How do you get the best deal on a new car Reddit?
Negotiate over email: Use prices from one dealer to drive the price lower with another dealer. Keep repeating this until you arrive at the rock bottom price. If you get a response that the dealership doesn’t do competitive bidding, tell them that if they give you their best price, you’ll buy today.
How do I buy a used car Reddit?
- Look on CL. Search by owner-listed cars.
- Contact owners with listings you like. Ask any questions about things that may be omitted from the listing.
- Arrange a test drive.
- Possibly take it to a mechanic you’ve used to get checked out.
- Use 3+4 to decide if it’s worth buying.
What do I need to buy a car Reddit?
The reality is you need your title for your old car, registration and proof of insurance. Use a site like nada or kbb to determine the trade in value of your car (tbh here think of how much you’d take bottom dollar, then subtract 15% and that’s what you’ll get, dealerships have to make money too) .
Is buying a new car worth it Reddit?
At the end you will get an estimated cost per year for owning it. You may find it is large, or you may find it is small and it is worth it to you to have a newer car. I normally buy my vehicles 1-3 years old with low miles. I get a nice depreciation savings while pretty much getting a new “ish” car.
Does it ever make sense to buy a brand new car?
No, it never makes sense. It is money spent on status. A used vehicle that is 1-3 years old has the same quality and longevity as a new vehicle, but costs much, much less. Unless you have money to spare, and you understand and are okay with the fact that you are paying for status instead of vehicle, never buy new.
Do you regret buying a new car?
If you do your research, you won’t regret buying a new car. There are tons of benefits for buying new cars, and if you have the extra cash, get a limited edition car or a special edition car, and you may not lose so much on depreciation, heck, you could make money on it after it rolls off the showroom!
Is a new car ever worth it?
Peace of mind: A new car will likely be more reliable than a used one, even though pre-owned cars are much more dependable than in the past. If a new car breaks down, you can have it fixed for free under the included factory warranty, at least for the first 36,000 miles or three years that most carmakers offer.
Why you should never buy a new car?
Faster Depreciation and Negative Equity
It’s not fair or right, but new cars depreciate faster than used vehicles. To put it simply, if you buy a brand new car without a down payment, or if your monthly loan payment isn’t high enough to compensate for depreciation, you could end up owing more than the vehicle is worth.
How much can you negotiate on a new car?
Focus any negotiation on that dealer cost. For an average car, 2% above the dealer’s invoice price is a reasonably good deal. A hot-selling car may have little room for negotiation, while you may be able to go even lower with a slow-selling model. Salespeople will usually try to negotiate based on the MSRP.
Why Buying a car is a bad investment?
Cars are depreciating assets, meaning they lose value over time. New cars are the worst. That’s because the biggest depreciation comes in the first year, with a big chunk of that coming when you drive it away and it goes from new to used. This is unofficially referred to as the new car hit.
Why you should never pay cash for a car?
When Paying for a Car With Cash Might Not Make Sense
You may not have enough to buy a safe and reliable car. If you need to start or reestablish a credit history, paying with cash won’t help, but a loan that you properly manage will.
Is owning a car an asset?
The short answer is yes, generally, your car is an asset. Your car is a depreciating asset. Your car loses value the moment you drive it off the lot and continues to lose value as time goes on.
Is it a waste of money to buy a new car?
“Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It. A car coming off lease is typically in very good condition and doesn’t have many miles on it. Because it’s not pristine, though, you can buy it for a fraction of what it would cost to buy it new.
What vehicle do most millionaires drive?
But for the majority of America’s wealthiest people, the popular trend is to go with a mainstream car. According to Dave Ramsey, about 61 percent of America’s wealthiest people actually drive Hondas, Toyota, and Fords.
Do millionaires buy new cars?
The book reports that “nearly 37 percent” of millionaires bought their cars used. The reality that most millionaires buy their cars new, and that their cars are three or fewer years old, isn’t surprising.
What car does Bill Gates drive?
Bill Gates – Porsche 959.
Do millionaires lease or buy cars?
In my experience, wealthy people do whatever is most cost effective. If they want a new vehicle, but the model they are looking at has some serious depreciation – they will probably lease. If the vehicle is rare and/or expected to go up in value, they will probably buy it instead.
What car can I afford with 60k salary?
Multiply this by 5 and you need to make at least $6000 a month, after taxes. This next part is incredibly simplified, and may not apply to your situation directly. That leaves $72,268.75 per year, divided by 12 is about $6022 per month. So, to afford a $60,000 new car, you need to make around $90,750 a year.
What car can I afford with 50k salary?
Dave Ramsey takes a balance sheet approach. Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make $50,000 a year, you should not spend more than $25,000 for a car(s).