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How cars keep you poor (Original Post) Yavin4 Nov 2018 OP
I bought my Passat in 2007 OAITW r.2.0 Nov 2018 #1
Some of their reasoning is off. PoindexterOglethorpe Nov 2018 #2
My main concern is reliability. 3Hotdogs Nov 2018 #3

OAITW r.2.0

(24,393 posts)
1. I bought my Passat in 2007
Tue Nov 13, 2018, 11:01 PM
Nov 2018

I have 110K miles now. When I bought it, the service manage said, you have a longer/slightly wider wheel base than the Audi A4... but you spent about 10 grand less. In January of this year I spent 4400 replacing the Springs/shocks front and real, a new timing belt, and new gaskets. The mechanic told me, congrats, it's good for another 100K. I love my 6 speed manual Passat, it gives me the comfort and performance I want. Fuck the experts who say it's boring.

PoindexterOglethorpe

(25,839 posts)
2. Some of their reasoning is off.
Tue Nov 13, 2018, 11:20 PM
Nov 2018

Some cars, like Hondas, which oddly enough they picture in their example of buying, depreciate far less quickly than many other kinds of cars. Taking out a five year loan is nuts. I wish they had shown the total interest payment on their examples, because that alone might convince a lot of people to pay cash.

Also, their example of buying a 5 year old car and still going for a 5 year loan is likewise nuts. Make the higher payments, pay it off faster, and then start saving the car payment amount. Next car, pay cash.

I have had a car loan once and only once in my life, and that was back in 1967 when I bought my first car. A '59 VW convertible. I believe it cost $150 (about $1,000 today) and I was 18 years old, working for Ma Bell at the time, no savings. I took out a loan through the credit union, paid it off in about a year, and then sold the car for $200 a year and a half later. Every other car since then I've paid cash. Including the 2017 Fit I bought several weeks ago. It replaced a 2004 Civic I'd been driving since 2006, so it was time (in my opinion) to get a newer car.

If your main consideration when buying a car is what the car payment will be, you are going about it all wrong. You should start out knowing how much you can afford to pay for the car in the first place, and know just how much the kind of car you're interested in will cost. If it's more than you have the money for, lower your sights. Buy an older used car, or buy something that simply doesn't cost as much.

3Hotdogs

(12,358 posts)
3. My main concern is reliability.
Wed Nov 14, 2018, 08:05 AM
Nov 2018

At 100k miles, my Hyundai may need shocks. Will need brakes, tires, hoses and other stuff with fluids. I am lucky that my dealer gives free oil changes for as long as I have the car.

200k miles is when troubles began on other cars I have owned. Muffler, clutch, water pump and whatever.

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