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re: Who here bought a new car before they were thirty?
Posted on 9/14/15 at 9:15 pm to The First Cut
Posted on 9/14/15 at 9:15 pm to The First Cut
quote:
OK, I'll bite, when is it better to take a huge depreciation hit 1 second after you sign?
When it still is an overall better value to by new over used.
0
Posted on 9/14/15 at 9:15 pm to BACONisMEATcandy
No they aren't the same, not even close. If you want to believe that go right ahead. You still never answered when it is sometimes better.
Posted on 9/14/15 at 9:15 pm to The First Cut
Well that's fine and all but I don't know many people outside of those who can easily afford it that plan on getting rid of a brand new car right after they buy it. Sure, it can get destroyed in an accident and/or stolen, but that's doesn't happen to everyone.
What about those who buy a new car every 5 years, or 10 years, is it that big of a deal? It's a gamble, but not a guaranteed kick in the pants.
What about those who buy a new car every 5 years, or 10 years, is it that big of a deal? It's a gamble, but not a guaranteed kick in the pants.
Posted on 9/14/15 at 9:16 pm to To the Dome
Me, I was eighteen.
Posted on 9/14/15 at 9:16 pm to The First Cut
I was in the U.S. Navy at NAS Norfolk and bought a new 1970 VW Bug Blue with White Interior. It had 52 Horsepower and cost a whopping $1850. I traded it in in 1974 for a 350 Nova. I wish I still had the VW and should have kept it and maintained it.
Posted on 9/14/15 at 9:17 pm to eng08
quote:
Got a job, 2 years later bought a new truck, gave my old (still very good low mileage) truck back to my dad since he paid for it.
Should have given your dad the new one.
Posted on 9/14/15 at 9:18 pm to CaptainsWafer
If you buy a two year old car and keep it until it's 5 or 10 years old, as in your example, you won't pay nearly as much on the front end but still have the same end value. That's a guaranteed loss.
This post was edited on 9/14/15 at 9:19 pm
Posted on 9/14/15 at 9:20 pm to rpg37
quote:
by rpg37
Who doesn't? I mean, I am 28 and own two houses and own a car. That's nothing special...
You ain't kidding. I expect 28 yr old OTers to own more houses than that.
Posted on 9/14/15 at 9:23 pm to The First Cut
quote:
If you buy a two year old car and keep it until it's 5 or 10 years old, as in your example, you won't pay nearly as much on the front end but still have the same end value. That's a guaranteed loss.
If you buy a new car and keep it for 10 years vs buying a two yr old car and keeping it for 8, it's pretty much a wash.
Posted on 9/14/15 at 9:23 pm to The First Cut
quote:
In theory you can buy it one day and sell it the next for the same price. You didn't answer my question.
WHY ARE ONE-OWNER CARS WORTH MORE?
Theory does not equal reality.
Posted on 9/14/15 at 9:23 pm to To the Dome
Bought myself a house and a truck within the same week at the ripe old age of 21
Posted on 9/14/15 at 9:24 pm to The First Cut
At that point I would have had the car for three years versus five if I bought it new. I would have gotten five years out of a five year old car versus three.
Posted on 9/14/15 at 9:25 pm to CaptainsWafer
But you paid 40% less than the new car price.
quote:
The accepted average car depreciation rate is roughly 15% per year. This rate will vary depending on the make and model of the vehicle. New cars depreciate about 20% the moment you drive them off the lot. The second and third year the vehicle will probably depreciate roughly 15% a year. After year five, depreciation rates slow down.
This post was edited on 9/14/15 at 9:28 pm
Posted on 9/14/15 at 9:25 pm to The First Cut
quote:
OK, I'll bite, when is it better to take a huge depreciation hit 1 second after you sign?
It works really good when buying new Ferrari's. For the right car you can flip it for a profit immediately after purchase.
quote:
Most would-be buyers don’t know where they rank on the list, a crucial bit of opacity that further primes demand and purchase prices. And those who manage to buy a new Ferrari can immediately flip it for a $30,000 to $50,000 profit, according to Adams.
LINK
Posted on 9/14/15 at 9:26 pm to The First Cut
That's 20% per year. So 60% of the price to use for three years or 100% to use it for five.
Still costing me 20% per year to use.
ETA This is to the fifth year of age for the car.
Still costing me 20% per year to use.
ETA This is to the fifth year of age for the car.
This post was edited on 9/14/15 at 9:28 pm
Posted on 9/14/15 at 9:30 pm to notiger1997
You guys are really ignorant about vehicle depreciation. It's not a straight line. See my post above, the biggest hit is the moment you take delivery. Depreciation flattens out after year three and really flattens in year 5.
Posted on 9/14/15 at 9:31 pm to To the Dome
I owned 5 brand new trucks in between 20 and 30. Not the smartest financial decisions, but I was single with no kids, worked hard, made good money, and paid them all off. And to be honest, I really enjoyed every one of them.
The upside of all of that, is I'm pretty good at negotiating with the dealers now.
The upside of all of that, is I'm pretty good at negotiating with the dealers now.
This post was edited on 9/14/15 at 9:32 pm
Posted on 9/14/15 at 9:32 pm to To the Dome
quote:
Just wondering who all decided to make that choice right out of college?
Bought a demo with about 10K miles less than two years out of college. Paid $36400 for a same year 3series demo. Don't regret it one bit. It's been paid off for almost 5 years and I don't have any plans to get rid of it. Better than a Kingranch or whatever the frick y'all drive down there. Thinking about a new 4-series or Chevy Tahoe. Have bigger fish to fry, though.
Posted on 9/14/15 at 9:34 pm to The First Cut
I paid $38.8 for a brand new Jeep Grand Cherokee Overland 4x4 in December of 2012.
Please tell me how bad a decision I made
LINK
Please tell me how bad a decision I made
LINK
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