Should I buy a new vehicle?

Joined
Mar 9, 2012
Messages
180
Location
USA 🇺🇸
Hey everyone so my new job requires 50+ hours per week. To say the least I’m wore out when I get home. I have 4 kids between the ages of 11 and 2 with one more on the way. I drive a 13 dart to work everyday it’s a 2.0 6 speed manual. It has 162,000 miles. I am mulling over the idea of trading it in on a new vehicle. My justification is something a little more comfortable to be in everyday. Also I suspect the dart will start nickel and diming. I’ve already replaced a control arm, tensioner pulley and a few other odds and ends. Shifter bushings, mounts. Nothing major yet but I guess my fear is how long until something goes? I typically do my own work and really just don’t have the time to be fixing stuff/ don’t want to make the time either. I know first world problems! Am I crazy or do you agree? I am at a point in my life where I want to spend more time with my family and less time fussing with a car. I would be buying something between 2019-2022 has to be a manual and have 5 seats. I would have a car payment. I’d likely just trade the dart in. I’m open to suggestions on cars I’m also open to other alternatives and being told I sound spoiled. 😂 one annoying thing about the dart that drives me nuts is the slight shake at highway speeds I bought new wheels and tires been balanced repeatedly and it still shakes. Needless to say I hate crap like that. 😂😂 what do you all think?
 
Joined
Oct 7, 2012
Messages
4,026
Location
Northern Ontario, Canada
With interest rates rising and with price of gas through the roof, it has put a damper on the car business.
Same with housing market - interest rates have cooled it somewhat.
 
Joined
Jun 11, 2003
Messages
1,008
Location
Hedgesville, WV
So you have to ask yourself, will I be working more hours to make the new payment or more hours working on the old car. Even if you can afford the payment it will still be taking hours, whether from your retirement that you may have to put off another year or a vacation in the future that is postponed. It may be a good time to sell but its a terrible time to buy and the little extra that you would get wont even put a dent in the extra you will have to pay. Drive the wheels off it and hope the supply chain will free up in the next year. And put the expected car payment in the bank to cover repairs and you may get lucky and be able to use the whole thing as a down payment.
 
Joined
Nov 11, 2018
Messages
5,152
Location
Great Lakes
I say ditch the manual, get something like a Chrysler 300 or other large sedan and enjoy your ride home. The last thing I want to do after my shift (I also work 50+ hours a week) is do more work on my way home. I also don’t believe in driving a vehicle you don’t like.
 
  • Like
Reactions: Pew
Joined
Nov 9, 2008
Messages
19,965
Location
NH
Few questions.
  • How confident are you that you will stick with this job?
  • How confident are you that the pay will stay good if the economy takes a downturn?
  • How many cars can you keep? could you shop, get a better one, keep this as a spare? not every new car is a keeper, and some used cars are worth getting despite not being 100% reliable (their TCO might justify their repair costs)
 
Joined
Apr 27, 2013
Messages
684
Location
MO USA
Wheelman, I have three boys, all whom are all adults now, so I can feel your pain. I agree with your logic.

If you are the type of person that pays attention to all of the maintenance details (and you sound like you are), I would look at finding something no older than a year or two at the most or even a new vehicle if you run across a good opportunity.

I bought my 2003 Dodge Durango as a new vehicle in 2004 (it was a left over 2003) and the dealer was motivated to sell it. It has not been without repairs, but I have stayed on top of all the maintenance, and is in good shape for nearly a 20 year old vehicle.
 
Joined
Jul 27, 2021
Messages
31
Location
North Dakota
So you have to ask yourself, will I be working more hours to make the new payment or more hours working on the old car. Even if you can afford the payment it will still be taking hours, whether from your retirement that you may have to put off another year or a vacation in the future that is postponed. It may be a good time to sell but its a terrible time to buy and the little extra that you would get wont even put a dent in the extra you will have to pay. Drive the wheels off it and hope the supply chain will free up in the next year. And put the expected car payment in the bank to cover repairs and you may get lucky and be able to use the whole thing as a down payment.
I'd rather be nickel and dimed than be 20k in debt.
I agree with both of you. As much as I dislike driving a vehicle I don't love, and spend time working on it when I could be spending time with family, I despise a car payment.
We put what would be a payment in an online savings and have it marked vehicle repair/replacement, and when it builds up enough to buy a replacement we start thinking about buying something.
 
Joined
Apr 27, 2012
Messages
13,321
Location
MA
Buying a new car is never really the answer but if you're going to do it, shop around and see about ordering a car. Lots of cars on the lot are marked up, but there are dealers out there that will let you order for list or less. As you already have a car, you can just wait for the car to come in. You also don't have have to trade the car in, lots of places like Carvana, Vroom, Carmax will give you a quote on your car so you don't have to sell it private party and will probably get more for it that way than trading it in.
 
Joined
Mar 23, 2003
Messages
1,596
Location
Hopewell, Virginia, USA
Buy only if you must. Think about this:

We appear likely to head into a recession soon. That could turn the current seller's market on its head quickly. You might want to wait until the new-car market (or late-model used-car market) becomes more of a buyer's market, which could be in just a few months. Then buying new will make more sense.

About late-model used cars, what's happening with a huge new Carvana facility near me is interesting. Opening and getting all the new hires started have been repeatedly delayed, most recently till mid–June. Supposedly this has been because of unspecified problems with the county government giving final approvals for occupancy or something, but I can't help but wonder whether Carvana is getting cold feet about the market and having second thoughts about opening the place.
 
Joined
Jun 15, 2021
Messages
118
Buying a new car is never really the answer...
@Wolf359 is correct.

However, if you have the money and can pay cash without missing it, then go for it...

Dave Ramsey and I do not see eye to eye on everything, but his advice that your net worth should be 1MM before you buy a new car resonates with me. Why not let someone else take the initial depreciation? (He also recommends that the total value of everything you own with wheels and an engine should not exceed one half of your yearly income... this too seems like sound advice.)

I know, I know, this market is different and you can get a new car for not much more than a used car, but that begs the question... why buy any car in this market if you do not have to?

Drive the Dart, save the payment in an account for when the market settles, or just as an emergency fund...

I cannot understand why anyone would purchase a depreciating asset on credit.
 
Last edited:

wheelman

Thread starter
Joined
Mar 9, 2012
Messages
180
Location
USA 🇺🇸
Few questions.
  • How confident are you that you will stick with this job?
  • How confident are you that the pay will stay good if the economy takes a downturn?
  • How many cars can you keep? could you shop, get a better one, keep this as a spare? not every new car is a keeper, and some used cars are worth getting despite not being 100% reliable (their TCO might justify their repair costs)
Pretty confident. I work in the auto industry as a service advisor, they’re grooming me to be the manager by years end. The auto repair industry is largely recession proof. I have an older truck and my wife’s van as well. I don’t want to stack up to many cars in the driveway. 😂
 

wheelman

Thread starter
Joined
Mar 9, 2012
Messages
180
Location
USA 🇺🇸
@Wolf359 is correct.

If you have the money and can pay cash without missing it, then go for it...

Dave Ramsey and I do not see eye to eye on everything, but his advice that your net worth should be 1MM before you buy a new car resonates with me. Why not let someone else take the initial depreciation? (He also recommends that the total value of everything you own with wheels and an engine should not exceed one half of your yearly income... this too seems like sound advice.)

I know, I know, this market is different and you can get a new car for not much more than a used car, but that begs the question... why buy any car in this market if you do not have to?

Drive the Dart, save the payment in an account for when the market settles, or just as an emergency fund...

I cannot understand why anyone would purchase a depreciating asset on credit.
Ideally I’d buy a car a couple years old. I would finance for 4 years and plan to pay it off in 2. I know credit is bad etc. But I also value time with my family and not working on an older car so I’m torn.
 
Joined
Jun 15, 2021
Messages
118
I suspect the dart will start nickel and diming.

My fear is how long until something goes...
Suspicions and fear are nothing to base a plan upon.

The Dart is <10 years old, runs fine for now, and you have the ability to do your own work... pardon my saying so, but it sounds like you are enamored of the idea of a new car and so are looking for validation...

Why not continue to drive the Dart for another year or two to let the market cool, all the while saving enough for you to pay cash for a 2-3 year old nice used car when the time comes?
 
Joined
Dec 30, 2012
Messages
1,916
Location
Southwest
Almost always, the cheapest car to drive is the one you already have.

I respect your opinion that your car may start to nickel and dime you. But that’s another way of saying that you have another six months.

In this environment, another six months may save you big bucks.

Your family situation may constrain you. Do you want a car where you could squeeze everyone in if you had to? If so your choices are limited.
 
Joined
Oct 9, 2004
Messages
12,466
Location
Cincinnati, OH, USA
Pretty confident. I work in the auto industry as a service advisor, they’re grooming me to be the manager by years end. The auto repair industry is largely recession proof. I have an older truck and my wife’s van as well. I don’t want to stack up to many cars in the driveway. 😂
If you’re in a dealership, you might be able to get a better deal, cream puff trade-in, or similar. Or, better yet, one of those sweet demo commuter deals (I’ve known people to get them)!
 
Top