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Started By
Message
Bad Time to Invest in a New Vehicle
Posted on 2/24/09 at 4:16 pm
Posted on 2/24/09 at 4:16 pm
Hey gang,
I'm looking to get a new vehicle sometime in the near future, is there any reason I should hesitate to make such investment? Or is this the time if any? With the market tanking...
thanks in advance
I'm looking to get a new vehicle sometime in the near future, is there any reason I should hesitate to make such investment? Or is this the time if any? With the market tanking...
thanks in advance
This post was edited on 2/25/09 at 7:12 pm
8
Posted on 2/24/09 at 4:17 pm to Klark Kent
New new, or used?
Posted on 2/24/09 at 4:17 pm to Klark Kent
quote:
work in the oil/gas industry so I don't have all that much to worry as far as losing my job.
And yeah it's an awful time to make any big purchase.
Posted on 2/24/09 at 4:19 pm to KosmoCramer
quote:
New new, or used?
New New, 2009
quote:
And yeah it's an awful time to make any big purchase.
how so?
Posted on 2/24/09 at 4:19 pm to LSUtoOmaha
quote:
And yeah it's an awful time to make any big purchases that you can't afford.
Fixed.
Posted on 2/24/09 at 4:19 pm to Klark Kent
quote:
I'm looking to get a new vehicle sometime in the near future, have a substantial down payment saved up, a vehicle to trade in, won't have any trouble making a $500 a month payment, and work in the oil/gas industry so I don't have all that much to worry as far as losing my job.
Whose alter is this?
Posted on 2/24/09 at 4:20 pm to Klark Kent
a car is never an investment. The first step is to stop thinking of it like one.
Posted on 2/24/09 at 4:20 pm to Tiger JJ
quote:
that you can't afford.
but i can afford it, and it's not like a want a $50,000 vehicle. I'm looking in the range of $25,000-$30,000.
No alter.
Posted on 2/24/09 at 4:21 pm to Klark Kent
I have 30K hanging around to buy a new vehicle and I'm looking for all these supposed deals due to car companies being desperate. I don't see it. Car prices have not dropped substantially in the last 6 months. Don't they know we're in hard times?
Posted on 2/24/09 at 4:22 pm to Klark Kent
quote:
And yeah it's an awful time to make any big purchase.
Because demand for everything big, especially durable goods, is dropping like a falling knife, and it won't matter if they cut production because there is so much inventory already on the lots that people will eventually bargain for those and the new cars will go unsold.
Posted on 2/24/09 at 4:22 pm to Zach
quote:
I have 30K hanging around to buy a new vehicle and I'm looking for all these supposed deals due to car companies being desperate. I don't see it. Car prices have not dropped substantially in the last 6 months. Don't they know we're in hard times?
Same here, that's why i was coming to this board, hoping for some insight to why prices haven't dropped or if they think they soon will....haven't got much help yet.
Posted on 2/24/09 at 4:24 pm to Klark Kent
quote:
ame here, that's why i was coming to this board, hoping for some insight to why prices haven't dropped or if they think they soon will....haven't got much help yet.
Find a slightly used one from someone who IS worried / unemployed.
You help HIM relieve his stress and YOU get a sweet deal without suffering the "drive off" depreciation.
Posted on 2/24/09 at 4:30 pm to BlackHelicopterPilot
good idea. but this is the first vehicle i will purchase completely on my own and have actual money to do so, so it'd be nice to get it customized to the specs i want.
Posted on 2/24/09 at 4:34 pm to Klark Kent
think of this in terms of flushing money down a drain. You are not purchasing an asset, you are purchasing a liability. Do you want to flush a lot of money or a little?
Posted on 2/24/09 at 4:36 pm to Klark Kent
quote:
but this is the first vehicle i will purchase completely on my own and have actual money to do so, so it'd be nice to get it customized to the specs i want.
While I understand that, please hear me out. I've purchased a number of vehicles. That "new, cool" sensation wears off pretty fast. You'd be surprised what is available out there.
If you choose to buy new, that is your choice and best wishes. But, you'd be MUCH MUCH better off financially with my suggestion and after about a month, you would feel equally about the vehicle (meaning that new vehicle excitement will abate)
Posted on 2/24/09 at 4:39 pm to BlackHelicopterPilot
i will definetely shop around, i'm not totally against that if i can get a deal, plus it would give me plenty extra to add some additions like in dash navigation and a sound system.
Posted on 2/24/09 at 4:51 pm to Klark Kent
quote:
...and work in the oil/gas industry so I don't have all that much to worry as far as losing my job.
I'm in the same situation. I'm going to buy that Saturn Vue I've seen every time I've driven past the dealer since June. I'm signing papers today and but will have enough money to pay it off when I get my year-end bonus from Citi.
But seriously, you should check the classifieds. Find some schmuck who lost his job and needs to dump his Navigator. Offer him Blue Book -40%, cash. Not check. Cash. Leave him your number, and wait for a call two days later.
This post was edited on 2/24/09 at 4:55 pm
Posted on 2/24/09 at 5:37 pm to Klark Kent
quote:
good idea. but this is the first vehicle i will purchase completely on my own and have actual money to do so, so it'd be nice to get it customized to the specs i want.
Then...this isn't an investment, it's a toy or luxury item.
If you can afford it, go for it...
But before you do....
Divide the amount you wish to spend by 30% and then shop for a vehicle at that price. It won't be new, but you'd be surprised at the Acura/Lexus deals you can find in that range.
Invest the 30% you save and enjoy your vehicle without over-extending yourself.
Posted on 2/24/09 at 5:43 pm to KosmoCramer
quote:
New new, or used?
We're considering thinking about buying a vehicle as our oldest now has a license ... thinking of giving him my vehicle and buying a new one for me.
When looking at certain cars the NEW NEW prices are LESS than some of the USED prices ... in that case doesn't it make sense to buy new?
Posted on 2/24/09 at 5:45 pm to Original Bayou Boy
true cost of ownership
Click the link. search your vehicle. most of your depreciation is in the first two years. and the new body sytles are two years old, so i would do like me and get a new body style 2007 and save all kinds of money
Click the link. search your vehicle. most of your depreciation is in the first two years. and the new body sytles are two years old, so i would do like me and get a new body style 2007 and save all kinds of money
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