I am in the market for a new car. I recently got a new job, and am making some pretty good coin. I am still living with the parents right now, so lucky for me my day-to-day bills aren’t very high at all. I am in the market to replace my old clunker, and would really like to pick up something nice. As i am quite a novice to the world of car buying, i dont know weather to buy new or used. Part of the reason i ask is because i know the economy is in a rough state, and i have been hearing for months now that “its a great time to buy a car” because the prices are so low. I guess what im really trying to ask is, right now with the economy in the state that it is in, is it a better deal to be buying new, or to buy used? I dont have a huge amount saved up for the purchase yet, but i know i can handle the monthly payments that would come with the purchase.
any help or suggestions would be appreciated. thanks guys
Well Mr. 416 driver, I feel sorry for you because you are unfortunate to live in Toronto. Let me tell you, though it is true buying a new car right now is cheaper than it was '02-'05, buying a recent model used car is always more cost effective. Cars lose thousands of dollars in value the very second you drive it off the lot.
how is living in toronto bad? lol
i would love a recent model used car. do you think its a good time to get in on the mid range luxury cars? have they come down in price significantly as well? or is that just wishful thinking? to give you an idea of where my eye has been looking recently, i am in love with the acura tl and the lexus is 250 awd. I am doubtful however that those have come down in price enough to be a sensible purchase for me.
My suggestion for you would be to keep the clunker for a while longer and try to save up some money for a good down payment first of all. The best values in general are used cars that are 2-3 years old. They have already taken the brunt of their depreciation and may even have the balance of the factory warranty. Possibly an even better way to go would be to consider a slightly older car. With a decent sized down payment, you could get a very nice car for a low payment and own it in 2-3 years. My sister went this route recently and got a beautiful '02 Grand Am GT sedan, flawless bright silver, black leather, Monsoon 8 speaker stereo, bright chrome wheels and brand new tires for $2000 down and paid well under $200 a month for less than two years. That’s hard to beat. Don’t buy impulsively and DO NOT UNDER ANY CIRCUMSTANCES GO TO JDBYRIDER OR SIMILAR BUY HERE PAY HERE PLACE!!! They generally charge 22% interest on their loans and have the cleanest looking auction cars available, priced at roughly 225% of the fair market value of the car.
thats great … thanks
any other suggestions or opinions on the matter are still welcome
We just bought a new Chevrolet. The discounts were amazing; we didn’t need to ask for them nor did we bargain for more as there seemed no need to do so. Try shopping to see for yourself. Be a little brave; have some charity for your home country and its manufacturing industry and assume that after the dust settles, Chevrolet, Buick and Cadillac will be here. We also got a flyer in the mail from our GM charge card that stated that the Federal Govt will back up the 100,000 mile, 5 year GM warranty.
It is my sincere belief that people who buy new cars are likely to be larger thinkers in other ways who can turn over a buck to meet their wants as well as their needs, not to boast or anything like that.
Buy a new car, then you don’t have to worry about not making it to work on time, or not at all. Don’t go hog wild, get something with a payment and warrantee you are comfortable with.