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Is A Used Car A Good Value For The Consumer?

By DogFather, February 8, 2014

I don't think so. In the 1980s, I bought a used minivan (a Lee Iacocca Special) that was the worst piece of junk I have ever

had. Nearly every system went out on me. Brakes, drums, rotors, suspension springs rusted and broke. Then the engine

timing chain broke and ruined the engine. A rebuilt cost $2400, it only lasted about 35,000 miles. I had to replace the

wiper motor, the a/c compressor, starter, battery and alternator. In the 3 yrs I owned it, I put about $6K in repairs. It was

the last used car I ever bought.

I realize Toyota and Honda are better, but they still have a functional life of about 12 to 15 yrs or 150K to 200K miles.

So, if a new 1832 L Corolla can be bought for say $15K. Then a used one should be less. But, that is not what I'm

seeing in terms of pricing. I think used car buyers are often young naive and get taken advantage of. They pay real

high interest rates as well.

Then you see young people thinking they can buy a good car for several hundred bucks. Then have it last a long while

when they go off to college. That just doesn't make sense. If that were true, why would people send thousands for a new

car? The lowest cost of ownership I have experienced is when I bought a new car, and had it last 10-12 yrs. The per mile

or per month cost was the lowest, when I did that.

My father's brother always bought used vehicles. He spoke to me on many an occasion about finance, etc. For the longest time, used was all I could afford until I (finally) had a good job and bought new. Have been buying new ever since, and have never regretted it.

one can argue either side of the subject. a lemon can be had new or used. My Corolla S I bought last Aug is a 2013 that had 5700kms on it when I bought it and was 3-4 thousand less than the same one with "0"kms. I have an annoying rattle in the headliner that I am going to get taken care of (who is to say on a "0"km one that issue woudl not be there?) other than that no issues what so ever. I have a great interest rate on my loan even with it being "used". would I have bought it new? Maybe, but I got myself a new veh for less so I feel it was a better deal.

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