[MMcG]

And if so, are there any good cash back incentives etc. etc. on something that would be pretty decent in terms of fuel economy?

Something inexpensive, that could fit me and the kids and some hockey gear and get decent gas mileage?

 

[jacksonpt]

$500 rebate on the Matrix right now.

The last day of the month is the best day to buy, particually if there are more than one dealer with teh same make in the area (i.e. multiple toyota or honda or whatever). Toyota gives a bonus to the dealer with the most sales in a month, so the last day of the month most dealers are pulling out all the stops to beat the competitor across town.

 

[syadasti]

How about a Mazda 3 hatchback - best performance in its class, pretty cheap, and it has more room than you might think?

For a little more the new 2007 VW passat wagon value edition is a pretty good option too, it has a nice 2L turbo direct injection engine. I think they are normally going for around invoice and you could probably get lower if you are lucky.

If you've been an IMBA member for more than 6 months you get Subaru at invoice.

Of course nothing beats the value of used/CPO.

 

[Crashby]

And if so, are there any good cash back incentives etc. etc. on something that would be pretty decent in terms of fuel economy?

Something inexpensive, that could fit me and the kids and some hockey gear and get decent gas mileage?

#1 rule - dont buy new unless you are filthy rich...

downside - you need cash for a used one unless you want to pay a fairly high interest rate....

 

[jacksonpt]

#1 rule - dont buy new unless you are filthy rich...

at the risk of hijacking his thread... care to explain this? Lots of people seem to think this way, but I never understood it. Sure, don't buy new if you only keep the car a couple years... but if you are in it for the long haul, why not buy new?

I bought my 4Runner new and have had it for 10 years now. I wouldn't hesitate to buy new if I thought I was going to keep the car for 7+ years.

New car = warranty
New car = new car feel
New car = lower interest rate (generally)
7+ years = at least 2 years with no payments

 

[Crashby]

New car = warranty

Not necessary if you buy quality. (Ive owned 1 mazda, 1 accura, and 6 hondas and probably have spent $3,000 total in maintenenace). Buy Honda, Accord, Subaru, Toyota, etc...

New car = new car feel

goes away in a couple months anyway... - and you get stressed over every little 'ding'

New car = lower interest rate (generally)

Lower, yes, but the goal is to pay NO interest.

7+ years = at least 2 years with no payments

The goal is to have no payments at all.

The average person (supposed national averages) that buys a new car every 3 years pays about 7k per year in car expense vs. about 4k per year for used (paying cash). The initial depreciation alone is huge.

Example, my 99 Honda accord is depreciating at about $800 per year. vs a new Chevy Malibu which depreciates about $4k in its first year, $2,500 in its second, etc.

 

[SkaredShtles]

Not necessary if you buy quality. <snip alot of good stuff>

Example, my 99 Honda accord is depreciating at about $800 per year. vs a new Chevy Malibu which depreciates about $4k in its first year, $2,500 in its second, etc.

What he said.

 

[BAH]

my suburban is for sale 4K
brand new engine plus custom bike rack.
It hauls a lot of peeps and a lot of bikes.
Im not mentioning the gas mileage though....

Bikes not included..

 

[Tenchiro]

I have always heard that buying a car on the last day of the month is the best time, because they wre going to bend over backwards to make their quotas.

Personally what I do is head into the dealership late Friday afternoon or early evening. Then I proceed to hold the poor bastard that got me hostage until well after the end of thier shift.

It motivates them to cut you a deal. :devil:

 

[jacksonpt]

Not necessary if you buy quality. (Ive owned 1 mazda, 1 accura, and 6 hondas and probably have spent $3,000 total in maintenenace). Buy Honda, Accord, Subaru, Toyota, etc...

while I do believe there are good deals to be had buying used, I also know that there are a lot of horrors waiting to be bought. From my experience, buy used is slightly better than a crap shoot

goes away in a couple months anyway... - and you get stressed over every little 'ding'

A quality new car feels new for several years. My 4Runner was 'like new' until I started modding it and wheeling it. And as for the ding thing... I think people who worry about every little ding do it because the love their car, and will do it regardless of it's age or mileage. But that's just my observation

Lower, yes, but the goal is to pay NO interest.

True, but 99% of us, that's never going to happen.

The average person (supposed national averages) that buys a new car every 3 years pays about 7k per year in car expense vs. about 4k per year for used (paying cash). The initial depreciation alone is huge.

Example, my 99 Honda accord is depreciating at about $800 per year. vs a new Chevy Malibu which depreciates about $4k in its first year, $2,500 in its second, etc.

ok, honda vs chevy - not exactly apples and oranges, but I get your point. And like I said initially... if you are buying new ever few years, then yes... you are getting the raw end of the deal. I still feel that buying new is a good option if you plan on keeping the vehicle for a long time. The longer you keep it, the less of an issue depreciation is, which is why I'll continue buying Toyotas and keep them for 10 years or so as long as possible.

 

[narlus]

Example, my 99 Honda accord is depreciating at about $800 per year. vs a new Chevy Malibu which depreciates about $4k in its first year, $2,500 in its second, etc.

i just checked the kbb private party resale value on my car, and after owning it for almost two years i've lost less than $1000 of the car's value from what i bought it.

 

[Crashby]

...The longer you keep it, the less of an issue depreciation is, which is why I'll continue buying Toyotas and keep them for 10 years or so as long as possible.

To use your words, "True, but 99% of us, that's never going to happen." I would guess (cant find a stat) that the average American keeps their car for about 5 years.


another factoid: "AAA estimates the average new car will depreciate $3782 per year of ownership"
...omit that (depreciation) from your life for just 3 years, and you can own a pretty darn nice car outright with the savings.

We start to grasp this stuff later on in life, but it continues to blow my mind that personal finance is not taught heavily in grade/high school.

 

[SkaredShtles]

<snip>
ok, honda vs chevy - not exactly apples and oranges, but I get your point. And like I said initially... if you are buying new ever few years, then yes... you are getting the raw end of the deal. I still feel that buying new is a good option if you plan on keeping the vehicle for a long time. The longer you keep it, the less of an issue depreciation is, which is why I'll continue buying Toyotas and keep them for 10 years or so as long as possible.

Keeping them long term is definitely the way to do it *if* you're going to buy new. But the bottom line is the cost of ownership is going to be less with a used car no matter how you slice it.

Unless, of course, you get that used car that needs a trans, engine, and electrical system.........

Just an important point - don't buy used GM, Ford, or Chrysler. Of course, that goes for new as well.

 

[SkaredShtles]

To use your words, "True, but 99% of us, that's never going to happen." I would guess (cant find a stat) that the average American keeps their car for about 5 years.


another factoid: "AAA estimates the average new car will depreciate $3782 per year of ownership"
...omit that (depreciation) from your life for just 3 years, and you can own a pretty darn nice car outright with the savings.

We start to grasp this stuff later on in life, but it continues to blow my mind that personal finance is not taught heavily in grade/high school.

The best "value" is to get a used car that costs less than $5K. I just can't bring myself to buy those cars anymore, though.

 

[TreeSaw]

I would second the notion of going at the end of the month...stick to your guns too. Tell them exactly what you're willing to pay upfront and then go from there.

That being said, I love my Chevy Equinox. Plenty of room for the kids and their gear and they are low $20s and get pretty good gas mileage for their size (I am getting 22-23 everywhere). Other similar vehicles, Subaru Outback Wagon (a little smaller), Pontiac Vibe (a little smaller), Saturn Vue (they even have a hybrid now), Ford Escape (again they offer a hybrid), Pontiac Torrent is just like the Equinox (atleast I think that's the right name).

 

[MMcG]

Subies are out of my price range I think.

 

[MtnBikerChk]

Subies are out of my price range I think.

Where's TonyHawk? He recently got a used Subie outback!

 

[BurlyShirley]

Subies are out of my price range I think.

A new car is out of anyone's price range who cant pay cash for it.

Simply NO REASON in the world to drop $20K on something that wont MAKE you money, IMO.

 

[Polandspring88]

Maybe a Dodge Caliber? They run in the mid teens, do well for gas mileage, look pretty good (in my opinion), and have the storage room that you are looking for. I haven't had the pleasure of driving one, but we are considering trading in my mom's Caravan and picking up one of those.

 

[RhinofromWA]

My car salesman buddy would say it is a perfect time to buy a car....



He works at a Lexus dealership....and he is working Memorial day weekend.

 

[Crashby]

For fun, I priced out depreciation (using mean prices from cars.com) for a Honda Accord and a Dodge Caravan for a period of 16 years:

They actually both fall fairly fast, the Caravan is just a bit steeper... Bottom line, is that you want to own a car where the depreciation curve is the shallowest (years 8-15).

 

[I Are Baboon]

Where's TonyHawk? He recently got a used Subie outback!

Yeah, I think he got an '01 and the damn thing looks newer than mine! :mumble:

 

[tonyhawk]

Yeah, I think he got an '01 and the damn thing looks newer than mine! :mumble:

I picked up a 2000 Subaru Outback limited from Mitchell Subaru in Canton. It had only 40,000 miles on it, and they worked with me on my trade in, which was worth less than what I owed. I had to come up with some cash up front, but they still gave me a great deal on it.

I would NOT use their service department, however. I took the car back to have the brakes looked at before my 4-week warranty expired. They told me the brakes were fine and sent me on my way. Two weeks later, I'm hearing all kinds of noise, so I bring it to my regular mechanic who tells me that whoever looked at the car last forgot to tighten the lug nuts :mumble:

 

[MtnBikerChk]

I picked up a 2000 Subaru Outback limited from Mitchell Subaru in Canton. It had only 40,000 miles on it, and they worked with me on my trade in, which was worth less than what I owed. I had to come up with some cash up front, but they still gave me a great deal on it.

I would NOT use their service department, however. I took the car back to have the brakes looked at before my 4-week warranty expired. They told me the brakes were fine and sent me on my way. Two weeks later, I'm hearing all kinds of noise, so I bring it to my regular mechanic who tells me that whoever looked at the car last forgot to tighten the lug nuts :mumble:

who is your "regular" mechanic?

 

[dante]

Bottom line, is that you want to own a car where the depreciation curve is the shallowest (years 8-15).

Uhhhhh, no. I'd rather pay for car payments than repair bills, and not have to worry about being stuck on the side of the road somewhere. 8 years is getting up there, and 15 is WAY up there. no thanks. we also have to deal with a good solid layer of salt on the roads here, which does wonders for the underbody.

 

[SkaredShtles]

Uhhhhh, no. I'd rather pay for car payments than repair bills, and not have to worry about being stuck on the side of the road somewhere. 8 years is getting up there, and 15 is WAY up there. no thanks. we also have to deal with a good solid layer of salt on the roads here, which does wonders for the underbody.

Ahhhhh...... it's so nice not to have to worry about rust anymore. 8 year old cars out here are barely broken in.

 

[justsomeguy]

If you have some time, read this article:

http://www.edmunds.com/advice/buying/articles/42962/article.html

You'll have a good understanding of how the game is played.

 

[tonyhawk]

who is your "regular" mechanic?

Midas on Pitkin St in East Hartford. The guy who owns it used to come in the Brewery on Saturdays when I was bartending

If you need work done, just ask for Charlie, but say it with a fake Boston accent.

 

[dante]

If you have some time, read this article:

http://www.edmunds.com/advice/buying/articles/42962/article.html

You'll have a good understanding of how the game is played.

great article, read that before buying a scion. love the no-haggle policy, although it didn't extend to the "back room financing". argh. thank god my gf's an obsessive-compulsive, and we had everything ahead of time. go to edmunds.com to see what the average price is paid for the new car you're looking at (as well as trade in), and go to lendingtree.com to secure a loan BEFORE you go to talk money. you can basically walk into the office with a blank check from one of the lenders so you know the rate you'll pay ahead of time. pretty cool, saved us over a point on the interest.