The Right Time To Buy A New Car Is Never

[FarCenter]

With auto dealers practically giving away vehicles and car and truck buyers getting approved for historically low- and even no-interest car loans, a shiny new set of wheels might look awfully tempting these days.

But just like that 60-inch flat-screen TV that goes on sale on Black Friday, it's a purchase that isn't for everyone.

Should you ever buy a new car? There are times when buying a new car becomes a necessity, but there are also money-saving motives for hanging on to an older car a little longer. Here are five reasons why you might want to rethink making that drive to the car dealership.

http://www.businessinsider.com/right-time-to-buy-a-new-car-is-never-2013-6

[dkf]

1. No car payment...is a wonderful thing.

Having a reliable car is even better.

[csziggy]

2. I like used vehicles - I can pay cash and they're already broken in

So I don't mind when they get a few nicks and stains.

I've purchased two new vehicles in my life - the first was a splurge and I had the cash at the time. The other was financed and was a big mistake - the only vehicle I've ever financed.

Once I get a vehicle I generally drive it until it dies so either way it's a good investment.

[Warpy]

3. I've only owned one new car in my life

and it's the 7 year old Kia I'm driving now.

I always drove third world transportation, cars so bunged up and rusted the price was right. As long as the drive train was in good condition, it was a honey for the money.

I knew as soon as I turned the key in the dealer's lot after I'd signed the papers, it dropped thousands of dollars in resale value. It was my treat to myself. It might not ever happen again. I did my homework carefully and it's one of the top two cars I've ever driven.

It's what my dad did when he retired: one new car. Then he was back haunting rental companies for new/old cars that had been properly maintained.

[burnodo]

4. spend 1500 on a car you found for sale

or 15000 on a new car

I'll spend the 1500...even if I have to put 3000 into it over the next several years, I'm still saving a HUGE amount of money

[frazzled]

5. We've bought new cars, but have kept them for a long long time.

We bought a new 1994 Toyota Camry in 1993 (it's a long story about why we did so, but that's for another time). We drove the car for 13 years, and would have kept it even longer, but for the fact that (a) something broke on the shift mechanism, and to get out of park you had to stick a plastic spoon into the gear box to unlock it, a $500 repair; and (b) people thought we were a little nuts.

We finally relented, and when we saw we would get a $3000 rebate from the government, we bought a new 2006 Prius. We've been driving it for 7 1/2 years now, and hope to get another 6 years out of this one as well.

I feel in both cases it was money well spent.

[Scuba]

6. I have a reputable dealer find me the exact used car I want. They can usually find ...

... exactly what you want, right down to the color and other options within a week.

Do a little research and see what similar cars are selling for, then tell them what you want, what you'll pay and have them find you what you want at auction. If another dealer anywhere in the country has a similar car at a known price, you can likely get your dealer to match it.

"Program" cars can also be a good deal. Typicall driven for a year or so by an employee of the company, they'll have <15,000 miles, the balance of a new car warranty, and cost about 60% of a new one. That means you're getting 80-90% of the car's lifetime for 60% of the cost. Check with a reputable dealer.

I'll never buy another new car.

[freeplessinseattle]

7. Just bought a used car yesterday, had my Geo Prizm for 12 years

Still runs great, and less than 87,000 mi., but severe body damage. So I donated it to the Humane Society, makes me feel all warm and fuzzy to be able to do that, and carry on the legacy of my feral cat toting trusty steed. (plus now I'll always think of the NSA when I see a Prizm

So now I have a '96 Toyota Corolla, and am quite happy with it. So far. My mom had a Corolla for 15+ years, and her boyfriend is driving it now.

Was a little nervous, but once I found out she has a pet therapy certified dog she seemed more trustworthy to me. Crossing my fingers....

[kysrsoze]

8. I always but used, but with at least 2 years left on bumper2bumper warranty

Then I keep them upwards of 10 years. Got my 2 year old, certified pre-owned, bulletproof Infiniti with 20K miles for $13,000.00 off the sticker price. Not bad, IMO.

[Revanchist]

9. My last three cars were (sorta) new cars

First was a Ford Escort that was a dealer leaser for when people were having maintenance done on their car, second and third were both end of the model year Hyundais that they were selling off cheap to make room for the new models. Kept the first two for about ten years each, or until it died in the case of the Ford and plan at least eight more years on the third one. If you keep them until they die or have just enough life to get a some sort of a turn-in value (the transmission was on it's last legs on the Hyundai) then the cost of a new care isn't really that bad.

[Ron Green]

10. My wife and I are working toward no-car status.

We want to go solely by bike and public transport, renting a car only rarely.

[Recursion]

11. I can't bring myself to pay that much for something whose value falls by 50%

the second I drive it off the lot. I just can't do it.

[magical thyme]

12. I bought my first, and likely last, new car back in 96.*

I got a 97 civic, because they didn't have any 96s left, for <$15K cash. Before then, I always bought used cars.

I'm still in it at >225,000 miles and will until one or the other of us keels over first. I'm going to give it a good cleaning later this week...

I don't expect to be that flush to be able to buy a new car cash again, but it has been great while its lasted. It still gets ~44 mpg to boot.


*this doesn't include the "graduation gift" my father "bought" me using money he stole from his company by forging my signature on a 1099 form and making me his contract employee, taking the income and sticking me with the tax bill, along with interest, penalties and threat of jail from the IRS. Because he drove it around and broke it before he gave it to me, so technically it was 1. stolen property and 2. already used

[stevenleser]

13. I take public transportation. On the rare occasions I leave NYC and can't use Amtrak I use ZipCar.

I love having a thorough subway system.