4 ms·

I guess it is a good deal if the residual value of the old car pays for the rest of the financing plus the down payment on the new car, and the monthly payment

by esalman 10y ago

I guess it is a good deal if the residual value of the old car pays for the rest of the financing plus the down payment on the new car, and the monthly payment stays the same. Actually it is frustrating for us to have to spend this much on maintenance on a car which is just 3 years old.

ensignavenger 10y ago
What kind of tires did you get for that price?
cpursley 10y ago
New Tires is a very strange (and illogical) reason to purchase a new vehicle. How is that any more frustrating than filling your gas tank when it's empty? All vehicles (used, new, gas, electric) need new tires after x amount of miles. This is a regular and expected maintenance item that all vehicle owners must deal with. It would be a different story if a critical component like your transmission unexpectedly went out well before it's life expectancy. Honestly, if you consider $1,000 on new tires to be a frustrating expense, then you really can't afford to purchase new cars in the first place. A new vehicle is a multiple of the cost of new tires and even more so when the balance of your last vehicle is rolled into the new financing and spread out over payments with interest. I worked at a car dealership while in college. There's a reason the "finance guy" drove a 10+ year old Honda that he paid cash for. http://www.mrmoneymustache.com/2011/11/28/new-cars-and-auto-financing-stupid-or-sensible/ http://www.mrmoneymustache.com/2011/11/28/new-cars-and-auto-... http://www.financialsamurai.com/the-110th-rule-for-car-buying-everyone-must-follow/ http://www.financialsamurai.com/the-110th-rule-for-car-buyin...
pilom 10y ago
Your logic uses the faulty assumption that you should always have a monthly payment. You shouldn't. Average live of a car is much longer than even a 7 year loan so at some point you shouldn't be making payments on it any longer. If you just keep rolling into newer cars, you are spending more than you need to.
- cstejerean 10y ago
  Sure, but technology always gets better as well, including many safety features in addition to convenience ones. For example things like backup cameras, blind spot monitors, cross-traffic alerts, collision avoidance, adaptive cruise control, might not have been available on most cars 10 years ago. Also, there is a certain value in having a reliable car with predictable monthly costs. Sure, you can get an extended warranty to cover unexpected expenses, but there is still the hassle factor of having your car constantly in the shop after a certain point. There's nothing wrong with buying a car and keeping it for 10 years, but there is also nothing wrong with having a new car every X years.
  - ghaff 10y ago
    For the most part though, reliability has improved a lot. You have to factor in mileage too of course (and weather--which can lead to rust problems). But a 10 year old car isn't necessarily an unreliable clunker these days. You're right of course about features, including safety features. Personally, I'm not going to get rid of a reliable running car for most new technology. But then I've always been a drive car until (or a little bit past :-)) the point where it's not reliable transportation any longer.

by esalman 10y ago

ensignavenger 10y ago

What kind of tires did you get for that price?

cpursley 10y ago

New Tires is a very strange (and illogical) reason to purchase a new vehicle. How is that any more frustrating than filling your gas tank when it's empty? All vehicles (used, new, gas, electric) need new tires after x amount of miles. This is a regular and expected maintenance item that all vehicle owners must deal with. It would be a different story if a critical component like your transmission unexpectedly went out well before it's life expectancy. Honestly, if you consider $1,000 on new tires to be a frustrating expense, then you really can't afford to purchase new cars in the first place. A new vehicle is a multiple of the cost of new tires and even more so when the balance of your last vehicle is rolled into the new financing and spread out over payments with interest. I worked at a car dealership while in college. There's a reason the "finance guy" drove a 10+ year old Honda that he paid cash for. http://www.mrmoneymustache.com/2011/11/28/new-cars-and-auto-financing-stupid-or-sensible/ http://www.mrmoneymustache.com/2011/11/28/new-cars-and-auto-... http://www.financialsamurai.com/the-110th-rule-for-car-buying-everyone-must-follow/ http://www.financialsamurai.com/the-110th-rule-for-car-buyin...

pilom 10y ago

Your logic uses the faulty assumption that you should always have a monthly payment. You shouldn't. Average live of a car is much longer than even a 7 year loan so at some point you shouldn't be making payments on it any longer. If you just keep rolling into newer cars, you are spending more than you need to.

cstejerean 10y ago
Sure, but technology always gets better as well, including many safety features in addition to convenience ones. For example things like backup cameras, blind spot monitors, cross-traffic alerts, collision avoidance, adaptive cruise control, might not have been available on most cars 10 years ago. Also, there is a certain value in having a reliable car with predictable monthly costs. Sure, you can get an extended warranty to cover unexpected expenses, but there is still the hassle factor of having your car constantly in the shop after a certain point. There's nothing wrong with buying a car and keeping it for 10 years, but there is also nothing wrong with having a new car every X years.
- ghaff 10y ago
  For the most part though, reliability has improved a lot. You have to factor in mileage too of course (and weather--which can lead to rust problems). But a 10 year old car isn't necessarily an unreliable clunker these days. You're right of course about features, including safety features. Personally, I'm not going to get rid of a reliable running car for most new technology. But then I've always been a drive car until (or a little bit past :-)) the point where it's not reliable transportation any longer.