Looking to buy a used car pretty soon. What's the best way?

[MikeLowrrrey]

From what I understand getting pre approved and walking in with a blank check is the best and Credit Unions offer the best rates.


Should I find a good credit union and apply for a auto loan then go to dealer? At the dealer, is there a way to haggle down or are those days gone?

[backinbusiness]

just lol at thinking you have any power at dealers right now.

You sure you can even qualify for a car loan with your complete lack of knowledge?

[Archaic2021]

If possible just pay cash for the car. Why finance a depreciating asset, unless it's 0% interest.

Do you even know what kind of vehicle you need?

[78novacaine]

If possible just pay cash for the car. Why finance a depreciating asset, unless it's 0% interest.

Do you even know what kind of vehicle you need?

We have notes on all 3 of our vehicles. All below 4%. We could pay them off tomorrow if we wanted but why do that when that same money sitting in a high interest savings account yields just as much or more, not to mention actual investments yielding 2-3× that?

[Archaic2021]

We have notes on all 3 of our vehicles. All below 4%. We could pay them off tomorrow if we wanted but why do that when that same money sitting in a high interest savings account yields just as much or more, not to mention actual investments yielding 2-3× that?

The way OP stated his question this may be the first time He has bought a vehicle. Was suggesting the simplest solution. If you have XXX amount of dollars such as yourself of course your going to be better off financing and letting your money actually make you money.

OP wat is your situation like...do you have the cash to just pay for one or do you have any money at all?

[GenocideAttack]

Interest rates are at an all-time high right now, especially for used cars (higher risk for lenders). Best bet is to pay as much as you can cash or shop for rates. Also, used car dealers are not budging for crap so be ready to walk.

[MikeLowrrrey]

If possible just pay cash for the car. Why finance a depreciating asset, unless it's 0% interest.

Do you even know what kind of vehicle you need?

If I pay for cash I'd have to save for a minimum of 3 years. What if my car breaks down?

[MikeLowrrrey]

just lol at thinking you have any power at dealers right now.

You sure you can even qualify for a car loan with your complete lack of knowledge?

Interest rates are at an all-time high right now, especially for used cars (higher risk for lenders). Best bet is to pay as much as you can cash or shop for rates. Also, used car dealers are not budging for crap so be ready to walk.

Looks like I'll be putting $1900 into my 2001 Lexus then. I wonder when will things drop?

[CoffeeStout]

If possible just pay cash for the car. Why finance a depreciating asset, unless it's 0% interest.

Do you even know what kind of vehicle you need?

This. A vehicle is just a liability that depreciates as you drive it. Pay cash if you can. If you do have to utilize a bank, I would recommend a credit union or Capital One Auto.

[CoffeeStout]

Looks like I'll be putting $1900 into my 2001 Lexus then. I wonder when will things drop?

My guestimate is a couple years atleast.

[Exiled93]

go buy a panther platform for 5k ( grand marquis, crown vic, or town car)

thing will last another 100 years srs they're bulletproof.

[i3oosted]

Looks like I'll be putting $1900 into my 2001 Lexus then. I wonder when will things drop?

not for awhile... My credit union was offering 5.5% and that was the best I have seen in a year from ANY lending institution outside of a dealer special apr rate, which those are still possible. Not sure what youre looking at, new or used? Used is a total mess right now and prices are going BACK UP believe it or not for the past month, crazy. Cheaper to buy new but you have to wait, good luck getting a decent APR as well.

[gluon]

yea why finance the single most important machine we own, to which our livelihoods, our lives and our families lives depends on. just get a beater that will need constant repairs boyo misc finance experts have spoken

[Archaic2021]

yea why finance the single most important machine we own, to which our livelihoods, our lives and our families lives depends on. just get a beater that will need constant repairs boyo misc finance experts have spoken

How would you know a cheaper vehicle need constant repairs? Why just because you bought a new car means it's not gonna break down? I work for a dealership our service department sees more Newer cars 10k miles or less in for repairs.

I bought a 97 accord for a work car. Needed tires so total I have $2700 in it. I also drive it 500 miles a week and I am the sole provider for my family.

A new car would be roughly what $550 a month. So in a mere 5 months I already have a extra 2700 bucks in savings. Not to mention when it's time to sell it. A 3k car in two years is still gonna be a 2k car.

No matter what the market sais newer cars will loose value.




I'm not saying go out and buy a beater but going into absurd debt for a depreciating asset is crazy.

It's also crazy that for some reason most of the general population think oh... I have car payment so this car won't break down or need repairs until its paid off

[gluon]

How would you know a cheaper vehicle need constant repairs? Why just because you bought a new car means it's not gonna break down? I work for a dealership our service department sees more Newer cars 10k miles or less in for repairs.

I bought a 97 accord for a work car. Needed tires so total I have $2700 in it. I also drive it 500 miles a week and I am the sole provider for my family.

A new car would be roughly what $550 a month. So in a mere 5 months I already have a extra 2700 bucks in savings. Not to mention when it's time to sell it. A 3k car in two years is still gonna be a 2k car.

No matter what the market sais newer cars will loose value.




I'm not saying go out and buy a beater but going into absurd debt for a depreciating asset is crazy.

It's also crazy that for some reason most of the general population think oh... I have car payment so this car won't break down or need repairs until its paid off

what is value? life isn't all about pinching pennies. This depreciating asset can take you 10 times around the equator of the earth if well maintained. id say a little interest is trivial if it means increased quality of life on such a long potential journey.

[MikeLowrrrey]

How would you know a cheaper vehicle need constant repairs? Why just because you bought a new car means it's not gonna break down? I work for a dealership our service department sees more Newer cars 10k miles or less in for repairs.

I bought a 97 accord for a work car. Needed tires so total I have $2700 in it. I also drive it 500 miles a week and I am the sole provider for my family.

A new car would be roughly what $550 a month. So in a mere 5 months I already have a extra 2700 bucks in savings. Not to mention when it's time to sell it. A 3k car in two years is still gonna be a 2k car.

No matter what the market sais newer cars will loose value.




I'm not saying go out and buy a beater but going into absurd debt for a depreciating asset is crazy.

It's also crazy that for some reason most of the general population think oh... I have car payment so this car won't break down or need repairs until its paid off

Some people just enjoy a nice quiet car man. The luxury amenities of say, a 2015 Lexus, is worlds apart from a 1997 Toyota. The Lexus will have zero road noise, have more comfort, feel sporty, effortlessly get up to on ramp speed. And the build quality. Leather, great speakers for music, remote start for those cold mornings. Too many to list.


And some people love performance.

[headturner1]

just lol at thinking you have any power at dealers right now.

You sure you can even qualify for a car loan with your complete lack of knowledge?

First paragraph.. I am thinking this as well..

I haven’t bought a car in about seven years, but am not accustomed to paying full ask on a car..

I take it that I may be doing just that if I’m buying in the next two months?

[theory816]

If you can get a good loan or financing, get a new car. Don't buy used.

In the time that you use the car, which is probably around a couple of years, the car will be 100% reliable. In those years, the car will lose value based on your mileage. So if you bought a 25k, drive it around for a couple of years, it will lose around 7k - which is going to be the same cost as a used, non reliable, beat up car.

If you buy a used car for 10k, drive it for a couple of years and sell it for around 5k, you will have spent 5k driving a used vehicle, instead of spending that same 5-7k driving a brand new, reliable car.

[Cartiac]

I heard Kia's are free dude, just bring a USB cord and it's yours.

[bsmit107]

Right now.....in this market........

FB market place & Cash.

Inflation is hitting the average person pretty hard and if you've got cash on the spot you can get a pretty good deal. I frequent FB Marketplace (always looking for a project) and prices have been going down consistently for the last few months on just about everything.

I would be willing to bet you could talk the average person down quite a bit on price if you we're ready to hand them a wad of cash when the price of literally everything is going up like crazy. Big ticket items (cars & houses) are starting to slow down and take longer to move so if the seller is motivated you can get a deal.

[BullittEV]

First off, whats the budget and what are you bringing in each month in net income?

Right now.....in this market........

FB market place & Cash.

Inflation is hitting the average person pretty hard and if you've got cash on the spot you can get a pretty good deal. I frequent FB Marketplace (always looking for a project) and prices have been going down consistently for the last few months on just about everything.

I would be willing to bet you could talk the average person down quite a bit on price if you we're ready to hand them a wad of cash when the price of literally everything is going up like crazy. Big ticket items (cars & houses) are starting to slow down and take longer to move so if the seller is motivated you can get a deal.

Meh, to a seller theres not much difference between cash and a loan unless you want to (illegally) manipulate your states tax/reg laws.. at the end of the day the bank just gives them the cash instead of the buyer. Unless I am missing something there.