I know what you mean about this....I've been through too many vehicles, and the downside to buying new is if you don't want to loss out completely when you're ready for a new vehicle you almost have to keep going new because of end of year deals to at least hide some of the neg equity...Or at least thats my case, i purchased 6 vehicles new, and 3 of them were to hide some of my loss's
Born + Raised in Queens - awesome to see more of us in the house.
Family used to buy Fords EXCLUSIVELY from DiBlasi - times have definitely changed though.
When buying my GT i thought I'd give them a shot, never been shooed away from a dealer that fast before. Laughed, and ended up with a better example and a way better deal from All-American Ford in NJ.
I'm done with dealers in the NYC area - none are worth their weight in salt.
I know what you mean about this....I've been through too many vehicles, and the downside to buying new is if you don't want to loss out completely when you're ready for a new vehicle you almost have to keep going new because of end of year deals to at least hide some of the neg equity...Or at least thats my case, i purchased 6 vehicles new, and 3 of them were to hide some of my loss's
Want to find the best deal? Buy a mustang at least 1 year old and from a private party.
Or, you could actually put a substantial enough down payment on the car so you aren't upside down. In other words, if you could actually afford the car, then you'd never have "negative equity" in it. You couldn't afford 3 of those 6 new cars. Use your head, "I'm upside down on a car, so I know, I'll buy a NEW depreciating liability (it's not an asset or an investment, it's a liability) with another huge depreciation hit, and I'll "hide" the negative equity by rolling the extra $Xk I'm upside down on into the new loan because they are having a year-end sale so I somehow believe I'm making a smart financial decision because the negative equity will hopefully disappear into the year-end savings on the next one!" No wonder you people in America have such a credit crisis. Borrowing to the hilt on crap you flat-out can't afford. Save some money for a down payment, buy a car with enough down that you aren't eating out of a dumpster the day you drive it off the lot, stick with it for the 3-5 years until it's paid off, and after just 3-5 short years of paying it off, having had a substantial down payment, you should have MORE than enough to put a substantial amount down on the next one, that being the value of the car you own that is now paid off but still only a few years old.
No offense, but from what I've seen here, half the people in these new 5.0s on this site are ass-upside down on them and actually can't afford them. I've seen so many people rolling upside down loans from the previous $35k car they couldn't actually afford to begin with into these new 5.0s, like upwards of $6k-$7k negative equity. Yes, let's take a $41k-$42k loan for a $35k car that will be worth $30k before it ever rolls into my driveway. Talk about colossal stupidity.
If you are buying a $35k car, you need a minimum of about $10k down to cover TTL to more or less just break even after driving it off the lot. $10k really isn't enough though if you think about it, because even if you are even when you drive it off the lot, it's going to depreciate at the same rate or faster than your $500+ payment, particularly if you're planning to lose an extra X thousand by trading it in down the road rather than selling privately. $15k would better put you in a safe zone, and IMO would be the true minimum you'd need to put towards the out-the-door price on a new 5.0.
Problem with that is, you cant lease the 5.0. Dealer told me he could lease me a 5.0 but for an astronomical amount every month, to the point where financing would be a better choice.
I like buying new too, but I buy cars I can afford by putting massive amounts down so I'm not upside down, and rolling negative equity later.There's living a good lifestyle, and there's living above your means.
Or if you want to be smart with your money; lease.
Or as Dale Carnegie said; "Buy what appreciates and lease what depreciates."
Putting a huge down payment on a car that you're only going to keep a couple of years is no different that pulling money out of your wallet and lighting it on fire.
All this talk of leasing? Interesting. But, I guess it's no more or less fiscally irresponsible than buying a brand new car every 2 years. "smart" and "lease" usually never goes in the same sentence.
Sounds like some people need to pick up a copy of Dave Ramseys book..maybe a copy of "The Millionaire Next Door" while they are at it as well.
The way I see it is life is wayy too short to be b1tching and moaning about a few dollars you spend on your car. Ok you get tired of a car and you want something new, Life is short so if its within your means and wont make a difference, you should make yourself happy!!
The way I see it is life is wayy too short to be b1tching and moaning about a few dollars you spend on your car. Ok you get tired of a car and you want something new, Life is short so if its within your means and wont make a difference, you should make yourself happy!!
wasn't too satisfied with the service though. very hard to get in contact with and poor contact throughout.
All this talk of leasing? Interesting. But, I guess it's no more or less fiscally irresponsible than buying a brand new car every 2 years. "smart" and "lease" usually never goes in the same sentence.
Who said I only keep cars for a couple years? The car we are buying the wife this fall is going to be her car for the duration of the payments, and the duration of the payments on my next car thereafter. We decided we never want more than one car payment, so when she gets hers, she has to keep it until both hers and my next one after that are paid off.
You really don't know that much about leasing do you? First of all dealers don't set any of the lease terms, the leasing company does, and inthis case, Ford Credit. You don't have to watch your mileage if you get the right lease to start with. You are charged for every ding and dent (where do people come up with this stuff?) And if you end residual value is less than what the vehicle is worth at the end of lease, you aren't "stuck", you give it back and pay nothing. On a purchase if you trade in after 2-3 years your are 99% upside down. How is that worse? You think you know about leasing but you really don't so all you can do is bad mouth them. If leasing isn't for you, ok. But it's not the evil you make it out to be.If anything, leasing a car is lighting your money on fire. Just look at all those leases that want you to throw $3k+ out the window at signing, and then another X hundred a month for the next 3 years, all the while having to watch your mileage and pay extra for any tiny ding or scratch, and not being able to mod your car, and at the end of it you've lost your cash and the vehicle, and you are usually trapped/suckered into another new car with the same manufacturer. Remember, leases are set up to make the dealer come out further ahead than you--everything is on their terms in a lease--their down payment, their predicted/modeled depreciation, their payment, their buyout (which is always far more than the car is worth, forcing you into another lease with them), their term length, their mileage limit, their return condition assessment, etc. Leasing is 99.9% of the time a horrible decision, unless you own a business and are writing it off.
I don't know, I've got equity in my house. Do you?If we followed Dale Carnegie, half of America would be leasing their houses.
Agreed, "smart" and "lease" do not go in the same sentence.
Both buying new and selling every two years and leasing every two years are terrible choices. That said, if I had to pick one of the two options, I'd buy every two years because then at least what I'm paying for isn't a rental and I can control the terms and do what I want with that vehicle in that time frame and drive it as much or as little as I please.
Ok, so you don't like to get a new car every few years. But other people do, so because you don't agree with this it sounds like you hate what you don't understand or agree with.
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