Comments on: Buy New Car vs. Keep Old Car

By: WendyD

WendyD — Tue, 06 Dec 2011 11:15:15 +0000

Modern vehicles may contain multiple airbags in various side and frontal locations of the passenger seating positions, and sensors may deploy one or more airbags in an impact zone at variable rates based on the type and severity of impact; the airbag is designed to only inflate in moderate to severe frontal crashes. Honda has been constantly recalling airbags on certain designs for a while. The issue is that the airbags can deploy too forcefully and spray motorists with shrapnel. The second recall expansion for this year has just been announced and the recalls have been ongoing since 2008. Learn more at: http://www.cardealexpert.com

By: Why I Think Your Car is Cheap! » Andrew Hallam

Why I Think Your Car is Cheap! » Andrew Hallam — Tue, 04 Oct 2011 04:31:39 +0000

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By: auto pre purchase

auto pre purchase — Mon, 28 Feb 2011 22:55:02 +0000

I agree with those who suggested to buy a new-ish used car. You want your "new" car to somewhat feel new, and not be completely decades behind in technology (read: should have power windows). I like to keep cars (and shoes) for as long as possible, but a lot of people keep cars for 2 years or so and you can find great deals on those!

By: carpartswholesale

carpartswholesale — Mon, 04 Oct 2010 12:42:16 +0000

It actually depends, really. If your present car is already in really really bad shape, as in the kind that leaves a big hole in your budget, then I think it's high time that you change your car. The accumulated value that you spend on your old car would pretty much equal the cost of you getting a new anyway. So why not just cut to the chase. However, if your car is like mine and it has served you loyally throughout these years (aside from the occasional and forgivable clunks and poofs here and there) then you can very well afford to hold on to it. Mine has been with me since my first year of college and it has some sentimental value to it that i dare to hold on to until the time my car is ready to take its dirt nap.

By: Life without a budget | Well-Heeled Blog

Life without a budget | Well-Heeled Blog — Sat, 11 Sep 2010 01:12:39 +0000

[...] true – I don’t spend more than I make, and I have make sure my fixed costs (rent, car, internet) are in line with what I can afford to pay. Still, I don’t follow a strict budget [...]

By: yvonne bleiman

yvonne bleiman — Sun, 22 Aug 2010 01:30:21 +0000

I have a Mercedes E 320 2001 with 57,000 miles. I bought the car 5 years ago and haven't spent a cent on it–I got it at a good price. Now I am having to spend money on it–$900 for a catalytic converter; $900 for a transmission shift module (rain came in sun roof and part was not booted); $350 for 50,000 mile tune-up. There is a possible $600 cost for electric windows if the rain spoils the switches–in near future according to service adviser as water "corrodes" over time; and possible $1300 transmission control module if the rain ultimately corrodes that; $150 for a slow transmission fluid leak; $400 to repair two front-end broken springs.

I am a fool not to take about $14,000 I can get on a private sale and leave this lovely car behind me? I will never be able to afford this luxurious type car now–what is a "luxury" car for $25,000?

By: Financial bondage

Financial bondage — Sun, 25 Jul 2010 22:22:27 +0000

new car payments are one reason most Americans are broke and living paycheck to paycheck. I don't ever want a car payment again.

By: Mid-Summer Round Up

Mid-Summer Round Up — Sun, 18 Jul 2010 23:27:53 +0000

[...] Buy New Car vs Keep Old Car at Well Heeled Blog [...]

By: WellHeeled

WellHeeled — Sun, 18 Jul 2010 14:56:24 +0000

Welcome! Thanks for reading and for delurking. I actually have enough cash to buy a new car, but I don’t want to tie up all that cash when I can do a little bit of financing. No debt is good but at the end (a certain amount of) cash is still king at this point in my life. I will think about the private buyer scenario – I’ve just heard so many horror stories about that, that I’m hoping to avoid the headaches by going with a dealer certified program. The price difference between a brand new Honda and a 3-year-old dealer-certified Honda is between $2K and $3K. Those are not insignificant differences, to be sure, but on the other hand I’m not sure that type of savings is worth it. The last thing I want is to deal with car troubles that came from someone else’s driving experience.

I am doing research into potential car buying right now not because I plan to buy a new car, but because it’s better to front-load the research than to panic and buy the first car I see in case my old car breaks down.

By: Car Buying Advice: Don’t be a statistic! | Car Negotiation Coach

Car Buying Advice: Don’t be a statistic! | Car Negotiation Coach — Sun, 18 Jul 2010 08:37:24 +0000

[...] Well Heeled has a very detailed comparison between buying new versus keeping an old car. [...]

By: House Flip Update / Roundup

House Flip Update / Roundup — Sat, 17 Jul 2010 09:32:10 +0000

[...] Buy New Car vs Keep Old Car at Well Heeled Blog [...]

By: Enjoy Life

Enjoy Life — Sat, 17 Jul 2010 02:12:31 +0000

Hi WellHeeled! I am a long time reader – and first time commenter. I totally agree with BB. Seems like on this one you WANT a reason for a NEW car.

From my perspective – you want a new NEW car. Your older Honda with 230K seems to be fine to me…Try to wait a bit longer before buying…

Also, my .02 – I would strongly suggest doing some research and finding a well cared for, single user/family car – through a private buyer. In my family, we have gotten and offered great deals on good cars that have been very, very well cared for – but for some reason just no longer fit the family. My dad once sold his truck that was almost brand new because we had a great opportunity to live overseas. My mom sold her Honda that was in great shape because her needs changed for the size/function of a car. I know you always do a LOT of research – so I am sure you could find at least a couple possibilities.

And if you have the 10K for a down payment – then either find something for 10K or under, or wait until you have the 18K for the one you want…

Good luck.

By: WellHeeled

WellHeeled — Wed, 14 Jul 2010 04:34:51 +0000

Usually I'd agree, but at least with Hondas, 2-3 year-olds are really not much cheaper than new cars ($2K to $3K at most). If I go private party sale I can get them for cheaper, but I like the peace of mind I get with dealer certified vehicles.

By: WellHeeled

WellHeeled — Wed, 14 Jul 2010 04:33:26 +0000

A quick look on Honda's Certified Used Cars website shows that the cheapest Civic Sedans I can get are around $14,000 with 50,000 miles – which is better than brand new car, sure, but I'm not sure if $2,000 or $3,000 is worth buying an used car.

By: WellHeeled

WellHeeled — Wed, 14 Jul 2010 04:29:11 +0000

I didn't think of a used Honda because the cost of a 2-year old Honda isn't that much lower than a brand new one, and I didn't want to deal with driving with someone else's problems. But maybe I should reconsider that and look into pre-owned / warrantied Honda programs a little closer.

By: laura lou

laura lou — Wed, 14 Jul 2010 01:07:47 +0000

I went through this 2 years ago, and decided that a honda certified used car was the way to go. I did tons of research, and figured out that I could buy a 2 year old car for significantly less, still have a warranty left, and let someone else take the depreciation that happens so quickly when driving off the lot. You should also check out Toyotas – they have 0% financing for the first 60 months I believe. You'd obviously have to weigh the pros and cons of any potential recalls due to safety issues, but it would be worth looking into. If I was looking now, I would consider the Prius. While you can't get the carpool stickers here in California anymore, it would still be economical. There is no longer a premium on them, and they are practically a steal from what I'm reading. Also run insurance quotes for models/years/mileage you are interested in to get a ball park figure. I did that prior and was able to see what I could afford payment wise after knowing that information. You might also consider financing over 5 years (watch for dealers who try to finance over 5.5 or 6 to get you a desired payment!). I did that, and I am paying more towards my principle each month through honda financing. I will pay it off sooner, but wanted the flexibility to have more time in case I lost my job or had to take a pay cut (which happened, thank you state of California!).

By: Heather

Heather — Tue, 13 Jul 2010 23:23:57 +0000

How about a compromise? Buy a new-to-you *used* car! If you can afford a $10K down payment, you can likely afford a decent car out-of-pocket. You'd eliminate the monthly car payment and keep your insurance & registration costs more affordable while updating your safety features & (one would hope) keeping your repairs at minimum.

By: Serendipity

Serendipity — Tue, 13 Jul 2010 21:05:30 +0000

I might buy a new car if I were you, but what about one that you can find for 10,000 so you don't have a car payment? I'm sure you can find a used vehicle with little milage for that amount, as well as it being a newer car.