Comments on: 5 Mistakes You Can’t Afford to Make When Buying a Car

By: Manny

Manny — Sun, 14 Aug 2011 03:30:26 +0000

On July 4, 1996, in my early 20′s, I got the deal of a lifetime. I bought a 1987 Nissan Pickup for $100 (one hundred) dollars from a lady who wanted to “get rid of” her Nissan in order to purchase a Toyota. The pickup was in very good condition and had about 140,000 miles on the odometer. Today, it is still my daily driver. I haven’t had to replace anything other than a battery and a fan belt. I pay $13/month for liability. AND have over $300,000 saved on a teacher’s salary! My father told me that that purchase was better than any stock or mutual fund ever. I love my Nissan Pickup! **I own 3 other cars (all paid off) a showroom quality ’95 Ford Mustang GT, a ’95 Chrysler Cirrus LXi & a 2003 Cadillac CTS.

By: Garrett

Garrett — Wed, 18 May 2011 00:50:33 +0000

Well some people can not afford to pay cash. I have saved every penny I could for 2 years working full time and I only have 2,000 dollars.

By: John

John — Wed, 06 Oct 2010 10:36:52 +0000

hi,
Be smart when buying a car. This is my own experience.
my chevy cavalier broke down constantly. even after getting it repaired it would break down again. finally enough was enough. I had my vehicle towed to a used car dealership here in chicago. i was the first customer, and i spoke to the general sales manager. I was directed to a white 2004 Honda Civic sedan. Nice reliable car. i paid just $6,000.00 (six-thousand) dollars for this vehicle, including title and registration transfer. I paid the vehicle cash, just wrote them a check (it pays off to pay yourself first) I have no car payments, because im smart.
And we all know honda’s are awesome cars. They last forever. So i have a great asset that i own. I am not enslaved to a bank, or dealership that screws people on the interest alone. oh, yes, my car insurance is only $38.00 dollars per month. (i have liability). but how often is it that one gets into a car accident. (I have not had a car accident for my entire driving life. So it makes financial sense to have liability insurance. the best thing, is having the peace of mind of not having to throw a way my money every month on a depreciating asset. Cars depreciate quickly, especially a used vehicle. Anybody who finances a new car, let alone a used car in my book is an idiot. BE SMART, and dont let a car dealership screw you. They only want your money.

By: Love Poems & Love Quotes

Love Poems & Love Quotes — Sun, 21 Jun 2009 01:23:28 +0000

First off, I wanna say this is an awesome post you have here. I think the big problem people have is putting the money down for a vehicle which prompts the mistake of showing up at a dealer when you don’t have money to put down. Most of the time they are lead to visit the dealer by false advertisements at times too, especially 0 down deals.

By: James

James — Tue, 12 May 2009 13:21:41 +0000

I find these tips and options interesting. I’m an 18 yr old senior on my way to college in California and was just woundering if any of you had tips as to what I should do when I get a new car? Should I buy used, new, lease or what? What things should I consider and take under consideration.

By: Brian

Brian — Mon, 04 May 2009 14:03:40 +0000

This is probably the most informative, insightful, and true article on car buying for our generation. I am just curious, are there any scenarios where you get published in printed news with this information. I know that it would be a great read in our school newspaper here at the University of Tennessee Knoxville.

I am researching buying a vehicle for me and my fiancee at the end of next year when I graduate, and I am very glad to have found this read. I had previously decided on short term loan, and used. But some of the information I think is just not readily available to others our age.

By: Jenn @ Mississauga

Jenn @ Mississauga — Sun, 29 Mar 2009 20:28:55 +0000

This is a VERY good post. There are way too many people who jump into the decision to purchase a car and make terrible financing decisions. The same thing happens in real estate, etc. This post is a great wake up call for those considering making a large purchase — especially in this economy.

By: RAJEEV

RAJEEV — Sun, 29 Mar 2009 18:25:11 +0000

This is a fabolous post.. I think the most important thing to keep in mind is that one should never overstretch while making any asset purchase because as is explained in RICH DAD POOR DAD assets like car etc are infact a liability and hence the lesser is the outgo in it the better it is .

By: Laura

Laura — Thu, 19 Mar 2009 17:35:41 +0000

I had the same problem as Matt: I bought a new car last year because I couldn’t find an used one that met my requirements. I wanted to downsize from my SUV because it was costing me a fortune to drive to work (I have a very long commute). My husband and I spent weeks comparing prices and gas milage, and we had our hearts set on a Toyota Corolla ’06/’07. But we couldn’t find one used around our area for under 17K (which was above the price we had budgeted). We finally bought a 2008 Toyota Yaris for 13K. We checked with Consumers Report, and they gave it a good rating. Our intention is to drive it until it falls apart. I guess our son will end up inheriting it

By: jc

jc — Thu, 19 Mar 2009 00:16:59 +0000

I agree with Matt that sometimes a new car makes more sense to purchase. I purchased a new car (Honda Civic) just under 2 years ago and it has only depreciated about $1,000 – $1,500 from the amount I paid – I’m a pretty good negotiator (this is according to Kelley Blue Book and taking into account mileage etc). Some cars don’t depreciate as much as others do so you need to do your research. It also has a low cost of ownership.

I also keep my cars until they are almost embarassing to sell 10+ years so I get the good years with the warantee as well as the rest of the more unpredictable years.