Htown Harry
Thinks s/he gets paid by the post
- Joined
- May 13, 2007
- Messages
- 1,525
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I already paid cash for the car and I now intend to drive it until it dies because I am stubborn.
OP. I know that you said you do not like to buy used because of repairs. However, may I suggest you consider purchasing a pre-owned CERTIFIED vehicle. These are usually vehicles sold by the manufacturer that have come off lease. So they are 2 to 3 years old, look to be near new, low miles AND have a manufacturer's warranty (for how long and how many miles depends on car/manufacturer).
But you get what is a clean, late model car, with a warranty where the original purchaser has taken the HUGE depreciation from new. Twenty years ago I would have never considered this approach, but cars now routinely pass the 100,000 mile mark so something with 25,000 to 40,000 miles is just getting warmed up.
Perhaps something to think about...
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Leasing also makes sense when Money is cheap from an Interest rate perspective. I usually lease cars valued between $50 & $70k range.
![/B]
We need a Who Leases and who buys poll.
If I post a cheap fix or a workaround for getting the key out during the summer will you be mad at me for taking away your dream of a new leased car?
This post has pictures of the workaround (which seems typical for GM cars, at least):
Car Hack – Key Stuck in Ignition: Pontiac Aztek | The News Wheel
This thread mentions a fix involving cleaning electrical contacts down below where you spilled a soda on the shifter in year two. Maybe.
Key in ignition won't come out - Discussion on Topix
Keep in mind that when you lease a car, you still have to establish what the purchase price is. When you see advertisements for lease deals, these ads are almost always based on paying MSRP for the car. You can always negotiate a discount of MSRP, and usually a substantial one. This will lower the lease payment quite a bit.
Don't think that the monthly numbers in the ads are the numbers you need to pay. They are essentially full price deals with maximum profit to the dealerships, not the numbers they really need to lease the car for.
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Why, leasing does not make sense unless you value you time more than the thousands of dollars you save.
You are not the only one with this approach, and its becoming a bit too popular (in Europe, so maybe not the US). In fact, we're seeing deals where these cars are actually about the same monthly cost as brand new cars.
Go figure.
OP. I know that you said you do not like to buy used because of repairs. However, may I suggest you consider purchasing a pre-owned CERTIFIED vehicle. These are usually vehicles sold by the manufacturer that have come off lease. So they are 2 to 3 years old, look to be near new, low miles AND have a manufacturer's warranty (for how long and how many miles depends on car/manufacturer).
But you get what is a clean, late model car, with a warranty where the original purchaser has taken the HUGE depreciation from new. Twenty years ago I would have never considered this approach, but cars now routinely pass the 100,000 mile mark so something with 25,000 to 40,000 miles is just getting warmed up.
Perhaps something to think about...
Sent from my iPad using Early Retirement Forum
Use to be new cars seemed to drop $5 thousand a year in depreciation. Just had our X5 BMW at dealer and it looks like in 4 years it has lost more like $8,000 to $10,000 pa. So the hit on new cars is getting bigger and bigger!
Realistically, there is no real difference between a brand new car and one 3 years old...especially if the model line hasn't been updated.
There is : warranties. You can extend them though.
Buying new to get a warranty may give peace of mine, but it comes at a high price.
You can't get a peace of mine, no matter how much you want it...
Use to be new cars seemed to drop $5 thousand a year in depreciation. Just had our X5 BMW at dealer and it looks like in 4 years it has lost more like $8,000 to $10,000 pa. So the hit on new cars is getting bigger and bigger!
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Buying new to get a warranty may give peace of mine, but it comes at a high price.
While the depr. to you maybe $5K per year the next buyer does get $5K off the purchase of the used car. I think you will find that you will be paying close to the price of a new car. Dealers make more money off of used cars than new cars. For me the price difference between a 2 year car with 30,000 miles and a new car is not worth buying the used car. But then I keep them a long time, much longer than 3 years.