Current Events > I have around $17k left after paying off the house. Should I get a car?

(+) Yeah! (+)

I don't need anything brand new or overly fancy. Maybe another SUV or a pickup because I always need to haul something.

I'm currently driving a 20 year old SUV with over 200k miles on it. It runs ok but looks really dated. I also don't want to be in debt since I filed for bankruptcy a few years ago and it sucked.

Grab a used Honda or Toyota whatever, couple of years old.

Then hold on to the rest.

If you filed for bankruptcy just a few years ago and your vehicle runs just fine, you need to not spend that on another vehicle

BignutzisBack posted...

If you filed for bankruptcy just a few years ago and your vehicle runs just fine, you need to not spend that on another vehicle

I think it's been close to 5 years now. Won't get into how I got in that situation but once out I was able to save a large amount in a short time. It made me realize how much being in debt sucks us dry.

My main issue with this vehicle is the paint. It faded and looks pretty bad, and I'm not sure if it's worth putting money into a new paint job or just replacing it before things start falling apart

LeoRavus posted...

I think it's been close to 5 years now. Won't get into how I got in that situation but once out I was able to save a large amount in a short time. It made me realize how much being in debt sucks us dry.

My main issue with this vehicle is the paint. It faded and looks pretty bad, and I'm not sure if it's worth putting money into a new paint job or just replacing it before things start falling apart

Seems like a very shallow reason to blow money on a new car.

BlazinBlue88 posted...

Seems like a very shallow reason to blow money on a new car.

It is. It's just getting increasingly awkward always having the most raggedly looking ride in the parking lot. GMC SUVs are notorious for their paint peeling and fading over time.

I guess I could just deal with it until it dies. By then I'd have more saved.

Is it actually causing problems or seem close to it?

Also, what is it?

A Suburban with 200k miles I'd treat differently than a CR-V.

DrizztLink posted...

Is it actually causing problems or seem close to it?

Also, what is it?

A Suburban with 200k miles I'd treat differently than a CR-V.

It's a 2002 GMC Envoy. It was my mom's car and she paid around $40k for it when it was new. She was always proud of it and kept it for a long time. All leather, Bose system with a big CD changer *lol CDs now*, air compressor in the back to blow up your tires, heated seats, etc.

There are also some issues with the exhaust I need to have looked at. Something fell off the bottom going down the highway a couple weeks ago. No idea what it was but it's still running fine lol

How were you bankrupt 5 years ago and now you have paid off a whole house?

samurai bandit posted...

How were you bankrupt 5 years ago and now you have paid off a whole house?

I already lived here for a few years. Got it cheap and only owed $39K on it when I paid it off.

I sold a lot of stuff on eBay for supplemental income. Plus I was working over 60 hours per week during those years. And my roommate was paying me $500 a month for rent.

After the revolving debit was gone, money was rolling in faster than ever. I also spent quite a bit of it on electronics because why not.

Now is a pretty terrible time to be getting into a new car unless you really need to replace your current one. unless it's on it's last legs or has serious issues mecanically, don't get rid of it just because you want something that looks less "dated"

Get something with like 70-80k miles on it and save some of that money. Put a solid down payment and stash away the rest. You never know what might pop up regarding home repairs and whatnot.

To be honest, the market is so fucked right now. Youre better off just buying new with the lowest apr possible. Just for an example. I bought a 2014 f150 for 17k in 2019. Same truck is going for almost 30k, with more miles lol.

Id roll with what you have for a year or two hoping the shortages get resolved. Though I wouldnt stick with it much longer. I had a 1991 Toyota pickup that started having all sorts of problems after 20 years. The AC compressor broke, 4WD system broke, ECU failed one day causing a total shutdown on the freeway. After the head gasket blew I got rid of it and bought a new truck. (This was all in the space of 4 years past the 20 year mark)

I'd wait a few more years for the car market to cool before being a new or used car. Assuming your vehicle holds up, of course.

Right now is the worst time to buy a vehicle, new or used.

The used car market is still kinda fucked right now, though apparently getting a tiny bit better. Many 2-4 year used cars selling for the near the same as new msrp. It probably won't get unfucked until new car production gets back to normal or there is a recession (lower demand).

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buy an expensive banjo

You should get your beat up car fixed more than anything...
Cars from that era were really meant "built to last"...
If you spend some thousands of dollars on rebuilding the engine/replacing the chassis or parts it'll be like new again.

Dont buy a car right now lol. Even with these gas prices cars are so fucking expensive right now.

You just got rid of the shackles of debt. Keep that money in case of emergencies.

Save up for a couple of years and either buy new and run it into the ground or buy used. I'd make that decision based on how slowly it depreciates. Want a toyota corolla or tacoma? get it new. Want bmw 3 series? Get it used.

edit: and yeah, this may be the worst time ever to buy a car. used cars are crazy and even a lot of new cars are having additional sticker mark up.

DrizztLink posted...

Grab a used Honda or Toyota whatever, couple of years old.

Then hold on to the rest.

Nah, the used car market is crazy right now. He'd have to go back to at least 2013's to have any money left over.

DrizztLink posted...

Grab a used Honda or Toyota whatever, couple of years old.

Then hold on to the rest.

Actually look up what a "couple years old Honda" costs in your area on car gurus. I got my 2018 Accord EX-L in late 2018 old with 3,000 miles on it for about 3,000 off MSRP at the time (25.5k). More than 3 years later my car is worth more than I paid for it even with the 30,000 miles of put on it. This is the worst car market in our life times to get a used car.

I have learned things today.

My mistake.

Yeah houses and car prices are going up like crazy. If you can try to hold off.