What's the best way to own a car, in your opinion?

[BillsCamino]

Only reason to ever buy new is that you have no mechanical skills, and don’t know how to evaluate a vehicle for potential problems. No vehicle will be problem free.

Not correct in my case. I have classic cars all over the world and several that were published in national magazines that I've restored.
And I'm a retired supervisor Engine Maint for Delta...held a FAA Repairman's certificate.

 

[JHunter14]

Totally incorrect in my case. I have classic cars all over the world and several that were published in national magazines that I've restored.
And I'm a retired supervisor Engine Maint for Delta

Yea. I would agree. It comes down to laziness for me. Don't get me wrong, if I had to rebuild an engine tomorrow, I would be staring and scratching my head for a few minutes before I could even start. But things like fluid changes, tire rotation, brakes, etc. that I used to do... **** it. I'll give you $90 to do all that bs for me.

 

[WallsGa]

There seems to 6 main schools of thought on this, and I don't think there's a right or wrong answer. Obviously, you tailor your purchases to fit your needs. That being said, what seems to work the best for you, over all of the years you've owned cars?

1) Lease - i.e. my brother; pay the depreciation for 3 to 5 years and turn it in when you're tired of it and want something else.
2) Buy new, sell when the warranty is up - usually 4 to 7 years of ownership. When the warranty ends, make it someone else's gamble.
3) Buy new, sell it after ~10 years - after 10 years it's time to move on while it still has some value, sell it and let's get something else.
4) Buy new, keep it until the wheels fall of and it's worth $1,800 - i.e. my dad; still drives a 1995 Dodge Ram 2500 he bought new in December of '95, has almost 400,000 miles and isn't worth jack (and might die any day).
5) Buy 1-4 year old CPO car, feel it out until the warranty is up, sell or keep it depending on how much you like it.
6) Buy used, never new - buy a 2nd hand car, keep it as long as you want and then sell when you're tired of it or it won't run anymore.

I drive 24k miles per year, so #1 and #2 are out. The warranty is up before they’re paid off.
#3 and 4 work if the car is good. If it’s like my Kia Sorenta (a complete piece of ****) it’s a fool’s errand.
#5 is my preference. Big down payment so I can keep up with the depreciation and sell or trade for what I owe or maybe a bit more.
#6 again works if you don’t get underwater. Depends on your situation.

Lately I’ve always done #5 (last 5 cars or so). My next one will be a used Accord that I can get for $5k, pay cash, and drive until it falls apart, because car payments suck.

 

[above_all]

Thanks for the clarification. Yea, I paid a few thousand for my 8 year 150k warranty through Ford. Peace of mind and all that, because the 6R80 at the time was running in excess of $4k to replace, engine almost $7k, nav/infotainment unit was almost $2k. But don't call Ford. They want $5k for the 8/150k. Find a dealer that bulk sells and you can get it for $3,500 to $4,000. My warranty was "technically" purchased at a Connecticut dealer, but is good at any Ford dealer.

I'm thinking the warranty for my 2018 F-150 Limited I bought in August was around $1900. A great deal.

 

[Justin87]

4,5 or 6. Never 1.

 

[Ken Ford]

Not correct in my case. I have classic cars all over the world and several that were published in national magazines that I've restored.
And I'm a retired supervisor Engine Maint for Delta...held a FAA Repairman's certificate.

I take it you ignored my edit? I said if you can afford it and want it, buy new if you want.
I personally can’t afford to pay cash for a new car, so it would be financial self mutilation to buy new and pay that insane amount new vs used.

 

[WallsGa]

4,5 or 6. Never 1.

Agree...leases only work if you have a business to cover the cost

 

[JHunter14]

Agree...leases only work if you have a business to cover the cost

I think that plays into it for people like my brother. He runs his business from home, so he does low mileage leases on Titans, Yukons, etc. And the payment stays fairly low. And I can guarantee you he's writing it off.

 

[WallsGa]

I think that plays into it for people like my brother. He runs his business from home, so he does low mileage leases on Titans, Yukons, etc. And the payment stays fairly low. And I can guarantee you he's writing it off.

Nice. If I could make another 10 grand a year from mine I’d do the same thing.

 

[harrycalahan]

Every vehicle I own was bought new by the previous owner. New car smell was long gone before I came along.