explain this to me because i am retarded: i can spend $5000

Neither are sensible because you're looking at fwd 4 cylinder shit boxes.

>>14715092
>boomers
Can this stop yet?

>>14715092
You're looking at the wrong year corollas

>>14715092
I think in your case it comes down to wanting a paid off car or making payments and building credit. I get that some people treat their cars like shit and some times you can end up doubling what you paid for a used car in maintenance that has been neglected. It's all personal and financial choice.

Used cars are actually affordable compared to new cars that lose 30-40% of their value within the first 3 years of ownership.

Buy a used car with a larger initial investment (8-15k) and stay away from FWD 4 cylinder shitboxes.

>>14715092
because toyotas have a reputation to still be able to run even after the bottom rusted out 20 years down the line.

>>14715092
you are looking at the wrong cars.

Corollas have high resale value (even old, used ones are expensive) because of their meme reliability.

You can find much better value in other brands/models like Mazdas.

>>14715092
>10 yr old corolla
Get a 90s model you cuck, thats the based body anyway

>>14715092

Most used cars are pretty disgusting.

It's like sleeping in a used bed with unwashed sheets.

>>14715134
i see the dave ramsey NTY best seller depreciation argument. isn't an implicit part of that argument that a car is an investment? isn't it so clearly NOT an investment? this is a utility. it gets me to work, it gets me to the hospital, it takes me on vacation. i burn fuel in it. shit breaks and i pay to fix it. nothing about this is an investment. we have mutual funds for returns.

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>>14715092
>2nd car of my life
>find at auction, pay $1100.
>One small issue, fix in a parking lot
>sell 2 years later for $1400

>3rd car of my life
>buy for $1200
>$500 in fixes
>$800 in maintenance
>still driving
>could sell for $1500

>4th car
>pay $2400
>$1000 in maintenance
>$500 in mods/fixes/extras
>fun summer car

Not having a car payment? amazing.
Having complete ownership of car? amazing.
Not driving a boring car? amazing.

I'll save boring car with payments for when I'm old and married with kids...

>>14715147
didn't know we had 16 year old girls in this board

>>14715167
what about your first car?

>>14715142
Anybody buying a used car out of warranty has to be absolutely insane unless they have money to burn. Have fun driving your outdated shitbox while paying the same amount in maintenance as payments on a new car.

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>>14715183
Never heard of a corolla eh?

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>>14715183

Personally, I don't buy used and probably never will, regardless of our finances. I'm happy to let someone else get jewed by repairs when they take their 7 year old POS goes into the shop every other month.

>>14715178
Bought from friend's dad, $3200
Shitty autotragic grand am, low miles
I knew nothing about cars, took zero care of it.
After 6 years of almost zero maintenance, sold it for $800 because it was just falling apart...

It was sad.

I don't understand the obsession with old shitboxes on here.

My friend bought a car from 2008 last year and he's already had to spend thousands of dollars on brakes, tires, timing belts, shocks, spark plugs, fluid flushes, ball joints, fuel pump, and probably a bunch of other stuff I can't recall off the top of my head. With that money he could have put down a down payment on a new car plus a year of payments.

>>14715183
>paying the same amount in maintenance as payments on a new car.
we're not talking about getting a 2000 Audi A8 with 200k miles.

I bought a used 2008 Sonata 4 years ago and I've literally, literally spent 0 in repairs. Just the usual oil change and that's it. Most mass-produced cars nowadays have pretty decent reliability.

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>>14715183
>>14715202
Enjoy paying a premium to be boring and safe.
Please take good care of your brand new car so we can buy it used.

>driving an outdated, worn out shitbox and dumping money into repairs is better than buying a reliable new car with up to date technology and safety ratings

With the potential risk of having to face the cost of replacing a cvt transmission, hybrid battery replacement or other expensive repairs of new cars today, It's a good idea to always buy new and only keep while under warranty.

>>14715215
All that stuff on a 2008??
Sounds like he bought a pile of crap. Should of done better getting it checked.
Or maybe he budgeted for it and it was a "better" car than a new one he could afford?

>>14715227
No, he's making it up. Just ignore him.

>>14715171

>has no problem with rolling around in other people's filth

Always knew we had degenerates on this board.

>>14715225
This pretty much.

I assume that 95% of the users on here are just poor teens and tweens, judging by the amount of old cheap shitboxes and miatas I see posted daily. I'm not rich by any means, but I can at least afford a new car.

This is pretty much the way I think these days. I like new tech, and I'm frightened about having to pay to fix any of it if it dies, so I keep my shit under warranty. Not enough room or time in life to spend on a project car at the moment.

>>14715215
>My friend bought a car from 2008 last year
what car?

I've had zero issues with a 2008 car I bought 4 years ago.

>>14715221
You forgot to add the "for 1/5 of the price."
to further prove a point that new cars is a massive money sink.

>>14715239
Dodge caliber

>>14715250
That's why I hate buying cars. I lease instead every 36 months. Car is always under warranty and I always have something new.

When did financing a car become the norm in USA? Did your parents do it? I find it interesting cause where I live it's considered stupid to finance a car, and full blown retard for anyone to finance a brand new car.

>>14715251
Explains everything

>>14715256
Leasing is throwing away more money than buying new....
How are you calculating this as better? warranty for fixes? You're basically paying a premium upfront for fixes, unless your engine explodes, you're not saving money.

Only time leases are worth it, is if you can get a KILLER deal.
example:
Friend works at GM, leasing Chevy Cruze for $50/month, after $2k down.
Another friend, leasing Cruze, traded in 2009 shitbox, lease for free due to trade-in value

>>14715256
I haven't tried that, but it's basically what you do with phones but instead of paying 140% for the phone you end up paying like 30% of the cars value over the 3 years you lease it only to grab a brand new car and do the same.
So 6 years of leasing still only accounts for slightly more than half the price of buying the car in cash.

>>14715215
Your friend either sucks at picking out cars, or has extremely bad luck. I bought a 2000 Civic with 120k miles for $4000 last year. It has had a single problem. The harmonic balancer died, and that was a $100 fix. Aside from that, the only money I've spent on it is $200 for a radio and $50 for a remote start kit. It runs and sounds great. Your friend is just doing it wrong.

>>14715276
>>14715256
You guys are forgetting that buying gets your a car you can sell.
Leasing gets you nothing.

It's like the difference between renting an apt.
and having a mortgage on a home

>>14715267
Well, I just looked at a Hyundai that have 110HP and consumes around 3.5L/100km
It cost 180k while the leasing is 1808/month (36 months) which is 65088
That leasing program contains what you need.

>Private Leasing gives you full control over what the car will cost you, because everything from the service to the insurance part of the fixed price. The hassle of insurance policies choices and evaluations are thus gone. All you have to do is glance at the list of contents for your private leases. It is not all actors that includes both. Hyundai is an example of a company where everything is included, and the price is your actual final price for what the car will cost you.

>inb4 FWD inline 4 shitbox
>tfw my current "shitbox" have the same power output as a C3 vette from 1974 with a 7.4 litre Weeaight modor

>>14715296
Leasing gets you a new car instead that you can lease.

Sure, in the end 20 years of leasing cost more than buying one car and sticking to that one car for 20 years and hope nothing breaks that cost a lot.

>It's like the difference between renting an apt.
and having a mortgage on a home

A house don't fall 25% the moment you take your first fart in your new apartment.

Housing and Cars are completely different markets.

>buying/leasing new because you're bitch and can't fix shit
>not owning a small fleet of shitboxes

you motherfuckers came to the wrong neighborhood

>>14715092

Let's run some numbers.

Jimmy Joe has $5000.

A new base model Corolla is $17,300 MSRP.

Let's assume Jimmy Joe follows OP's advice (a.k.a. the poor man's special) and decides to buy a brand new Corolla.

He puts $5,000 down, leaving him with $12,300 to finance over 48 months. Assume a generous interest rate of 3.11% (current avg. for people with good credit). Jimmy Joe will pay $273 a month, for 48 months, and will end up paying a total of $13,097 for the loan plus his initial down payment of $5,000. Net total of 18,097 over the course of four years, or $3274.25 a year for a functioning vehicle, sales and property taxes aside. Let's also remember that a car, on average, loses 50% of its value in the first four years, which means his Corolla will be worth roughly $8,650 in two years.

To summarize: Jimmy Joe spends $18,097 on a new base trim Corolla over four years to have a functioning vehicle worth $8,650. Put another way, if he were to sell the car after that period, he'd be out $9,447.

In an alternate timeline Jimmy Joe purchases a 10+ year old Corolla with 150,000 miles on it. Instead of having a car payment, he uses the $273 a month he has left over that would have gone to a car payment to invest in the S&P500. Without taking dividend reinvestment and other components into account, assuming a conservative 7% ROI, Jimmy will have $13,511 after the four years it would have taken to pay off his car.

To summarize: Jimmy Joe spends $5,000 on a used Corolla over four years to have a functioning vehicle, and the money he saves nets him $2,135 in interest, while his car retains almost all of its value due to it being at the end of the depreciation curve. Put another way, if he were to sell the car (for say, $3500) after that period, he would be ahead about $17,011.

If neither version of Jimmy sells the car, the Jimmy who bought the used car still has $13,511 in bank account, while the other Jimmy has an Pandora app in his car. Totally worth it bro.

>>14715308
If you were going to buy a new car every 2-3 years anyways - leasing is great.

If you were going to keep your car longer (4-6 years) and not want to worry about mileage/customization/etc. Then leasing is not fine.

>>14715335

Made one mistake: It will cost New Corolla Jimmy $4,524.25 a year, not $3274.25.

Woops.

>>14715336
Yeah that's exactly what I meant.
I like my current car but now it's starting to gain those problems that arise from 10+ years of use.

Bought it for 2100€ and so far I've done maintenance for like 500€ already and I've only had it for 2 years.

Do electric cars suffer from the same amount of deterioation and maintenance problems as petrol cars?

>>14715183
>Have fun driving your outdated shitbox while paying the same amount in maintenance as payments on a new car.
Jokes on you because that is precisely what I have tons of fun doing. It's called a hobby. If all I wanted was clean and reliable transportation I'd take the tram and save my money

I call bullshit on OP's opinion that the used car market is inferior to what it was in the 70s and 80s.

Consider for a moment that the 30 year old cars of that time were cars from the 50s and 60s, and they were made with shit worksmanship. Rust prevention was crap. Safety non-existent. They consumed a shitload of fuel and they weren't particularly powerful considering their weight.

Now we have cheap used cars from the 80s, 90s and early 2000s that can be purchased for fuck all. Cars that are relatively simple, but have most of the creature comforts that we expect from a modern automobile.

And the used car market is much larger than it was 30 years ago, you can browse on the internet, you can narrow down your search based on miles, trim, price, etc etc.

If you buy a lemon in this day and age, you're a fuckwit.

>>14715364

They suffer more because the battery doesn't last. Look up how the first Tesla cars are going.

>>14715346
>>14715335
This
Even if you factor in reasonable repairs and maintenance, the used car is still the better option. Even more so if you're not a woman and can fix some things on your car yourself

>>14715335
#2 has a 14 year old car with 200,000 on the odo (AKA end of functional life). he has squeaked and rattled his way through 4 years of his life.

#1 has a 4 year old car with 60,000 on the odo. it's still under some form of warranty in most cases.

>>14715373

It says 2/3 of drivetrains might fail within 60k miles and Tesla being aware of this offer replacements when they start making noise which is acceptable imo. Also this was 12-13 models, I'm assuming they've bettered since then, also I would like to know the reliability and degradation factor for electric cars at large and not just Teslas.

Link for the interested.

http://www.greencarreports.com/news/1101153_two-thirds-of-earliest-tesla-drive-trains-to-fail-in-60000-miles-owner-data-suggests

>>14715367
Even in 1985 the average price of a new car was less than half of the average annual income. Op's complaints seem more rooted in the economic decline of majority of households over the past ~40 years, seasoned with a bit of Boomer nostalgia blindness.

That being said, a lot of it is still overwrought and ignores the fact that there's a plenty of middle ground being ignored between spending a ton of money on an immediately depreciating asset and spending a small amount of money on an actual shitbox. You can easily find a compromise in something that is a few years old and still in good condition and that will run just fine for many units of distance with basic care and maintenance.

>>14715092
dude i bought a 2000 corolla for 500 bucks and it had 150 thousand km on it when i got it. Look around more, ask your friends, look for little old ladies. There are people who do not care what price they get and just want to get rid of it.

Wife is a realtor so a new mercedes benz suv is leased every 3 years, unfortunately in her line of work its necessary. But its a write off so who the fuck cares. Me on the other hand, im perfectly happy in old chevy trucks.