[galarneau]

My current s*itbox is dying, so I need to get a new car.

My credit sucks, but I was able to get a loan for anywhere from $7500-$12000.

I drive 18k a year, so I'd like to get something good on gas (>30mpg). My current vehicle gets about half that, so I'll actually be saving about $125 a month in gas costs.

What I can't decide is: Is is better to get a new Hyundai with the 10/100,000 warranty that my local dealer is blowing out for $11k, or get a used Toyota/Honda for $8k and hope it doesn't break anytime soon.

Any opinions?

[d4nth3m4n]

what's your sh*tbox worth if you were to trade it?

i've heard good things about the fit sport.

[galarneau]

meh... $500.

1995 Chevy Lumina Minivan

[Chuckit]

The price difference between the Toyota price range you're looking at and the Hyundai isn't very big. I'd go for the new car. If the Toyota were significantly used, the repairs you'd have to do early on might well add up to the difference.

[MarathonDeskMount]

New cars= lose a shitload of money as soon as you drive it off the lot. New cars also depreciate EXTREMELY rapidly in the first 5 years of ownership. Now, you may say "but they have a warranty!" Whatever. It still does not make it a wise financial decision. If you don't believe ME, read this book:


She breaks it down mathmatically why buying a new or newish car is a really stupid financial decision. That said, buy a honda civic or accord with about 110-140,000 miles on it. Why? It'll go at least 250,000 without major repairs, it'll get over 30mpg, and the parts are cheap for it. Even if you have to take it in to the shop once a year to get... oh... say... brakes serviced, engine tuneup, or something funky with the ignition, it will be THOUSANDS AND THOUSANDS of dollars cheaper than spending $8,000-11,000 on a vehicle.

We bought my wife's honda for $500. It's a rust free 89 accord 5spd and it has 209,000 miles or so. Good deal. Ignoring oil changes, it needed brakes, so I bought rotors for $13 each, and pads for $25. Total: 51. Then we got into an accident, and that was expensive since insurance would have totaled it. I shopped around, and got it driveable again for $800. In about a month, I spent another $250 getting a new hood, and the headlight doors painted. The exhaust broke in the accident, so that was another $180. Last year someone broke a passenger window to look for something to steal. Needless to say they didn't find anything. A new used window cost $35.

It now has 240,000 miles and runs great, burns no oil, and gets 33mpg on the highway. Our total cost of ownership in about 2 years, with a super expensive accident was about $1850, for two years of ownership, WITH the huge accident. The insurance is cheap, everything is cheap. Read that book if you really think I'm talking out of my ass, but honestly anybody who's buying a new car is a ****ing idiot and throwing their money away.

[Gossamer]

Buy an SUV. They're wonderfully versatile vehicles and just all around make me a happier person.

[MarathonDeskMount]

(Gossamer's Post)

[Gossamer]

Uh oh...external links are not allowed!

edit: No hotlinking! He gets angry!

[macroy]

Do your research.
What ca$h said about new cars is true. However, do what you feel best - its not an investment. But a used car can very well get you more for your $$.

As for warranty or maintenance programs - check your local credit union (or even the place you got your loan). Many of them have extended "insurance" coverages on the car (yes, they want to protect their investment too since its their money your using) including wear and tear stuff like ball joints, suspension, struts, tie rods etc... This basically works like an warranty plan. It may be worth it if you decide on a used car.

But look around. and do your research. I'm going through the same thing trying to find a good car for my daily commute (40 miles each way).