I couldn't help posting a reply to the Yahoo Finance article about buying a car. Unfortunately, I have not had good luck buying vehicles, even after doing extensive market research. However, there are a few mistakes I will NEVER make again.
- If buying a used car (which I highly recommend versus buying new) GET A WARRANTY! I had problems with my first vehicle that didn't have a warranty, so I vowed to buy an extended warranty on the next purchase. Three weeks after driving my second used car off the lot, it needed a new transmission......lesson learned.
- A used car with 50-70K will save money on the purchase price, but hurt in the long run. In my experience, random problems arise after this mileage threshold, and it's not cheap to have any type of work performed on a vehicle.
- A vehicle is not an investment, it is a depreciating asset (liability) to take you from point A to point B; so don't fall in love with any one in particular.
- Unless absolutely necessary, buy a car. 25-30 miles per gallon is better than a gas hog when oil rises to $100 a barrel......which may happen sooner rather than later.
I hope this information helps. Rest assured I will never make these mistakes again!