Need a new car to me


#1

Do I buy a new car at % interest or buy a 2year old car at 4% interest? My current car is a 95 Camry and needs some work probably around $2500, new brakes, new tires, tune up. I bought it new so I don’t buy cars too often


#2

I also buy new cars every 12-15 years. You own it long enough to not worry so much about the initial depreciation, and you want to get the full life out of it. That way you don’t have to worry about how the used car was treated.


#3

If all you need is brakes, tires, plugs, and wires, then you are just doing maintenance. These are expenses you will face with any car. If you want to buy another Camry, I would buy a 2008. It’s about $7000 less than a new one; your total cost will be less, even with interest. I think that I’d go further and get a Corolla instead, and save another $2500. Substitute any midsize and compact car and the general differences are about the same.

But I’d actually look at a 2008 Chevy Malibu LT1 instead of a Camry. You save $1000 up front and it is a reliable car. If you want a compact, I’d look at a 2008 Ford Focus. A loaded Focus should cost between $11,000-$12,000; about $1000 less than a comparable Corolla.


#4

2.5k seems alot for brakes tires and spark plugs. Can you really justify getting rid of this car?


#5

I wonder if that is a dealer’s price. More often than not an independent mechanic can be as good, sometimes better, than a dealer and will almost always cost you less.


#6

That is true – however all I hear is never buy a new car, but what you are saying makes a lot of sense.


#7

I am assuming that is what it will cost to get it to a point that I would be comfortable driving it more than from the Westside to downtown. Which it has been awhile since I felt like it would not break down. It seems like I have been putting in $1000 each year for the past few years to keep it going just hate putting more into it and still not feeling safe or that I can take it on a trip.


#8

If you don’t trust the car, then you need to get another one if you can afford it.


#9

Since you’ve gotten your money’s worth out of your current 15~16 year old Camry, and you’re not really sure about it making certain trips, then it’s time to say goodbye.
Without knowing your budget, we can’t really give too many suggestions other than the standard fare. A lot has changed with car makers since you last bought your Camry, so Toyota shouldn’t be all you’re looking at.


#10

So where do I begin? Do I get approved for a loan at my local credit union or finance throught the dealer? Where do I look re other car makers? My price point is “used” no more than 17,000. Most of my driving is about 2 miles to work and 2 miles home – my current car only has 77,777 miles on it.


#11

You didn’t indicate the mileage on your 95 Camry. However, if you are at 100,000 miles or more I would go for the new car. Also, I would buy a new Camry because you can’t beat them for reliability. Accords are also good but have medium to high levels of road noise. You can buy a new 4 cylinder Camry in the $17,000-$22,00 range depending on equipment. If you take good care of it, it should last 8-10 years easily. FYI, my 2008 Accord has been very reliable but the road noise is more than I like. So when I replace this car I will purchase a Camry. Good luck!


#12

Check online. Car makers will usually blast you with special financing rates or rebates when you visit their websites. You can get a Hyundai Elantra brand new for under $17000. If you’re thinking hatchback, the Elantra does offer a hatchback version.
www.hyundaiusa.com


#13

Agree a new Camry is a good buy, but the life expectancy is much longer than 8-10 years. A well maintained Camry is usually good for 300,000 or more miles of driving and 15-20 year lifespan. Only if you live in the rust belt and drive an inordiante number of miles do you trade a Camry at 8 years.


#14

One of the most reliable midsize cars out there is the Ford Fusion. According to Consumer Reports, its predicted reliability is actually better than that of either the Accord or the Camry.

Scrabbler


#15

Yes, Ford has come a long way recently. The Fusion is a car I might actually consider if I needed a mid size vehicle.


#16

The low interest loans usually require that you pay MSRP. You can typically get a better deal on the car price and then get a good deal on the interest at a credit union. I’d do it that way. If you get pre-approved for a loan at the credit union, you know what your maximum purchase price is. I’d do that, too.


#17

Get approved at your local credit union. Do not discuss financing when negotiating the price of the car. Do not consider financing with the dealer unless their rate is significantly better than the credit union’s.

Buy late-model used. Even without a warranty, it will cost you less than buying new. Depreciation hits most cars hard and fast. The only good reason to buy new is that you can get exactly the options you want, while buying used you take what’s available.

And with a 2 mile commute, you should, weather permitting, consider a bicycle.


#18

buying a new car is flatout idiot-ness. if you bought a new car, drove it off the lot, and as soon as you get on the road veer back into the dealers lot and return it, you’ve just lost $1000+. wait a day and that amount could be 1/3 of the cars price.

new cars can have problems like used cars. example is toyotas floormat situation. people who bought those cars thought the cars wouldnt break. now all the people that took the risk of buying a new car are going to dealerships to get computers reflashed and different mats.


#19

I hear you, but …I’ll wait until the Fusion has an established reliability record equal to Camry/Accord of over ten years and 150k miles, the time I plan on keeping a car. I haven’t seen it yet. Ford products are also, except for hybrids, comparably gas hogs, a v6 for most everything.
I’ll let you guys buy them till then…get back to me in ten years with good reports, and you can count me in.


#20

A. Follow that plan and you’ll always be behind the learning curve. There have been at least some reports of problems with the new V6 Camry, which makes me wonder about them. Give me a car that has had stellar reliability ratings over the past several years over that any day.

B. Agreed the gas mileage could be improved–but you don’t have to buy a V6 Fusion any more than you have to buy a V6 Camry or Accord. And no one’s mentioned the Nissan Altima 2.5, which has excellent gas mileage and good acceleration.