Credit Inquiries

There's pro's and con's in both Thelt. Right now there are some great deals out there on new cars. With big rebates and 0% financing if your looking for cheap payments that could be the way to go. If payments are not an issue go with a late model used car.

 

Add in the fact that a new car will depreciate 60-70% in the next 4 years and yep, you probably made the best decision to just repair the old one. People always leave out the depreciation lost when trying to figure out between repairing and buying new and it's a very real part of the equation.

 

It also depends on how much the car is worth compared to how much the repair will be and if the car is needing constant repairs.

 

When I said new car I mean new to me. I was looking at used cars. Dealers are only offering me about $2500 for it on the trade in. The repair will cost about $1400. I am not sure how well it will hold up after the repair. It has 132k miles on it and it is a Ford.....

 

New to you is better. That means someone else took the butt whooping on depreciation. There does come a point when a car simply isn't worth it but I wouldn't go into car debt to keep from making a repair.

 

I hopefully will never buy another new car. The depreciation is just too great, especially on a domestic cars.

I have some time to figure it out. I have another car I can drive for now. I have to give it up in June.

 

What kind of ford is it Thelt. What's the tranny doing?

 

I recently bought a new Nissan Frontier. Top of the line with all the bells and whistles. Damn nice truck. Only the 2nd new vehicle I've ever bought for me (I'm 45). I take care of my vehicles and keep them for years after they're paid off. My other truck is a '91 F150 that runs great but drinks the petro. I will take the depreciation because I have no intent to trade or sell. That's the difference. If you plan to trade and get a different one every several years, stay away from the new ones, you'll lose your ass. But if you intend to keep one, and take care of it, then new is the way to go as you know what the vehicle is, how it has been cared for, and if it is paid for, all the better. I've never been into getting something different every couple of years. I think about what I want, take care of it, and it has been good to me. Good luck...

 

2002 Ford Explorer, it is not really doing anything but a warning indicator on the dash keeps popping up telling me to check my transmission. I have had it looked at by a mechanic and was told it needs a rebuild. The best price I could find for that was $1400.

 

I see your point and it has some merit. The only thing I would say is if you bought a one year old truck with 12k miles on it you would save a bundle over a new one. How much lack of maintenance can take place on a one year old truck?