Is Buying A New Car A Bad Idea Reddit

Unknown reliability for model year. To understand why its the case and how to avoid it lets review the data and use real-life examples.

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My goal for everyone is to reach financial independence sooner rather than later.

Is buying a new car a bad idea reddit. I got it for 13 what it cost new and it has 23 life left in it. The dealer is motivated to sell cars in inventory. Why Leasing a Car is a Bad Idea.

If your desire is to save money it is a bad idea. The reactions from. Higher tax and insurance costs.

You can often spot a rental car if the car you are looking at has between 38-42k miles. Yes the rental places maintain the cars but they cant fix the wear and tear the renters put on them. I dont put a lot of kms on my cars.

Ive been a car fanatic forever but Ive also been a personal finance blogger since 2009. But purchasing a new vehicle isnt always a good idea. That could mean mortgage lenders are less likely to approve you for a mortgage loan.

And you can drive the car before you buy it. Dont ever buy a new car. If you want to be rich never buy a brand new car or a car in its first year of redesign.

I keep reading on this sub how there isnt any profit on new cars but this article seems to suggest otherwise. A2A Is buying a new car a bad idea. Advantages of Buying a Used Car.

Cars today are manufactured with corrosion protection which makes this added treatment unnecessary though it is profitable for car. If you feel like you need a new car buying a newer used car will probably work out just fine for your needs. The True Cost of Buying New vs.

That depends on several factors. That could add at least 1000 just to a 10000 car. If its new it wont require serious maintenance for a long time.

Guide to Buying a New Car A. The best possible way to get a car is to buy it cash. What Buying a New Car Entails.

I bought my current car in 2014. This poses the question whether buying or leasing a car is the better choice. Lets see how this plays out in real life.

The graphic indicates that if you buy new and keep that ride for 20 years that will cost you less than buying a three-year-old used vehicle that you drive for 15 years. A brand new car looks and smells good but its never worth the price says self-made millionaire and bestselling author David Bach. The dealer has a monetary investment in the cars trucks and vans that are already on the lot.

While a discount may seem generous at first glance my experience tells me that the selling price of a demonstrator car is often not much less than if you bought the same car brand new. Most times its a lousy investment that can potentially cost you a ton of money. Unfortunately most people dont have the privilege of being able to do that.

So lenders have come up with clever ways to help people own cars. Ive heard a lot of good things and bad things. Buying a car also adds to your debt load which can make you appear to be a riskier borrower.

Aggregate dealer profits from new vehicles in July are projected to reach an all-time high of 51 billion with average profit per vehicle estimated to top 4200 according to JD Power. Advantages of Buying a New Car. If not just go with your heart and buy the car you really really love.

There are benefits to getting a ne w car. That is usually when they dump the car to the sales lot. Leasing a car would make perfect sense under the right circumstances.

Just make sure the car comes with lots of tissue to wipe away the sadness. Why Can Buying a Car Before Buying a House Be a Bad Idea. The short answer is no.

Few maintenance costs for 2-3 years. The cars increased value gives you some leverage to negotiate these fees with the dealer particularly if youre in the market for a new lease or purchase too. After owning Moose my 2000 Land Rover Discovery II for nine years in 2014 I decided to lease a more fuel efficient car named Rhino.

Lets say Jack and Tony are both looking to buy new vehicles. I get it. If you buy a car in parts of California youll pay almost 10 of the value of the car in taxes.

Jack decides to save up and buy a reliable used car with cash while Tony goes the normal route and finances a new truck. Disadvantages of Buying a New Car. No previous owners and unknown accidents or mechanical incidents Low financing rates usually available.

Adding any new credit line or loan will affect your credit score in a few waysand not always for the better. It is a 2005 Accord with 94000kms on it. Buying a new car in general is a bad investment and just like most bad investments its driven specifically by emotion.

Youd have to pay that tax whether the car is used or not but its a percentage of the value of the car.

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