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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). 150 45.32%
FINANCE a NEW vehicle and drive it into the ground (not worried about resale of trade in value). 31 9.37%
PAY CASH for a NEW vehicle, but TRADE every few years while it still has value. 32 9.67%
FINANCE a NEW vehicle, but trade every few years while it still has value. 4 1.21%
PAY CASH for only USED vehicles because I want someone else to take the big depreciation. 98 29.61%
FINANCE only USED vehicles because I want someone else to take the big depreciation. 11 3.32%
I LEASE vehicles (either personal or through a business). 5 1.51%
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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Poll:Vehicle habits
Old 01-16-2021, 06:14 PM   #1
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Poll:Vehicle habits

What is your usual vehicle buying habit?

(1) PAY CASH for a NEW vehicle and drive it into the ground (not worried about resale of trade in value).

(2) FINANCE a NEW vehicle and drive it into the ground (not worried about resale of trade in value).

(3) PAY CASH for a NEW vehicle, but TRADE every few years while it still has value.

(4) FINANCE a NEW vehicle, but trade every few years while it still has value.

(5) PAY CASH for only USED vehicles because I want someone else to take the big depreciation.

(6) FINANCE only USED vehicles because I want someone else to take the big depreciation.

(7) I LEASE vehicles (either personal or through a business).

(8) I only purchase my cars at the Pebble Beach Concours d'Elegance, and my CPA worries about the details. Might you have any Grey Poupon?
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Vehicle habits
Old 01-16-2021, 06:20 PM   #2
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Vehicle habits

(1) I buy with cash new and keep them 10 to 15 years
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Old 01-16-2021, 06:22 PM   #3
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Over the course of almost 50 years of vehicle ownership I/we have done 1 thru 6.

So I guess we don't have a vehicle habit, and don't need to sign up for VA (Vehicles Anonymous)
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Old 01-16-2021, 06:24 PM   #4
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Combination of 1 and 5. Until I passed 50, all purchases save 1 minivan were used and all cars were towed away when we sold. After 50, we have bought one new car, but may sell it before 250,000 miles (DW's back is getting tired of monthlong road trips in a Honda Fit). Next purchase? It'll all depend.
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Vehicle habits
Old 01-16-2021, 06:25 PM   #5
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Vehicle habits

The last three vehicles were 5-used cash, 1-new cash, 5-used cash, hold until vehicle is 10+ years old.

Ideally cash purchase a vehicle 2-3 years old, hold for 10 years.
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Old 01-16-2021, 06:28 PM   #6
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There have been interesting threads on EVs. Iíve been wondering if itís worth leasing one? I have a trusty ICE SUV but itís got many years on it.
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Old 01-16-2021, 06:32 PM   #7
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Quote:
Originally Posted by steelyman View Post
... wondering if itís worth leasing one? ...
IMO leasing is just a complicated, opaque, and expensive way of borrowing money unless one finds a seriously below market deal offered by the seller. YMMV, of course.
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Old 01-16-2021, 06:37 PM   #8
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Quote:
Originally Posted by wompo View Post
(1) I buy with cash new and keep them 10 to 15 years
Very similar to me. I pay cash for new vehicles. I do not want to replace a used car with a used car, but I will admit to looking for testers with a few thousand miles at the end of the month to get a better discount.

I prefer a nicer level of vehicle, with the extra bells in whistles, if available. My last few have been two E class Mercedes, two Honda Odysseys and a Jeep Grand Cherokee. I drive them for approximately 100,000 miles (about 7 years), then if it has been a good reliable vehicle, I hand it down to a kid or keep it as a second or third vehicle. My most recent is a 2019 Mercedes, but we still have my wife's Odyssey, my old Grand Cherokee (now off at college with son) and a 1995 Miata bought new in law school (tax is maybe $10 a year).

If the vehicle has problems, especially ones I think might cost me big money in the future, then the vehicle gets traded or donated.
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Old 01-16-2021, 06:39 PM   #9
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Until 1988 when we were young with no money I bought used (about 2 yo), and it is the most cost effective approach. But since then we’ve bought new and kept the cars for 8-11 years, from 80K to 164K miles. I wouldn’t call that ‘driving them into the ground’ but reasonably cost effective.
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Old 01-16-2021, 06:43 PM   #10
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IMO leasing is just a complicated, opaque, and expensive way of borrowing money unless one finds a seriously below market deal offered by the seller. YMMV, of course.
IMHO I disagree. Hardly complicated, it's very simple as it's simply negotiating payment. It's hardly opaque, very clear as to what it will cost. And my experience with now on my 5th lease, it's cheaper than buying.

Like anything, those educated can do well.
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Old 01-16-2021, 06:50 PM   #11
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I wish I could be savvy enough to trade every 2-3 years and always drive a new car, but I worry I would take a bath on the trade in. The car the dealer told you was in demand when you purchased it will instantly become the dog with fleas that he tells you no one wants at trade in time.

I know some understand the lease process, but I suspect I drive too many miles a year, plus I don't like owing someone money.
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Old 01-16-2021, 06:52 PM   #12
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(1) for the most part, although life events sometimes cause detours. e.g. Second baby = good bye jeep wrangler, hello SUV. HS Graduation = graduate gets my current, 4 year old used car, but I'm retired so am in no hurry to get one of my own.
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Old 01-16-2021, 06:54 PM   #13
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Pay cash for a new vehicle until I decide that it needs repairs and/or I just don't really like it anymore, and/or there's some new shiny model/feature that I really want.
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Old 01-16-2021, 07:02 PM   #14
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I'm mostly #2
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Old 01-16-2021, 07:14 PM   #15
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Old 01-16-2021, 07:15 PM   #16
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Motorcycles - Buy new, pay cash. Except my "learner" a used Honda 350 that cost $300

Cars - Been blessed with Company rides mostly. All new leasers of course. With free insurance, gas, oil and repairs. Bought a '57 Chevy Bal Aire in Texas, bought a '83 T-Bird in '85 and I bought me my first new car, the '19 Impala 2 years ago.

So, new and paid cash; six motorcycles and one car. Used and paid cash: one motorcycle and two cars.
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Old 01-16-2021, 07:28 PM   #17
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I have traditionally kept my vehicles for around 8 years. But now that we have Teslas I’m not sure what to expect. Teslas are sort of like IPhones. If the tech keeps getting better I suspect I’ll want to upgrade more frequently. I usually get a new Iphone every two years, but hopefully I won’t have to do that with our cars.
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Old 01-16-2021, 07:44 PM   #18
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I didn't vote. I have bought used three times. Once was financed and twice was cash. The first two were driven several years before I upgraded to better vehicle even though there was some life left. The third I still own. I bought a new car once and financed it. It was a 63 month loan but I paid it off after around 36 months and have kept it for 17 years. I will drive my current cars until they die or nearly die then I will buy a new car and keep it until it's near death(15+ years). I may pay cash or I may finance if it's at 0.9% or lower. I doubt many people fit under just one catagory.
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Old 01-16-2021, 07:47 PM   #19
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I've always bought new vehicles, beginning back in 1975.
I buy new shoes as well, not used ones.

Back in the old days, I wasn't rich enough to pay cash, so I financed the car for a few years.

Nowadays, in retirement, I pay cash.
Single, I keep two vehicles for convenience: a Mustang convertible and a F150 pickup.
The 2008 Mustang is getting old , so I'm looking for a new one, a hybrid AWD.
If only Ford would make one, I would order one...
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Old 01-16-2021, 07:50 PM   #20
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We used to buy 1-2 year old cars that still had at least a year of mfg bumper-to-bumper warranty left and we could get them at a good discount compared to buying new.

When we were in the market for a new car 5 years ago that discount was much slimmer so we bought new.... ordered the car so we could get exactly what we wanted.

We usually keep our cars for 5-10 years and less than 100k miles... though today's cars are so good I'm thinking of increasing my mileage limit.
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