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What is best to buy a used car about 3 years older for 6 grand cheap, or to invest in a new car ?
25th January 2010
I cannot decide, whther to buy a new car or buy a fairly used one ?
Posted in: Auction FAQ | | Comments (5)
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go for a new one.
Comment by scooby.doo — January 25, 2010 @ 6:39 pm
I would put the money into a Hyundai Elantra. My first car was a used car, paid 6K for it and I put more than 6K into fixing it over 3 years. Should have bought the Elantra first. I love it.
Comment by JD — January 25, 2010 @ 6:39 pm
Seriously, there isn’t many options available for you. Your 6 grand might get you some 2003 Hyundai or Kia because of their high depreciation. Maybe a Dodge Neon or even a Ford Taurus…but that’s about it…
With what you have, I would suggest you take out a loan and get a new car. Some banks can offer you a loan without credit checks or income verifications as long as you put 40% down. With your 6k down, you can get a new car with price range of ~15k. In my opinion, the Scion Xa and Xb; Honda Fit; Nissan Sentra and Versa; and the Ford Focus would be good choices for the 15k range.
Comment by Ekyeoman — January 25, 2010 @ 6:39 pm
Keep this in mind- A new car is the worst purchase because as soon as you sign the title it goes down in value because it is now used. I would never buy a new car.
Comment by mominshoe — January 25, 2010 @ 6:39 pm
mominshoe has obviously never purchased as new car. There is nothing like owning a new car.
But she is also smart enough to point out, there is a high depreciation of any vehicle over the first 3 years. Expect it to lose 15%-30% in the first year and 10%-15% over the following 2 years.
So the question is obviously, how much is that 6 grand "cheaper" worth to you?
Comment by hsueh001 — January 25, 2010 @ 6:39 pm