is a lot easier and less hassle to simply sign a contract and pay $950/mo, but it is far more expensive in the long-term.
There are not many things that can require a $5,000 repair, unless you’re crashing your car into things in which case a new car is going to hurt your even more.
A $5,000 repair is still cheaper than an $1000/mo car+insurance payment. Unless you’re replacing your engine or transmission every 4 months then you’re still going to be paying less by covering the repairs.
The cost of ownership of a used car 5-10 years old is cheaper than a new vehicle. This has been the case for decades. Buying a new car has always been the most expensive option in both the short and long term.
lol what. i have a 1yr old car. my insurance and car payment is like 450 a month, and the new payment goes away after 3 years. you are vastly over exaggeration.
i got a new car because my 10 year old car needed $5000 worth of work and it made no sense to keep it anymore. new tires, fluid flushes, new brakes, etc. not sure if you have had a car worked recently, but like a brake job for all four brakes alone is $1500. the tires and wheel balance was $600, etc. a nicer car would have cost a lot more. one reason i don’t own a suv is the maintenance costs are double that of than a fwd sedan. had it been a crv the maintence would have run me probably 8000.
your prices seem 10-20 years out of date for car repairs. yeha, in 2002 I was paying like $2000 to overhaul an old camry, but that was 25 years ago.
Stop measuring your self-worth by the car you drive -> Buy ancient Toyota or Honda -> Save $800/mo in car payment, $300/mo full-coverage insurance -> Pay for the occasional repairs -> Profit.
Or, keep paying out the nose for a status symbol that you use for an hour or two a day to be seen by strangers who will think you’re an asshole who can’t drive or park regardless of how shiny the badge is on your hood.
reliable used cars cost nearly as much as new ones these days.
Reliable cars have existed for quite some time. Some of them are older and need some of the parts replaced, but they are no less reliable.
But, If by reliable you mean ‘cars I can drive for years with only simple maintenance’ then yes, you’re right. Only new-ish cars will have that property.
However, if you have to spend $5000 to repair a $5000 used car which costs you $0/mo + $80/mo in insurance you will save far more money in the long-term than paying a $5000 down payment and then $700-800/mo + $200-250/mo in comprehensive insurance for the next 72 months.
It is a lot easier and less hassle to simply sign a contract and pay $950/mo, but it is far more expensive in the long-term.
Until that $5000 car needs another $5000 repair, and another and another.
There is a reason most cars don’t last more than 10 years.
There are not many things that can require a $5,000 repair, unless you’re crashing your car into things in which case a new car is going to hurt your even more.
A $5,000 repair is still cheaper than an $1000/mo car+insurance payment. Unless you’re replacing your engine or transmission every 4 months then you’re still going to be paying less by covering the repairs.
The cost of ownership of a used car 5-10 years old is cheaper than a new vehicle. This has been the case for decades. Buying a new car has always been the most expensive option in both the short and long term.
lol what. i have a 1yr old car. my insurance and car payment is like 450 a month, and the new payment goes away after 3 years. you are vastly over exaggeration.
i got a new car because my 10 year old car needed $5000 worth of work and it made no sense to keep it anymore. new tires, fluid flushes, new brakes, etc. not sure if you have had a car worked recently, but like a brake job for all four brakes alone is $1500. the tires and wheel balance was $600, etc. a nicer car would have cost a lot more. one reason i don’t own a suv is the maintenance costs are double that of than a fwd sedan. had it been a crv the maintence would have run me probably 8000.
your prices seem 10-20 years out of date for car repairs. yeha, in 2002 I was paying like $2000 to overhaul an old camry, but that was 25 years ago.
The cost of new car ownership has massively increased since 10-20 years ago. If it was a better deal 10 years ago, it is even better now.
Here’s the data: https://www.bts.gov/content/average-cost-owning-and-operating-automobilea-assuming-15000-vehicle-miles-year
Like the guy in the 100k BMW is gonna stop to think about depreciating assets… C’MON!
Like the guy in the 500k BMW is gonna stop to think about depreciating assets… C’MON!
A fool and his money…