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- May 20, 2008
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Ah Nick, man after my own heart! We haven't purchased a new car in 15 years. Like Nick we look for top of line used around 2 - 3 years old. I've had very good luck with buying used Toyotas (Camry). We drive it until it has around 150K to 200K and then look for another 2 to 3 years old.
I especially look for one that has been leased for 2 or 3 years because the mileage on it will be low compared to one that was purchased outright.
Believe it or not...I have never owned a new car. The "newest" car I have ever owned was about 4-5 years old. New cars just aren't a great deal. They lose too much value in those first few years. In fact...I have never purchased an automobile that I didn't pay 100% cash for at the time of purchase (so I've never had a car payment in 30+ years of auto ownership). Of course being handy, having the tools, and interested in repairing my own vehicles (as necessary)...comes in very handy!
Automobiles no matter how you look at them are a necessity (in most areas) at least in North America...but universally...they are a money pits!!!
Automobiles in many ways are just like computers:
- they cost a lot to buy new
- they depreciate very quickly
- new styling & new features can motivate newer model purchases
- lack of performance can also motivate a new/newer purchase
Of course just like automobiles...I also am an advocate of buying "pre-owned" computers. And doing repairs myself as necessary.
I am definitely in no way saying that purchasing a brand new car is the wrong thing to do (buying a brand new car can be nice...just like a brand new computer)...but man you pay for it!
- Nick