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And look at other costs over time...
Posted by Noel (more from Noel) on Thu, 17 Nov 2005 06:31:09
In Reply to: Just look at the depreciation curve..., STICKMAN, Thu, 17 Nov 2005 06:14:45
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The arguments for new over used here kinda assume that if you buy/lease a new car you will trade it in about 3 years. This means you have decided to have car payments forever and that's a personal choice. Nothing wrong with it.
Further down this thread Mike Lynch gives the example of buying a $20K CPO car with payments of about $400/mo, versus leasing a new $30K car for about the same. His logic makes sense in terms of depreciation, so if you are going to make payments forever, then leasing is probably the way to go.
But what if you buy the CPO car and run it until it dies, or has monthly maintenance costs greater than a payment? I believe that is the least expensive approach, because once the payment book is empty all you have is maintenance, and it takes a lot going wrong to add up to $400/ month on a regular basis. Whether you count wear items like tires in the equation is up to you, as you'll have these on most cars during a 60-month loan.
Or you buy an even less expensive used car that's still in good shape, maintain it well and run it until it dies or just needs too much. That's even less expensive.
In the airport the other day there was an Audi A6 on display. Gorgeous car! For $52-Large it ought to be. The guy standing next to me says, "Great car. Too much money. Buy one coming off lease and you're way ahead of the game."
posted by 69.163.38...
Posts in this Thread:
- New car/used car debate, -993-, Tue, 15 Nov 2005 23:25:54
- Thanks for all the comments and.., -993-, Thu, 17 Nov 2005 20:11:55
- Just look at the depreciation curve..., STICKMAN, Thu, 17 Nov 2005 06:14:45
- Re: New car/used car debate - longish, johnf, Thu, 17 Nov 2005 00:39:46
- It's more about what you think you can afford...., Mike Lynch , Wed, 16 Nov 2005 21:38:47
- Re: New car/used car debate, Ernesto , Wed, 16 Nov 2005 18:14:10
- Wouldn't buy any car with >20,000 miles on it, NickR, Wed, 16 Nov 2005 13:49:06
- Good thread. It's not a simple answer.. (longish), Noel, Wed, 16 Nov 2005 12:08:48
- Don't you think that it's not all about money., J, Wed, 16 Nov 2005 11:41:21
- Re: New car/used car debate, mb25, Wed, 16 Nov 2005 11:30:51
- Re: New car/used car debate, kooch, Wed, 16 Nov 2005 10:23:02
- Re: New car/used car debate, PaulO, Wed, 16 Nov 2005 08:49:55
- Re: New car/used car debate, OKSaabs, Wed, 16 Nov 2005 08:42:26
- Need a spray can with "new car" smell..., LeoNL, Wed, 16 Nov 2005 08:18:42
- Figure the cost per mile to drive new or used car..., JBack, Wed, 16 Nov 2005 07:49:40
- It' really not that simple...., Herb Hirsch , Wed, 16 Nov 2005 06:20:47
- Re: New car/used car debate, JimBlake , Wed, 16 Nov 2005 06:16:19
- Not an econ major but..., NateinAA, Wed, 16 Nov 2005 05:00:17
- Re: New car/used car debate, SaabSpeed, Wed, 16 Nov 2005 03:15:40
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