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Originally Posted by vids They did have an option "New Car? I only buy used" -- I chose that 'coz the only car we have in the US is a used one |
That option seems to have been added recently as it was certainly not available when I took the quiz a few days ago.
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Originally Posted by tashidelek2002 Its my understanding from a cost comparison I saw some years ago that the cheapest long term car purchase is to buy a new one and then run it into the ground. You get several years of no maintenance that makes this possible. I currently am driving my mom's car that I inherited from her: a 90 Toyota station wagon with 28k miles on it and in mint condition. Insurance including collision is $300 a year. |
There are different opinions on this. Many experts (including Thomas Stanley, author of "The Millionaire Next Door") state that it is cheapest to buy a gently-used, low-mileage, 3-yr-old car and then run the vehicle into the ground. A new car depreciates the second that you drive it off the lot and the depreciation is steepest in the first three years of life. If you buy a well-maintained, low-mileage, 3-yr-old car, you avoid depreciation, have few (if any) maintenance issues, but still have a lot of years left on the vehicle, which, in time, may turn out to be the cheapest possible option.