Please talk me out of buying a new car...

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I can afford it, but I probably shouldn't spend the money right now.

I can afford up to $24,000, have $3,000 to use as down payment and good credit so I can get a decent loan rate from my bank if I can't get a deal on manufacturer financing.

The car I am driving is worth basically nothing as a trade in, ten years old with 115,000 miles. I kind of want to be in something else before 125,000 because it is still running okay, give it to my younger brother and move up.

Right now I am looking at 2008-2010 new and used Fusions, and 2008-2009 used Buick Allures (LaCrosses in the US).

I used to have a 1994 Regal with the 3.8, and I loved the torque of that car. Even with the low RPM and long gearing it would move, and it was so smooth on the highway. A great long distance car, handled like a pig, but it got good mileage, settled into a groove right around 85 mph getting about 22 mpg with the AC on, and even though it was kind of a piece of [censored] by the time I got it, I still liked it size, ride and power wise...the front bench was handy too. The current Allure is the last of the run of Buick W-bodies with a 3.8 and the 4T60 transaxle which might be the most proven combination on the road.

It's a fairly sure bet, although a bit of a grandpas car, and because there are ample rental car buy-backs out there I can get one with 12,000 miles for around $15,000 CDN. New, optioned the same, they run around $28,000.

The other is the Fusion. My folks have a 2006 V6 SEL and it has been a good car, and I am looking at either a used V6 SEL (local dealer has one on the lot loaded with 13,000 miles) or a new SE I-4 automatic.

I can get the 0% but it means two additional years of payments for the new cars, and it's a $4,000 premium to get a used Fusion over the Buick. I'm a Ford guy though, so it's a hard choice. I really like the Fusion and it's a more modern car.

Ford is also desperately trying to move the last few 2009 Fusions, so I might be able to go bargain hunting because I know a couple of dealers have them kicking around. My local dealer will also pick up anything I want from auction if I give them a spec.

What does the almighty BITOG figure? I want something with under 20,000 miles, no older than a 2008, and to spend $24,000 Canadian or less.
 
Fusion. There's a reason it costs more than the Buick.
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I'm biased, since I'm running a Regal with a 3800 and 4T65E right now, but it really depends what you want out of the car. The Buick will have more low end, but the Ford will have more high end. I'm a GM guy because they build good ole pushrod engines with great low end torque, there's not much of that out there anymore. The Ford 3.0 is a good engine, but it's no 3800, IMO.
 
I won't talk you out of it.

If you can afford it, deals on new cars now are the best they probably EVER will be in our lifetime. Usually, I agree that keeping an older car and fixing it makes more sense, but once a car gets past 10 years, even with low muileage, its out-dated and will need work.

I'm not usually a 'jump on the bandwagon' person, but the auto industry needs help now, so you're also 'doing your part to help...'

If you like the GM 3.8/auto combo in a bigger car, go for that, as this is the last chance you wil have to get one. The Fusion is a great car, but it will be around for a few years yet.

Go for it, man, and let us know how it goes!
 
I'd hold out personally. Given how things are now, you might get a better deal down the road. Do you really need a new car? Could plunk it down on a fairly recent used car with a solid backing warranty if you wanted to.

Remember new car= high payment. Higher full coverage insurance too.

Do you want to be tied into that for 3-5 years?
 
Deals are good, but I am of the mindset that if you have good credit and cash available, just keep it that way. Your current car really doesn't have *that many* miles on it. Any other debts still outstanding? Owe anyone money from way back when? Take care of that stuff first. Or do like my in-laws, they are double-paying their mortgage (every 2 weeks) so they can pay off their house more quickly...they also have great credit and disposable income, their only guilty pleasure is church trips to Europe once every 3 years, which they pay for in cash.

I like cars as much as the next guy (I need to update my list, but I think I am at #20 or #21 for the last 10 years), but they are all funded by their previous sales.

Keep your money, and see if the Regal will do 300K miles :)
 
Never buy a rental car. Ever. Buy used from private party if possible.

If you're considering new, then the deals are always a little sweeter in the fall as the new models start to roll on to the lot but the selection will be less.
 
Well, if I was buying a grandpa car, I'd get an early 2000's one with low miles from a grandpa who kept all his maintenance records.
I doubt you could tell a 2002-04 3.8 lesabre from a 2008 one if you were blindfolded... Even if you were driving it
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Then you can go do something fun with the $14-20k you saved, instead of paying years of car payments. There are alot of cool hobbies that even $400/month buys...
 
Originally Posted By: IndyIan
I doubt you could tell a 2002-04 3.8 lesabre from a 2008 one if you were blindfolded


I bet I could, comparing a w-body to an h-body.
 
I drive a 1999 Malibu V6. Parents bought it with 39,000 km, gave it to me, with 119,000, and I just rolled it over to 184,000 km last night. I am getting nervous because every vehicle I have had went "out of service" at 182,000.

The past three years have been head gaskets, lower intake manifold gaskets (same time as head gaskets), front wheel bearings twice, water pump, front brakes once because a pad exploded (!). Tires are good, might need a windshield, needs a heater control panel so I can use my defroster next winter, changed to an aftermarket stereo deck. Motor seems fine, transmission seems fine, one spot of rust where there was a rock chip on the bottom of the driver's door that I need to fix.

It is a runner and at this point I have enough into it, and the trade in value is so low it's going to be kept until it's a smoldering heap either way.

The ex-rental car thing doesn't bother me that much because a few have gone through our family and if you inspect them carefully before purchasing you can tell if they have been cared for or not, especially as far as being curbed, etc. I wouldn't buy a compact rental car, but not too many people rent a Buick to bag the [censored] out of. I wouldn't buy an Aveo, or a Mustang, or any breed of sub-compact rental car but something like a six cylinder mid-full size car usually attracts a different crowd.

The Buicks are cheap because supply on the used market greatly outstrips demand, there aren't quite enough Fusions to put them on fire sale pricing but there are enough without the halo effect used Hondas and Toyotas get. My parents bought their Fusion with 22,000 km in April 2007, and the resale value has only declined $1,500 despite the accumulated mileage.

One big thing about buying domestic is that I know no matter how far out in the boonies I am, I should be able to trip over either a dealer or parts. I travel quite a bit in rural Alberta and Saskatchewan, and I know that having a common car has saved me when I needed to get things like an alternator on a holiday Monday. It's paid off for me quite a few times in a pinch.
 
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Ninja Edit-- I am on car #28, since 1998 or so :)

I have never taken a loan, always paid cash, usually from the appreciation of the previous car :)
 
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Even at $2,000 / year you are still ahead of the game not buying a new car which will cost you $5-6K in payments and only depreciate in value...

1) You know the service history of that car
2) You can park wherever you want without fear of dents/scrapes
3) If you are in an accident you won't have to worry about the insurance giving you your monies worth because it isn't worth anything
4) Your insurance is cheaper because you only need liability and not comprehensive, theft etc.
5) You can change the oil when you want, and not because you fear keeping your warranty intact.
6) You are doing the environment a favor in keeping it out of a landfill.
7) You will have lots of saved money in your bank account for other things and to stare at and feel good about.
8) You don't have to fear loosing your job and not being able to pay for the vehicle
9) you might be able to save the difference and put it away and buy your next vehicle cash, or with a large chunk of money!
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at this point in time, I'd only look at the 2010 fusion. The upgrades are so worth it, IMO. The very conservative EPA gives it 34 MPG hwy. For me, that would mean I could get about 37-39 MPGs out of it.
 
Go to your Ford dealer on Sunday after hours and pick 2-3 suitable Fusions you would buy and 2 other vehicles that are beyond your budget with the trade in included. Then come back the next day with the Malibu all cleaned up nice and tell them you want the expensive car for $22,000 with the Malibu & $3k for your trade in. They won't be able to do it but will switch you to a different less expensive model like one of the Fusions. If they go for one of the Fusions you picked then you can barter for add-ons or one that is loaded because you are accepting less of a car than you originally wanted.

This psychology works on dealers all the time. ie.: "you will take a different car if they throw in something extra or give you the loaded one". If they think for a minute that you are in love with a Fusion then they won't budge because they will sense you are an impulse buyer. But they will bend quite a bit to "switch" you into a car you can afford to make a sale and move another unit off the lot.

Try it....works for me all the time.
 
I totally agree with Stevie. You have all the maintenance items/weak spots covered for your Malibu. From a purely financial perspective, it's going to be a loss getting into a new car, especially financing it.

I say drive the Malibu until it's a smoldering pile of parts!

In your profile, it says you're a student. I think one of the worst things college students/high school students do is get wrapped up in car loans.

If you have to finance it, you don't have the money! That's my take.
 
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