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Very sensible approach. I definitely agree about new cars. The depreciation between brand new and slightly used alone is massive!
Take a look at the leases offered in S Cal. These lease typically allow less than 10,000 miles a year, and charge 25 cents a mile after that. People commute long distances in S Cal, so the cost of leasing is high. There are no real zero down here,
Brad, yes it appears to be the new 'thing' to offer ultra low mileage leases now, but it truly depends on you. I leased a car @ 14k/yr @ 36mos and used it as my main vehicle and didn't touch the allotted mileage. After 3.5 yrs I only put 25k on it.
However, many people don't have 10k+ to buy outright. There is also the fact that any less than 10k, you're typically looking at a very used vehicle. While you own your car, you have to worry about whether or not the vehicle was properly cared for.
Kelcie, I'd have to respectfully disagree with your 10k figure. There are many decent vehicles to be found for well less than 10k. But it is important to do your research before purchasing. That fact remains that you're wasting lots of money financin
Levi, I didn't say it was impossible, however the search doesn't always prove to be worthwhile. The amount you spend in interest you could very well be spending just as much if not more on maintenance plans, fixes, and so on. Either way, U pay to own
I have never spent more that $2,500, for any car I have bought. My '95 Honda ($1,000) sat in a guys front yard for 5 years, I bought it, got it running, took it to my mechanic, spent $1,200 (including new tires) and it runs like a dream. Case Closed!