I’ve been buying older cars for over 25 years. The least expensive was a 20 year old Delta 88 ($300) which I immediately drove from Louisiana to New England with no problems. The most expensive was a 5 year old Delta 88 ($8,000) that got stolen within a year. Here is what I look for:
- Older cars (usually more than 10 years old)
- Low to average mileage (10,000 miles per year or less)
- Mechanically sound
- Large American cars (GM, Ford, Chrysler). Purchase price tends to be lower than imports, repairs are cheaper, and parts are easier to find.
- Check the Internet for generic problems with the model you are looking at. This will give you an idea of potential future problems.
- Replace tires and all engine hoses ASAP. These things all fail at about the same time and it’s really annoying to change them one at a time.
- Know how you are going to use the car. I live 5 miles from work in a city with good public transit. I don’t need great gas mileage or a super dependable car. If I drove 50 miles to work, my requirements would be different.
Currently I’m driving a 1990 Chrysler LeBaron convertible with 150,000 miles on it. Bought it for $3,300 in 2005. Only major repair has been replacing the master brake cylinder. “Quirks” include the fact the top no longer goes down, the automatic headlight covers don’t work, the radio antenna doesn’t go up and down, and the paint is starting to peel. I can live with those quirks since my total cost of ownership is about $900 per year (including repairs).