Buying a Used car with cash

[prohornblower]

I might be doing this soon, but I want to know what the monetary value of doing so is. I don't want to hear about leveraging the interest rate to go invest in NTDOY stock and make millions.

How much money can you save off the top buy walking in with a money order or whatever for the price of the car? Some places that sell them used don't "haggle", like Carmax, etc. The sticker is what you get.

But I think at the very least you should be able to save $100-$300 just for the simple fact that they don't have to find a lender for you and thus, less paperwork. They also don't have to transfer your title to the lender, etc. Isn't that worth at least a couple hundred in savings? You show up with check, and walk out with car, keys, and title?

Thanks!

[Fishhead24]

One thing for sure, you are very smart for buying used.

Anyone buying new that is on any kind of budget is throwing money away bigtime.

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[Fishhead24]

One concern right now with buying used is there are not that many used cars with the flex-fuel option.

[wtf6192002]

[ QUOTE ]
One thing for sure, you are very smart for buying used.

Anyone buying new that is on any kind of budget is throwing money away bigtime.

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[/ QUOTE ]

I want to throw up when I hear someone say this.

Ignorant people who know nothing about cars or money make comments like this.

If you buy new your car will be under warrenty for 4-5 years and 50K-100K miles depending on make and model. If you add the price of repairs in with your monthly payments then many times you are actually paying more for a used car. Slightly used is ok, but if you can afford it you will be better served to get something new.

ARE U GOING TO SELL your car 5 mins after driving it off the lot?

There is one major problem with buying used cars. You normally still have to finance the car over a 5 year period. By the time you get to year 3-4 your car is pretty old and will start breaking on you. You will not be able to sell it because you will be under-water on your loan and you will be stuck with the thing.

USED CARS ARE OK IF YOU CANT GET A NEW ONE. If you can afford a new one take advantage of the great deals available in respects to financing and rebates. You will have a good car with a great warrenty that no one else has messed with.

[prohornblower]

[ QUOTE ]
[ QUOTE ]
One thing for sure, you are very smart for buying used.

Anyone buying new that is on any kind of budget is throwing money away bigtime.

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[/ QUOTE ]

I want to throw up when I hear someone say this.

Ignorant people who know nothing about cars or money make comments like this.

If you buy new your car will be under warrenty for 4-5 years and 50K-100K miles depending on make and model. If you add the price of repairs in with your monthly payments then many times you are actually paying more for a used car. Slightly used is ok, but if you can afford it you will be better served to get something new.

ARE U GOING TO SELL your car 5 mins after driving it off the lot?

There is one major problem with buying used cars. You normally still have to finance the car over a 5 year period. By the time you get to year 3-4 your car is pretty old and will start breaking on you. You will not be able to sell it because you will be under-water on your loan and you will be stuck with the thing.

USED CARS ARE OK IF YOU CANT GET A NEW ONE. If you can afford a new one take advantage of the great deals available in respects to financing and rebates. You will have a good car with a great warrenty that no one else has messed with.

[/ QUOTE ]

You obviously know very little about cars and buying them. You sound like I used to, before I figured it out.

[pureCra2z]

[ QUOTE ]
[ QUOTE ]
One thing for sure, you are very smart for buying used.

Anyone buying new that is on any kind of budget is throwing money away bigtime.

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[/ QUOTE ]

I want to throw up when I hear someone say this.

Ignorant people who know nothing about cars or money make comments like this.

If you buy new your car will be under warrenty for 4-5 years and 50K-100K miles depending on make and model. If you add the price of repairs in with your monthly payments then many times you are actually paying more for a used car. Slightly used is ok, but if you can afford it you will be better served to get something new.

ARE U GOING TO SELL your car 5 mins after driving it off the lot?

There is one major problem with buying used cars. You normally still have to finance the car over a 5 year period. By the time you get to year 3-4 your car is pretty old and will start breaking on you. You will not be able to sell it because you will be under-water on your loan and you will be stuck with the thing.

USED CARS ARE OK IF YOU CANT GET A NEW ONE. If you can afford a new one take advantage of the great deals available in respects to financing and rebates. You will have a good car with a great warrenty that no one else has messed with.

[/ QUOTE ]

joke?

[BradleyT]

[ QUOTE ]
One thing for sure, you are very smart for buying used.

Anyone buying new that is on any kind of budget is throwing money away bigtime.

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[/ QUOTE ]

I couldn't be happier with my new car purchase. I had only bought used cars in the past and they ranged from 5-20 years old. Frequently these cars would get to the point where repair bills were $3,000 - $5,000 per year. That's about the same as a monthly payment - except I still had a piece of [censored] 5-20 year old car on my hands with something else ready to break in 2 months.

Maybe I've just had really bad luck but all the used cars I've owned there were always times when I'd wonder if they were going to A) start and B) get me to work - and many times they wouldn't do A or B.

But whatever, obviously YMMV (heh) with any car purchase.

[prohornblower]

Bradley,
I'm talking about like a 2004 Lincoln LS or Ford Taurus with 30K miles on it, for like 10-12 grand. There is huge value in these cars. With a V6, if you plan on keeping the car 'til 130K miles, that means you are buying 100 thousand miles for 10-12K, a huge value.

There is an excess of boring V6 sedans online that were used for car rentals for a year and a half then dumped.

Also, you can trick yourself. If you only like to buy new, and say your current car was bought new in 2001, well, if it's about done, you can get a used 2005, which is still 4 years newer than the current car you are driving. [img]/images/graemlins/smirk.gif[/img] I reminded my gf of this when she said she wants a new car. She currently drives a '96 truck.

[Shoe]

[ QUOTE ]

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[/ QUOTE ]

I disagree with this. I would instead say that any car you buy, new or used, the dealer will only offer you 60-80% of what you just paid for it.

You still will be able to sell a new car to a 3rd party for extremely close to your purchase price, unless you way overpaid.

However, new cars do depreciate more over thier first 2-3 years than at any other time in their life cycle (obviously).

[AggroFish]

If you're at all mechanically inclined, or know someone that is, you'll generally do better with a private party then a typical used car lot. Private party's dont have a markup for overhead or comissioned sales sharks.

If you do go the lot route I'd really suggest sticking with established dealers offering some variation of certified preowned. That way you know the car has been gone through and the leaking radiator isnt cigarette filled. Another great outlet are places like budget who sell thier rentals.

Possibly it's the way I drive, but every car I've had starts falling apart between 75-100k miles. So, if I'm buying used I dont want anything with more than 30-40k miles.