Should the first car I buy be new or used?
(2011-04-27 14:30:18) 1. Says: I've always wanted to experience buying my first brand new, straight out of the dealer car. But unfortunately money IS an issue so I have to stay within a budget of 30K and under.I am wondering if I should settle for a new car that is within that range (not many that I like to tell you the truth). Or buy a used car that I do like and spend the exact amount as I would on a brand new car of lesser quality?
How many miles max should a used car have to still be buy-able and worth it? What about years? My current car was bought used and I really wanted a new one this time but maybe buying a semi new isn't that bad. Any experiences and tips?2. Says: since you have so much to spend on a car then I'd go with getting what you want but used. (only if that 30K is cash, if your 30K is what was approved for you for a loan then you're going to be limited on how you can spend it if you go used.)
the best used cars are coming off a lease. they will be 1 to 2 years old with 15K average annual mileage. depending on how rich your taste for cars is, your 30K budget may still be short--some used high end cars at one or two years old are still running over 30K.
your second best will be cars coming in from a fleet situation (that's where an employer supplies company cars or a rental car company is selling off it's older stock). You may be looking at higher than average miles on some of these cars.
use the banks as a guideline for buying used. Banks figure that a car has a 7 year, 100K mileage lifespan and the closer you are to 7 years & 100K miles, the less money and the shorter the loan period the banks will give you. (that doesn't mean you won't keep the car longer or get more mileage out of it. I had a brand new car that I racked up 300K miles on it before I got rid of it & the people I sold it to were in touch w/ me for a while---they got another 200K out of it before it finally died & went to car heaven. I'm currently driving an 11 year old car w/ 176K miles on it that I bought used 6 years ago w/ no plans to replace it anytime soon)
figure that you will most likely hold on to the car for about 5 years. for everyday use--I wouldn't buy anything over about 4 or 5 years old, with mileage that has annual averages between 15-16K.
edit:
I understand wanting the new car experience just once but when you have champagne taste but a beer pocketbook then go used, buy "new car" scent, & keep give your car an annual detailing.3. Says: Good thing money's an issue, it's forcing you to make smarter choices.
New car experience dont mean diddly.
You can buy like-new, 2-3 yrs old, lo miles from resellers of fleet cars & rentals; or just lo mi personal use vehicles; all factory-warranty eligible.
Buying new will almost always cost you $thousands in new car depreciation.4. Says: Well are you looking for luxury or sportiness. The cheapest car available is the Hyundai Accent coming in at 9,950 MSRP or something, so you definitely have enough for a new one. It depends on what you're looking for. Many fast, small cars are pretty cheap. Tag: Should the first car I buy be new or used?