5 ms·

Absolutely. I will say though, if you have enough money coming in to afford a small payment, buying a ~3-5 year old car with a loan vs a much older car with cas

Absolutely. I will say though, if you have enough money coming in to afford a small payment, buying a ~3-5 year old car with a loan vs a much older car with cash could be a very good idea for a huge portion of people out there. I was told "just buy used cars with cash!" for so long when I was younger. "You don't want a loan!" I was told. I get the idea here, but wow I must have lost over $10k from ages 16 to about 22 years old on multiple "cheap" 5k cars that just absolutely died on me back to back. At a certain point I just said screw it, put down 50% on a 3 year old civic, and I haven't had one mechanical problem in going on 5 years. Paid it off in 2 years. Best decision I ever made.

peteradio 3y ago
You have to do the leg work of researching the make/model and getting it checked out by a mechanic or be mechanically inclined yourself to know whether you are buying a lemon. Did you do any of these things?
- pc86 3y ago
  This may have changed now with used prices what they are, but back when you could get used vehicles for $5-10k it simply wasn't worth the time. Yeah you can save a few thousand dollars but when you're looking at something that's $10k and has a 20% chance of being a lemon, or a $15,000 certified Civic/Corolla/whatever, like you said unless you're already mechanically inclined you're better off just buying the newer, nicer, and more stable car.
  - oldbbsnickname 3y ago
    Perhaps. Scotty Kilmer the wild expert mechanic on YT disagrees generally that new cars are any good due to the over-reliance on cheap plastic components, especially on "luxury" cars like Lexus, where there is more planned obsolescence. Ancient Toyota Corollas tend to last for a very long time. If someone flips their car for a new model every few years and doesn't care about money, then they can ignore long-term durability. Most people are better off finding a vehicle for the long-term for their needs (preferably an EV) while minimizing the TCO.
- oldbbsnickname 3y ago
  This is the correct answer. Carfax isn't enough. Deep due-diligence of a particular vehicle is essential, and also checking the repair history of the make x model x year in Consumer Reports. In general, older people's final cars (if regularly driven at least some) tend to be in excellent condition. Most durable goods tend to (but not always) result in a lower TCO when purchased used.
- willio58 3y ago
  I always took the cars to mechanic and got the okay in each case, but either the mechanics I took the cars to were not looking for the right stuff, or I was just unlucky with whatever came up. If I had a good mechanic in my family I’m sure I would have been good.
  - peteradio 3y ago
    That's a bummer I think you got unlucky with your mechanic/car combo. Its tough!

peteradio 3y ago

You have to do the leg work of researching the make/model and getting it checked out by a mechanic or be mechanically inclined yourself to know whether you are buying a lemon. Did you do any of these things?

pc86 3y ago
This may have changed now with used prices what they are, but back when you could get used vehicles for $5-10k it simply wasn't worth the time. Yeah you can save a few thousand dollars but when you're looking at something that's $10k and has a 20% chance of being a lemon, or a $15,000 certified Civic/Corolla/whatever, like you said unless you're already mechanically inclined you're better off just buying the newer, nicer, and more stable car.
- oldbbsnickname 3y ago
  Perhaps. Scotty Kilmer the wild expert mechanic on YT disagrees generally that new cars are any good due to the over-reliance on cheap plastic components, especially on "luxury" cars like Lexus, where there is more planned obsolescence. Ancient Toyota Corollas tend to last for a very long time. If someone flips their car for a new model every few years and doesn't care about money, then they can ignore long-term durability. Most people are better off finding a vehicle for the long-term for their needs (preferably an EV) while minimizing the TCO.
oldbbsnickname 3y ago
This is the correct answer. Carfax isn't enough. Deep due-diligence of a particular vehicle is essential, and also checking the repair history of the make x model x year in Consumer Reports. In general, older people's final cars (if regularly driven at least some) tend to be in excellent condition. Most durable goods tend to (but not always) result in a lower TCO when purchased used.
willio58 3y ago
I always took the cars to mechanic and got the okay in each case, but either the mechanics I took the cars to were not looking for the right stuff, or I was just unlucky with whatever came up. If I had a good mechanic in my family I’m sure I would have been good.
- peteradio 3y ago
  That's a bummer I think you got unlucky with your mechanic/car combo. Its tough!