In following up on the brand loyalty thread, my question is what kind of car person are you? Lease? Buy? used? New? New every 2 years? Personally, since July of 1995 I have owned and driven three cars. I plan on 5-10 with my current one. I buy new, maintain them meticulously and keep them running perfectly for 7 -14 years. My current car is my fifth since 1984. Then I start over.
Same here. I buy new, take good care of them, and drive them for as many years as they remain reliable. My current vehicle is a 2016. It replaced a 2001.
Ditto the above. I have been fortunate to only buy new cars and keep them for five or more years. Always a Ford. I tried a Jeep once and it was an expensive mistake.
Yes, buy new, keep until it's dead, Jim. I maintain only as needed (not necessarily as recommended in the owner's manual), except for religiously regular oil changes.
Since I started my working career in 1967 I have only bought 2 used vehicles. A Ford 3/4 ton pickup with an overhead camper to use for fishing/hunting/partying and a Datson 280ZX that my ex wife just had to have. I have never leased. Since I retired I have bought new Mustang GT's in 2011, 2015 & 2018 just because I wanted them. Not sure if I will ever buy another car. I've got more bells, whistles and HP than I know what do do with now and I'm not getting any younger.
My model:
Buy new, but only if there’s 5 year 0% financing. 4WD so I don’t have to deal w snow chains when heading to mountains.
Drive for 150Kish miles (takes 10 years)
Repeat.
Give old one to friend/relative in need
Never leased a personal vehicle, but when I ran my business, leasing was the only way to run efficiently, I had a lease deal, where we leased the business vehicles and wrote down 100% of the cost over 4 years, then purchased the vehicle from the lease company for $10.dollars, and sold the used vehicles for a cash profit.
I buy used, pay cash, because 1. Depreciation is a bitch and 2. Until the last few years you usually couldn’t get a very good rate on a used car loan.
I always have at least 2 cars not counting my company car, and since I have a company car and my wife has a 3 mile round trip to work, my cars don’t get much mileage. Also if I’m taking long trips solo (over 500 miles round trip) I usually rent a car.
Now back to my cars, buy them 3-5 years old under 45k miles, drive them for 5 and on the 5th year I start looking for a replacement. Can take up to a year to find a replacement. 2020 I was due to get rid of both my cars as they are both 5 years old (to me) but since I’ve driven them so little the past year I decided to keep both for at least another 2 years unless I get an itch. First time I’ve done that and I doubt they will be driven much this year either. Another thing working in my favor cars interiors technology has advanced at a crazy rate within the last 3-4 years so most of what I’d want are 2018-2020 models making what I may buy down the road more affordable if I wait a little longer.
* if your cars are sitting - I highly recommend getting a trickle charger for your battery.
In the last 4 decades or so,purchased 11 cars: 7 new, 4 late model preowned.(Used sounds so de-classe) Median length of time I kept 9 prior vehicles to present ones was 7.2 years.
I've owned too many vehicles to tally, never bought new, but after making a big impulse buy that burned me on my first car purchase at 16 I learned from that experience and thoroughly check out every vehicle I bought since from top to bottom and front to back.
I buy slightly used directly from previous owner and run it u til the wheels fall off. My current diesel truck I bought from a dentist with 30,000 miles on it and now it has 300,000 miles. Best $25k I ever spent because that truck still doesn’t leak a drop on the driveway.
@shaiylynn
Ever had problems with the mufflers? My mom had a Volvo for years and she only drove about two miles a day. The mufflers kept going bad (covered under warranty) and the dealer said if they don't heat up enough in winter, the condensation causes rust.
Never had a battery problem with a car, but my Harley is always on the trickle charger or it will go bad in a month if I don't ride it.
I buy used, with the intention of driving it into the ground. Unfortunately, I seem to have an idiot magnet and I've had 4 not at fault accidents in the past 11 or so years where my car has been totaled. Somehow I've never gotten injured, so I suppose I should be thankful.
Maybe the plan will work out with my current car. Or some moron not paying attention will rear end me on Rte. 128 and snap the frame again. Either or.
I like cars but don’t consider myself a hardcore-car-guy – up to now my decision on which car I get has mostly been-based on TCO (total cost of ownership) vs getting the car I-want-most even if I can technically afford it.
From my late-teens to late-20s, I bought used and cash – from late-20s to late-40s it was buy-and-hold (bought new w/ a bank-loan, then kept it for 5 or 10 years post having paid off loan) – currently own a used-car again but that was sorta an emergency-buy meant to be kept temporarily (year or so) but it’ll soon be 3-years since I’ve had it (have the $$$ to get into a new-car but it’s more of want than a need and I enjoy not having a car-payment and having a much lower-insurance rate).
From reading an article or two on the web in the past, I got the sense that the leasing-vs-buying breakdown may come down to how long one keeps a car, w/ the longer one keeps-it then owning can often make more (financial) sense.
As I mentioned, I often bought cars based on TOC – now that I’m 51 I may start choosing a car more b/c it’s the type-car I want most vs what most makes sense – if I get something nice (for me) it’ll probably be somewhere in the $40K to $50K range and I can’t see spending that much for a car via buying it b/c w/ tech changing so fast and cars getting more-complicated and costly to fix, I don’t see myself holding on to a car for a long-time and w/o warranty – so if I get into something nice (for me) to treat-myself, vs something economical, I’ll either lease or maybe try to buy “lightly used” (3-years-max and under 45k-miles as @Shailynn described) – buying something lightly-used may mean I’ll be out of warranty but at least I’m not paying whole (new car) price – problem is in the past when I’ve looked, it seemed like 90% of used-cars were from dealers (unless I haven’t been looking at the right sites); and also used-cars have also gotten very-expensive in the last few years to where it seems there is not that much different b/w a “lightly used car” in good-shaped and a new car.
I’m not sure if I’ll actually get into a new car in the near future b/c I really “don’t need one” and I enjoy not having a car-payment and not paying thru the nose on insurance as in the case downhere in Miami – if I bought a new car it would mainly be so I can have some nice(r) but there are other things I can spend/invest my $$$ in that may make more sense for me right now – perhaps I’ll bide-my-time and if there’s an economic-downturn then I may make a move then if I can get a very-good-deal.
I LOVE the stories about would-be car thieves that can't drive stick. It's almost as fucked up as gangland thugs who can't shoot straight because they don't really know how to handle a gun.
I get that cars are really cool and incredible machines, but I never got into them that much. I don’t like car payments so I usually buy used with cash. I don’t pay for collision of comprehensive insurance coverage either. Funny thing - I really like driving. I find it relaxing.
I thought I read that more new cars are leased rather than purchased. That’s certainly true of luxury cars.
Dealers have used the power of immediate gratification to encourage car sales through leases. The monthly payment is lower than if you purchased because you aren’t building equity.
From a purely financial standpoint, it’s always smarter to purchase a car and keep it for a long period of years. For most people, that’s not fun. They would rather go into debt and get the newest, shiniest piece of metal every 2 or 3 years. Leasing facilitates this.
The most common brand of vehicle owned by millionaires is Ford. That’s not a coincidence.
Mileage limits on leases give me anxiety. I road trip in the west and rack up miles. I always buy. Used if I can find a good deal but new also. If you plan to keep 7+ years you can ignore that depreciation nonsense. That only matters if you sell early. There is no penalty for buying new if you keep it 7-10 yrs or the penalty is worth the new car benefits.
And I was always a buy cash guy but lately thinking it doesn’t make sense if you can get a good rate and you don’t get a great discount for paying cash. Good discipline would be to save but bank that money - stock index fund -and you’ll make money on the loan.
Replaced my wife's 2003 Pacifica with a new 2018 Pacifica. It's been trouble free with the exception of a couple minor software glitches (related to the electric self-stiwing seats). I bought my current Dodge Charger R/T as a dealer demo (4000 miles, driven by dealership owner in 2006. I have just under 150,000 miles on her now and I doubt that I have put more than $5000 into other than routine maintenance in all those years. I have zero desire to trade this car for anything else.
I am definitely a buy vs lease person. I usually have 3 or 4 vehicles. A truck, a luxury sedan, and a couple of toys. The toys are bought at action. Let someone else drop big money on restoration, I pick it up for far less than they put into it. I am not interested in having a museum so I drive them until I decide I want a new toy. The truck is for utilitarian purposes being a property owner and for taking my dogs for rides. 18 year old Dodge Ram and still dependable. The sedans I usually buy certified pre-owned 2 - 3 years old and less than 35K miles. Let someone else take the depreciation hit, but I still want some warranty to offset getting someone else's lemon.
I always bought or leased new. Within the past years I’ve been into more high end cars, or something I can customize. For that reason I search locator sites looking for deals around the country on pre owned. I have a pre purchase inspection done and have let someone else take the massive depreciation. I can usually wind up flipping them for more than I paid.
I am a car cash buyer kind of person. I get preowned cars that I like/want and the previous owners have treated them well, upgraded and customized and sell because have/want to, but want to make sure the car will go to a good home.
I of course have the cars inspected and make sure they are safe and sound.
Now I am set, for the time being, with 4 vehicles; mainly toys.
1. a daily driver sports sedan (lexus IS 300)
2. a Van (1975 Dodge Van customized as a vehicle designed to accommodate massive amounts of sex, drug and rock and roll)
3. a pickup truck (2000 Ford F-150 Harley Davidson Edition)
4. a convertible roadster from the Fatherland (Benz SL 550)
I use the truck sometimes to haul my 1949 Harley Davidson Panhead Chopper if my girl doesn’t want us to ride for a long trip, we only ride around at the destination, (Sturgis, Biketoberfest®, Daytona Bike Week)
Ive always bought cars a few years old or old enough to be considered classics. Pay in cash. I have zero debt and like it that way. My current car is a 2017 challenger I got for 16k. Compare it to the price of a new one and not much of a difference
I prefer buying outright. ESPECIALLY if I plan to keep it. I only would lease a beemer or Benz and only take over leases,never new leases. Not worth enjoying for more than a few months per model imo. Currently waiting to buy the hopefully to be released C8 ZR1. I'll become the new ticket master and lambo killer
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Buy new, but only if there’s 5 year 0% financing. 4WD so I don’t have to deal w snow chains when heading to mountains.
Drive for 150Kish miles (takes 10 years)
Repeat.
Give old one to friend/relative in need
I always have at least 2 cars not counting my company car, and since I have a company car and my wife has a 3 mile round trip to work, my cars don’t get much mileage. Also if I’m taking long trips solo (over 500 miles round trip) I usually rent a car.
Now back to my cars, buy them 3-5 years old under 45k miles, drive them for 5 and on the 5th year I start looking for a replacement. Can take up to a year to find a replacement. 2020 I was due to get rid of both my cars as they are both 5 years old (to me) but since I’ve driven them so little the past year I decided to keep both for at least another 2 years unless I get an itch. First time I’ve done that and I doubt they will be driven much this year either. Another thing working in my favor cars interiors technology has advanced at a crazy rate within the last 3-4 years so most of what I’d want are 2018-2020 models making what I may buy down the road more affordable if I wait a little longer.
* if your cars are sitting - I highly recommend getting a trickle charger for your battery.
Ever had problems with the mufflers? My mom had a Volvo for years and she only drove about two miles a day. The mufflers kept going bad (covered under warranty) and the dealer said if they don't heat up enough in winter, the condensation causes rust.
Never had a battery problem with a car, but my Harley is always on the trickle charger or it will go bad in a month if I don't ride it.
Maybe the plan will work out with my current car. Or some moron not paying attention will rear end me on Rte. 128 and snap the frame again. Either or.
From my late-teens to late-20s, I bought used and cash – from late-20s to late-40s it was buy-and-hold (bought new w/ a bank-loan, then kept it for 5 or 10 years post having paid off loan) – currently own a used-car again but that was sorta an emergency-buy meant to be kept temporarily (year or so) but it’ll soon be 3-years since I’ve had it (have the $$$ to get into a new-car but it’s more of want than a need and I enjoy not having a car-payment and having a much lower-insurance rate).
From reading an article or two on the web in the past, I got the sense that the leasing-vs-buying breakdown may come down to how long one keeps a car, w/ the longer one keeps-it then owning can often make more (financial) sense.
As I mentioned, I often bought cars based on TOC – now that I’m 51 I may start choosing a car more b/c it’s the type-car I want most vs what most makes sense – if I get something nice (for me) it’ll probably be somewhere in the $40K to $50K range and I can’t see spending that much for a car via buying it b/c w/ tech changing so fast and cars getting more-complicated and costly to fix, I don’t see myself holding on to a car for a long-time and w/o warranty – so if I get into something nice (for me) to treat-myself, vs something economical, I’ll either lease or maybe try to buy “lightly used” (3-years-max and under 45k-miles as @Shailynn described) – buying something lightly-used may mean I’ll be out of warranty but at least I’m not paying whole (new car) price – problem is in the past when I’ve looked, it seemed like 90% of used-cars were from dealers (unless I haven’t been looking at the right sites); and also used-cars have also gotten very-expensive in the last few years to where it seems there is not that much different b/w a “lightly used car” in good-shaped and a new car.
I’m not sure if I’ll actually get into a new car in the near future b/c I really “don’t need one” and I enjoy not having a car-payment and not paying thru the nose on insurance as in the case downhere in Miami – if I bought a new car it would mainly be so I can have some nice(r) but there are other things I can spend/invest my $$$ in that may make more sense for me right now – perhaps I’ll bide-my-time and if there’s an economic-downturn then I may make a move then if I can get a very-good-deal.
Manual transmission,are best anti-theft system in the US
Dealers have used the power of immediate gratification to encourage car sales through leases. The monthly payment is lower than if you purchased because you aren’t building equity.
From a purely financial standpoint, it’s always smarter to purchase a car and keep it for a long period of years. For most people, that’s not fun. They would rather go into debt and get the newest, shiniest piece of metal every 2 or 3 years. Leasing facilitates this.
The most common brand of vehicle owned by millionaires is Ford. That’s not a coincidence.
To answer your questions:
I am a car cash buyer kind of person. I get preowned cars that I like/want and the previous owners have treated them well, upgraded and customized and sell because have/want to, but want to make sure the car will go to a good home.
I of course have the cars inspected and make sure they are safe and sound.
Now I am set, for the time being, with 4 vehicles; mainly toys.
1. a daily driver sports sedan (lexus IS 300)
2. a Van (1975 Dodge Van customized as a vehicle designed to accommodate massive amounts of sex, drug and rock and roll)
3. a pickup truck (2000 Ford F-150 Harley Davidson Edition)
4. a convertible roadster from the Fatherland (Benz SL 550)
I use the truck sometimes to haul my 1949 Harley Davidson Panhead Chopper if my girl doesn’t want us to ride for a long trip, we only ride around at the destination, (Sturgis, Biketoberfest®, Daytona Bike Week)