Quote:
Originally Posted by john991
A used car can take even more money than a new one
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Like everything it depends on so many factors:
If you able to buy broken used cars and make the repairs yourself.
IF you can buy a used car for cash and use NO financing, remember financing can double or triple the final cost of anything.
We have three used cars, all fully paid for by cash, all running at this time and one dead 93 Chevy Star Craft custom Van G20 which once repaired will be used for road trips, which it is especially great for. I am investing around $4000.00 into a rebuilt 383 and upgrading the transmission from a 4L60 to a much stronger 4L80 and adding a second overdrive. You cannot but such a van used for less that $10,000.00NEW OMG $40K and up.
Plus it has been farther customized by me to suit our needs and wants.
I cannot see any good reason to spend such money on a New RV that gets used perhaps two to four times a year...
My wife drives a good 2000 Toyota, when we run around town we do so in the 02 Ford Explorer, and when I want to blast around I take the 03 Crown Vic…at this point the most useless but most fun hot rodding in.
Owning used can mean owning a number of cars/trucks for their best use.
THE ONLY good things about buying a new car (IF you’re really lucky and get a GOOD one, a bit of a lotto there…) then for the next upcoming years you know what a fixed cost of owning it in your payments per month. Again this mainly works as long as you do not run into any repairs that come out of your pocket, which should only be maintenance and tires…but even maintaining a new car can be costly for some.
With a used car there is always the risk of a major costly break down…still even an engine can cost much less that the new car especially when financing if figured in.
One of the saddest things is a new car you still owe on, and you lose your job and they reprocess it, so you’re out all those years of payments, out a car which can make finding a new job very hard.
With a good fully paid for used car no one will reprocess it….
On the other hand a financed used car, then this can turn ugly, a broken engine no money to repair it, lost job due to lack of showing up and they reprocess it.
And heaven help you if you buy a lemon, or simply grow to hate the car, I know a number of people that really dug a BIG hole trading in an overpriced slightly used car and allowing them to tack on the unpaid balance onto the new car…
So it all depends on your skills, either fixing a used car up OR holding a good job and picking a great car you love and it runs far longer that the payments do.
My 2 cents
Rich