Wednesday, October 10, 2007

Vehicle Buyers Guide

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!

8 comments:

Andrew Pratt said...

When buying a car, I have always planned on sticking with used cars since they are a lot less expensive than a new car. What I found interesting with the Honda's and Toyota's was that despite the popular saying that you lose x amount when you drive it off the lot, these cars actually retain value a lot better than the American cars which I think is what that common statement is refering to. I wanted a Corolla (which I got), and looking for used ones at a decent price will give you about 80k miles on the car. I was facinated at how much people were selling their used Toyota's and Honda's compared to what you could buy it new for.But I agree, if you buy it used, a warranty is needed, otherwise...good luck.

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