Author Topic: Used Car Advice  (Read 681 times)

just1nh

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  • Age: 30
  • Location: Columbus, OH
Used Car Advice
« on: August 07, 2018, 05:08:23 PM »
In 2015, shortly after college, I committed the un-frugal crime of financing a new F150 truck.  Lesson learned, and I also discovered this website because I realized the mistake I made.  Long story short, the loan is now even after the massive depreciation bomb I swallowed.  I'm looking for some good makes, models, and years to trade to. 

I searched the MMM blog archives but the only post I could find was dated.  If there is another thread or threads to be re-directed to on the forum, please post.

Thanks!

thesis

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Re: Used Car Advice
« Reply #1 on: August 08, 2018, 10:32:07 AM »
I'm on my second car ever (kept my first one running for 8 years), and I've had great experiences with it so far. Part of this was using CarComplaints.com to search which models are known for having the most issues. This was a great comfort to me mentally because it's one thing if the previous owner ran the car into the ground, it's another thing if the car was designed poorly and the head gasket routinely goes bad around 120k miles, ya know what I mean?

Generally speaking, it's best not to buy a car that was the first of its generation, as the engineers are generally trying to be intrepid to do something new. The first year tends to be the guinea pig, and the subsequent years tend to fix the problems of the first, but this is not always the case; sometimes year two gets a boost in features that don't work well, etc.

My car was the last in its generation, had the absolute fewest complaints of the 00-10 years, and I got lucky and found a seller who had a legitimate story for why he was selling.

My personal advice is to stick to cars known to last a long time, research which year you want, then hunt out either at dealerships or third parties. It takes a little luck, but research increases your odds of finding a good one.

Also learn about cars. It helps a lot to look in the engine compartment and check the suspension and know what you're dealing with :)

ShoulderThingThatGoesUp

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Re: Used Car Advice
« Reply #2 on: August 08, 2018, 10:34:43 AM »
What’s your driving profile? Can you charge an EV at home or at work?

Fishindude

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Re: Used Car Advice
« Reply #3 on: August 08, 2018, 10:55:39 AM »
Why don't you just pay the F-150 off and drive it till the wheels fall off.
Since you bought it new, you know what you've got.   Could get some surprises buying a used car?


chasesfish

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Re: Used Car Advice
« Reply #4 on: August 08, 2018, 10:57:53 AM »
Is a truck a necessity for you?  Would you have to spend $100+/mo in truck rentals to haul stuff?

How much do you drive?

I'm the somewhat non-mustacian in that I have a mid-size truck I bought new and now have 203,000 on it.  I use it enough for its truck-like qualities to make it worth it to me, but I also have a pretty short daily commute so its not as if I'm burning gallons a day on a daily commute

RWD

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Re: Used Car Advice
« Reply #5 on: August 08, 2018, 10:58:08 AM »
It's been six months since you were told to get rid of the truck. Waiting to sell it has probably cost you at least $2500 in depreciation and interest alone.

Based on your financial situation I think you would be best served with something as cheap as possible that you can pay cash for.


Here's my standard guide:


Research
Fuel economy: https://fueleconomy.gov/
Safety: http://www.iihs.org/iihs/ratings
Reliability: http://www.dashboard-light.com/

Shopping
Craigslist
AutoTempest
Autotrader

Due diligence
NMVTIS report ($2 per car)
Pre-purchase inspection
Read and understand all paperwork (dealer purchase)
General, misc.

Purchase
Read up on your state's policies for transferring a car title and registration
Inspect the title (no brands, in the name of the person selling the car, etc.)
Get pre-approved for financing ahead of time, if applicable (credit unions tend to be the best). You can get some really low rates, even on used cars (I got 1.69% recently).