Here come the recession bargains: Used cars coming off lease

[mikedev10]

Re: Here come the recession bargains: Used cars coming off lease

i just bought 48 qts of synthetic, new sticky summer tires, and an extra set of brake pads. i get around 3 mpg when i take my car to the track, i do autocrosses and track days. looks like this hobby is going to make my most expensive summer yet!

[ax]

Re: Here come the recession bargains: Used cars coming off lease

Following on some of the earlier advice and growing up with a father who took a sinister pleasure in haggling with/abusing the car salesman, I can concur that buying a used car is the way to go. I bought a used Lexus for my wife on the theory that it would hold up another 10-12 years in S. Florida. I got a 1.9% interest rate which was not being advertised at the time, and left paying approx. 60% of the new model on a car that had 20K miles on it. Remember that you have the power in these negotiations. You can always go to a competitor and let it be known that you are not attached to the make or model.

[flintlock]

Re: Here come the recession bargains: Used cars coming off lease

I'm a big fan of buying 2-4 year old used cars. Most of the heavy depreciation is behind you, and they are still new enough that the owners didn't treat them like a junker. Most modern cars can go way over 100k with no major problems, so buying one at 50k miles really isn't like it used to be.

The more complex the vehicle, the newer I'd want it to be. Most vehicles today are very complex compared to say, 20 years ago. And they tend to be harder to work on, and require more expensive parts. Its really just a crapshoot. But if you shop wisely, it can be a good move. I'm handy with tools and can do all but the most major work on my vehicles. So I factor in how easy a certain model is to work on and get parts for. Some of the cheapest cars out there also are made to be almost disposable. They work great up until 100k miles or so, but then the repair costs become prohibitive. So the cheapest vehicle isn't always the best long term.

There's definitely a sweet spot to buying used cars, and its different for every type of vehicle. But generally speaking, I think its 2-4 years and about 20-60k miles. If you don't drive much, then even older vehicles are not a bad choice. The only used cars I wouldn't buy are the sub $5000 cars. There are exceptions of course, but generally speaking, those have seen their best years, and routine repairs expected to crop up at any time can easily exceed the cost of the vehicle. You also have to weigh in the cost of calling in late 4 times a month because your car won't start.

[Charles Mackay]

Re: Here come the recession bargains: Used cars coming off lease

This will probably be iTulip's most popular thread this year! Cars... hey, we're more American that we know!

I think it's a very tough time to be shopping cars right now because of the technology that has already been implemented but is just not available in the U.S. yet. I was at the auto show and there was a VW Polo diesel that gets 60 mpg... not available in the states till 2009. And both Honda and Toyota promise a plug in hybrid in 2009 that should be far better than the existing hybrids.

BUT, if you are worrying about what will happen when TSHTF, then you should just get a small 4x4 SUV. A person who lived thru the Argentinian crisis says that you have to do U turns, run over sidewalks, and drive down embankments in order to avoid carjackings there. He even advises having spikes in the back of your small SUV in order to back up and ram the car behind you and take out their radiator when they are working as a team to carjack you. Do I expect it to get that bad here? Depends on how bad the dollar tanks.

[metalman]

Re: Here come the recession bargains: Used cars coming off lease

This will probably be iTulip's most popular thread this year! Cars... hey, we're more American that we know!

I think it's a very tough time to be shopping cars right now because of the technology that has already been implemented but is just not available in the U.S. yet. I was at the auto show and there was a VW Polo diesel that gets 60 mpg... not available in the states till 2009. And both Honda and Toyota promise a plug in hybrid in 2009 that should be far better than the existing hybrids.

BUT, if you are worrying about what will happen when TSHTF, then you should just get a small 4x4 SUV. A person who lived thru the Argentinian crisis says that you have to do U turns, run over sidewalks, and drive down embankments in order to avoid carjackings there. He even advises having spikes in the back of your small SUV in order to back up and ram the car behind you and take out their radiator when they are working as a team to carjack you. Do I expect it to get that bad here? Depends on how bad the dollar tanks.

i'll join the mad max subthread of the fire economy endgame recession series car buying thread.

a recession that goes on and on with inflation, too... folks get desperate once they run out of family heirlooms to hawk and pissed off when they figure out that they've been had... the formerly law abiding turn not so law abiding.

early signs? look for graffiti... nothing says 'fuck you! i'm broke and bored and pissed off!' like spray painted public walls.

next signs? vandalism... broken windows, smashed cars, etc. nothing says 'fuck it!' like random acts of destruction.

next? reports of break-ins. this is more constructive. at least there's a point... they're trying to get some money to pay for food or drugs.

the carjackings come later. that's high stakes. someone is going to get hurt. for that, if that happens... get a humvee. why fuck around?

now that i've scared the crap out of you, try to imagine how long it takes to get there from here.

ten years? you've left by then. you're living far away and reading about it on some web site and shaking your head.

[ddk]

Re: Here come the recession bargains: Used cars coming off lease

You are my hero. Wish I could get a job close enough to home to do that.

We moved.

[GRG55]

Re: Here come the recession bargains: Used cars coming off lease

Following on some of the earlier advice and growing up with a father who took a sinister pleasure in haggling with/abusing the car salesman, I can concur that buying a used car is the way to go. I bought a used Lexus for my wife on the theory that it would hold up another 10-12 years in S. Florida. I got a 1.9% interest rate which was not being advertised at the time, and left paying approx. 60% of the new model on a car that had 20K miles on it. Remember that you have the power in these negotiations. You can always go to a competitor and let it be known that you are not attached to the make or model.

I sold cars one summer to put myself through engineering school. Interesting experience. The above is really wise advice. I would refine it a bit with this suggestion: Do your shopping around to find what you want, but before you start any serious negotiation to purchase your first choice of used vehicle make certain you know your own bottom line, and always, always, always have an alternate second used car choice firmly in your mind. As in any negotiation for anything, you have to be the one that wants the deal less to really have the power in the negotiation. A predetermined second choice helps put you in that position.

[sadsack]

Re: Here come the recession bargains: Used cars coming off lease

Predominantly continuing with Metalman's Mad-Max subthread, but acknowledging several other posts emphasizing maintenance/reliability costs, one can maximize long-term savings by picking a very maintainable car.

I.e., the more things that can be fixed "under the shade tree," the better.

Honda's have the advantage that there are several gazillion of them on the road; therefore, junkyard replacement parts, as well as superior legitimate aftermarket options, are readily available.

In my case, I bought a Subaru several years ago. Yes, I looked around for a late model used, but I'd rather pay $1-2K more for a full warranty (at 0% interest as well).

For any gearheads out there - longitudinal engine layouts rule! I could, if I had an engine hoist, change the clutch in my 5 speed by myself, if so inclined. If I want to change the oil filter, I only have to reach under the front bumper and twist it off by hand.

I suppose my point is that for the somewhat mechanically inclined, there is an additional tradeoff. A "very reliable car" may need very expensive specialist maintenance in the instances when required, mostly because, although it is a "reliable" vehicle, it nevertheless very hard to work on.

A more maintenance-intensive car may be the better choice because the maintenance, while more frequent, is considerably more convenient to perform.

Skills - the more and various one has, the more likely one is to be well fed under virtually any circumstances.

[mfyahya]

Re: Here come the recession bargains: Used cars coming off lease

ten years? you've left by then. you're living far away and reading about it on some web site and shaking your head.

This could be a topic for a separate thread. Where would you go if TSHTF as you describe? I live in the UAE and there are thousands of American expats, and I've seen many lie and say they're Canadian or Irish, even though this is probably the most US friendly country in the region.

[FRED]

Re: Here come the recession bargains: Used cars coming off lease

This could be a topic for a separate thread. Where would you go if TSHTF as you describe? I live in the UAE and there are thousands of American expats, and I've seen many lie and say they're Canadian or Irish, even though this is probably the most US friendly country in the region.

atreyu42 started a thread called When to escape the US?

[c1ue]

Re: Here come the recession bargains: Used cars coming off lease

Don't forget 'Man of Fire': Kidnappings for ransom

[algerwetmore]

Re: Here come the recession bargains: Used cars coming off lease

I own a 2002 Ford Escape and I agree with the one person's observation of buying someone's elses trouble. I was lucky on the Escape, having enough cash set aside to pay for it without financing.
But my strategy with cars is to buy and hold, and even with declining depreciation, if I own a car for 8 years, I think I can come out ahead.
I am investigating the hybrid Escape, but have been told by several salesman, that because I am retired and most of my driving is highway driving that I probably wouldn't recover the initial cost differential between the escape hybrid and the conventional model.

[c1ue]

Re: Here come the recession bargains: Used cars coming off lease

One problem with Hondas: Most stolen vehicle.

http://www.statefarm.com/learning/be..._cartheft1.asp

All those cars do need spare parts, and there are enough people willing to buy 'pirate' ones.

[ax]

Re: Here come the recession bargains: Used cars coming off lease

I own a 2002 Ford Escape and I agree with the one person's observation of buying someone's elses trouble. I was lucky on the Escape, having enough cash set aside to pay for it without financing.
But my strategy with cars is to buy and hold, and even with declining depreciation, if I own a car for 8 years, I think I can come out ahead.
I am investigating the hybrid Escape, but have been told by several salesman, that because I am retired and most of my driving is highway driving that I probably wouldn't recover the initial cost differential between the escape hybrid and the conventional model.

2008 Ford Escape XLT 4dr SUV 2008 Ford Escape Hybrid 4dr SUV $4,161 $568 7.3 (years to break even)

Taken from http://www.cnbc.com/id/24500819/

hope this helps.

[zoog]

Re: Here come the recession bargains: Used cars coming off lease

One problem with Hondas: Most stolen vehicle.

http://www.statefarm.com/learning/be..._cartheft1.asp

All those cars do need spare parts, and there are enough people willing to buy 'pirate' ones.

That's the only thing that worries me about mine. I miss having a garage to park it in.

The National Insurance Crime Bureau (NICB®) has compiled a list of the 10 vehicles most frequently reported stolen in the U.S. in 2005.

1. 1991 Honda Accord
2. 1995 Honda Civic
3. 1989 Toyota Camry
4. 1994 Dodge Caravan
5. 1994 Nissan Sentra
6. 1997 Ford F150 Series
7. 1990 Acura Integra
8. 1986 Toyota Pickup
9. 1993 Saturn SL
10. 2004 Dodge Ram Pickup

Who on earth would steal a 1994 Dodge Caravan?:eek::p