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View Poll Results: What is your usual vehicle buying habit?
PAY CASH for a NEW vehicle and drive it into the ground (not worried about resale of trade in value). 156 45.75%
FINANCE a NEW vehicle and drive it into the ground (not worried about resale of trade in value). 32 9.38%
PAY CASH for a NEW vehicle, but TRADE every few years while it still has value. 32 9.38%
FINANCE a NEW vehicle, but trade every few years while it still has value. 4 1.17%
PAY CASH for only USED vehicles because I want someone else to take the big depreciation. 101 29.62%
FINANCE only USED vehicles because I want someone else to take the big depreciation. 11 3.23%
I LEASE vehicles (either personal or through a business). 5 1.47%
I only purchase my cars at the Pebble Beach Concours d'Elegance, and my CPA worries about the details. 0 0%
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Old 01-20-2021, 09:45 AM   #141
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#5, Have never spent more than 6K on a used vehicle. If we do drive or travel on a long trip, say any thing over about 300 miles 1 way, we just rent a new vehicle from Avis or Hertz or some other rental place
Is this for safety or reliability? They do say most accidents happen within 10 miles of home. We live around some rural gravel roads so for us that's completely true. Especially due to some big mega farmers (not us) who plant corn literally on the road way. Our county had to mark the ROW on the roads and start destroying the corn planted in it.
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Old 01-20-2021, 10:52 AM   #142
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When I sell a old car if itís running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.
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Old 01-20-2021, 10:55 AM   #143
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When I sell a old car if itís running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.

That's a very nice gesture. Good on you!
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Old 01-20-2021, 11:04 AM   #144
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Choice 1 - although I try to replace it before it starts having lots of little problems. I'm not good with cars, so I tend to replace them before they're totally run to the ground, but I will keep them long enough that the trade in value is usually pretty negligible.
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Old 01-20-2021, 11:11 AM   #145
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Vehicle habits?
I have four different four wheeled vehicles, they all have different habits.
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Old 01-20-2021, 12:35 PM   #146
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I am a decent mechanic and can do most all the maintenance myself, brake jobs, hoses timing belts, gaskets , sparkplugs, hoses, AC. About only mechanical task I dont do is mount tires I don't have equipment for that task. I have engine hoist and have changed out probably over a dozen engines and I have a transmission jack and have replaced several transmissions as well. I do have a pretty extensive tool set in the garage. So thats why buy used cars . Now granted I ussually stick with Honda ,Hyundai or Subaru and if you take care of them even used ones they tend to easily make it into the 300K mile club. They are plenty safe and sound ,but as I said for longer drives we like to just rent a new vehicle . At my income level buying new cars and toys and trying to keep up with Jones would be a way to go broke.
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Old 01-20-2021, 03:02 PM   #147
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When I sell a old car if it’s running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.
You're a good person. When our kids and DNs and DWs were younger we would always send out a message, we are getting rid of this car, does anybody want it. usually at the low range of the trade in price of KBB.

This time around because of Covid and such, as well as most of these "kids" being in their 40's..we just worked on a good number for a trade.
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Old 01-20-2021, 03:34 PM   #148
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Our cars are usually so old and high mileage that when we get a new one, we just give away the old one to family or friends.
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Old 01-20-2021, 04:54 PM   #149
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When I sell a old car if itís running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.
Do you have a method for telling if the person is actually poor and not just faking it or giving you a sob story?
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Old 01-20-2021, 04:55 PM   #150
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# 2 with a 2008 Honda Fit. Before that I drove a 1996 Dodge Neon.
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Old 01-20-2021, 05:54 PM   #151
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Sure, but that doesn't mean it's the right move financially.

You've got a car you could sell for $5K because it's old, but doesn't have any problems. The next month the tranny goes out and it'd cost $2500 to replace. You might have to drop the price to $1k to sell that car with a bad transmission. So instead you shell out the $2.5K, but why sell it once it's running again. Hence, the spiral.
That's why I donated mine. I'd taken it to the dealership where DDIL used to work and they gave me the $3,500 repair estimate. I asked about trading it in on a new vehicle and they said the sales guy would get beck to me. He never did. That gave me a hint of the trade-in value! I'm sure I could have sold it privately for something even being honest about the issues, but it was cleaner to have Habitat for Humanity tow it away and I got a tax deduction.
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Old 01-20-2021, 07:20 PM   #152
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So far... X, none of the above. Financed SOME, paid cash for the rest on a new and a used vehicle...the portion we financed was 1.99% back in the day. Next time we might have enough to pay all cash. I think total we financed about $35k at 1.99% running in tandem for 3 years. They were 4 year loans and we paid them off a year early.

Now we are spending our dough on daycare. I like the new 2021 Suburban but at about 80k...no way, I don't like it that much.

I paid cash for vehicles that were "cheaper" when I was younger and my wife was able to buy her first "nice" car using some inheritance.

I still have my vehicle I took to the high school prom 22 years ago. It still actually produces income for me believe it or not. Been through a lot, can't even tell how many miles are on it after replacing the dash 3x I gave up.
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Old 01-20-2021, 07:32 PM   #153
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(1) PAY CASH for a NEW vehicle and drive it into the ground (not worried about resale of trade in value)


I'm only on my second car. But the first was bought new, kept for 13 years and I am in year 6 of my second car. I expect this one to last longer as I'm not doing the 70 miles round trip to work and back that I did with my first car.
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Old 01-20-2021, 08:02 PM   #154
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O2BFree, I assume if someone is buying a car for around 1k or less they probably don’t have a lot of money. The last car was a Saturn with a BB of 1500. I listed it for 1100 and sold it in 30 minutes to a middle aged woman needing it for work. I suppose someone with money could be buying it for their kid but it’s never happened. The first person with the money takes it. I doubt that I will be selling any more as my 2008 Toyota Corolla only has 60k miles on it. Probably last one for me.
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Old 01-20-2021, 09:57 PM   #155
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^^That makes sense. I have a used car currently listed for $10,500, so I doubt if any really low income people would be interested. Very decent cars can be had for much less.
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Old 01-21-2021, 12:48 AM   #156
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O2BFree, I assume if someone is buying a car for around 1k or less they probably donít have a lot of money. The last car was a Saturn with a BB of 1500. I listed it for 1100 and sold it in 30 minutes to a middle aged woman needing it for work. I suppose someone with money could be buying it for their kid but itís never happened. The first person with the money takes it. I doubt that I will be selling any more as my 2008 Toyota Corolla only has 60k miles on it. Probably last one for me.
I sold my 12 yr old Sonata to a fellow for ~$1,200 , he had brought his "son" with him, who sat in the fellow's car the entire time.
It was to be for his son, to go to College.
I let him talk me down $100 because of his needs for his "son".

The next day I saw my car for sale again for $3,500 on craigslist. The fellow had peeled off the LS and lied saying it was a GLS.

So not all people looking for cheap cars that run are nice and decent.
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Old 01-21-2021, 09:32 AM   #157
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That’s really sad. But there are shysters everywhere. You tried to do the right thing. You aren’t responsible for what other people do after the sale. I’ve done the same thing, but I don’t care what they do after the sale. Two things I always insist on - cash payment and a signed legal disclosure that the car is sold in as-is condition with no warranty given or implied. I once sold a well used car that I had bought used and kept for 6 years for $800. One person who came by to look wanted me to finance it. Yeah, sure. Like I said cash and carry. Now I donate old cars to charities that refurbish them a bit and give them to people who need them.
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Old 01-21-2021, 01:21 PM   #158
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We are the exception on our street. Mostly late model Lexus, Acura, Mercedes, and a few Caddies. In most cases there are 2 of that assortment in each garage.

Us, and the folks up the street with the Olds are the exceptions.

All retired/retired early.

But not one Buick to my knowledge!
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Old 01-21-2021, 03:30 PM   #159
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(5) PAY CASH for only USED vehicles because I want someone else to take the big depreciation.

Have never bought a brand new car, have never had a "car payment". Lately prefer 1-3 year old cars. Usually keep them as long as they meet my needs and until they start having mechanical issues.
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Old 01-21-2021, 03:45 PM   #160
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I'll add that 10-15 or so years ago, I used buy 5-7 year old cars from private sellers only. One owners with maintenance records if possible. Maybe 43k-$6k cars. I do almost all my own maintenance, have 3 antique cars I work on too, so I am pretty good at finding cars that are without issues.

More recently we have been buying newer cars, and unfortunately have to deal with stealerships which I almost universally hate.

But at the present time I am in a "phase" dealing with 120k mi plus cars. My '08 plow truck which is starting to cost me money and a car that my wife nicknamed "sh!tbox" that I bought Nov '19. It's an '02 Ford Taurus wagon that I paid $1300 for and have put 13k miles on it since then. I bought some new headlights for it an had to replace the coolant reservoir. I keep a spreadsheet of every penny that I put into it and, including tax, title and registration, am up to like $1820. I hike every day pretty much with our two dogs so it gets pretty dirty. At this point it is more of a challenge of just how far I can keep it running. And there is some upside to driving a POS car, not worrying about dings, where you park it, throwing all kinds of crap in the back. And I chuckle at myself sometimes, knowing I fit that "Millionaire Next Door" profile.

I do plan on selling the plow truck in the spring and getting a 1-3 year old SUV, like a Cherokee or Highlander.
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