I always wonder how and when the arbitrary $10K figure entered into the conversation and why it's often cited as indisputable fact. For those willing to do their homework, there are myriad solid cars available for far less. The above statements are simply untrue...especially if you know how and where to look - and what to look for. I've found the key to finding a real bargain is to focus on what may be considered an uncool, yet historically reliable car.
I just helped a friend in Florida locate and purchase a car for his college-bound son. Found a one-owner 2004 LeSabre with 41K miles and complete dealer service history. Totally rust-free FL car with ice-cold A/C and the venerable 3800 V-6. With care should run for decades. The price? $4800.00. And while I think that's a bit spendy, all the car needs is a set of tires -- which should run no more than $400-$450.
A few months ago I bought a 1999 Mercury Sable wagon from a dude in central California. 91K one-owner miles and dealer maintained from day one. Absolutely spotless and rust-free, with the only visible damage being a baseball-sized dent (without paint breakage) near the top of the LF fender. Will need a new rear wiper motor at some point. Everything else works, and the owner recently installed a new set of Michelin tires. Set me back $2200.00. My son (stationed in CA) is using the car while he's on the west coast. The 3.0L Vulcan V-6, while not powerful or torquey, has an excellent reputation for longevity. My last Taurus with that engine (a 1990) performed perfectly until I sold it with 172K miles before heading overseas. I can reasonably expect similar long life from this wagon.
I believe people tend to equate newer with better and therefore shy away from older cars. Perhaps they can't live without Apple Car Play, heated seats, and/or similar frivolities. Or perhaps image is more important to them and they don't want to be seen in an old Buick or a station wagon. I don't know. What I'm reasonably sure of, however, is that most of what I buy will still be on the road long after most of today's disposable trash has assumed its rightful place in the scrapyard. And I won't overspend in the process, leaving plenty of money for things that truly matter.
