Thoughts on a good used car

[LauraF]

So I may be car shopping this weekend. :pout:

I'm waiting for the final autopsy from the mechanic, but I think my transmission may have finally died beyond all hope of resurrection on my Saturn. (In the middle of an intersection too - awesome, just wonderful ...) If it's toast, I need to get a reliable cheap used car in a few days. Any thoughts?

I was planning on getting a Subaru next time around, but with saving for a wedding, new/certified cars are out of the question. I'm looking at Toyota, Honda and Subaru, but I'm not sure what other brands might be good ones. Anyone else have any suggestions for some good higher-mileage cars (sedan/coupe) makes/models? I don't need it to last forever - just about a year or two so I can pay for my wedding. I drive a lot for work, so it needs to be reliable.

Advice much appreciated.

[DizneyRox]

Big fan of Honda here... Until I got my Subaru. It's a great car, and nothing Honda makes compares.

For the money, I don't think there's much comparison. I don't know too many Subaru owners that don't like their car. I do know someone who did have some issues with theirs, but Subaru of America stepped in and did them right.

My next car will probably be another Subaru. I also have a Land Rover, and while I do like the LR, I enjoy driving the Subaru better. Very fun...

I wouldn't touch a Toyota these days, although you can probably pick one up for a song.

[White Rose]

I currently own a 2001 Toyota Corolla. It's a good little car, and, despite the recall, I still think they're fairly reliable cars.

I would definitely look at Honda. Have you considered a Honda Fit or a Honda Civic? This weekend would be an especially good time to buy, as it's the end of the month and most dealers will be looking to get cars off the lot and make deals in order to reach their quota.

Also, just because one of my jobs is in the finance/banking industry...I also recommend contacting your financial institution and seeing if it's possible to get pre-approved. This will give you more of an idea of what numbers you're working with and also something to compare if the dealership offers a better financing option.

Just thoughts! Anyway, good luck and let us know what you decide!

[JanetMegan]

I'm on my third Toyota with over 150K miles...I think they are still good cars, in fact I think I like the older ones better than the newer ones. I know you are looking used, do you have a CarMax near you? Their cars go through some very rigorous testing, (they are a client of ours.) Also just FYI I have seen some new 2010 Chevy Impalas in or area for around $10K.

[princessgirls]

My only advice/input would be to check the rates of the new car loans as opposed to the rates on used. This time of year, dealers are looking to make deals on their 2010 inventory and it might make more sense to buy new with a better interest rate.

Julie:mickey:

[Ian]

It would probably help if you could give a bit more info, like what you define as "cheap" and what sort of car you're looking for. You mention you wanted a Subaru, but not what kind. Do you want a sedan? Wagon? SUV? Crossover?

I, personally, would strongly recommend the Honda if you're focused on only the brands you mentioned. My entire family drives almost exclusively Hondas and has for over thirty years ... all the way back to the very first CVCC's that came into the U.S. Every one of them has been a very solid, reliable, well made car. Very practical and with none of the recent "death trap" issues that Toyotas have had.

Depending on what you're looking for check out used Civics, Accords, or CRV. The only issue with Hondas is that, because they're so highly sought after and reliable, they hold their resale value very well. That means used ones tend to be fairly expensive, but at the same time they'll be worth more when you go to sell so it's a wiser investment overall.

[faline]

There was a recent, local news report that indicates that used cars have increased approximately 20% in cost and there is a real shortage of used vehicles. They attributed the shortage to several factors: (1) the government buy-back that took a large number of used cars out of the market (2) a decline in vehicle leasing which fed into the used car market and (3) the economy which has had folks holding onto their cars for longer periods of time. They indicated that it will be a couple of years before there is an adequate supply of used cars on the market. This report suggested that buying new might actually be less expensive right now especially given some of the incentives such as 0% interest that are out there.

Good luck in your search!

[LauraF]

Thanks for the advice all! :thumbsup:

So my old car is definitely kaput. Total mechanical transmission failure, to the tune of 4X the worth of the car. Oh well - it served me well for a long time. I'll miss having no payment!

I spent most of yesterday number crunching and figuring out options, and I have a plan.

I took a look at loan rates, and figuring in my savings/down payment, it probably makes sense to buy a returned lease car, as right now financing rates are very, very good. Waaay better than I thought they would be! (I thought I couldn't do it, but when I calculated in needed maintenence on the <$5K options, I'd have to put a lot of work into one of these.) The local Subaru dealer has several cars around $10K, which is what I am looking for now, as it is the best investment. But it is next to a Honda dealer if that doesn't work out! :cool:

While I like the Honda brand a great deal, around here, owners seem to hold onto them forever, so my only options are 10+ year-old cars wih 200K+ miles. While that will still run for a bit, many of them are pushing my limits as far as how much I am willing to sink into them.

[sgdisney]

My son bought his first car in June, a 2008 Ford Focus from our local Enterprise Car Sales lot. They sell their rentals after they reach around 40K and they have many makes and models to choose from. This was the very best used car buying experience I have ever had or heard of. They do no haggle pricing, their price is set based on blue book value, but they will give you kelly blue book value on a trade in. When he bought his they were running a special for trade in value plus $500. His trade was a 95 Camry with over 200,000 miles and a pretty badly beat up body (he learned how to drive on it, what more can I say) so the trade in of $775 plus the $500 was a great deal for us. But what really sold me on this whole experience was the service we received after the sale. Within 10 days of getting the car a molding just inside the door broke and they replaced it, no questions asked. A few days later the brakes started making a noise, they ended up replacing the front brakes and rotors. Overall it was a great experience. And car loan rates are great right now. Even though it was a used car he got the new car rate which was in effect for anything 2008 or newer. And with his mom's good credit score and co signature, was able to finance it at a great rate.

[DizneyRox]

I think a recent stat I saw on Subaru's is like 90% of them are still on the road after 10 years. I'm amazed at how many I see while driving around. For a "small" manufacturer they seem to get around.

As I said, I really love my Subaru. I got a 2010 Legacy 3.6R Premium. Drives really nice. The AWD is a really nice feature, one that Honda /Toyota doesn't really have until you get into their SUVs (or you want to spend a mint).

Enjoy the Subaru...

[LauraF]

Well, I've only had the Subaru for two days, but I see why folks love hem so much. OMG, car love. :D

It's an Impreza, btw. I'm almost looking forward to snow now . . . the AWD is a blast!

[princessgirls]

Congratulations Laura on your Car!!

I'm so glad things worked out for you!

Enjoy it!!

Julie:mickey: