Buying a Car Smartly

[lovcom]

Hi, this is my first post. I just sold my 2006 Mustang V6. I did it for a few reasons, such as it was a money pit (unreliable), guzzled gas, and given the state of our economy, and where it might be going, I decided to get into a practical car that would cost less to run/maintain.

My knee jerk reaction was to just shop for a nice used car not too old, with low miles, but part of me is thinkingt a different angle, and it is this angle that I want to run by you here, as I need a reality check:

I'm thinking a brand new Toyota Yaris Liftback. It can be had for $13,300 out the door, including all taxes, distination charges, registration, etc. It gets mid/high 30's mpg combined driving, and I drive about 60% highway. I plan to keep the car until it drops, so since I drive around 24,000 miles/year, the car is expected to last me around 12 years. I have this idea that I can get 300,000 miles out of it if I take care of it.

My thinking is that since I'll own the car it's entire life, the hit in depreciation in the beginning will be relieved somewhat by keeping the car it's entire life, as opposed to replacing it every few years like typical Americans would.

I'm thinking that in the long run it might prove more reliable then buying a used car without knowing how good or bad the prior owner/s treated it.

I'm planning to do all my own maintenence except for complex repairs, of which I hope to have little or none of throughout the life of the car.

Another way of explaining my approach would be to ask myself the question: How many miles am I buying? That answer would be 300,000.

So if I need to buy 300,000 miles, would it cost me less and be more reliable if I buy a used care every 50,000 to 100,000 miles, or one car for 300,000?

Ok, folks, so does my strategy make any sense, in regard to (1) saving money, (2) going for very high reliability?

More info: I'm paying cash. Car will be manual transmission.

Please straighten me out, and I have a thick hide too ;-)

Thanks!

[maat55]

Your going to hate that manual transmission after awhile. Getting 300,000 is not likely, without having a new engine. Other than that, your plan is OK.

[Snowgirl]

Your going to hate that manual transmission after awhile. Getting 300,000 is not likely, without having a new engine. Other than that, your plan is OK.

Why would he hate the manual transmission? I've never had anything else, less prone to breaking than an automatic, and it keeps my hands busy while I drive! A guy who had a Mustang must like driving and switching gears.

I like the plan, and it would be my choice because I'm leery of used cars, but while a saver, I'm not frugal. A 1-2 year old Yaris would be a bit cheaper in the long run, but not that much, since Toyota cars keep a high (too high according to me!) resale value. However, if you can afford it (which it seems) and it brings peace of mind, it is worth it. The fuel efficiency of the Yaris is great, and a good little car to drive. Many friends have it, and everyone is satisfied.

[maat55]

Snowgirl

Don't kid yourself, standards are a pain in the butt. If you don't believe me, take a vote from the forum.

[Superhuge]

I can't imagine that you'd save a lot of money by buying a new (or nearly new) Mustang, selling it within 1-2 years, and then buying another new car.

I'd hate to drive a little Yaris on the freeway for ~15k/year. I also don't think you'll get 300k out of a 4 banger.

Maybe I'm just not afraid of buying a used car, so my opinions may not matter to you

[Broken Arrow]

Personally, I love the Yaris lift-back!

This may be one of those exceptions to the rule where you may come out ahead, even if you buy new.

Unfortunately, I don't know much about the car itself. I'm just not a car guy. All I know is that it replaced the Echo... but COULD be a cosmetically-changed Echo.

Also, the Yaris was introduced in 1999, which means it could be possible to find one used... though admittedly unlikely.

I think the best advice I can give is that, when you're car-shopping, don't paint yourself into a corner with only one car selection. Keep a minimum of 3 that you're satisfied with. That way, you're not "stuck" if the deal on one starts to stink.

I would also suggest looking at used cars anyway, and see if it is indeed worth the extra cost of the Yaris new.

[lovcom]

Snowgirl

Don't kid yourself, standards are a pain in the butt. If you don't believe me, take a vote from the forum.

But I like manuals/standards...please don't make my buy a slush-bucket auto!

I've driven autos/manuals about 50-50 in my 48 years so I might just know what I want

Besides, auto trannys almost never reach 150,000 miles without needing to be replaced/rebuilt, and for most cars that will cost around $1,700 installed out the door....yuk!

[lovcom]

Your going to hate that manual transmission after awhile. Getting 300,000 is not likely, without having a new engine. Other than that, your plan is OK.

I've managed to get 348,000 out of a 1998 Honda CR-V, and 289,500 out of a 1993 Honda Civic, so I think 300,000 from the Yaris is reasonable.

I am VERY anal/particular about caring for my cars...almost as if the car were a person...almost!

[lovcom]

I can't imagine that you'd save a lot of money by buying a new (or nearly new) Mustang, selling it within 1-2 years, and then buying another new car.

I'd hate to drive a little Yaris on the freeway for ~15k/year. I also don't think you'll get 300k out of a 4 banger.

Maybe I'm just not afraid of buying a used car, so my opinions may not matter to you

The Mustang is beautiful, but is very, very unreliable, so I want to dump it while it still has warranty, and before gas goes up even higher...I'm thinking that after warranty it will start to nickel and dime me big time....that is why I'm going the other extreme, to the cheapo 4 baner Japanese high MPG route....frankly, I really screwed up when I bought the Mustang...a stupid stupid decision on my part :-(

As to a 4 banger going 300,000 miles, I've done it twice already...see my post above....with Honda/Toyota it is often possible, but with other cars more then likely not, and with few exceptions.

As to the Yaris and freeway driving, my daughter's cruises all day long at 80 or 90, no worries, no heavy laboring of the engine, and the seats are made for big fat American a$$ ;-) so they're more then comfy enough.

I am dead set on getting out of the mustang, but still on the fence about going new cheapo car or used cheapo car ;-)

[cs1992]

If that "out the door" price is correct, it's probably a good deal. However, if you search around long enough I bet you can find a used vehicle with low miles for $1ks less. If your goal is high mpg, that makes the search a bit more challenging. In that class of cars, the only models I know of are Corollas, Fits and Civics. The Pontiac Vibe and Toyota Matrix also do very well on mpg, but all of these vehicle cost more.

Personally, I'd look for a manual transmission Corolla, Matrix or Vibe. I saw an '06 Vibe in our area with 21k on the odometer for $11k that was in excellent condition. I bet they would take less.

Good Luck.

[InDebtInDC]

Your going to hate that manual transmission after awhile. Getting 300,000 is not likely, without having a new engine. Other than that, your plan is OK.

It depends on the overall design. Some automatic gearboxes are very complicated, while others are very cheap to replace.

I prefer a standard manual gearbox due to simplicity, low cost, and ease of maintenance.

Driving habits and maintenance has more to do with longevity than design.


If you want a Yaris, make sure you drive one, including driving it the normal routes you usually drive (freeway, city, backroads, whatever it is that you drive). Only then can you determine if it's okay for you.

I would strongly suggest that you get side airbags, which, unfortunately, will usually comes with a bunch of other options.

[bjl584]

The only issue that you will face with a manual is possibly replacing the clutch. Your engine will be fine as long as you stay on top of the maintanance. You should be able to get at least 300K out of it. A rule of thumb that I like to use with cars is that in most cases, if you keep a car at least twice as long as it takes you to pay it off, then you probably got your monies worth out of it. You're planning on driving your Yaris until it dies, so you should be fine. However, that doesn't mean that you shouldn't try to negotiate a good price and financing for it up front. Save money anywhere that you can.

[vinnieg24]

Your plan to me seems logical. it seems you have really thought this through. If you are skeptical about buying a used car make sure it has a carfax report. but if you are really full of doubt, don't feel pressure to buy one. The yaris seems to be a good investment/ asset i know i know lol.. and you said you take good care of your cars, so i think that will have a great impact on it. good luck with your purchase. I say buy it new if thats what you really want

[MonkeyMama]

I've managed to get 348,000 out of a 1998 Honda CR-V, and 289,500 out of a 1993 Honda Civic, so I think 300,000 from the Yaris is reasonable.

I am VERY anal/particular about caring for my cars...almost as if the car were a person...almost!

Agreed. Toyotas with 4 cyclinders historically go to 300k miles easy.

This is a car we are considering for my hubby next. He loves small cars and we would like to get back to a Toyota. The last one we had lasted 20 years. (Only about 250k miles before the engine head cracked, but there is a story there. It could have easily gone to 300k).

Anyway, as we have upgraded our cars with time we have been buying newer American cars, since they are much more affordable. I think we have come to the same conclusion. For $13k, a NEW Toyota would be well worth it. Plus for my dh it is totally his style anyway. I don't remember seeing used Toyotas in that price range last time we shopped. (Not without significant miles anyway).

So I say go for it.

I also had a Mustang once. I would never buy one again. So I am so totally with you all around.

Good Luck!

[Snave]

I am still a big used car fan. We are in need of one later this year for my wife as hers is a '98. I have just been looking online and comparing new to used. Even a 2008 model that has a few miles on it will save you a few thousand bucks. Let someone else drive it off the lot for a few grand. I will probably look at a '07 or '06, but was suprised that a few models we liked already had some '08's used and there was a huge drop in price. That's why I willl never buy new.