Used Cars

[RoJoHen]

My roommate's car broke down the other day. He took it to a shop, and they told him is engine is completely shot and will cost $3,900 to replace. At that price, he has decided that it just makes more sense to get rid of it and buy a different car.

For some reason, he is very opposed to the idea of buying a used car. He only has a budget of around $12,000, so if he finds a brand new car, it's going to be a very bare bones model.

I am trying to convince him to look into used cars. For that same amount of money, he can get a much nicer car with many more features.

He bought his current car new in 2005 for $11,500, and it's already completely dead. It's only 5 years old, and he's not going to be able to get anything for trade because of the engine damage.

Meanwhile, I have owned 3 cars, all of which I bought used, that have lasted longer than his car. He has spent more repairing his car in the last 5 years than I have spent on 3 much older cars in the last 10.

I just feel like, with his budget, a used car makes so much more sense.

 

[marillion]

I'm not opposed to used cars at all.. The one I've purchased was a 2004 Montero Sport and it was a snappy little vehicle... Got the job done and looked pretty sharp, to boot.

 

[Ar-Pharazon]

He should try to get something that still has some of the original factory warranty left.

Then he could get an extended factory warranty added on. A $100 deductible is a lot better than the full cost of parts & repairs on most newer vehicles.

And a lot better than those 3rd party warranties.

 

[Kirkman1987]

If you look around, you can get great deals on used cars. I would not buy a new car on that budget, that's asking for trouble down the line.

 

[RoJoHen]

If you look around, you can get great deals on used cars. I would not buy a new car on that budget, that's asking for trouble down the line.

Very true, which is exactly the problem he has run into with his current car. It wasn't even a year old before he needed to get it repaired. I didn't have a ton of time to talk to him about it, so I'm not really sure why he's so opposed to used cars. I'm not asking him to get a beater from the 1994, but he is even opposed to getting an '09!

 

[Ar-Pharazon]

There might still be new 2010's he could get a good deal on. Depends on what he's after.

I got a 2010 Grand Cherokee in June. There was a lot of cash back & incentives, I got a trade in value that equaled my payoff and I even got 1.9% financing.

They seem to be more likely to give good financing nowadays.

If your friend put 8-10K down on something that costs 15-20K, the remainder should be easy to finance, if he wants to go that route.

 

[RoJoHen]

If your friend put 8-10K down on something that costs 15-20K, the remainder should be easy to finance, if he wants to go that route.

Just for a little more perspective, he'll probably be lucky if he's able to put 2K down, and he certainly won't be able to afford a car that costs more than 15K.

 

[Captain Ice]

The first thing to do is find out why he's so opposed to used cars. I've never bought a new car and never regretted it. I've had 3 cars in the last 15 years and the newest of those was 6 months old when I bought it.

As for service life, the first two lasted well past 100,000 miles. The first one blew a water pump, head gasket, and radiator at 147,000. The second one was still running when I sold it at 152,000. The only reason i sold that car was that I got a hell of a deal on a car with half that mileage. So, a 2006 or 2007 model at 50,000 miles can be a very, very good buy that will last a long time. Cars lose 40% of their value in the first 3 to 4 years.

 

[RevDMV]

+1

I've gone the used car route for quite a while now. I usually buy at two to three years out with less than 50k on the clock. There's a ton if inventory out there, especially in the craigslist world.

I'm looking myself for a much older commuter car, I've lengthened my drive a bit and the accord doesn't get supper gas millage. Even in the local SF Bay Area I think I should end up with something to beat up at 30mpg for under 4k.

 

[Robert D. Robot]

Another vote here for buying a used car. I have owned three, and even if I have to pay for a small to moderate sized repair job every couple of years, I feel that I still am paying less than what I would for the expense of buying a new car and probably STILL needing to make repairs every once in a while.

I would have much more faith in the reliability of a carefully researched used vehicle costing 10-12K than what you could buy new for that same amount....

It is incredible the amount of depreciation that happens with a new vehicle in that first year. That is an expense I do not wish to pay.

 

[Holdfast]

*shrug*

I've bought new, I've bought used. I would say that I don't buy older than "nearly new"; I let someone else take the initial 6-12 month depreciation hit and then move in. Seems a good compromise between the satisfaction of owning a completely new car, and the cost-effectiveness of buying used. I can't criticise anyone who buys new all the time though; I'd do it too if I wasn't both a miser and a fan of overpowered executive barges.

I'm more interested in how someone manages to fuck up an engine in under 5 years; what kind of mileage was he doing?! Or did he just rag it everywhere?

 

[Captain Ice]

I'm more interested in how someone manages to fuck up an engine in under 5 years; what kind of mileage was he doing?! Or did he just rag it everywhere?

I must admit that I'm wondering the exact same thing.

 

[sojourner]

Don't buy a new or used car. Buy a quality car.

 

[Holdfast]

I'm more interested in how someone manages to fuck up an engine in under 5 years; what kind of mileage was he doing?! Or did he just rag it everywhere?

I must admit that I'm wondering the exact same thing.

It's weird. Modern engines are generally so standardised that they either go up in smoke very quickly because there's something out of tolerance, or last for ages. 5 years doesn't seem to fit either pattern. Oh well, I guess there're always exceptions.

 

[Kirby]

I've had both new and used and I have to say used is the way to go. buy a better car after the major depreciation that a car takes in the first several years. I'm currently driving a 1999 Camry that I bought used in 2003 with 60k miles. It now has $135k miles on it and runs great. Maintenance is the key...

I am curious to know what kind of car the OP's friend has.

 

[Amaris]

I've had nothing but used cars. I was most happy with my 1995 Beretta (got it in 2004), but I also had a '99 Monte Carlo (bought it in 2008). I traded in the '95 Beretta and a few grand for the '99 Monte Carlo LS. Sold the Monte Carlo LS for bill money. My used car history:

'84 Ford Tempo (bought in 1998). [Sold - Private Seller]
'93 Pontiac Grand Am (Given to me in 2001) [Trade in]
'95 Chevrolet Beretta (bought in 2004) [Trade In]
'99 Monte Carlo LS (bought in 2008) [Sold - Private Seller]

I'm not sure what to get once I get a job. Hopefully something built in this millennium.
Most of those cars were great, though. All of them (except the Monte) had well over 100,000 miles on them. In fact, the Tempo had 113,000 miles on it when I got it. The ones in bold are the ones I purchased through a dealership. The others were private owner sales.

 

[RevDMV]

Treated well most new engines are great, but with the low tolerances needed to extract the hp and millage at the same time, the don't tolerate heat at all.

I know Honda has nasty compression ring issue with this, once it happens it quick and certain countdown to wrecked engine.

On the plus side if the rest of the car isn't a POS, very cheap Japanese engines can be had on the used market. Less then 50k miles, from JApan. I had one put in a car, all up, for under 1000.

 

[RoJoHen]

I've had both new and used and I have to say used is the way to go. buy a better car after the major depreciation that a car takes in the first several years.

Exactly how I feel.

A new $12,000 car is just a $12,000 car.

A used $12,000 may have originally been a $20-25,000 car just a few years earlier. I think it's definitely a better value.

I am curious to know what kind of car the OP's friend has.

2005 Chevy Aveo

 

[Captain Ice]

I am curious to know what kind of car the OP's friend has.

2005 Chevy Aveo

Doesn't that thing have like a 100,000 mile powertrain warranty? I thought everything from GM since like 2003 has had this...

 

[RoJoHen]

Apparently not.