Which one is a better investment? - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


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View Poll Results: Better Investment?
Buy a junker and use the saved money to fix it 11 57.89%
Buy a new car and not worry about issues 8 42.11%
Voters: 19. You may not vote on this poll

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Old 04-23-2008, 12:53 PM   #1
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Default Which one is a better investment?

So, as some of you know, I completely loathe my car... It'* a horrible POS. It drives like crap, handles like crap, and it'* completely not me. I haven't been able to sell it because I can't pay it off, until now. It'* finally coming to the point where the money I owe is relatively close to the money I could sell it for... I'll still loose money, but I don't care. I want it out. So, now that I'm gonna have this coop soon (that is if I can get into the school I want, knock on wood...), and hopefully will have a job soon, I can afford another car once I sell it. I'm thinking of saving up at least 2k for one. Now, my question is, which is a better investment? Buying an old car with some issues, present or near-future, for 2k, or putting the 2k down on a new car and paying roughly 300-350 a month... With the warranty I wouldn't have to pay for parts or anything, and it'll also give me a huge piece of mind... What do you think?
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Old 04-23-2008, 01:02 PM   #2
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Most of my life I lived under the principal that I pay cash for everything I purchase unless it builds equity. That has allowed me to be in the financial possition I'm in now and never worry about paying bills.

Me personally..........I would wait untill I have enough money without financing to purchase the car of my dreams outright. Not to say that works for you, but I've never looked back or questioned any car I ever purchased.
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Old 04-23-2008, 01:15 PM   #3
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I wish it was an option, Frank, but I don't trust this car to last long enough for me to save up enough money...
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Old 04-23-2008, 01:19 PM   #4
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I voted that you buy a newer car, but please don't get one with $300+ monthly payments. You could easily get a Bonneville or any H, C, or W body car that'* in great shape with low miles for far less than $300/month and a $2000 down payment.


1989 Civic FTW!
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Old 04-23-2008, 01:20 PM   #5
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Quote:
Originally Posted by radomirthegreat
I voted that you buy a newer car, but please don't get one with $300+ monthly payments. You could easily get a Bonneville or any H, C, or W body car that'* in great shape with low miles for far less than $300/month and a $2000 down payment.


1989 Civic FTW!
not newER, new

I tried newer and ended up getting shafted in the end....
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Old 04-23-2008, 01:47 PM   #6
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Your first mistake was using the word investment. This will not be an investment unless you are buying something built prior to around 1975. That being said, if you don't want to work on the car and will be worried about it, put the $2k down on a nice 5 year old car that is less than ten grand so you have a low monthly payment. Otherwise buy a $2K beater and save your $300 a month for a couple years and sell the beater for a nicer car.
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Old 04-23-2008, 01:52 PM   #7
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I'm not a fan of new cars anymore. did it for years. Got a new one ever 2 or so years. Really eats up the cash. I've also found that new does not mean no problems. I had a new Bravada. Didn't even leave the lot and had a light. 63 miles and it'* in the shop. after a year and a half I kid you not, it was in the shop 9 times, 7 of those were on the back of a tow truck. Got mega screwed on that one. I buy older cars now that I deem reliable, payments are much smaller. They need a little work, but hay, that'* what I like. Get a car that'* 5 or so years old. Still in great shape, and still have a lot of years left in them. And cost WAY less.
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Old 04-23-2008, 01:55 PM   #8
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You should never pay $300/month payments unless you are a hifgh paying executive.

I pay cash for cars as a rule. Your "Impaler" looks to be in good shape. I say drive it and save
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Old 04-23-2008, 02:02 PM   #9
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Quote:
Originally Posted by Skippy1827
Your "Impaler" looks to be in good shape. I say drive it and save
1 tranny down and another on its way, no, it'* not in good shape..
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Old 04-23-2008, 02:07 PM   #10
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Quote:
Originally Posted by petraman
I wish it was an option, Frank, but I don't trust this car to last long enough for me to save up enough money...
If you have the money to purchase a new/newer car than you have the money to repair the Impala. Therefore this change is more of an emotional nature and we won't get into that debate since it'* too controversial. You mention the tranny may go on this car, well it can go on your next car also.

Based on your emotional needs, I would sell the Impala, and purchase a car with the same amount of money leaving a slush fund for repairs. They have finally declared that the US economy is in recession; keep that in mind when planning the rest of 2008.

Keep in mind the philosophy of wants, needs and desires.
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