>>Since that ground has been broken, however, I will add to the chorus.
Same here..we buy all our cars used, some more used than others, but all with a lot of life left in them...saves on purchase price, sales tax, excise tax (local) and insurance...what more motivation do you need...?
Unfortunately, if all this good old fashion common sense catches on with too many people, the US economy is in for some <font color="blue">serious </font color> trouble in the short-run... if people start to realize that buying used (or buying less in general) is a good idea, watch out..our entire economy is built on the premise of ever-increasing consumption and assumption of debt...if that stops...watch out below [img]/forums/images/icons/shocked.gif[/img]
Of course, from an individual point of view, it is the best thing to do...
What the heck, I'll jump in too... I'd say buy instead of lease (done both) like pretty much everyone else, unless (perhaps) you know you're only going to keep the vehicle for three years and turn it in. But your best bet is probably to buy a lease return vehicle - used, but probably well maintained (since many manufacturers include maintenance on leased vehicles). And someone else financed the early depreciation for you.
Unfortunately, if all this good old fashion common sense catches on with too many people, the US economy is in for some serious trouble in the short-run
I wouldn't worry about that. Alot of us are small business owners. If I buy a new vehicle I can pretty much expense the whole thing out. Plus being self-employed you pay .50 or more of every dollar for taxes. By buying a vehicle new and expense it through the business I really only pay 50% of what that vehicle cost new as that money would have gone to taxes. The used rate is not near as good as new plus you don't have warranty's which I personally like.
chrisjbell - "your best bet is probably to buy a lease return vehicle - used, but probably well maintained"
I'm not sure what to think about that. From my other post Would you buy a used vehicle that was leased?, some agreed with you and some said leased vehicles are not well maintained because they are just going to turn them back in anyway.
I leased once but won't/can't again simply because of the distance I live from work. With that said, I probably wouldn't lease again regardless.
I did manage to do better at the end of the term by buying the vehicle and selling it. Actually, I went back to the orginal dealer who looked the vehicle over and gave me a price - let's say 7000, I can't remember exactly. The lease contract put the value at 6700. I then took the vehicle to another dealer who looked at it and they offered 8200. They wrote me a personal check for 7705 (6700 + tax) which I deposited in my account. I immediately had a cashiers check written out to the original dealer for 7705. I walked in, paid the dealer, drove the truck to the other dealer, traded it in and put down 495+ dollars on my next vehicle.
Someone else mentioned that many people lease because they can't afford to buy a particular vehicle. I agree. But I also believe that some people are more comfortable budgeting themselves with a fixed monthly payment. These people figure out how much their "car allowance" is before they go looking. I mean, people do rent appartments and around here you can't tell me it's because it's cheaper. I know I would much rather own a home knowing that at some point in the future that will be one less bill to pay.
The used car market is supposedly flooded right now due to lease turnins & alot of "new" purchases with all the 0%/rebate deals currently being offered. I heard that 2-3 year old models are selling for 10% less than similar cars did a couple of years ago...
If true, used may be even more attractive in today's market.
Yep, there have been quite a few news stories in my area about the dealers being overstocked on used vehicles, used vehicle prices falling, etc. And since pickup trucks are so popular in Texas, there was even a newspaper story about the biggest Ford dealer in the Dallas area shipping used pickups to the Chicago area where they'll sell for higher prices at auction than he could get here.
You guys are sure right on pickups. They aren't worth anything on trade-in right now. Not much better selling them outright. But then again I just bought a new pickup for my Grandpa at $4k plus under invoice so I guess a guy can't expect the used ones to bring much at those prices for new.
Bird tell your buddy not to send them up here. They aren't bringing squat up here either.
<font color="blue"> some agreed with you and some said leased vehicles are not well maintained because they are just going to turn them back in anyway.
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Yes, you are absolutely right. I actually was thinking the same thing - after I made my post, naturally. I'm afraid that I'm able to fall into the same thinking - I would *never* buy a former rental car because I know that I don't treat rentals very well. Hey, its "just a rental", right [img]/forums/images/icons/wink.gif[/img]?
So your point is well taken and I probably spoke incorrectly. Personally, I wouldn't buy a used vehicle because you never know what might have happend to them.
For example... My wife was hit by someone who ran a stop sign, and it totalled the car (a 2001 Volvo, so it was quite an impact). The shop I took it to said that it could technically be fixed, but that they wouldn't do the work, as they weren't willing to stand behind the results. So the car was "bought" by the insurance company.
Today, I'm sure that car was purchased from salvage and "repaired". But it isn't the car it once was - was recently reading that many of this type of repair is done without replacing the airbags, in fact. But even if everything was done, the parts wouldn't be OEM (it would have been prohivitably expensive), so the car cannot possibly be what the buyer thinks it is.
My philosophy is to buy new, and drive 'em into the ground.
Today, I'm sure that car was purchased from salvage and "repaired
No but it wouldn't cost what it once was either. Salvage vehicles are usually very cheap. Anymore you have to have a salvage title. Even then it's only $20 or so to do a carfax report.
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