Buying a Vehicle Outright

I think there's plenty out there that is dependable that you should be able to spend max $20K. I'd buy around 2 years old used and pay cash if you're able. After you purchase set aside 250 or a so a month in an account to start saving for the next and enjoy. But, you're going to have some haters out there that say invest the money in the market and don't buy outright.

I am all about not spending much either. Wife? Kids? House? 26 is a nice age to be building a nice financial foundation. 20 years from now you are going to wish you had invested more and spent less purchasing a new vehicle. (This is coming from a guy that is 46 and 18 years ago bought a new vehicle).

Spend as little as possible (within reason) on vehicles. Buy something safe, reliable, presentable (won’t embarrass you). Can have your pick of vehicles under 15k that meet those criteria

I'm not going to give you advice on how much to spend, to many variables.


Since you are carrying no debt, why not charge 5K of the sale price on your CC for the miles/points, then pay it off the following month?

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I'm not going to give you advice on how much to spend, to many variables.

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shite I will. There's no reason for him to spend over 25k and I'm padding that because people will downvote me for how ridiculous I am with cars.

Agreed. I’d buy a 12k used car and revisit at time of next car purchase if you want to splurge

Just curious, what other way is there to purchase a vehicle other than outright? Are you saying as opposed to leasing?

The used luxury market, (3 years old) is a very good place to look as those brands are very cheap these days due to leases being turned in.

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Just curious, what other way is there to purchase a vehicle other than outrigh

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I think he means buy with cash or finance

And it’s hard to answer without more info but I’d look for something slightly used at a low interest rate and for under 25k. Have your loan for 15k or so and invest the difference.

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The market kind of sucks for a $12k vehicle.

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This.

I find that most of the time, people who throw out the advice of "buy a cheap beater and save your money" don't realize that a "cheap beater" will still cost decent coin these days and will probably get you a nasty letter from the VP of HR.


The used car market sucks. If you want something made in the last decade that doesn't already have 6 digits on the ODO, you'll still save over buying new, but it's probably not the savings most of these people are envisioning. The older the car, the higher the interest rate too if you have to finance. The cars in the 8-12k price range are actual beaters that probably haven't been well maintained, or they will be at an age/mileage that maintenance and wear items are starting to pile up.


A second thing to consider, that I think so many people overlook, is the safety advances over the last 5 or so years. Is your health/life, or the health/lives of your family worth saving a 5 or 6 grand? I'd much rather spend a little bit more upfront with peace of mind that me and my family will have the most up to date safety features.

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Don’t finance it over 3 years.

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Why 3 years?

The lack of sound financial advice on this board sometimes is quite concerning.