How fast will 2015 depreciate?
2/25/15, 02:56 PM
#41
THE RED FLASH ------Moderator
2/25/15, 03:14 PM
#42
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2/25/15, 08:33 PM
#43
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Simon, the best resale value vehicle in the country is the Toyota Tacoma and even then it's value drops to 74% of retail after 3 years and 60% of retail after 5 years. That's retail mind you so you won't get that on a trade in, only if you private sell the vehicle yourself. Now given that the average price of a Tacoma is right about 30 grand once you factor in interest and tags that means after three years the truck would sell for $22,200 retail. That means if you're lucky you might get 19K for it on a trade in.
There is no vehicle out there that you're going to make scads of money on unless you open your own garage and start restoring old muscle cars. Even buying used cars brings with it the fact that you're going to pay more for whatever vehicle you buy than the vehicle is worth. My advice is buy the vehicle you really like and keep it for years so that you're well past having it paid off by the time you sell or trade it.
http://www.kbb.com/new-cars/best-res...99251836803100
There is no vehicle out there that you're going to make scads of money on unless you open your own garage and start restoring old muscle cars. Even buying used cars brings with it the fact that you're going to pay more for whatever vehicle you buy than the vehicle is worth. My advice is buy the vehicle you really like and keep it for years so that you're well past having it paid off by the time you sell or trade it.
http://www.kbb.com/new-cars/best-res...99251836803100
lots of information, thank you sir.
I will only be financing 5K to build my credit up as I have no history .Will co-sign with parent to get a good interest rate. I just gotta decide if i'm ready to lose the money.
2/25/15, 08:47 PM
#44
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You got some pretty good advice from the other guys on here I'd say
2/25/15, 09:25 PM
#45
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Keep in mind your priorities may change in few years. Like moving out of parents house. Or instead of renting maybe buying a home. I wish I thought of that. I was love struck with my car and didn't think about 5 years later. And my bad truck accident that popped outta no where which cause little more headaches.
You got some pretty good advice from the other guys on here I'd say
You got some pretty good advice from the other guys on here I'd say
2/25/15, 09:56 PM
#46
THE RED FLASH ------Moderator
2/26/15, 06:16 AM
#47
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The way I see it if you need a car regardless of new or used your going to loose money. It's just one of life's expenses. Yes you'll spend more on a new car but imho it's worth it. It nice having the warranty and knowing you're the only one who's every owned it. On the other hand if you can't afford new nothing wrong with a used car.
2/26/15, 07:40 AM
#49
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You should buy whatever you can afford that makes you happy, whether a car or a house. Some people like the flexibility of renting. While an expensive house is usually a very good investment if you bought one at the height of the bubble you'll probably never recover the original price you paid. I bought my house in 2010 for $318,000 and now Zillow says it's worth about $290,000. On the other hand I need a place to live and the rent a comparable house would be about an extra $500 a month. I just hope the market recovers in the next 10-15 years when I might consider downsizing.
2/26/15, 08:33 AM
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You should buy whatever you can afford that makes you happy, whether a car or a house. Some people like the flexibility of renting. While an expensive house is usually a very good investment if you bought one at the height of the bubble you'll probably never recover the original price you paid. I bought my house in 2010 for $318,000 and now Zillow says it's worth about $290,000. On the other hand I need a place to live and the rent a comparable house would be about an extra $500 a month. I just hope the market recovers in the next 10-15 years when I might consider downsizing.
It's cheaper to buy then rent now. I wouldn't put too much stock into zillow, had home I built appraised by the bank for 230 and zillow said it was only worth 170.
I know if I could of done different I'd would of bought a 03-04 low mile gt. But thank The Lord, I've been fortunate to keep paying my mustang and on the latter end of my loan. Priorities and whatever is gonna make him happy.
Jeez!! More snow here, whoever lives in the south is lucky!
2/26/15, 07:14 PM
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2/26/15, 08:01 PM
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2/26/15, 09:04 PM
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2/26/15, 09:13 PM
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I was wondering that as well 
2/26/15, 09:28 PM
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3/2/15, 08:12 PM
#57
I was 19 when I bought my first brand new Mustang GT. Beautiful black 1989 with a gray interior. Loved loved loved the car.
Problem for me was the insurance!!!! A 19 year old driving a Mustang is poison to insurance companies and they will make you pay through the nose! My insurance bill every month was more than my car payment! As a result, I became a slave to car expenses and was unable to move out of my parents' house until I was 23. But hey, I had a cool car right???
Don't worry so much about depreciation and think more about the big picture... fuel, insurance, repairs, etc. It may serve you well to delay purchasing a Mustang if the bills will impact your school, living arrangements, or life in general.
3/2/15, 08:14 PM
#58
My guess is that it's a lemon.
I can't imagine that the person didn't know they were buying a house and that getting a new car would blow your ability to get a home loan.
Selling a car so quickly after purchase tells me that the original owner wants to dump it ASAP... Just my $0.02...
3/2/15, 08:35 PM
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My guess is that it's a lemon. I can't imagine that the person didn't know they were buying a house and that getting a new car would blow your ability to get a home loan. Selling a car so quickly after purchase tells me that the original owner wants to dump it ASAP... Just my $0.02...
3/3/15, 07:04 AM
#60
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Let's face it folks....unless you live in a warm climate state and never see snow, buying a Mustang as a DD isn't the smartest move, especially considering the high rate of depreciation. There are many of us here who need a second, more practical set of wheels when our Mustangs are parked for the season. That makes our Mustangs a discretionary and emotional purchase.
Most of us in that situation understood the rules before we played the game. What it boils down to is smiles per mile whenever we put the key in the ignition. It's hard to put that in a monetary equation.
Most of us in that situation understood the rules before we played the game. What it boils down to is smiles per mile whenever we put the key in the ignition. It's hard to put that in a monetary equation.