Thenameless
Registered User
- Apr 29, 2014
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I always buy used cars then take really good care of them. Don't like how much cars depreciate when you buy new.
It does if you're buying a new car every 2-4 years and aren't buying the car outright when you purchase it. You're literally saving thousands of dollars then.
How many people actually buy a new car every 2-4 years? I'm sure there are people who do but I've never known one. All the drivers I know fall into one of two camps, A) buy and drive it "forever" or B) lease and swap out cars every few years.
Ive never leased in my life. Mainly because I averaged 20K miles a year. So I always bought not so expensive cars and drove them 8 to 10 years.
Now as my work has changed and retirement is only a few years away I average about 10 K miles per year.
I figure as I age I prefer to have something new every few years to take advantage of always being under warranty, as well as updated safety and technology upgrades.
Ive been trying to research what it would cost to lease a Grand Cherokee Limited for no more than 36 months with a trade in of a 2011 Subaru KBb value of about $10K but Ill be damned if I can find a site or calculator for what a monthly lease would be.
Anybody here know of a calculator/model for this?
There is a decent lease calculator on the Ford website.Ive never leased in my life. Mainly because I averaged 20K miles a year. So I always bought not so expensive cars and drove them 8 to 10 years.
Now as my work has changed and retirement is only a few years away I average about 10 K miles per year.
I figure as I age I prefer to have something new every few years to take advantage of always being under warranty, as well as updated safety and technology upgrades.
Ive been trying to research what it would cost to lease a Grand Cherokee Limited for no more than 36 months with a trade in of a 2011 Subaru KBb value of about $10K but Ill be damned if I can find a site or calculator for what a monthly lease would be.
Anybody here know of a calculator/model for this?
Most cars manufactured in the last 20 years can be counted on to run well for at least 200,000 miles. Buying cars with 80-100,000 miles is very cost efficient. Insurance is very low and if the car is sound, major repairs aren't usually needed.
Don't agree. 200,000 miles is 320,000 kilometers, and while cars will reach that number regularly, you definitely cannot count on them to do so without major repairs. There's a reason most people won't keep their cars that long. Rust is the biggest danger, as most cars that hit 80,000-100,000 miles will be 6-7 years old, which while usually not long enough to visibly start showing corrosion on the body panels, will have definitely taken it's toll on the stuff you can't see normally. Exhaust, suspension, wheel bearings, etc. Unless you live in California or the desert, this is pretty normal stuff to go past 100,000 miles. Mechanically it depends on the car and how complex the engine is, but if it's a turbo there's a good chance the turbo will blow before 200,000 miles. All the technical components, sensors, thermostats, wiring, all more likely to go then as well. Catastrophic repairs will never be common but it's much easier to stomach a $3-4,000 repair on a near-new car (especially if it's warranty) than a $2,000 repair on a car you can only sell for $2,500.
Build quality on cars is better in the last 20 years, yes, but that doesn't mean you can expect few major problems until it gets to be very high mileage. This is especially true when you're buying used and you have no idea how well the other person treated their car. And most used cars with that many kilometers don't get sold by dealers/people with stellar reputations.
Buying used cars with high mileage (anything above 100,000 kilometers, or 62,000 miles is "high to me") is a gamble. You might get a great car that you only have to do regular maintenance on, or you might not. Both are possible, the later is more likely (with varying degrees of what it will need). Buying a higher mileage car is more cost-efficient if you are willing and able to do most of the work yourself. But I find most people who say they end up being really OK with doing oil changes, tire swaps, and maybe brakes. Which are definitely not the only things that will need to be done on a used car with 80,000+ miles.
It's apparent that you know a lot more about cars than I do, but here's my recent experience on buying higher mileage used cars.
Code Scanners and experience are vital when buying an older vehicle. Paying a mechanic one trusts to go over a car (usually around a $50 expense) also reduces the risk in buying an older car although I've only done that once.
My current vehicle, a 2003 olds alero, was purchased 3 years ago for $3039 (I just looked at the paperwork, I was curious what the exact price was) . It had 93,000 miles. I now have 184,000 on it. I've had two repairs on it. The brake lines needed replacement and there was an ignition issue. Total cost of the 2 repairs $1300. Adding that to the cost of the car, my cost per mile of capital expene is less than 5 cents per mile.
I previously owned a 2001 Chevy Cavalier which I bought in 2007 for $3500. It had 79,000 miles on it. It died 3 years ago (blown head gasket) with 309,000 on it. My most expensive repair was a fuel pump which ran, IIRC, around $500. Replaced an alternator, the battery and few other things, but nothing major. With the insurance money,
The car was involved in 3 minor accidents, all of which were the other party's fault. I cashed $3400 in insurance checks and only had to put around $100 into repairs.
I had a capital cost of almost zero on a car which lasted me 7 years. A once-in-a-lifetime occurrence no doubt.The car did look like hell, but it ran fine! LOL
For me cars are transportation only. I don't need one that looks good for work purposes, so I'm able to buy on the cheap. The 03 Alero still looks pretty good, it's beginning to have some very minor rust issues, but nothing dramatic. The cavalier engine 2.2l 4cdr is the same power plant for my Olds-a fact that made purchasing an old car by a defunct manufacturer acceptable.
Buying older, high mileage cars certainly involves some risk, but that risk can be mitigated by a somewhat knowlegeable buyer who's willing bring the car to a mechanic if he has doubts. The cost equation (per mile) is far superior to buying a new or low mileage used vehicle. Insurance savings are significant as collision insurance isn't needed. It's not for everyone, but for someone who drives a lot and doesn't make a ton of money or doesn't care about the "curb appeal" of his vehicle, it's a very sound option.
I totally get you can have cars like those without significant costs but it's still a risk. Even with someone checking it over, You'll notice obvious stuff, like exhaust that's going to fall off and the like, but a mechanic can only give you a rough state of the car at the point of sale. Other issues can and do readily pop up over the next ten thousand miles.
My point is more that it's not a sure shot more cost-effective option. For example, I have a friend who bought a 2007 Ford about 5 years ago. Just about everything I mentioned in my first post went on this car. Tie-rod ends, wheel bearing, O2 sensor, thermostats, catalyst, and ABS module. Car had about 150,000 kilometers when it was traded for scrap money. Car was thoroughly checked by a mechanic when it was bought and it was pretty clean. It's not that this scenario is more likely than yours, it's that it's just as likely, as is a more middle outcome of some expensive repairs and a lot of regular maintenance that added up costs more than worth of the car. When you buy high mileage used cars, you just need to be aware that at any moment, no matter how bad timing, no matter how inconvenient, your car may have something significant happen to it that will negatively impact your wallet. If you're realistic and accepting of that, it's fine. But I've seen too many people buy high mileage cars for smoking good deals only to have them turn into financial nightmares six months after they bought it.