Best small car

[Dr_LHA 3]

Have you considered buying a new car? You can often get a lower APR, of course depending on your credit score, which I assume you know.

This website is awesome:

http://www.carbuyingtips.com/

[yogib37 3]

Thank you all for your input, I really appreciate it.

I will do a lot of research before making a decision, but chances that I will end up with a Honda are pretty high

if you find one from a private party..Make sure you spend some extra money and take it to a mechanic and body shop to make sure it is good shap. Also buy a carfax report. That will give the history of the car from first sale. It will list if it has been in a crash, slavage or junked before.. flood damage etc..

It is worth the money to do that

P.S. I would also do it from a car dealer also.. sometimes they will give you a copy of the carfax reports.. compare the VIN Number.

Yogi

Edited April 26, 2007 by yogib37

[William33 110]

Buy new if you can. Low to zero APR's are really enticing and offer years of problem free driving.

If not, get a Honda or Toyota, of any type. These cars serve well, with minimal problems.

[Hilarious Clinton 452]

Thank you all for your input, I really appreciate it.

I will do a lot of research before making a decision, but chances that I will end up with a Honda are pretty high

if you find one from a private party..Make sure you spend some extra money and take it to a mechanic and body shop to make sure it is good shap. Also buy a carfax report. That will give the history of the car from first sale. It will list if it has been in a crash, slavage or junked before.. flood damage etc..

It is worth the money to do that

P.S. I would also do it from a car dealer also.. sometimes they will give you a copy of the carfax reports.. compare the VIN Number.

Yogi

You can pay to have someone that represents Carfax to come out and inspect the car too.

carfax inspection

Why buy new when it will depreciate massively that first year?

[Dr_LHA 3]

Why buy new when it will depreciate massively that first year?

Actually if you get a good deal from the dealer by following the tips on that website I posted, and you buy a car that holds its value well (e.g. a Honda), then your car won't depreciate "massively" in the first year.

A year after I bought my Civic, it was worth more than I paid for it according to KBB (the private sale value of course). Right now I've never gone upside down on my car (i.e. its worth more than I owe on it). When I pay it off, I can sell it private party and get a healthy return to put as a downpayment on my new car.

[Dr_LHA 3]

Update: I just checked on KBB.com and its still worth around what I paid for it, despite being 3 years old!

If anyone is interested, its a 2004 Civic EX Coupe, and I paid $15,439 for it. KBB tells me its now worth $14,200. Hardly "massive depreciation".

Edited April 26, 2007 by Dr_LHA

[Hilarious Clinton 452]

Why buy new when it will depreciate massively that first year?

Actually if you get a good deal from the dealer by following the tips on that website I posted, and you buy a car that holds its value well (e.g. a Honda), then your car won't depreciate "massively" in the first year.

A year after I bought my Civic, it was worth more than I paid for it according to KBB (the private sale value of course). Right now I've never gone upside down on my car (i.e. its worth more than I owe on it). When I pay it off, I can sell it private party and get a healthy return to put as a downpayment on my new car.

But if your budget is $7000 it's a big jump to new.

[Dr_LHA 3]

Perhaps. If you can get a low APR loan, then the car payments can be closer to what you'd be paying for a $7000 higher APR loan than you'd think.

[William33 110]

LS,

Typically in the short term, a new car depreciates, unless of course, you buy certain vehicles that retain value, such as the Acura TL. I just traded a 06 TL for a 07 TL Type S, and lost very little in the deal. The depreciation was minimal, if at all. As a caveat, I walk to work, thus the 06 had only 3200 miles. Atypical, I know.

In the long term scenario, you will have the satisfaction of a new vehicle, maintained properly, that will last for years to come. I have finally found a vehicle that will last me for 6-8 years.

At the end of the day, I want the best I can afford, as I will only live this life once. New cars are the pinnacle.

[yogib37 3]

Thank you all for your input, I really appreciate it.

I will do a lot of research before making a decision, but chances that I will end up with a Honda are pretty high

if you find one from a private party..Make sure you spend some extra money and take it to a mechanic and body shop to make sure it is good shap. Also buy a carfax report. That will give the history of the car from first sale. It will list if it has been in a crash, slavage or junked before.. flood damage etc..

It is worth the money to do that

P.S. I would also do it from a car dealer also.. sometimes they will give you a copy of the carfax reports.. compare the VIN Number.

Yogi

You can pay to have someone that represents Carfax to come out and inspect the car too.

carfax inspection

Why buy new when it will depreciate massively that first year?

and even before you drive it off the dealer lot, it lost value. Once it is regester, it loses value...

Just in case, I agree with you.. why buy new.

Yogi

[William33 110]

Thank you all for your input, I really appreciate it.

I will do a lot of research before making a decision, but chances that I will end up with a Honda are pretty high

if you find one from a private party..Make sure you spend some extra money and take it to a mechanic and body shop to make sure it is good shap. Also buy a carfax report. That will give the history of the car from first sale. It will list if it has been in a crash, slavage or junked before.. flood damage etc..

It is worth the money to do that

P.S. I would also do it from a car dealer also.. sometimes they will give you a copy of the carfax reports.. compare the VIN Number.

Yogi

You can pay to have someone that represents Carfax to come out and inspect the car too.

carfax inspection

Why buy new when it will depreciate massively that first year?

and even before you drive it off the dealer lot, it lost value. Once it is regester, it loses value...

Just in case, I agree with you.. why buy new.

Yogi

You must be buying domestic or some other loser vehicle. In fact, some cars stabilize or increase in value.

Stop reading and start dealing. Real life experience is the ticket.

[Dr_LHA 3]

You must be buying domestic or some other loser vehicle. In fact, some cars stabilize or increase in value.

Stop reading and start dealing. Real life experience is the ticket.

Exactly. The idea that cars automatically lose massive amounts of value when you drive them off the lot is "conventional wisdom", but is not necessarily true. It strongly depends on what car you buy. As I pointed out above, my car has lost less than 8% of its value in 3 years.

It should be noted that the USA is fairly unique in this matter. In the UK for example, all cars loose massive amounts of value when sold new. The used car market there is much cheaper than in the USA. I was shocked when I first came to the USA and found out how much used cars cost here!

[Nancy2015 2]

Have you considered buying a new car? You can often get a lower APR, of course depending on your credit score, which I assume you know.

This website is awesome:

http://www.carbuyingtips.com/

Thanks for the link!

Yes, I have considered buying a new car, but I will have to get a loan with a 72-month term to be able to afford payments (my credit score is not very good, and my APR will be skyhigh). I think 72 months is an overkill, so a used one would be a better solution in this situation. I don't want to make payments for more than 3 years.

[akdiver 3]

Why buy new when it will depreciate massively that first year?

If you plan to keep a car until it rusts into scrap metal, what difference does it make how much it depreciates in the first couple of years? Besides, when the thing is $8000 brand new, how low can it go? At that price, it's basically disposable anyway. Even if you only use it for four years, that's only $2K/year if it has $0 value at the end of those years, which is highly unlikely.

Depreciation depends a lot on the vehicle in question anyway....but if you're the type who needs to drive something different every 2 years, then no, do not buy new. But if you're like me, and drive them forever, it makes sense. I drove my last vehicle for 13 years. (:

As for refusal to drive a manual...I dunno why. You can learn in a weekend and easily save a lot of money. The auto option in many cars costs $1000 more.

Cheers!

AKDiver

[Bobkatz 0]

Matchbox & Corgi make some great ones - well you did say a 'small' car

Edited April 26, 2007 by Bobkatz