So you're in the market to buy a car. You've done your research and decided you want a small sedan with automatic that gets 30mpg in mixed driving and won't cost you more than $350 a month for 5 years. After checking out all the reviews and specifications and prices on various websites like Edmund's and Vehix and MSN Cars, you've decided on a brand new Toyota Corolla LE sedan.
WHOA! Why are you spending so much money that you haven't even MADE yet? What if you get laid off in a few months? What if you take a pay cut, or have hospital expenses for some reason? Your nice shiny new car will get repossessed from you and you won't be able to go anywhere!
Let's break this down. The new 2009 Corolla and the 2003-2008 Corolla are VERY similar. You could buy a used 2003 Corolla LE with the same ABS, airbags, power windows and locks, cruise control, CD stereo, and everything else, for a THIRD of the cost of a new one! $18000 car or $6000 car. The 2009 model might cost more than $350 a month at FIVE years, and you might have to go SIX years to stay in budget. You could have the 2003 model paid off in TWO years at $350 a month even if you put very little down! And you'll still have the same reliable Toyota. Change the headlights and taillights if you want something different. Warranty? Who needs a warranty on a Corolla? Aren't you supposed to weld the hood shut on those and have the oil sucked out the bottom and refilled by a tube? Like in the commercials?
Showing posts with label nice car. Show all posts
Showing posts with label nice car. Show all posts
Saturday, November 22, 2008
Sunday, November 9, 2008
When you HAVE to have a nice car
If you're in sales, visit clients, or have to transport important people around, you can't exactly show up in a 1993 Plymouth Acclaim with peeling paint and a dented right fender. No one wants to see that (which is why we park our beaters far away from the front door where we work), so there are times when a nice car is needed. You might have different expectations of what is a "nice" car. Some of you might want what looks like a newer car. Some of you want a prestigious nameplate or brand. And some of you just feel bigger is better. I have solutions for all of you without spending many thousands of dollars, the typical down payment on a flashy new or newer car.
If you want a specific new car but don't want to spend $25,000 to get it, start looking at used models of the same car. You can save more than half of the cost of a new one by looking at a 2 to 3 year old version of it. Take for example a new Dodge Charger sedan. If you were to buy one new, let's say it's the SXT with the 3.5 engine, leather, and 18" wheels, you'd spend about $26,000 plus taxes, fees, and interest. You can start looking at used 2006 Charger SXT's. A used 2006 model can be had for about HALF price. Many are listed here in the Dallas area with 20-40K miles for $12,995 and $13,995. I found one on CL for $9,995 with 82,000 miles. Save by buying used, works every time!
Let's say you want a newer looking car but can't afford more than a few thousand, you can go with lesser known cars. You may have your eye on a nice Lincoln MKZ which is over $30,000 new, but you have your champagne taste conflicting with your beer budget. Look for a 1998-2002 Lincoln Continental. They are smooth, silky, comfortable, and offer a lot of luxury for a low price. 1998 models are easily under $5,000 while the final 2002 models don't often sell for more than about $8,000. If foreign models are more your taste, try out a 2000-2003 Nissan Maxima, a 1997-2003 BMW 5-Series, or a 1998-2003 Jaguar XJ. All for the most part under $10,000 and all look remarkable similar to other new cars.
Need a beautiful name but can't afford a beautiful (to the salesman) price? Again, you'll want to look at used models of the ones you want. A 2003-2008 Navigator will cost you much less than a new one. Modern looking S-Class Mercedes W220 sedans came out in 1999 and will cost a fraction of the new W221 model. There are so many luxury models that came out years ago but are still viable transportation today. Just because you want a luxury name doesn't mean you have to spend as much as you would on a house to get a nice car.
And then there is my favorite category, classic cars. Your neighbor may have done a full frame-off restoration of his '57 Chevy Bel Air 2-door hardtop and spent $68,000 getting all the bits together. You can still make him feel silly by picking up an older, worn, amateur restoration of a similar model. A 2-door hardtop Bel Air in decent daily driver condition can be bought for less than $20,000 easily. I found one in Colorado, was restored in the 90s and looks showroom new from 20 feet away, for $16,000. A 4-door sedan or a wagon would be even more useful for a daily commute and can be had for less than half of that. Even better, spend $3,000 and restore it yourself on the cheap, making it beautiful and functional with a newer 350 TBI engine and overdrive automatic from a 90s pickup, and you'll enjoy a classic ride and 20-25mpg!
There are lots of ways to get something nice without spending a nice amount of money. Stay tuned and I'll show you more ways to save on cars whether you want them to look nice or not!
If you want a specific new car but don't want to spend $25,000 to get it, start looking at used models of the same car. You can save more than half of the cost of a new one by looking at a 2 to 3 year old version of it. Take for example a new Dodge Charger sedan. If you were to buy one new, let's say it's the SXT with the 3.5 engine, leather, and 18" wheels, you'd spend about $26,000 plus taxes, fees, and interest. You can start looking at used 2006 Charger SXT's. A used 2006 model can be had for about HALF price. Many are listed here in the Dallas area with 20-40K miles for $12,995 and $13,995. I found one on CL for $9,995 with 82,000 miles. Save by buying used, works every time!
Let's say you want a newer looking car but can't afford more than a few thousand, you can go with lesser known cars. You may have your eye on a nice Lincoln MKZ which is over $30,000 new, but you have your champagne taste conflicting with your beer budget. Look for a 1998-2002 Lincoln Continental. They are smooth, silky, comfortable, and offer a lot of luxury for a low price. 1998 models are easily under $5,000 while the final 2002 models don't often sell for more than about $8,000. If foreign models are more your taste, try out a 2000-2003 Nissan Maxima, a 1997-2003 BMW 5-Series, or a 1998-2003 Jaguar XJ. All for the most part under $10,000 and all look remarkable similar to other new cars.
Need a beautiful name but can't afford a beautiful (to the salesman) price? Again, you'll want to look at used models of the ones you want. A 2003-2008 Navigator will cost you much less than a new one. Modern looking S-Class Mercedes W220 sedans came out in 1999 and will cost a fraction of the new W221 model. There are so many luxury models that came out years ago but are still viable transportation today. Just because you want a luxury name doesn't mean you have to spend as much as you would on a house to get a nice car.
And then there is my favorite category, classic cars. Your neighbor may have done a full frame-off restoration of his '57 Chevy Bel Air 2-door hardtop and spent $68,000 getting all the bits together. You can still make him feel silly by picking up an older, worn, amateur restoration of a similar model. A 2-door hardtop Bel Air in decent daily driver condition can be bought for less than $20,000 easily. I found one in Colorado, was restored in the 90s and looks showroom new from 20 feet away, for $16,000. A 4-door sedan or a wagon would be even more useful for a daily commute and can be had for less than half of that. Even better, spend $3,000 and restore it yourself on the cheap, making it beautiful and functional with a newer 350 TBI engine and overdrive automatic from a 90s pickup, and you'll enjoy a classic ride and 20-25mpg!
There are lots of ways to get something nice without spending a nice amount of money. Stay tuned and I'll show you more ways to save on cars whether you want them to look nice or not!
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