- May 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Financial Situation and Dilemma
Hello peeps, my partner and I are currently in our mid 20s and are fortunate enough to have accumulated around $50k in savings/emergency funds. We both have stable jobs that bring in approximately $7k after taxes every month. Our monthly savings amount to around $4k, which is a significant chunk of our income. Despite our financial stability, we have yet to invest in a car, which has been causing some challenges in terms of commute and hindering our love for travel.
# Concerns about Buying a Car
I am considering purchasing a second-hand car to save on costs, but I am apprehensive due to the prevalence of scams in Canada. I worry that instead of saving money, I may end up losing more in a fraudulent transaction. Given this uncertainty, I am hesitant about making a decision and would appreciate some advice on whether buying a new car would be a more viable option in this situation.
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My thing has often been buying new and keeping it for a long time. I do think this makes sense especially in today’s environment of high used priced & high used financing rates. The downside is new inventory may not be that great – depends what you’re looking at
You can afford one and need it so go ahead and buy a car. Personally I would go with a new car. Used car prices are high right now and you don’t really get much of a discount on without giving up a lot of milage. You’ll get a better interest rate on a new purchase. This is for economy cars which you should be looking into
Buying a used car that is already on the lot is often easier than ordering a brand new one. If you can’t find a lightly used preowned one at a good discount from new it might be best to get a new one already on a lot for under MSRP. Used cars are expensive and I find most of the ones on the market have such high mileage compared to how many kms I put on in a year. Normally new cars are the bigger waste of money however it’s been challenging to find any deal on used lately.
Financially you are still better off buying something 5-10 years old that has mostly depreciated already and still has some life left if you take care of it, but if you are even considering a brand new car you will likely only settle for new and shiny.
Buy something new that you know you’ll be able to keep for a decade or longer. You can get some pretty good deals if you negotiate, visit other dealerships and play hardball. Get up and walk if they don’t meet your goals. Depending on where you are, shopping at other cities may benefit you.
I learned that when I got my truck. Bought in woodstock, then a coworker told me i should have gone to toronto to a certain dealer, sure enough, they have a policy to beat any other offers by a significant amount, plus better base prices to start with.
Take your time, shop around.
Toyotas and Hondas are very reliable vehicles, so i’d suggest looking at those, although Toyotas can be a bit pricier, but generally worth it. I mean hell, 30 year old tacomas are going for 10k still because they dont quit.
used car prices are still very high , it makes more sense to buy new car now . if u can wait couple of years used car prices will come down alot . it doesnt make sense to buy 5 years old Toyota corolla with 70000km for 20k , u can buy a new one for 25k .
What is your current car worth? When it comes to vehicles I always follow Dave Ramseys suggestion. No more than half your annual income in vehicles. For your income though you I’d look in to buying new. Nissan Versa, Honda Civic, Hyundai Elantra are all great cars.
Ways to save with a car:
– keep it for a long time
– second hand EV with extended warranty
Out of the 7 cars that we’ve owned…1 was brand new and the others were between 1-3 years old. Personally…while it was a nice feeling to have a brand new vehicle, I thought that we got better value (bang for buck) from the used vehicles.
That said…aside from our 1st car (didn’t know anything…we were about your age…lol…sorry)…we were pretty picky to look for low kilometers/lightly used vehicles with good reputations for reliability/simple repairs. We’re also very sensitive to gas consumption, so that helped focus choices.
2x were hybrids…1x is a phev. Others were/are ice.
With used…I would aim for something that has 1-2x years worth of mileage on it at most (40-60k)…and 2-4 years left of manufacturers warranty. The ones we got with sub 20k on them…and we take care of our cars…they’re still going stong. We’ve always had to use one for commuting…and we regularly take long trips on the weekends/etc.
With so many EV’s now…I’m not sure. Just my own thoughts…I think we’re being pushed to buy a new vehicle every 5 or so years (for various reasons that I won’t go into here). Still…I’m not sure that I would take on the new EV premium costs for that extra year or 3 of usage. Practicalities of charging a pure EV aside…I think that I would buy 1-2 year used…knowing that there’s prob a finite number of years (to a total of 6-8 or so) of usage. With ICE cars…we always bought to drive it until the engine/transmission as dead (expensive repairs) or the frame was rusted out. That would be 8-10+ years…250-300k.
Also…vehicles are a rapidly depreciating asset…so generally spend as little as possible, use it forever and put that money to better use.
But a new car with all the fancy gizmos is nice….lol
After modern hybrids/phev’s…driving a 2015 base model Forester feels like getting around in a Flintstone car…haha
do not buy a new car. Find at least 2 years old. New Car loss most of it’s value with in the first 2 years. Find reputable dealers rather one off people on the internet