I had a slight case of sticker shock yesterday. My uncle wants to pick up a cheap used car to use as a second vehicle. His primary rig is a Chevrolet Colorado pickup with the extended cab. Despite the seatbelt count, it's essentially a 2-seater...the back seat is basically an upholstered package shelf. So, he wants something that, he says he can haul the family around in. Nevermind the fact, that our family is getting old and dying off!
Anyway, we looked at a few cars at used car lots yesterday, and some of the prices were ridiculous, in my opinion. For instance, a 2006 Sienna minivan, with about 171,000 miles on it, for $5900. Or an '06 RX330, with around 146,000, for $7500. We also saw a 2007 Lincoln Town car with around 93,000 miles on it, for $5200. It seemed a bit tempting at first, but it was sitting low in front, like it had bad shocks or needed suspension work, and some interior pieces were falling apart (armrest on the door, armrest in the middle of the seat, pull strap trim.
I know my thinking is old fashioned, but in my opinion, once a car is past 100,000 miles, and especially when they start getting older, they're basically a ticking time bomb ready to go off. Sure, it might be running great right now. But, it's like a 90 year old man who was still healthy and just ran a marathon. Sure, he's fine, at the moment. But he might drop dead next month.
And, there's just so much more that can go wrong with a car these days...all the electronics, emissions, and safety stuff that didn't even exist years ago. Or cost-cutting maneuvers, things made out of plastic that, once upon a time, were made from good old fashioned metal. Sure, metal rusts, but plastic breaks down, and degrades in its own way.
I just think it's odd how a car can lose half of its value within the first couple years, yet still have plenty of useful life left, and even be under warranty. But then, when you get to these higher mileage relics, it seems like they're not much cheaper, considering the risk you take. I know that depreciation has always been the worst in the first couple years on a car, but it seems like older ones are holding their value much better than in the past.
I guess part of it too, is that the styles don't change all that much, so an old car doesn't really feel "old". I remember, my senior year in high school, 1987-88, my English teacher had a 1978 Pontiac Catalina she wanted to sell, for only $500. It was in great shape. I wanted it, but my mom and stepdad wouldn't let me buy it. Style-wise though, that car DID look old...any 10 year old car looked old, especially after the second wave of downsizing, the exodus to FWD, and the more aerodynamic styles that came out. But today, a 10 year old car looks about the same as a brand-new car, except it might have a few dings and scratches, and the headlights might be clouding over.
