Cost Benefit Analysis - New vs. used vs. junker car

[TrogL]

New:

Cost - 16,000+, high insurance, theft and vandalism magnet
Benefit - nice, works, has a long warranty

Used:

Cost - $5000 + new rubber, fix other problems
Benefit - fairly nice, possible warranty, should work, low insurance

Junker:

Cost - $700 + rubber, fix other problems
Benefit - if it breaks, buy another one, low insurance, nobody wants to steal it

What have I missed?

[IndianaJones]

1. go somewhere between junker and used. a very nice car can be found for...

2-4k.

[flvegan]

2. What's peace of mind worth to you?

That's what you missed. What is worry worth?

[MissMillie]

16. I have to agree on this

I live 45 miles from my job. It's not a minor inconvenience if I break down half way to or from work.

Buying my new car, and keeping it well maintained may cost a few dollars, but it's worth every penny to know that I'm not likely to need to call AAA or a tow truck 20 miles from home or work, and have to deal with unfamiliar mechanics, etc...

[Dangerously Amused]

3. You missed the

'08 H2 Luxury SUV:

Cost - $63,000, high insurance, poorly designed gas guzzler, and theft, vandalism and derision magnet
Benefit -delusions of patriotism and an adequately sized penis

[Kutjara]

7. Where did you find that pic?

Given the size of the parking space (that the Hummoran can't even park in properly) and the Ford Ka in the background, I'd guess the shot was taken in Europe, most likely the UK.

If anything, Hummers make even less sense there than they do here, with tiny roads and $10/gallon gas.

I remember a story told by the UK fight promoter Frank Warren. Apparently, Frank struck up a friendship with Don King, and King gave Warren a first-generation Hummer as a gift. The car was delivered to Warren's country house by helicopter and plonked-down in the driveway. Unfortunately, none of the country roads leading to Warren's house were wide enough to drive the Hummer, so Warren had to rent another helicopter to hoist the damned thing out.

[Dangerously Amused]

8. Ha ha, funny story!

The pic? I just googled "Hummer."

[MilesColtrane]

4. Buy a used car...

, but get a third party, extended warranty for as long as you are making payments on it.

Shelling out for a car payment AND repairs sucks big time.

I speak from experience.

[LeftyMom]

5. My used car cost me $2300 five years ago.

I've put maybe $1500 in maintainance into it, and that's including everything from tires to plugs and oil, the only major stuff it's needed were an alternator and belt, a battery and new brake rotors in front. Insurance runs me <$500 yr.

Car runs fine.

Can't beat that with a stick.

[NMDemDist2]

9. my story is similar, beater car runs great looks OK cost 1400.00

i've put a battery and alternator in it and oil changes in 18 months

it needs shocks and costs me $150 a year to insure

[LeftyMom]

10. Mine looked like new.

Presumably it still would if I washed it. I guess I should do that.

Older Saturns are cool that way, since they don't get dings or anything because of the dent resistant panels. I have a few scratches, but other than that the body is immaculate, and the car is now 10 years old.

[NMDemDist2]

13. that what $1000 and 7 years will get ya, my car is a 1991

but I want a Saturn hybrid when they come out

:bounce:

[Adsos Letter]

6. Check out the sales from Enterprise rentals...

they only sell about 2% of their vehicles, the rest go to auctions or used auto places; the 2% they sell tend to be their best.

I know what you might think about rental cars...but lots of them are fleet vehicles, etc., and are not trashed. They recieve regular, thorough maintainence, and the ones they sell are the best of the bunch, and very low mileage.

We bought a 2005 Nissan maxima through them, for about 1/2 the cost of new, and the thing was immaculate. It also hasn't given us any problems, runs great, costs less for insurance, and came with an extended warranty.

I would check it out.

[TreasonousBastard]

11. 2 beaters for the cost of one...

nice used car. Or less.

Consider the extra insurance and registration costs as peace of mind in case the transmission falls out of one of them. Besides, one can be a gas guzzling truck or van for the occasional need.

[TrogL]

17. That's not a bad idea

I was thinking along the same lines before the van got sick. Now I'm thinking a four-seater shitbox for daily use and a pickup truck for hauling and camping.

I'm gonna talk it over with the insurance company.

[Indi Guy]

12. You missed the part about making friends with a shade-tree mechanic...

Sure saved me allot of money...

[lildreamer316]

14. I just had this decison myself.

..although with a few other factors thrown in (need to improve credit badly; my insurance carries the liability of my husband, who has had more than one DUI).

Last year we went with the junker ($1900) that lasted until the first week of Dec. this year. But, it was fine while it lasted.

Decided on used ('03) with a high interest rate loan (reports to our credit every month); $9000. But it also does include a limited warranty and gap insurance, so I am reasonably satisfied with the compromise.

Best of luck..oh, and I *do* have a great mechanic.

[TommyO]

15. Go for something just off lease.

A two or three year old car is the sweet spot when it comes to pricing and longevity.

[raccoon]

18. Having had a junker not long ago (18-year-old car, but looked real good for its age),

I'd say unless you are a pretty good car mechanic yourself, don't go that route.

A really old car like that, rubber and plastic parts start to give out, leaving you stranded. Things break down that you couldn't predict (as opposed to things like, belts giving way, water pump, etc., that can be expected to happen when a car is old.)