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Buy 123 help me research papers business plan cheaper Today, 08:28 AM Click here: Buy 123 help me research papers business plan cheaper Our professionals who write academic essays are educated and experienced in writing academic essays and hence you should never doubt us when you need to obtain a service from our firm. As a matter of fact, this rules out the possibility of plagiarism in our papers. You pay interest on the loan in monthly instalments to the lender but do not actually pay off any of the loan. You can buy term papers without needless thoughts about the ways of getting money for that. It spent 29 of its first 55 days of usage at the dealership. Baseball, because it enjoys an antitrust exemption, is freer to limit team movements than the other sports. It has 190k miles. Given this, if one researches the market enough, and in the gusto climate of dealers doing almost anything to sell a car, there definitely exists a market where buying a used car makes sense. Hope to hear from you soon. We offer a wide range of writing services, including the PPT presentations, Excel-files calculations, docs, etc. They do lose between with every mile, with every day, and with every little mark they obtain in the course of speeding you through life. Try the same car in Excellent, Good, Fair, and Poor conditions. I got a new civic 06 this year instead of an old car. There is a big price difference between a new Explorer and one that is 3 years-old. But some people may choose the used route. Research Paper Help – Focus on the crucial points and delegate others to someone who can easily cope with a particular task. Our handmade greeting cards always have the right words to say and look beautiful while expressing sweet sentiments.Used cars can be a good way to go. In fact, I think there are more reasons why people should buy a new car than used. So that November, I started looking for a new car. The date was intentional: You can get when dealers want to beat their quotas. First, I test-drove a few cars and researched them, narrowing it down to a Honda Accord or a Mercedes C230. Both were four-door models because Indian people hate coupes. The Mercedes was sporty and cool and kinda affordable if a little bit of a stretch for me. But I decided against it for a few reasons: Service is absurdly expensive and I would just be angry every time I had to get stuff done at a dealer, plus insurance is more, etc. So I decided it would be stupid to get a Mercedes as a 22-year-old. Plus, cars are important to me,. I decided to get a Honda Accord. Now I had to choose between buying a new or used car. Sure, a new car costs more. But over the long term, not that much more. And the value — not just monetarily — can be much higher. I was willing to pay slightly more for this certainty. Buying a car takes an enormous amount of time. As a result, this baseline requirement reduced the disparity between new and used prices. Quick note: This is admittedly a little bit of vanity. I love driving and I do it a lot. I even sprang for the V6 model. In my case, I had cash available to put down. The interest rate on your car loan will depend on your credit, which is why having a is so important. If you have a solid credit score, your interest rate will be lower. This becomes more important over a longer-term loan. Each dealership will negotiate differently. This is a common trick. That means she got a fantastic deal on driving a new car for seven years. To check out how your potential car might fare, visit and calculate the resale prices in five, seven, and 10 years. The insurance rates are lower for a new car compared to a used car. With gas prices on a roller-coaster ride, you may want to hedge your bets and consider a fuel-efficient or even hybrid or electric car. This could be an important factor determining the value of a car over the long term. Good god, is there a better smell on earth? This, and the smell of Payless ShoeSource. Find me at the mall, walking in and out of Payless over and over. If you decide to buy a good used car, in my opinion you might as well spend a little more to mitigate the risks of car repair, etc. Another perspective, cost vs value, influenced me more. But the biggest factor in my purchase was the total-value concept: You can get a new car for a relatively low cost over the long term by doing a few sensible things. Now, most of the pundits who talk about buying new vs used cars seem to assume that people are completely stupid and will do things like pick a bad car that looks sexy but is a poor choice financially e. If you do these things, then yes, you totally deserve to pay a HUGE price for your car. Instead, you should follow a few common sense ideas when it comes to buying a car. A lot of people want to prioritize how a car looks over anything else. What color is it going to be? Does it come with those Lambo doors that open sideways? Like saving for retirement, you are investing in your car for the long term. You want to hold onto your car for as long as you possibly can because it costs so much. Also, I started negotiations at the end of the calendar year, when dealers are salivating to beat their quotas. This is why — if you have multiple sources of good credit, your interest rate will be lower. She now has an upside-down loan and a distinct lack of common sense. Treat your car like a stock and plan to hold it for a long, long time. Go to and experiment with pricing. Try the same car in Excellent, Good, Fair, and Poor conditions. So I decided to get a new car. And it only gets better as you drive the car longer with no payments. In other words, you save more in non-payments than the car depreciates. Bonus: Want more ways to save? Check out my new. There might be times when, yes, maybe you should buy use or even think about holding onto the car you DO have for a little longer. There are only two reasons, though, that truly determine whether or not you should get a new car: Your ability to afford it, and your Rich Life. First, you need to be able to afford the car. If you do that, there are ways to get out of it. But prevention is better than the cure. The second reason you might not want to buy a new car is your Rich Life. It can be something like buying first-class flights for your parents to come visit you, or something as simple as ordering appetizers when you go out. At first, that seems like an eye-popping amount. The same can be applied to you and a new car. Will it really make me happy or am I just doing it for societal pressures? Check out a few of my articles on making expensive purchases below for more. Buying a new car can be a smart choice if you pick the right car, negotiate extremely well, and stay disciplined about shopping for insurance, maintaining your car, etc. And by being sensible about how long you drive your car for longer is better , you can get a new car for a great value. I loved my car — it was fun to drive, and if I had 10x the money, I would still get it. If you just wanted a new car, and thought it was worth blowing some extra money on it, be confident enough to say so. Most importantly, you seem to be comparing the choice of buying one car new, and some other type of car used, which cloud the arguments when it comes to depreciation, reliability, insurance collision and theft, anyway. If you compare the total cost to that Honda you bought, and the exact same model that was just a year or so old, over the life of the car from purchase to sale , you have to admit that unless you finance the whole thing the costs for the used car will be lower. Finally, I think your dad was aahead of the times — white walls are SO coming back. My dad, a CPA, WW11 Navy Commander, reservist for over 20 years always told me to buy like it was 5 years ago. He explained how buying like it was 5 years ago was more a mindset than a reality. Buy an older car or truck for certain he would agree. I owned my own business for over 40 years and the only new vehicles I ever bought in my life was a fleet for my company. Worst decision I ever made and my dad just raised his eye brows, gave me a sad grin and tipped his head like he was feeling sorry for me. He said the guy you sell them to, will have made a better deal than you did son. Cars are like extensions of ones self. Instead of a new car every 3 to 5 years, I retired early at 52, have a home in the mountains, a condo in town, a motorhome to travel back and forth with and no bills. This all came about soley due this mindset. Buy as if it were 5 years ago. I know so many people than have worked all their lives, thinking they were doing quite well with their business suit and BMW only to find out that wen they lost their jobs a decade ago, they were going to go under for good and now live on whatever they can get from SS. Would I like a brand new truck? Definitely save in case of emergencies, and pay out of debt ASAP. Which would NOT be significantly more likely to break down in the next 5 years than a 2006 model would be. And you would have saved 6 grand or so. Which is what you spent that extra 6 grand on. You wasted money man. We all do it sometimes. Lesson learned: Even Ramit is human! The first car I bought for my wife, I bought used. And when it broke down, the mental anguish I went through more than outweighed the cost savings. If you buy new, choose the right car, negotiate hard, and run it into the ground, you may be losing money out of your pocket relative to buying used, but you might also be happier. I bought a new car instead of a used car for one reason and one reason only: because I wanted to. I threw cost efficiency out the window and went with my heart. That said, I LOVE my mazda, which was brand new and cute, but best of all, has a ridiculously high reliability rating. As in it was rated 1 by Consumer Reports. Why people will spend 80K on a Jaguar that they know will break down in a year is beyond me, I would pay thousands more to buy a car I knew was going to run forever. No regrets or debt 16 months later. Although you mentioned being a hardball negotiator as part of your buying process, what happened to being a hardball investigator? A good used car with low mileage, perhaps only 1-3 years old, will still sell for thousands less, and have a warranty + much of the reliability of a new car. Researching vehicle history and carefully examining a car on the lot can be fruitful. They mean a car that has less than 20-30k miles on it. They mean a car that has had no accidents and has had a good maintenance record. There is a difference between a 12 year old used car and a 2-4 year old used car. Although buying used can make sense if you are prepared to own the car for an extended period of time more than 5 years I personally think that 2 year old cars provide much better value. In fact, I think that many times a new car can be LESS reliable than a decent, 1-3 year old used car. It would seem that many manufacturing defects will manifest themselves in the first 5-10k miles. In addition each new year would seem to introduce new bells and whistles i. One manufacturer who has definitely experienced lower quality scores caused by increased complexity is Mercedes. Jonathan makes a good point. Your scenario compares apples and oranges. A 12-year-old beater versus a new car? When I buy used, I look for a car that is a few years old, has low mileage for its age, and is in good condition. Everyone mentions safety as being a reason to buy new. Used car buyers care just as much, if not more, about safety as new buyers. You are trying to justify spending thousands of dollars more to have that plastic new car smell for a few months, and even better if it comes in the form of a Mercedes. But we all know that when you do the math, a cheaper used car is the responsible choice. If you really held onto your car for at least 8 years, as you mentioned, it might be worth it in the long run. But most people trade their cars in before then, and continue to make monthly payments FOREVER. Coming from a family of long time car dealers I have a few opinions on this subject. One thing to keep in mind is that your points about picking a good car, negotiating price and staying out of bad loan situations are applicable in both new and used car purchases…which can further increase the value of a quality used car. One major problem I have with your analysis is your assumptions concerning the value of your vehicle when you decide to sell. This hardly ever happens. Ego and increased affluence are the primary reasons. People have a hard time staying in their 6 year old post-college Honda when start making good money. Also, you forget that things happen to cars over the years…things that can vastly increase your desire for a different car. The assumption that your car will retain 50% of its value after 8 year is just wrong. Consumers typically over value their trade ins. This is not a car dealer conspiricacy, simply the demands of the market meeting the experience of people who evaluate used vehicles on a daily basis. Fully loaded used vehicles in pristine condition with low miles have a hard time getting 50% of their original value after 8 years Even less for common cars that are not fully loaded. An average car in average conditioned costing 25k new would more likely trade for 4-7k after 8 years. Furthermore, California is one of the few states that use Kelly Blue Book. Most of the country uses NADA Guides, which are a more accurate analysis of current market conditions. NADA values are typically 750 — 2000 less than KBB. If, during the 8-year life span of your car, you decide to move to a region that uses NADA you will be laughed at for quoting KBB values at the dealership. Even though I have access to a variety of new cars at dealer cost including service, I still bought a 4-year-old used Honda. While Ramit may be the exception, I have seen the purchase cycle of the average consumer. The best deal I ever got on a car was a Ford Escort that had 8,800 miles on it, was 1 year old, and had been flooded. With maybe one exception, each time was due to my failure to buy new tires. The tread actually wore off. If I had maintained the tires I doubt I would have ever broken down. Do used cars have more problems? I had a used Honda that was 8 years old when I got it. I drove it without incident until it had 213k miles. Not bad for 12 years of driving. So there is no incentive to sell it. I will just drive it until it is completely destroyed. I am saving a ton of money. As I continue driving it, that cost will go down even more. Perhaps that says something about the debt burden of the average person in the U. Drive it into the ground is what I say. Meet the person driving the same car for 15 years. Bought a 2000 Subaru Forester in 2001, coming off a 1-year lease with about 10k miles on it. Thanks for this discussion. So there is no incentive to sell it. I will just drive it until it is completely destroyed. I am saving a ton of money. As I continue driving it, that cost will go down even more. Perhaps that says something about the debt burden of the average person in the U. Drive it into the ground is what I say. As someone who has just been through a year and half long ordeal with the most anal car guy on the planet, I have this to say: 1. Before buying ANY car, you need to read atleast 6 months worth of Consumer Reports. Even if you love cars, a car is not an investment. A car, like a computer, is a tool. Never buy a new car if you are uncomfortable going into debt over a car and can not pay for the thing in cash. His cars have gotten less cool over the years, but that just makes him seem cooler. Of course, the jalopy mini van has a lot of down side compared to a new car, but you should be comparing a new Accord to a barely old Accord. The only reason repairs and maintenance would be any different is that the used car is or two years older than the new car. I would have liked to hear you give a more objective review of the differences between used and new — personal feelings aside. Back up your arguments with some more data. As everyone has pointed out so far, hands down it only makes financial sense to get a used car over a new car of the same or better reliability upgrade with the money you are saving. If you want to talk about other measuring sticks like total satisfaction or personal preferences, then be honest and say so. I definitely see your point here. Is there a price on peace of mind? My first inclination is to get a new car, because I have been so scarred by driving a junk heap for the last 6 years — throught grad schools. If you buy a new car, get gap insurance. Because they lose so much value. Factor in that it would have at least 80,000 miles on it probably more since most people drive around 15k to 20k miles a year and the odds drop even more. The reasons for a new car are difficult to justify financially. As people have said, the same model, 2 or 3 years old, is just as reliable, might still be under warranty, and is cheaper. The insurance is cheaper. Also, you can negotiate the price of a used car, and usually easier too because some tool traded it in for a new one, and got next to nothing for it, so the dealer has more of a spread to work with. I post a comment this afternoon, and suddenly there are 27 others. This has obviously touched on some nerves. To some they are merely transportation. Others view it as security. Others think of cars as toys to be played with. Others unfortunately view it as part of their identity certainly the auto ads speak to these kinds of people. There can be a bunch of valid opinions about this topic, depending what category you fall into. I scoff at the people who are willing to in my opinion spend too much for a car that is new — whatever car that is. To those who are terrified that they might have a car that breaks down — well, I grew up in a family with terribly unreliable cars, and there are certainly worse things than having to call AAA and rent a car for a few days. This is more than just picking a mutual fund. I fail to see how a new car could EVER ake more financial sense than that. At the end like most of the post so far, I still think that in most situation, a use car is probably a better choice financially for most people. Intuitively, since a used car has a lower initial price, yet shorter lifespan, and a new car has a higher price, but longer lifespan, there should be a point where these two costs converge. With the increasing reliability of cars, used cars have only gotten more expensive. Given this, if one researches the market enough, and in the current climate of dealers doing almost anything to sell a car, there definitely exists a market where buying a used car makes sense. I think one key issue that most people overlook when suggesting that you should buy used is that depreciation varies a lot from model to model. For example, last time I bought a car I was looking at the Honda CR-V and the Ford Explorer. For the Explorer, used makes sense because they lose value quickly. There is a big price difference between a new Explorer and one that is 3 years-old. I decided on the CR-V, and quickly found that the price difference between new and 3-4 year old CR-V is relatively small in some cases less than 10% , and so I chose to buy a new car. Car models and brands that have a reputation for being well-built will depreciate much more slowly, leaving very little advantage to buying a used model. I love my Jettas. I bought both of them used and drove the snot out of them. I put around 175,000 miles on each. Someday I may buckle down and get a new car; but for my lifestyle and cash flow, a two or three year old car seems to hit the sweet spot. I got a new civic 06 this year instead of an old car. I think you can do okay with a new car, in either of two scenarios. So what do I do? I pick them up just off lease, drive them 10 years, then sell them myself. Cost per month is dirt, and they have the latest technology that most of us will see in a car for at least the first 5 years that I own them. I know the easy answer is to stick it out and pay off the car, but I want to know some other ways to get rid of this thing. Grats on your new car, Ramit. I respect your choice to go for the new car. As others have mentioned above, some people feel better with new stuff and are willing to spend more. Otherwise, you could get the same generation car same motor, same body a year or two older for much less used. I feel that the arguments presented above pretty much encompass both sides.. If you compare junker per nice new car, and sure that helps. But compare the same model year today and two years from now. Any care with reliability issues after two years used, is not a car you would want to purchase new. Assuming you can afford to finance either, what are you losing if you would have invested that premium? Buying used allows you to purchase outside your typical range. Wanna buy a lexus? Compare an identical make and model, and you cannot quantify the premum of new. Do you people do anything for fun? Everytime I hop into my NEW car i get a big fat smile on my face. I have it financed at 2. If you can mitigate as much of the negatives of owning a new car as possible by good research, negotiating, financing, and holding long term and still get the added benefit of a new car, then go for it. And, you are assuming all and everyone has followed your excellent advice regarding credit. Next, the new v used argument can often be dependent upon a myriad of factors outside your evaluation. That —by the way— is why I do not drive a new car. Low cost, low maintenence, minimal insurance only on the moving car and drive the best one at any time. I have roadside services that I use about three times a year, but that give me the same peace of mind others obtain by buying new. Operating costs for an auto are the maintenance and fuel costs. Capital costs are the purchase price. I have never seen a study of this price elasticity, however. Ramit — you are out of your mind. Thought I had stumbled onto something good here, but interest rates, payments, credit score?? The financial people who tell you that used cars are the way to go, will tell you that, because they pay cash. No payments, no debt. Buy a good condition 2-4 year old vehicle, and pay cash. You month of research and what happend to that time is money thing would have been much better spent in the classified ads and ebay than talking to dealers. Over the past few years, cars are only getting marginally better, so unlike computers there is really no point in being on the cutting edge. As mentioned several times already, the premium paid for a new car over one just a few years old cannot be justified on financial terms. That being said, irrational new car buyers like yourself subsidize used car buyers like myself. It came down to a brand new Toyota Corolla vs. However I came from an inherited BMW 535i that I drove for 15 years. Driving other brands of cars, I can tell there is a huge difference my brother had an AMG Mercedes Benz and I preferred my BMW. I chose the finance option, with Toyota was 3. I plan to drive this car for at least 10 years. If I took care of it I think I could have easily made it to 20 years. The point is, even if the BMW was more expensive, I would have gone for the BMW. I know I would have never been happy with the Corolla. Penny wise pound foolish. I am suprised that you did not comment upon the safety factor. I read recently an article talking about just one of the safet factors on new cars saying that it saves some large number of lives every year. While I am sure that some of that was hype I do believe that of course there are exceptions newer cars are safer than older cars. I have always been a good used car person thinking it was saving me and while it may have I have reached the point in my life where the additional safety is probably worth it to me. So maybe I was wrong all along or maybe no matter how simple a decision seems to be on the surface it is never so simple. After a half dozen bad old asian cars and all the costly breakdown agravation, I proudly bought the moment I could afford it a brand new north american. It spent 29 of its first 55 days of usage at the dealership. The moment I would get it on the road, smth else would break. Getting to the last fixes for the glitches with the most intermittant symptoms took six years the length of my extended warranty. Meanwhile, my buddy bough a 2 year old asian, drove it 2 years and sold it for 1k less than purchase price. I plan to do the same for my next car. I am 100% in agreement with Ramit, buy new, run the numbers and the difference is minimal. Anyone who doesnt factor in repair costs for a car out of warranty is mad. They can run to thousands for broken gear boxes and so on. Personally i lease cars which is probably the no. No repairs, nice new car, never breaks down, never gives me a headache. It happens to millions of people every year and the value of their car is massively compromized. You own it, someone crashes in to it, sure the insurance company pays the repair but resale value is shot. Lease a car and someone crashes in to it, insurance pays for the repair and you wipe your hands of the car at the end of the lease. Finance or lease a car and put the cash in to something that appreciates — stocks or real estate. Cars end up in a crusher and are only worth their weight in scrap! I guess your in the states, here in Canada, while I had my license very early, I made a vow for public transportaion. I agree with a few things here. Either you buy new and good, or crappy and old. It would depend on your financial situation based on your long term income outlook. But what about buying a nearly new car. Something that has only been used for a year or so. You could save more than 10% off the cost of buying it brand spanking new, and still get the benefits of a reliable new car. Also, you could find more in depth reviews of the cars from people who had them. The previous owner s have sunk all their cash in getting it routinely serviced to maintain the warranty and the vehicle has depreciated significantly in the meantime. Ofcourse, you will check the service records before buying! I recently read something I found interesting. Even if you buy a new car with cash, or 0% interest, you are still paying for that hefty new-car depreciation costs. It is generally smarter to buy a car that is a few years old instead. But hey, if you have the money and want a brand spanking new car, then go for it. The next upgrade has an 80% chance that it is a used car with extended warranty, low mileage, excellent maintenance…. Now, after kids, a decent suburbia home, a business that is doing well, I want to definitely own a brand new trendy car. Its a lifecycle in itself… I have bought 1 car in my 27 years, a 1999 Toyota Corolla. DH is 29 and bought 2000 Ford Focus. Now the Focus by NADA values and KBB with less miles is worth less my Corolla. Is there are reason for this? American cars are pieces of CRAP! So you spend a lot fixing them even new. No wonder they depreciate so fast! Um, so what is my cost? They fit our lifestyle now. Of course in about 2 years they will be replaced by new cars when we get pregnant. Personally I see us getting a station wagon and a minivan. Why for only 1 child? Just shows you should buy quality. And my corolla, no problems, I barely had to replace the brake pads at 70k. But they do make good points. My personal preference towards new cars is to buy either off lease or 1-3 year old trade-ins and get the extended warranty. Oh, and ALWAYS check Consumer Reports, and NEVER get anything but the three most reliable cars. Three years ago I was looking to get a new car. When I told him that I wanted a newer used car in good condition he told me to just buy a new car. I looked at the Honda Accord, Toyota Camry, and Mazda 6 at the end of the model year and was all set to buy the Honda Accord with all the bells and whistles when I decided to use the money to pay down the mortgage instead. Well good things come to those that wait! In April of the following year I get a call from Dave telling me that his girlfriend, who worked at the Mercedes dealership just called him about five 2003 C230s sitting on the lot in April of 2004 that the management just wanted to cut their losses on a get rid of. At this point in time these are almost used cars with less than 100 miles on them. To cut a long story short, I bought a C230 sedan, with the sports package, for only a grand more then I would have spent on the Honda Accord, a few thousand dollars BELOW invoice! This will probably not work for very popular cards like the Accord or Camry, but I could see it happening with a Mazda 6 or as was my case, a C230. Only factor you forgot was the opportunity cost of money if you have it invested somewhere else. Ramit — Great post, really. As an owner of a performance auto shop, the debate can go both ways. It truly depends on you, more than anything else. Currently I drive a 1991 Honda Prelude. It has 190k miles. It runs like the day it rolled off the assembly line. That said, myself and my employees know how to take care of this car. For my next car I am completely set on a 2001 Honda Prelude. If they released a brand new 2008 Prelude next year, I would not buy it. But I do not need to. On the other hand of the story, many people do not have the resources I do. Fixing cars is amazingly expensive. And I can say first hand that a used car is a used car is a used car. Statistically speaking if you sell a car within the first year of buying it — something is wrong with it. A used car is a used car is a used car. For many people a used car is a wise choice. But some people may choose the used route. Buying a used car may pay off. You have to consider more. Again, I discourage neither side. Brand new cars are spiffy. Used-new cars are wonderful too. I just ask that everyone who is considering buying a car — consider more than the numbers. Consider the emotion, the stress, the time… do not let money be your sole guide. If you cannot afford a brand new 50k Mustang do not buy one! I think if you compare apples to apples, then yes, buying used is always cheaper, with the exception being Collectables and Antiques, where obviously the value increases beyond the purchase price, and will never be cheaper to buy used. I can get the same low financing that you can, I can put down the same down payment as you, and I can own it for the same term, and it will always cost me less than you. Now if you buy say a Crossfire or Solstice, keep it for 25 years until it is a bonafide antique car, and I want to buy that car 26 years from now, I am going to pay way more than you paid for it new. And in 2032 dollars to boot! So there are no absolutes. You can pay much more for a used car than it cost new. What did a model T sell for new? What do you think you are going to pay for one that drives today? So if you hang on to a car long enough, and keep it in good shape, it can well exceed the original purchase price. Take care of a car it should get a 500,000 miles or more. The other thing buying used offers the driver is the opportunity to drive and enjoy an automobile that they just cannot afford to drive new. I mean there are a slew of great Prosches in the 30,000-50,000 range. There re a lot of really nice new cars in the 30-50k range, but none of them drive like a 10 year old 911 Carerra or Targa, I mean as an example. Still the depreciation hits them pretty hard. Yes, you can make an arguement that there is value in buying a new car that is retained past the term of financing. But the reason people say you always do better buying used is everyone knows the reference is to the same thing. A 2006 Honda Civic Si as compared to a 1999, 2000, 2001, 2002, 2003, 2004, 2005 Honda Civic Si as a for instance. Enjoy your new car for many years to come by the way! Chris In some cases 1 year old cars sell for a few hundred less that the current year. Sometimes they sell at the same price. As far as the new vs. If they do not be prepared to find a dealer that will accommodate. You can get a good body shop with access to much higher quality paint protectant product than the dealer will use — go over your car for much cheaper. Just having the basic understanding of how a car works. If you are going to make such a big financial decision on something you should at least be able to look under the hood of your car and make be able to make some simple diagnostics. Not saying you have to be a mechanic but being to just identify problems has the potential to save you thousands of dollars over the course of your driving career. Ryan I love this guy! I am a used car salesman. I love the idea this guy has that if you are a bad negotiator, that you should bring a hardball negotiator with you. I play good cop, bad cop six days a week. How many days per week do you play, and more importantly how many days a week does your hardball negotiator play the game. What makes a car sale go upside down is not generally the price of the vehicle, it is the additional items that you become convinced to buy and finance into the loan. All cars are presently released from their manufacturer with an 8 year undercoat. The best way to make sure you get a great car deal is to never buy a car. Cars are a constantly depreciating asset. They do lose value with every mile, with every day, and with every little mark they obtain in the course of speeding you through life. The only control you exercise when at a car dealership, is the control of your preferences. When a typical dealership has access to 800 plus cars, you will find what you want, and you will create an emotional attachment. Here are two questions you can ask: What is the buy rate from the lending institution on my loan? What is the Actual Cost of Vehicle ACV for my trade? How much are you crediting from the purchase of the new car, and how much are you applying to the loan above the price of the new vehicle? It varies by model and brand significantly. Some models depreciate greatly and others have a very high resale value. I also bought a new vehicle recently and ran the math and it did not in any way make sense to buy used even though I wanted to on a number of models. They also booked out for that and had shorter original warranties. I also rant the math on civics and accords and it was the same deal. Hi Ramit — just found your website tonight and enjoyed reading your posts, especially this one and all the comments. At a lower level, the route you take to work, the length of your commute, proximity of a good repair shop, short-term cash reserves, etc. Hmmm, that eye-popping number got me thinking about a different vehicle simply because I am personally averse to spending that kind of unexpected money on my car. The second thing I think you are trying to relate to people is how vitally important is it that a person be able to calculate their own financial scenarios for their OWN needs. Any financial advice should cause us to think and then validate against our own situations. Simply understand that, understand your finances, do the math, know the tradeoffs, and be happy. Also not all models depreciate 50% in the first or second year. I am doing a research on cost vs. Yes a used car can cost about 30-70% less than new car would, in my opinion the new car is worth the extra money because you are the only one that has driven the car plus no serious maintenance for at 100,000 miles, i know i have lost a lot of money on my new car but hey it is worth the extra cost, a piece mind is worth more than a price to me, even though a used cars sells about 15 million a year in the united states one one of the two million new car buyers in the us each year who rather not have to worry about serious maintenance for atleast 100,000 miles, it is just great to have no worry. Quick update if I might. Went and signed the papers today. It pays to shop. New car deals are very strong and in this case, it was definitely cheaper to buy new. I bought a brand new car in 1986 and have never regretted it. The car is a Nissan Pulsar, bought in Australia. In its day it was a solid reliable vehicle, and by buying it new I made sure that I was its only owner. That meant I could be absolutely certain it was well maintained and driven sensibly from day one, and I think that has a lot to do with its long life. Contrary to common belief, the cost of maintaining and repairing this old car has averaged LESS per year over the last ten years than the first ten. It worked with my current one! The honda has treated me well, and the lack of payment has felt so great that i am afraid to purchase another car! Currently the car has 180k, driver side door is stuck, and the bumper is falling off held up by string…literally. Everything else has been normal wear and tear. In 4 Months i would have paid off my repairs. But nothing will take the sting out of driving up to a job interview or consulting job in a 17 year old 1990 honda accord…I have to come to terms with the fact that i am not in college anymore. The only time you should treat a car as an investment is if you are a dealer, or if you are a collector. To Anyone else, a Car, just like a computer, is a tool. Never pay cash for a car, when you can finance and get a low interest rate. These arnt house loans, the interest isnt front loaded. Use that cash for something else! Depending on how low your interest is some people are getting 0%-2. Cars depreciate way too fast to be an investment, this isnt a house. Think of cars as high priced tools like PCs, ask yourself what do you want them for, what will they do……and if you want neon lights and extra fast engines processors to show off your purchase or to personalized your purchase or play PC games ie. You cant quantify personal enjoyment in monetary terms nor should you ever try. I am glad i found this site. The conversation here has been very valuable! It was not my intention to get all those bells and whistles, but the car seemed to be a good deal so I purchased it. This week I discovered that the car had been previously purchased, had been driven for 3 days, had broken down and was returned for a 2007 model. My model has been recalled for that problem. The past history of the car had not been revealed to me, so I have complained loudly, and have been given the choice of an extended warrantee at no charge- or to trade the car in for another model. What shall I do? Thanks for your help. Joan For such a smart kid so interested in personal finance, you made a really stupid decision buying a new car, and the rationlizations new car smell?!?! While it is a necessity for the vast majority, a car is probably the worst way to spend your money. They really are so well made today that getting a lemon is the exception rather then the rule. Take it to a mechanic and have it inspected they even have inspection services that will come to the vehicle. But maybe thats different at Stanford, maybe the standards are a little higher. You seem like many other spoiled people, because only they are really trying to fool themselves that any business meeting in college is so important that you need a new car how about a new computer too, just to be on a safe side. I drive a 1986 Chevrolet Caprice to the school EVERYDAY and it works fine!!! Lets face it, 3 years old with reasonable mileage still drives as new. This formula provides the best value of reliability:cost. Buying a warranty for a honda may not make as much sense as buying one for a domestic, but you see the picture. Run the numbers and youll find cost of ownership is considerabley lower per year. But you bought a Honda, one of the most reliable cars on the planet. For example, I bought my 3-year old Toyota Avalon for 10 grand on ebay of all places yes, I inspected it thoroughly before paying for it. Had 80,000 miles on it and the new body style came out just a year after I bought it but 50,000 miles later it still runs great. About the only new car I could have bought for 10k would have been a tiny 4-cylinder coupe. So given the option of a crappy economy 4-cylinder coupe or my semi-luxury Avalon what would you have chosen? At least you were smart enough not to get the C230. She was sinking deeply in trying to explain why she thought it was such a great idea. I tried her read her column after that, but admitedly had lost a little respect for her. On a positive note, you recognize in your explanation that new vs. You also had a good paying job, which made the decision a little less sacrificial than it would be for the average recent college grad. I traded in for a new Honda Civic, for pretty much all of the same reasons you mention. Or the radiator springing a leak, and missing work. Or a ticket because your headlights randomly stopped working. Also, if you buy new, you can be sure your car has had all of its regular maintenance for its whole life and will therefore last longer. Since you bought the car new, at least plan to drive it for a long time…not just 8 years. The secret: buy a GOOD used car, have a GREAT mechanic and fix EVERYTHING at the first sign of need. How much time did you spend on writing this? When you buy a good used car, you save. Car after car, you will save in the long run. The minute you drive a car off the lot it loses value. You should be advising people to research the local solid good used car dealers. There are so many of these around every city. They have a reputation. Rewarding yourself with a brand new car is not going to teach anyone how to be rich. The bottom line is that cars are not an asset, they are a liability, but a necessary one to get people to work. And they should pay for it in cash. Mainly because you are too young to know what steps to take to get ahead. I never buy used cars. I kept it for 10 years and without car payments I had enough put by for a new VW Rabbit. My practice has been to buy new cars but as infrequently as possible. If you keep a car a long time the difference is small. I am always driving a used car but it is one that I know. Ramit, I agree with your reasoning on a new car. Bought a Nissan Pathfinder back in 2002. Paid it off early, thanks to company stock options. Plan to keep this for about 10 years or run it into the ground. Another thing to keep in mind is if you have kids. My wife and I had our first child last year. By having no car payments, my wife is able to stay home with Baby and not have to go to work. What a ridiculous rationale to buy a new car! I remain unconvinced, and think this country should eliminate as many cars as possible. We should make our cities car-free. Cars are ugly, polluting monstrocities that are much more trouble than they are worth. Is it any wonder that Americans are in debt up to their eyeballs and obese to boot? They buy new cars every couple of years and never walk anywhere. Ramit , do you still drive the Accord? Whether this privilege is due to prestige, peace-of-mind, or a territorial urge is irrelevant…. What, then, you as a consumer need to decide is whether your situation or disposition is such that you might deviate from the typical consumer in some meaningful way, and then decide how this should affect your decision accordingly. For instance, Ramit seems to be less willing than the average person to expend time dealing with an automotive malfunction, which would be an argument in favor of his buying new. Zain, thanks for the nice, thoughtful comment. If you drive a car for only 2 years, you made one of the worst financial decisions you could make. The keys are: 1 Get a good car, 2 Maintain it well, and 3 Drive it for a LONG time. I hope to have this car for many, many more years. When our used minivan was totaled in a wreck a couple of years ago, we had little time to find another one. So we ended up buying new even though all of our earlier vehicles were used. And that worked out fine for us. A lot of the posters assume that most people have lots of time to find that perfect reliable used car. Basically, I bought a beater Subaru beaters are the best. The middle ones make no economic sense. I wonder, can any of you tell me why I have such commitment issues when it comes to cars? Or electronics for that matter- I refused to sign up for the 2-year cell phone services and opted to pay more up front for a 1-year contract. The reason is because I too bought a new car and I just recently graduated from college. You make an excellent point that a new car is a great investment. I plan on keeping my car for at least 6 years just a random figure. This way I will save on maintenance and cost of repairs for at least the time being. I also love my car. Your right the intrinsic value is an important part of a car I love the new car smell as well… Is that wrong? One thing I would say to those who are looking at purchasing a used car would be to make sure the car has at least some form of a warranty. Seems like you take the edge off the new car price and still get a dependable vehicle. I came to this conclusion myself at the end of last year. Everyone argued with me when I sold my 8 year old tricked out Passat in mint condition to buy a new car. Just the cost of repairs in the offing would equal the car payments in a matter of months. Apart from the new car smell, the best thing is I never have to deal with VW repair people again…Priceless!! I totally agree with you Ramit. We have a lot of kids, so we hand-me-down cars, computers, furniture,etc.. The reliability and warranty are price-less, along with Road side assistance and other bonuses they tack on. Few weeks after that, a truck rammed into my car from the side and caused quite a lot of damage to the body of the car. Why on earth would I buy a used car again after this experience. I almost lost 50% in value in just a year. I might be in the market for a car soon, and guess what — a new car is what I have in mind. The reason being, the cost of maintenance on used cars. Especially when it is a well maintained one. But again, the risk is always going to be there in the back of your mind. Warranties are limited, even if you buy it from a dealer. In my mind, a new car will keep me out of worries at least for 5 years. It is a big purchase afterall. I agree that a new can be more cost effective than used. I drive an average of 30,000 miles a year. It took me two years to find a car that could replace my 1995 2 door. My strongest decision factor was MPG. My husband prefers used cars, and I am the angry one when we put money into it for repairs. He will calculate the cost to prove to me we are still saving with used vs new. Apples to apples: I just bought an 06 BMW 750Li used about 2-3 years old for 40K. New, the same car with all the options is closer to 90K, and drives as close to new as I care about. So… after saving 50K more than 50% of the cost of the new car for a car I fully intend to drive another 10+ years my last one I drove for 15 years. But why would I trade in my Odyssey, which was running fine and never cost me a dime in other-than-routine maintenance? As it neared 100,000 miles the value for trade-in would drop significantly. My husband drives a 2006 Prius and he already has 67,000 miles on it. A test drive revealed a very uncomfortable Honda headrest that was safe but that was excruciating to my neck. So a Toyota Sienna it would be. I did research used Toyota Sienna Limited models, and saw one in CA that was nice. It had over 11K miles on it. With two little kids that have to be shuttled here and there, reliability is more important to me than almost anything. I still question whether it really was time to trade in my Odyssey, but the dealer desperation made it as good a time as any. Spent more then on comparable cars and I have had to put work in. Thing for me is. My car sits and its ready for me when I come back. Buying quality lasts longer as well as a whole. I mean I have ~130,000KM I have a long way to go. I see your logic. Just like my phone contract. Do I want an Iphone? Hope the car is still running well! You can justify anything you really want. This is a perfect example. I agree with you here. I also knew that I wanted a car I will drive for a very very long time. I figured in my industry as a consultant it also pays to make sure you look at least presentable to others, so riding a ghetto car was not an option. I believe people who are complaining that you are extravagant for buying a new car are the same people who dress terribly to work or to interviews. I know as a career counselor that what you look like to work or to an interview is a deal maker or breaker. So thanks for sharing your honest opinion and I do agree with you on this post. We were in the market for decent used cars over the summer. We looked for weeks and found nothing. We widened the scope and took a look at 3 different 3-4 year old hondas at a decent dealership. Their condition was ridiculous. We bought the Fit and love it. There are better ways to do this if you know the car business: Way 1: The dealer demo. Savings can range 30% easy. Way 2: The off-lease beauty. Major rental companies like Avis are the largest purchasers of motor vehicles in the USA. They turn their fleet over every 8-14 months, keep full records of all repairs including service, accidents, paint chips, whatever, and buy all major brands and models. And the existing factory warranty still applies to these cars, plus you can add a factory extended warranty, which is always worthwhile if you plan on keeping your car. If you need financing, go to Way 1. Tip: Avoid buying a used car from a private party, You have no recourse. There must be fifty bazillion of these schemes out there and the only person it pays off for is the one who sold it to you. They are insurance policies. Read the fine print! The bottom line with this is that you have all the practical benefits of the new car, i. Yes, I know it sounds ridiculous but it actually is an odorizer and can be purchased in a spray. It is commonly used by dealers for both their new and used inventory. Three people that love their Jetta. I have a 2007 Wolfsburg that I bought with 35 miles on it 10 of which I put on in a test drive. It is the finest car that I have driven. NEVER buy a former rental. Those things may look nice, but will be a mess under the hood. If you buy them used, they normally cost almost as much as a new one. The unknown factor is the previous driver s. Did they drive the vehicle roughly? If you have intellectual skills, it is better to buy new so that you can contribute to the advancement of society because you will not be restricted by the reliability of your vehicle. If you are mechanically skilled and have lots of time, then buying used would be a rational option. I remembered my old boss who tried to save money by buying a used mustang. The engine died while she was on the freeway. She got hit by another car. She ended up buying another used car which made it more expensive in the long run. If that were true, he would admit that buying the identical ONE year old car and driving it ONE year less getting a different car sooner! It seems like Ramit is really just writing this article to justify a very, very dumb purchase… Anyone with basic math skills could step through his argument and show the bottom line This goes well with understanding the difference of value and Price. In other words, you save more in non-payments than the car depreciates. We should point out that the person who leased has escaped the repair and maintenance costs that car owners typically encounter with aging cars. I have bought a car in early twenty five and I decided the model of Benz class. The look of the car is so genuine but the price is too high. Compared the price of different dealers and saw a big difference in the price after finalizing the dealer I have buy the car with 20% discount with the original price and save the enough money by using your tricks and ideas. Firstly I want to buy the second hand car of the Mercedes model but in the final I change my mood because there is small difference between the new one and old one. If spending more money gives you peace of mind then your mind is messed up. For any rational person, it would be silly to pay more money for something when it adds absolutely no value. In fact, looking at it from any angle shows that buying new destroys value. If you want a new car, lease it. It beats the hell out of my old used-car-buying nightmare experiences by a mile! The elephant in the room that nobody ever mentions is how used cars are frequently abused. Peace of mind and reliability was never an option since I never had an extra 15,000k or the credit to pay for a new car. I had stuff break down a lot, only because I was too lazy to do basic oil changes and diagnostics. Other than that my life was never put in danger because of it, and I never lost 15k worth of time or paid 15k in repairs. Honestly, for the value comparison, buying a new car vs. The value plummets after a year. I compared a new honda civic 2015 1. Ultimately, New or old car will roughly cost you a month of your annual salary after taxed , depends on your income amounts. Yes, the cost to buy an used car is lower than owning a new one. However, it is personal preference and financial ability that matter the most. Buying a new car is great idea. But if you are money conscious you can buy used car, however the thing you should do is its evaluation. Simply want to say your article is as amazing. The clarity for your publish is just excellent and i could suppose you are a professional on this subject. Fine with your permission allow me to grab your feed to stay updated with forthcoming post. Thanks one million and please continue the gratifying work. Fantastic website you have here but I was wanting to knmow if yoou knew of any discussion boards that cover the same topics talked about in this article? If yyou have any suggestions, please let me know. But I still feel , I made the right choice. In short, it saves me a ton of worry. Let me remind you though that new cars are not at all a good investment. These costs are insurance, fuel, vehicle inspection, vehicle excise duty, car finance, depreciation, maintenance, repairs and improvements, parking, tolls, traffic tickets and washing. This total cost might reach 500£ per month but most people disregard it because they pay such expenditures during different periods within the year. Do yourself your calculation at AUTOCOSTS. INFO and you might get surprised by the final result. Think afterwards how much you earn and how many days per year you need to work to afford your car. Buying a three or four-year-old car, which should still have years of dependability, makes plenty of sense. However, once cars are six-years old, the depreciation curve increases again, and cars of that age are less reliable. This loss alone can be half the value of a new car after two years. А если, чтобы бросить, сила воли и не нужна? Чтение текстов и выполнение простых упражнений позволит избавиться от никотиновой зависимости и стать некурящим человеком с таким же чистым дыханием, как и у тех, кто не курил. И это — самый надёжный способ бросить курить навсегда, так как позволяет избавиться от привычек, ощущений и ассоциаций, связанных с сигаретой. Этот способ подойдёт тем, кто хочет покончить с курением раз и насегда; кому кажется, что бросить курить очень трудно, или он сомневается, что может это сделать; кто не хочет мучиться или испытывать на прочность силу воли; кто всего пытается достичь своим умом и своим трудом; кто понимает силу привычки. I have 8 cars including a Lambo, Aston, Porsche and Lotus. I have never bought a new car. I like cars that go up in value not down. However for my daily I buy newer cars. My audi s4 was2 years old when I got it. Had a certified warranty that was better than a new warranty and I bought it out of Cali without seeing it. Saved me 10k over locally higher priced cars. 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