Hello Folks!!

[MyronCastro]

I am pretty new to this forum and joined this forum since I am more into saving my money.
I have a question does used cars really worth saves your money or they are just wasting of money. I am planning to buy a car and really confused which one to choose.

Help me out please!!!

[bjl584]

Buying a gently used car is typically always a better financial decision than buying brand new.

But, to give you a better answer we'll need to see some details about your finances.

[Bob B.]

I agree with bj. Buying a used car is almost always a better idea from a financial standpoint.

I also agree with needing more information from you to give better advice.

Whether you should buy a 2012 model for $13,000, or a 2007 model for $8,000 or a 2002 model for $5,000 really depends on your current income, current debt load, and future goals.

[Eagle]

I am pretty new to this forum and joined this forum since I am more into saving my money.
I have a question does used cars really worth saves your money or they are just wasting of money. I am planning to buy a car and really confused which one to choose.

Help me out please!!!

Welcome to the forums.

I agree with the others. Questions to help us better understand your situation and give you a clearer perspective on your situation:

1. What do you bring home a month?

2. How much do you spend typically a month?

3. What kind of debt do you have?

4. What are your short-term and long-term goals?

[disneysteve]

Another vote here that a used car is always the better choice financially. Of course, that's not to say that one can't buy a new car if your situation is such that you can comfortably afford it. That's where the questions come in about your personal situation.

The general rule of thumb is that when buying a car, if you can't pay cash, you should finance for no more than 3 years with a monthly payment of no more than 10% of your monthly income. If you can buy a new car and meet those guidelines, that's great, but most people can't. Even if you can meet those rules, it is still financially better to buy used since cars depreciate most in the first couple of years.

[snafu]

I'll add... used cars are a better buy if you've done a some research/investigation of cars with the best record and least amount of problems from Consumer Report or Lemon-Aid. Make a list of what you need in a vehicle and why. Do you need to haul around supplies? Do you need to transport children in car seats? How easy is it to get them in/out? Do you drive a lot more than average miles per year? How crash safety if a lot of highway miles?

What are the wants you are willing to pay for? For some people buying a high end BMW is important but they never consider everything about the car costs more [insurance maintenance, operations, tires etc] ongoing

Before buying ask your insurance agent what the rate will be for the 3 vehicles you are considering. If financing, I suggest doing homework to verify your credit score [free from one of the 4 reporting agencies] and your bank's loan officer to see what interest rate they would charge you. Most of us find a Credit Union will give the best rate and every point helps! Compare the rates from bank & CU to what the dealership offers.

Personally, I've been successful buying a 2-3 y/o car privately, but I insist on seeing the maintenance records and only choose cars with prime reports from Edmundston, Lemon-Aid

[Drake3287]

Although I'm sure buying used makes more financial sense, my wife and I each buy a new car every 10 years which includes a 5 year loan. When one is paid off in 5 years the other gets a new car. I figure that if I can get 5 years out of a car after it's been paid off I'm doing pretty good. I also like the idea of always having a newer car available for long trips, taking a 10 year old car with high miles on a long road trip can be asking for trouble.