My car. I'm done.
- Thread starter Nick R
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Thought abou it. But no tine ans psrents didnt want it torn apart, this way its done and taken care od, no need to worry about i anymore
You probably could've sold it for a $1000 or so. It's been my experience you can sell any piece of junk for $1000 within a day if you advertise it in paper and I guess craiglist. You probably would've had to get it to at least start though.
I hope the prospective new car does you well. It is really nice going new or newer.
I will only state that buying a new car at age 21 (or earlier) is a bad financial choice due to exorbitant insurance rates you will have to pay. Many people including myself never consider that you have to take on full coverage insurance.
I recall going from paid for 1987 Jetta with $200/year liability only insurance to a brand new 95 Honda Civic turned into $1500!!!/year at age 21. That $1500 took 8 years to finally and slowly get down to $500/year. That $1300/year would partially get consumed by repairs but not all.
I think best approach when insurance rates are high is buying best vehicle you can afford to lose with liability only.
Hopefully your parents keep you on their policy and pay it
enjoy
I will only state that buying a new car at age 21 (or earlier) is a bad financial choice due to exorbitant insurance rates you will have to pay. Many people including myself never consider that you have to take on full coverage insurance.
I recall going from paid for 1987 Jetta with $200/year liability only insurance to a brand new 95 Honda Civic turned into $1500!!!/year at age 21. That $1500 took 8 years to finally and slowly get down to $500/year. That $1300/year would partially get consumed by repairs but not all.
I think best approach when insurance rates are high is buying best vehicle you can afford to lose with liability only.
Hopefully your parents keep you on their policy and pay it
enjoyIts not only an issue when you're young. My insurance is sky high after an accident on a fully covered car ($10 grand in damage and other costs). So now I stick to used cars and a public liability only policy.
That said, there are benefits and risks both ways. New car != no risk. Every manufacturer puts out the occasional defective (or lemon) model. And even a track record on a particular is no guarantee that new design changes won't lead to new design defects. Some figure that this is irrelevant because of warranty. But if you do a lot of driving, your warrant can end pretty fast. Others reason that since they are intending to trade them in anyway, that this is likewise not an issue. But a major design defect discovered 2 to 3 years after production will affect trade-in and resale value.
Then there's the depreciation issue and that you take the biggest hit in the first year, and then again in the second year. After 2 years the car is worth maybe 2/3rds of its sale value. After 3 about half. And so it goes until you hit about the 5 year mark when depreciation starts to level off.
Those are, conversely, the biggest advantages to buying used: the depreciation curve has already begun to flatten, and design defects are known.
On the flip side, even though you can learn a lot about the car from researching its model and year, the test drive and inspection, and talking to the owner, you still don't know it the same as if it were bought new and maintained by you from day 1.
New cars also have an intrinsic appeal that is a big factor for many that used cars don't - even the term 'used car' carries a negative connotation.
In the end, there's nothing wrong with going either route, since, imho, it equals out in the end. All that matters is that you're happy with whichever road you go.
I got burned on 1 used car. It was far past its prime when I bought it, and then poured good money into it after bad rather than just cutting my losses and unloading it while it was still worth something. Fairly expensive lesson, but having learned it the hard way, I won't make it again. And I will own lots of used cars so, in the end, it should average out.
There's also an intrinsic value to used cars too. Partly, its satisfaction from getting a good buy on a really good deal. Maybe based on research, or having some talent with price negotiation, or whatever. But its very satisfying when you buy a good used car for a price well below marking value, and know that with or without a little bit of DIY work, that you could - if you wanted - flip it for a nice little profit.
There's also some satisfaction in taking a fundamentally sound, but somewhat neglected, car and restoring it to a condition far beyond what you bought it in (and this can be done cheaply too). In either of these cases, unlike with the new car, the value of the used car only increases.
But whatever floats your boat. The PITA factor that for some comes with a used car, is an enjoyable challenge for the rest of us. I say buy whatever makes you happy, or make the best of whatever you can afford and be proud of it. If it starts to look like its going to be a money pit, dump it and move on to something else. In the end it averages out, so long as you learn the lessons and do your homework.
-Spyder
That said, there are benefits and risks both ways. New car != no risk. Every manufacturer puts out the occasional defective (or lemon) model. And even a track record on a particular is no guarantee that new design changes won't lead to new design defects. Some figure that this is irrelevant because of warranty. But if you do a lot of driving, your warrant can end pretty fast. Others reason that since they are intending to trade them in anyway, that this is likewise not an issue. But a major design defect discovered 2 to 3 years after production will affect trade-in and resale value.
Then there's the depreciation issue and that you take the biggest hit in the first year, and then again in the second year. After 2 years the car is worth maybe 2/3rds of its sale value. After 3 about half. And so it goes until you hit about the 5 year mark when depreciation starts to level off.
Those are, conversely, the biggest advantages to buying used: the depreciation curve has already begun to flatten, and design defects are known.
On the flip side, even though you can learn a lot about the car from researching its model and year, the test drive and inspection, and talking to the owner, you still don't know it the same as if it were bought new and maintained by you from day 1.
New cars also have an intrinsic appeal that is a big factor for many that used cars don't - even the term 'used car' carries a negative connotation.
In the end, there's nothing wrong with going either route, since, imho, it equals out in the end. All that matters is that you're happy with whichever road you go.
I got burned on 1 used car. It was far past its prime when I bought it, and then poured good money into it after bad rather than just cutting my losses and unloading it while it was still worth something. Fairly expensive lesson, but having learned it the hard way, I won't make it again. And I will own lots of used cars so, in the end, it should average out.
There's also an intrinsic value to used cars too. Partly, its satisfaction from getting a good buy on a really good deal. Maybe based on research, or having some talent with price negotiation, or whatever. But its very satisfying when you buy a good used car for a price well below marking value, and know that with or without a little bit of DIY work, that you could - if you wanted - flip it for a nice little profit.
There's also some satisfaction in taking a fundamentally sound, but somewhat neglected, car and restoring it to a condition far beyond what you bought it in (and this can be done cheaply too). In either of these cases, unlike with the new car, the value of the used car only increases.
But whatever floats your boat. The PITA factor that for some comes with a used car, is an enjoyable challenge for the rest of us. I say buy whatever makes you happy, or make the best of whatever you can afford and be proud of it. If it starts to look like its going to be a money pit, dump it and move on to something else. In the end it averages out, so long as you learn the lessons and do your homework.
-Spyder
YOU KNOW I WISH TO GOD i never sold my 98 grand am 3.1 sold it for 800 body interior mint like new oil changed every 2500 miles synthetic in winter 130000 miles put much money into it for a [censored] 09 sonata 4 cylinder that cost around 16000 next time ill keep old car lol
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