I am far from being ready to buy a car but I do know that when I have a good job I plan on buying a NEW car.
I know the common feeling is buy a USED car and everyone says that a new car loses a big chunk of the value as soon as you drive it off the lot. I am planning on ignoring this because I really think a new car would be a better investment for me in the future.
My first car was 12 years old when it FINALLY broke down on me. It actually had over 100 thousand miles and it had a number of problems that were fixed. It finally broke down on the highway and a part flew off from the underside of the car and sailed into the grass. There was no way that was getting fixed and it was towed off to the junkyard.
I bought my second car used as well and it was 10 years old and had a little over 86 thousand miles before I had to sell it. The car was in good condition but I ended up selling it due to circumstances beyond my control.
I plan on keeping my next car until I can no longer drive it so I figure if I buy a new car it would last me more than 10 years based on my track record.
I like the idea of buying a new car also. I know most PF bloggers will talk about what a bad purchase it is and how you should get a used car, but for me, I just like the idea of a new car. My current car was bought new and so far, it’s lasted me about 10 years and I’m not planning on getting a new one for a couple more years.
I agree with you. I’d rather buy a new small car than an used big car, no matter how tantalizing the latter offer is. You just never know what hidden gremlins come with it until it’s too late and you’re stuck with it.
I like new cars too, as they will most definitely cost very much less to maintain. In the long run, it will save you headache and maintenance cost.
So, which car you are eying now?
go for the new car. it may be a little more expensive than the used one, but at least it will have all the new technology in it, and will have much better design than the old cars.
Buy a car that is 2-3 years old and the warranty has expired, the car price has dropped to a good level and you have at least 6-8 years ahead of you with a car with very little maintenance costs.
I currently drive a car that is 17 years old with 230k miles. I bought the car new. My next car will also be a new car. I want the peace of mind of driving a good distance without the worry of breaking down. I have not broken down yet, but you never know. Time is not on my side. Plus, the new cars now have new technology that I could benefit from having. I could buy a car a few years old, but you really never know the history of the car. I do not put too much faith in this history report industry because they only report “what is reported or documented.” You can have your car repaired by Joe Schmoe and “pretty” it all up and put it on a lot. You get a report that says “One owner…blah-blah-blah.”
Anyway, I am currently looking and hope to have one within a year or so.
Congratulations on keeping your car that long without major problems. Good luck on your new car.