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Should I buy new or used?

I am in a situation where I will be looking for a new or newer vehicle this month if I get a tax refund. I currently have a Ford Windstar mini-van which has 300,000 miles on it. It has been a good vehicle, but I am ready for a new one. I was wondering if it would be better for me to get a used one ( I found one for $3500.00 cash) and not have a car payment for a year or just go ahead and get a brand new and have a payment and higher car insurance. I will still be keeping my older van and I have alot of things that I want to do this year (new furniture, braces for my daughter, new kitchen floor, etc.) and not having a high car payment seems good, but I also want something reliable.

Answer Question
 
huffmanall4

Asked by huffmanall4 at 7:13 PM on Jan. 8, 2011 in Money & Work

Level 4 (38 Credits)
Answers (19)
  • I ALWAYS buy used!
    lmt_mom2010

    Answer by lmt_mom2010 at 7:14 PM on Jan. 8, 2011

  • Your wise choice would be for the used one you can afford and not to worry about payments.
    older

    Answer by older at 7:14 PM on Jan. 8, 2011

  • Used. ALWAYS. Try not to make car payments as well. Save up the cash.

    Biggest trick to save money is never have a car payment. =). Seriously, take a loot at a lot of self-built millionaires. They tend to not make payments on anything, buy used, and only buy when they can truly afford it.

    GL!
    Razelda

    Answer by Razelda at 7:16 PM on Jan. 8, 2011

  • I agree with older, but if you should decide to buy new, look for a 2010 model because the New Year is here and dealerships mark down last yrs models to get rid of them.
    Kathy675

    Answer by Kathy675 at 7:18 PM on Jan. 8, 2011

  • What year and make is the used car you are looking at? What is its history. Have you checked the repair record of that type of car.
    It wasn't until last year with the stimulus that I got a new car. I have been driving used cars for 25 years. Before that I would buy new every year. My husband believes in used. We have not had a car payment for 25 years. I doubt we ever will again.
    Not having that payment has allowed us to do a lot with our money. The cars we have had have been wonderful and comparable cheap. That being said, I have to add that my husband is handy with cars. I would definitely recommend used.
    tootoobusy

    Answer by tootoobusy at 7:18 PM on Jan. 8, 2011

  • Used. The value on them is way better. And having been drived they're more reliable then a new car. Sounds funny, right? But honestly the new cars break down far more often (unless you buy a really crappy used car) then used cars, because they aren't driven as frequently. They don't have the wear on the parts that help them work better.
    JazzlikeMraz

    Answer by JazzlikeMraz at 7:19 PM on Jan. 8, 2011

  • look*
    Razelda

    Answer by Razelda at 7:21 PM on Jan. 8, 2011

  • If you can't afford to buy new --or aren't going to keep the car for at least 3x as long as you pay for it, used is the only economical way to buy cars. Otherwise, you're paying almost three times the sticker price --for renting the money-- and if you sell it for 1/2 its original value, you'll have lost 120% of what it looked like it cost.
    LindaClement

    Answer by LindaClement at 7:22 PM on Jan. 8, 2011

  • USed
    genagina

    Answer by genagina at 7:24 PM on Jan. 8, 2011

  • A brand new car loses about 20% of it's value just driving it out of the dealership parking lot so I say used. Even though I know this, I still always buy new because I like new:) I will drive our 2007 until my son is old enough to drive and we will give it to him in 5 years. I like to know what the car has been through.
    Aquarius80

    Answer by Aquarius80 at 7:24 PM on Jan. 8, 2011

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