How to buy cars (new and used)

[winb83]

whatever you gonna buy is gonna depreciate. Not only that its gonna be different from car to car. A hinda depreciates different from a cadillac. Also its also how you treat your car. A 2010 ford mustang with 50k miles is gonna depreciate more than a 2010 mustang with 10k miles on it.


Your car is gonna go down in value regardless of new or used. That USED car you bought for 17k probably worth only 14k bruh, and ill cover that tomorrow.

in the first few years the car takes its largest depreciation hit. as the car ages the depreciation is less and less. i've heard statistics that many cars lose up to 40% of their initial value in those first 4 years.

if you have money to burn its worth buying a brand new car but many people are financing that car. why would you finance and pay interest on what amounts to a ghost value.
Depreciation Infographic: How Fast Does My New Car Lose Value? - Edmunds.com

in that example you've lost almost 10% of the car's selling price in one minute. that's a couple thousand dollars that you pay that just vanishes into thin air basically. on top of that you financed that and had to pay interest on it and taxes on it. in the first year it lost 20% of its value almost. again money you financed in many cases that you could have just kept and bought a year old car instead.

 

[Klyk21]

why didn't u ask him to cosign then?????

Eh...he pretty serious about his credit. I would fukk myself (which i pretty much did) before I'd ask him to co-sign. He's helped me so much over the years it's not even funny. I love that dude more than anything man....

 

[detroitwalt]

in the first few years the car takes its largest depreciation hit. as the car ages the depreciation is less and less. i've heard statistics that many cars lose up to 40% of their initial value in those first 4 years.

if you have money to burn its worth buying a brand new car but many people are financing that car. why would you finance and pay interest on what amounts to a ghost value.
Depreciation Infographic: How Fast Does My New Car Lose Value? - Edmunds.com

in that example you've lost almost 10% of the car's selling price in one minute. that's a couple thousand dollars that you pay that just vanishes into thin air basically. on top of that you financed that and had to pay interest on it and taxes on it. in the first year it lost 20% of its value almost. again money you financed in many cases that you could have just kept and bought a year old car instead.

How fast you plan on selling your car?

I bought an explorer in 2000 and rode that bytch for 9 years, had no major problems whatsoever so I got more than enough value out of that.

Copped my F-150 in 09 and plan on riding that for at least 9-10 years too.

 

[904]

What's the average interest rate on used cars?
It really depends on credit.. The lowest I think is possible on used is about 4% I think it was.. The lady had an 812 score.. I got 8% on my first car loan at 21 and I had around a 650 then. Banks actually go by whats on your credit moreso than the score though.. The average rate I seen was high since most people had bad credit, usually between 14-18..

What makes of used cars are the best to buy in your opinion?
Kinda hard to say... It really depends on how the previous owner treated it... There are certain models that tend to be former rentals(Taurus, Sonata, few others I cant think of) but you can usually spot them easy.. They typically will be 1-2 years old with at least 20,000 miles per year on them..

Which ones are the worst?
Never buy a model of a car in its first year after a body change(02 7 Series, 07 Altima) manufacturers usually have a lot of kinks to work out that get left in the first year..

Buy American vs foreign?
Ive been hearing domestics have been stepping their reliability up lately.. If you go foreign German parts are usually more expensive than Japanese..

Should used cars be financed for 3 or more years?
Hardly anybody finances that short since the payments tend to be higher but if you got it then do it.. Less interest to pay.. Heres a simple math trick I hope I remember right..

For a 5 year loan at 8% interest, every $1,000 you finance is about 20 bucks a month.. So a 20,000 dollar car comes to about 400 a month.. They have loan calculators online for this though

What's the highest car note you want to have on a used car?
The sooner you can pay it off the better but you definitely dont wanna go beyond your comfort zone and end up being late on a payment.. Itll screw your credit...

Go to small dealer or big dealer like a planet honda or a nissan auto mall?
You find cars where you find them but smaller buy here pay here lots are usually for those with bad credit.. I would probably stick with the bigger dealerships..

 

[904]

in the first few years the car takes its largest depreciation hit. as the car ages the depreciation is less and less. i've heard statistics that many cars lose up to 40% of their initial value in those first 4 years.

if you have money to burn its worth buying a brand new car but many people are financing that car. why would you finance and pay interest on what amounts to a ghost value.
Depreciation Infographic: How Fast Does My New Car Lose Value? - Edmunds.com

in that example you've lost almost 10% of the car's selling price in one minute. that's a couple thousand dollars that you pay that just vanishes into thin air basically. on top of that you financed that and had to pay interest on it and taxes on it. in the first year it lost 20% of its value almost. again money you financed in many cases that you could have just kept and bought a year old car instead.

Worst I've heard are the Lincoln Navigators from awhile ago

They go for about 50 brand new and I sold a four year old Navi retail for about 23.. Still made a 3,000 dollar profit..

 

[Art Barr]

does anyone know a dealer with a license in the illinois area.

who will take a civilian to a dealer auction?

art barr

 

[Nemesis]

lol at buying a car on credit

lol at buying a brand new car off the lot

 

[winb83]

How fast you plan on selling your car?

I bought an explorer in 2000 and rode that bytch for 9 years, had no major problems whatsoever so I got more than enough value out of that.

Copped my F-150 in 09 and plan on riding that for at least 9-10 years too.

Why eat that initial fast depreciation? If you buy a year old used car and get it checked out you save a couple thousand possibly by letting someone else take that hit. I just see no point to taking that hit in value.

 

[MoneyTron]

Why eat that initial fast depreciation? If you buy a year old used car and get it checked out you save a couple thousand possibly by letting someone else take that hit. I just see no point to taking that hit in value.

Pretty much. I'm only buying CPO from here on out.

 

[Huellz Santana]

how do i win in this car buying game? like how do i keep my cars up to date but have them paid off. i'd like a new car every 4 years. but i dont wanna lease.

i feel like rich people know somethin i dont. should i just buy a new car, pay it off, and get a new one a few years later and trade it in?​

 

[904]

how do i win in this car buying game? like how do i keep my cars up to date but have them paid off. i'd like a new car every 4 years. but i dont wanna lease.

i feel like rich people know somethin i dont. should i just buy a new car, pay it off, and get a new one a few years later and trade it in?​

if you know you're gonna trade it in that quickly then lease them..

You're losing a lot more money if you just pay them off and trade them in..

 

[winb83]

how do i win in this car buying game? like how do i keep my cars up to date but have them paid off. i'd like a new car every 4 years. but i dont wanna lease.

i feel like rich people know somethin i dont. should i just buy a new car, pay it off, and get a new one a few years later and trade it in?​

Why would you need a new car every 4 years? Are you rich?

 

[Brock Landers]

how do i win in this car buying game? like how do i keep my cars up to date but have them paid off. i'd like a new car every 4 years. but i dont wanna lease.

i feel like rich people know somethin i dont. should i just buy a new car, pay it off, and get a new one a few years later and trade it in?​

Just crash them shyts, leave them in the street and go out and buy another one breh

 

[Turbulent]

how do i win in this car buying game? like how do i keep my cars up to date but have them paid off. i'd like a new car every 4 years. but i dont wanna lease.

i feel like rich people know somethin i dont. should i just buy a new car, pay it off, and get a new one a few years later and trade it in?​

seems like in your scenario, leasing would be the best for you. i guess it depends on what type of car you want to get and the reason why you don't like leasing.

 

[itsyoung!!]

how do i win in this car buying game? like how do i keep my cars up to date but have them paid off. i'd like a new car every 4 years. but i dont wanna lease.

i feel like rich people know somethin i dont. should i just buy a new car, pay it off, and get a new one a few years later and trade it in?​

Rich people lease them. Notice almost all luxury car commercials are advertising leasing options.