Car buying strategy

[supton]

I've been seeing a couple of 2007-2009 Camrys for $1700-3000 in ok shape but with 250k miles and "burning oil."

I'd wait if you can, and punt with a clunker if it falls into your lap.

Yeah, that is a bad vintage, 2.4 was a bad motor. 2010+ was the 2.5, much better (I should know!), but I kinda am on the fence about the platform. My 99 just has a better “feel”.

Hit up autotempest and found a vw jetta wagon. Price is high, showed it to the wife, she chuckled. “looks just like your old car.” lol. I think mkiv looks better than mkvi but mkiv is long in tooth now.

 

[macarose]

I can sum things up in ten simple words.

Don't spend money. Don't buy anything. Sell your extra car.

I co-developed the largest database on the long-term quality of used cars and I perform studies on behalf of several large banks and auto finance companies when it comes to the current market. The market is still heavily in bubble status with helium highs that were unthinkable a couple of years ago. That will likely change within six to nine months.

I'm also a frugal zealot who loves buying a great car for pennies to nickels on the dollar.

Long story short, buy an unpopular but reliable low mileage older vehicle. The more unpopular the better. Think Saturn, Scion, old Buicks, anything that has been well maintained by the prior owner.

Get it inspected by an independent repair shop. Buy and drive it until the wheels fall off. Then buy more wheels until EVs become common and cheap.

Those of you who are engaging in massive wealth destruction by buying rolling pieces of mediocrity that are cleverly disguised as new cars are doing yourselves no favors.

 

[Graham Piccinini]

I can sum things up in ten simple words.

Don't spend money. Don't buy anything. Sell your extra car.

I co-developed the largest database on the long-term quality of used cars and I perform studies on behalf of several large banks and auto finance companies when it comes to the current market. The market is still heavily in bubble status with helium highs that were unthinkable a couple of years ago. That will liekly change within six to nine months.

I'm also a frugal zealot who loves buying a great car for pennies to nickels on the dollar.

Long story short, buy an unpopular but reliable low mileage older vehicle. The more unpopular the better. Think Saturn, Scion, old Buicks, anything that has been well maintained by the prior owner.

Get it inspected by an independent repair shop. Buy and drive it until the wheels fall off. Then buy more wheels until EVs become common and cheap.

Those of you who are engaging in massive wealth destruction by buying rolling pieces of mediocrity that are cleverly disguised as new cars are doing yourselves no favors.

Amen. Also that was your post #666 on BITOG.

 

[Wolf359]

Long story short, buy an unpopular but reliable low mileage older vehicle. The more unpopular the better. Think Saturn, Scion, old Buicks, anything that has been well maintained by the prior owner.

Oh yeah, I'm always suggesting a 2008-2013 Mercedes E-350. Everyone is afraid of the high maintenance costs but I've had two of them for the last 6-8 years and they haven't been too crazy.

I've been seeing a couple of 2007-2009 Camrys for $1700-3000 in ok shape but with 250k miles and "burning oil."
I'd wait if you can, and punt with a clunker if it falls into your lap.

I'd rather pay more for a car with lower mileage. Usually Mercedes tend to have lower mileage but you pay a little more for the lower mileage.

2009 Mercedes Benz SL E350 Sun Roof Sports Car - cars & trucks - by...

2009 Mercedes Benz SL E350 with sunroof. 205856 miles. Needs TLC but body is in great condition. Passed inspection for the next 2 years. New Snow Tires (only used for 4 months). 4matic Sport...

newjersey.craigslist.org

2008 Mercedes E350 4matic - cars & trucks - by owner - vehicle...

Title in hand, clean 2008 Mercedes E350 4matic, the car is in good condition mechanically and cosmetically. The car needs nothing. Come by and take a look.

boston.craigslist.org

2010 Mercedes-Benz E-Class - E350 4MATIC Sedan 4WD - Perfect...

My car is used clean and as it is shown in the photos. Oil change is done in 4 months. Alternator and battery is changed new. Tires are new and all season. 4 winter 4 summer car mat included. Runs...

hudsonvalley.craigslist.org

2011 Mercedes Benz e350 4matic - cars & trucks - by dealer - vehicle...

Runs and drives 100% Very well maintained. Many carfax service records. Very clean interior seats and wear items are almost new condition. AMG sport rims, Paddle shifters on steering wheel with...

boston.craigslist.org

2011 Mercedes Benz E350 4Matic 86K Miles Clean Title - cars & trucks...

Selling my 2011 Mercedes Benz E350 4 Matic Fully Loaded 86K Miles Clean Title Car has absolutely no issues at all, everything works as it should. Been very well maintained throughout its life. Never...

newyork.craigslist.org

 

[supton]

Problem with MB is I don't know anything about them, nor how to repair. If I have to take to a corner shop... how screwed will I be? How much research do I need to do to find out what is a good model, and what kind of maintenance it will need, and what kind of problems it will have...

I'm more of a steel wheels kind of guy. Alloys look nice but I prefer taller sidewalls as I get old. I realize the complicated stuff is not as unreliable as people here like to complain about... but all it takes is one system failure that I can't diagnose and my opinion is going to change rapidly. IMO fancy cars are not for me, just... too fancy. I don't make MB money so why should I try to look like I do?

Don't forget, at one point I had 3 Camry's in my driveway... I don't have high aspirations in life. It'd be a major letdown to buy an MB, drive for a few years, then... step back into a Toyota. Much better to have never tasted champagne when one has a beer budget.

I also drive too much. I'm going back to 20-25k/year (if not careful it could be 30k) and winters in NH are like 10 months long. Cars at the 10 year mark are toast. Rust and 250k on the clock? Yeah they can go longer... but you're on the other side of the statistical curve now.

Lastly: I'm not planning on getting rid of any cars. The three I have would be staying. I could use another one. If nothing else, if one breaks, I jump into a different one--closest car rental place is 30 miles away--and last I knew, rentals were not all that easy (nor cheap) to get. Right now, I just wrecked a car, and my response was to jump into my spare. What happens now if one goes down again?

Personally I'd rather avoid Saturn due to parts availability. S series control arms and exhaust down pipes last I knew were NLA. Buick, ok that is GM badge engineering and likely to have parts availability for a long time. But you get the idea. [At least MB is rumored to have parts support going way back.]

 

[doobadoo1]

So now seems like about the worst time imaginable to be car shopping. Question is: when will it get better? Yes I know, no one has a crystal ball. But what I mean is, if one is going to need to buy in a year or so... is anything gained by waiting a year? With the reports that new car production might not recover for 2 more years, and no good cars to be had in the meantime (for reasonable price), is there really any sense in holding off?

Or if the economy really does slide downward, do we think the used car market will somehow recover? Prices level off (or drop) and quality units show up for reasonable prices (meaning depreciated appropriately).

[I'm not sure I will "need" another car next year ("need" always is something hard to properly justify) but I'm wondering if I will be in worse shape if I continue to wait until I really do "need" another car. Sure seems like, rather than waiting until it's needed, if one can expect to need a car in the next year or two, now might be the better time to obtain it.]

Pure speculation I realize.

If you are looking for new here is what i did. About 6 mos ago they said 1-2 month wait time for any rav. 6 mos for hybrids.

So.... i just went back to the dlr every morning or so and just went up the ravs i wanted which were delivered on days they showed up. i went in and asked about the vins. they didn't even have maroney stickers some, the doors are open and i just snapped a picture of the inside door sticker.

All of them were ordered for customers on the wait list. but here, dealer greed worked in my benefit. if some one they called didn't show up or answer then it was going to go for some one else. b/c i was already there and inquiring about this and that vin with the sales manager, he knew i was reliable and ready to go. after only a few visits i found one they didn't log in yet and thought the customer ghosted them on, so i jumped the line and signed that afternoon.

 

[drtyler]

Be bold. Go ahead and order a white, base model Maverick. Comes with steelies that look surprisingly decent. Seems to be your kind of ride, aside from the fact it isn’t a Toyota or Honda.

 

[CKN]

I bought my last 2 new cars dealing with the dealer internet mgr. only went to the dealer to pick up the car, no hassling with sales people.

You aer ware of the market today right?

 

[supton]

Be bold. Go ahead and order a white, base model Maverick. Comes with steelies that look surprisingly decent. Seems to be your kind of ride, aside from the fact it isn’t a Toyota or Honda.

There has been temptation… Buy new, drive 10+ years until it doesn’t make sense to keep. Won’t lie, there is the temptation…

But I am concerned with current outlook. While I think I could absorb the payment even with a pay cut… seems like a risk that I might second guess in the future.

 

[drtyler]

There has been temptation… Buy new, drive 10+ years until it doesn’t make sense to keep. Won’t lie, there is the temptation…

But I am concerned with current outlook. While I think I could absorb the payment even with a pay cut… seems like a risk that I might second guess in the future.

Did the work paycut happen in 2008 during that recession?

 

[supton]

Did the work paycut happen in 2008 during that recession?

Yep. Took one in a prior recession too. But after each recession the cut was undone.

Having gone through several downturns it is very likely that I would avoid layoff. Things can always change, of course, so I don’t want to over extend myself on future plans. But I do have some confidence in lasting through yet another downturn.

Lets be clear, my pay went down in bad years. And up in good years. Not hurting this year, will max out the 401k, plus Roth, and still have more than I started the year with.

 

[Malo83]

You aer ware of the market today right?

Bought my last car 4 yrs ago.

 

[dareo]

Just wait patiently. Buying too high (soon) will put one even further under water in depreciation when the price cuts resume.

Just wait till i post that i have bought a new car just for me to drive around. That is when you know things got cheap again. Until then, i will bask in the luxury of an escalade old enough to attend highschool and my only payment is to the costco gas station. Its actually quite satisfying to drive something so nice yet fully depreciated. No cares in the world for parking lot scratches.

 

[Andrew1972]

New car prices may still increase so a discount off MSRP if they happen again will simply be maybe last years price. I think new car makers got a free lesson in shortening supply of vehicles and figuring out that it’s likely more profitable than flooding market with vehicles you hope people want.

Used cars will remain high because new car supply has been short for a few years so there will be a glut of used 2019 - 2022/2023. Also price increases on older vehicles still because many cannot afford the more expensive recent ones in short supply.

I think it won’t equalize till 2025 and the business mode will flip to ordering across the board.

 

[doublebase]

I think if you can be patient you can do one of two things, search for a deal, or wait for this to be over (or be more normalized). It’s tough when you need it now, and it sounds like you don’t.

I still believe there will be/are lulls in the used car/new car market. Right now we just went through July 4th week, most local places were ghost towns. Might have been a good week to find something, then again maybe not. But there are dog days of summer when too many people go on vacation and the world outside of vacation spots slow down a little bit. Search, you’ll find something. Facebook marketplace I find is a great spot to find a car. Heck, search outside your area - I know a guy who lives in NH that no longer buys cars from the New England area - he instead has cars shipped from down south...prices are lower, rust is non existent, and shipping isn’t that bad. He even hires someone to look them over (and those prices aren’t bad either). He won’t be a local car again. It’s worked out great for him. Think about it...when you’re buying used you never really know what you’re getting, and living in NH there is no lemon law. You’re basically stuck with it or at the mercy of whoever you buy it from. You’re stuck.

 

[JeffKeryk]

IMO, since a car purchase is generally a big purchase, I would get what you want, within reason of course.
Play your cards well and good luck!

 

[supton]

IMO, since a car purchase is generally a big purchase

Not always—my last car was $1,500–which sounds like a steal now. But wasn’t exactly something I was lusting after…

I think, ideally, I’d be buying two cars, for a five car driveway. Everyone has a car, and one spare for when breakdowns occur.

I can always dream…

Anyhow. Sounds like most think the market might drop a bit, so i’ll hold out. Keep looking for a deal of course, but only when its a good deal.

 

[Nick1994]

I've heard that there's a few select dealers out there that are actually selling at MSRP. I'd go to a few and crunch some numbers, if they'll sell at MSRP, that not too bad of a deal. Can also negotiate with them online. Might need to drive to the next state over if you negotiate online and a dealer has a fair price.

 

[meep]

Solid discussion. But get this:

But I am concerned with current outlook.

fear has a funny way of playing with our minds, and we can find rational ways have trying to cope with it, but the plan still has a root in fear. It’s easy to see in other people who don’t think like we do - toilet paper during Covid is a good example, and we all knew it. Milk and bread before the storm. We comfort ourselves as smarter than the others. But then…. The same thing sneaks up in us too.

youve got more options with cash in your wallet. Hold your position until there’s an actual real choice, don’t be driven by an unknown.

im not uncertain that the fear of not getting a car is part of why car sales are continuing at this pace. There’s a lot of fear - 2 years of Covid, wars and rumors of wars, all sorts of shortages, people are unsettled. ”get yours now while you still can.”

 

[MotorFan]

I'm just wondering why you didn't buy a spare 'spare' back when you had the chance ?