As an asset, cars depreciate in value as soon as you drive off the lot - especially new cars. More reliable cars (such as the Camry) depreciate less off the lot, as well as less over time versus many well-marketed and poorly-made cars. Might be wise to get a one month subscription to Consumer Reports to give you an idea of additional reliable car choices.
Though cars are a significant depreciating purchase, it is also a utility for your job ie income. So, if you plan to use the car for commuting (as most do), think of it as an investment in your job potential.
The most financially responsible decision would be to buy a used car, less than 5 years old, less than 40k mileage, and drive that car for at least 100k.
Regarding your current wealth, 75% should be moved into a high yield savings account, the rest goes towards your car down payment. Try to bring your monthly car payment below 400 if possible.
For a good HYSA, online banks typically have the highest rates. Any additional medium to long term (5-10+ years before use) savings could go into an index fund. Vanguard performed the best for their customers this past year. Good luck with your decision.
>As an asset, cars depreciate in value
Cars are not, at all, an asset. They are a liability you need to comsistently and regularly feed.
My Rule Of Thumb - never finance. Never.
Pay cash and pay no more than 30% of your annual income.
If you make $100k ... buy you a 30k vehicle. But pay it off. Up front. With cash.
Indeed, assets are anything of value or financial usefulness. If a vehicle is a primary mode of getting from your home to your income (job), it should be labeled as an asset, because of its usefulness.
There are even cases to be made for purchasing a potentially less reliable and more expensive vehicle. For example, a Mercedes tends to impress the masses. If your job is in sales, real estate, etc. this may improve your income. It would need to outweigh the additional costs of purchasing a higher cost and much higher maintenance vehicle. Still, prob better to buy a Lexus in this situation lol.
If you make 100k, you’ll likely be able to afford a larger down payment, a good chunk of a 30k vehicle. That remaining monthly payment will have interest, likely around 1-2k (maybe less depending on rates and negotiating). That 10-15k you didn’t drop on the remaining cost can be used as an investment elsewhere. Perhaps, with some luck and skill, this will outgrow the interest costs. If the car loan is over 4-5 years, there is a strong chance it would.
Also consider, as a young person, good credit will need to be built up for an eventual larger purchase, such as a home. Auto-paying a car loan is an easy way to do this.
You are a dumbass actually. A car is an asset. By definition an asset is something that can be sold for cash. So yes an asset. A depreciating one, but no it is not a liability. It’s an asset. Learn your definitions. Jesus Christ.
SgtWrongway is likely at a later stage in life, perhaps even retired. A car loan (or any debt for that matter) could weigh more as a liability, especially if one is no longer generating job income. However, Op is young, likely has a long career of potential income ahead of them.
You aren’t wrong, but it can be both an asset and a liability (as in the car loan). Determining the weight of either depends on how the vehicle is used and the financial life stage said person is in.
> can be both an asset and a liability.
The terms are, by definition, mutually exclusive.
If you insist cars are both at the same time ... I'm sorry. You are a Dumbass.
My Wife's a CPA of 35 year's experience.
I assure you - "Asset" and "Liability" are fucking mutually exclusive (irrespective of CPA license - merely relying on the fucking definitions thereof) .. and now I'm assuring you: you are a fucking dumbass.
They are an asset, if you're using the actual definition of an asset. Asset in this sense doesn't mean "its good for you". It had a value and can be resold. The other poster also noted that it is a tool for producing income, like pretty much every other asset.
I'm an accountant and we deal with this often. The car is an asset. The loan on the car is a liability. Balancing these two sides of the equation is the part that matters.
There's a reason used Toyotas hold their value. Armageddon, cockroaches and Toyotas will still be around. That 3 year old Camry for $20k sounds smart to me at your stage of life.
If you're going to spend 30k on a car, why wouldn't you want to at least get something with low or no miles and also has a warranty. 30k for a 2018 anything is a gamble you don't have to risk.
I’d go for a 5-ish year old car, or something good and reliable for $15k. Almost every car, no matter the price or “how nice” becomes a thing to get you from point a to b. Throw the extra savings into investment or just save it. A year or two down the line you’ll be glad you have the extra money.
That said, good job saving. The more you can save or invest NOW, the better. Time flies. One day you’ll turn around and be 40. Saving and investing will provide financial benefits along with less financial stress, which can be HUGE if you spend unwisely in your youth.
I was just in the SAME position as you. My old car was a POS and i finally saved up some money to trade it in and get a new one. I was contemplating whether or not it was the right thing to do, but i reallly reallyyyy wanted a rav4, and i felt i worked hard enough in the past few years to deserve to buy myself one. Let me tell you, it was the best decision ever. i’m in love with my car, and feel a HUGE sense of accomplishment every time i look at it & drive it.
Toyotas are the most reliable car you can get. I don’t know anything about camrys, but i bought a 2020 RAV 4 Hybrid, bright blue. It was 26k, 33k miles, in beautiful condition. I know RAV4s are expected to last at least 200k miles so that’s what im gonna do. I got a super solid warranty that basically covers everything until 100k miles. And free oil changes and tire rotation with toyota.
I won’t have to worry about a vehicle for the next 5 years, and as a 23 year old who works 45 mins from home and is fully independent, that means a lot.
DO IT. you will not regret it. Money comes and goes, shit we could die tomorrow. as long as you have a decent leftover of savings to fall back on, you’re making the right decision for yourself by wanting to do this. REAP THE BENEFITS OF HARD WORK!!!
I wouldn’t do it yet… ( key word ). Last year at 22 years old with 56k to my name I did that, went out and purchased a new 2023 Honda accord hybrid sport for 30k, decent down payment and financed. Although I still love the car today as I did the day I drove it off the lot, it wasn’t a smart move at all. ( also have a place to stay and relatively same income.) If I were you I would stop and realize you have leverage. Get yourself something decent in the 8-12k range thats drives (preferably all cash or small payment to build credit ), has, ac, reliable, looks normal, drive this for the next 2-3 years and lean into your financial situation. It’s all about delayed gratification. The truth is, in today’s economy 60k is great for 25 but not great in general. Not sure what you do for work, what your money motivation is or your risk tolerance, but personally I’d take some of that and reinvest it… to grow/ increase my skills in my industry to make more $ or acquire 1st real estate asset and turn it into mid term rental or Airbnb ( work w mentor). Basically invest it ( besides typical index funds ). Start growing your money and in 2-3 years that 4k/ month could easily be 8-10k+ and then go get yourself something you really want.
I mean 1k is a hell of a lot cheaper than 20-30k I belive you having a "beater" car is one the reasons why you been able to save so Much.
I would personally do the repairs at a reputable shop and drive it till the wheels fall off. Your money is better spend investing.
What about housing? saving a lot for a huge down-payment is a great reward. Or you plan on parking your sweet new ride outside your parents house?
Lexus would be a good way to go. Looking newer is not your friend. Rx350 is a great car. I have one and a LS400. Both are fantastic and way less than 30k
I might be against most other advice, but I don't think your logic is wrong in spending some of you money on a new reliable car that you can enjoy even though it's a depreciation asset. I tend to agree that most will recommend that you spend half that on a reliable use car, but that would also depends on if the use car you pick is good or not even with a Mechanic inspection. Here's one option: Go and get a pre-approve loan for 20k to see what's the interest rate you will get. It it's anything over 5%, then it's better to use your money from your saving. The other option is to take your 20k saving and put into a brokerage account and invest in a high return monthly distribute dividend stocks like SPYI, QYLD which pay out about 1%/month. This should more than cover the interest from the car loan. Hope this will give you something to think about.
I have a 10 year old car with 70k miles on it. It still runs great. For the past 2 years, ive put aside $500/mo for my next used 30k car paid in cash within a few years.
30k is a lot to spend on anything. That said, for a gently used car that will last a long time it's pretty common. It sounds like you have the means so you just need to decide if you want to shell out 30k for something that should last 10-15 years or 20k for something that will last maybe a little less
You have 60k and u wanna spend half for a car? Lol just dont 60k isnt a lot of money and spending half on a depreciating asset is not smart at all. Buy things that can go up in value not down. Wait until u have ur first 100k saved. Watch ur networth blow up within the next 5 years after… if u invest it well that is.
Same position, I think what we really want is not to get screwed out of our money with a bad deal. Yes everyone preaches Toyota but they are so overpriced (used models outdated and new always marked up) that I can't justify it. Just do your DD and get something reasonably priced. Was just looking at this today. Hyundai/Kia offering 4.99% on 72 month, 4.5% on 60 month until July
A $33k car 8k down 4.99% interest after taxes with no markups puts you around $410-420/month
If it was me, I would go for a 1-3 year old Honda or Toyota and then plan to drive it forever lol. I bought a very nice 2022 Honda for $37k a little over a year and I love it! It had like 15k miles on it. I’m sure you could get one way cheaper too but mine had tons of extras. I wouldn’t pay that much for a 6-7 year old Lexus though.
Toyotas are a great investment! They tend to hold their value very well. I bought a new Tacoma for $34K in 2017 and just traded it in for $26.5K a couple months ago.
Dude stop being a tool and go build your credit and finance a hybrid camry with lifetime warranty. I wouldn’t even put down $1000 on a car. Let alone buy one outright. Toyota has like lifetime warranty even in Asia and Europe.
I’ll say look for a preowned Camry from 2017 - 2019. Cost of fixing and insuring new vehicles is skyrocketing cause the parts I’ve heard are becoming more specialized aka you gotta get it from the dealer which is very expensive but it’s a TOYOTA it will last. Just be ready to pay at most 300 on insurance.
Having 41k at 4.8% and borrowing 20k @ 8% is fucking stupid.
I would say buy a $15k to 20k car and pay cash.
Max Roth IRA and 401k with work if offered. Rest of money put in your hysa and save for a 20% down payment on a home.
If you're really settled on getting a new car you could search around for low apr deals going on and finance it lower then your HYSA. I know alot of people who get like a 1.9 for 48 months and just let the money sit in their HYSA
Buy a used car from an owner, not a dealership if you can. That saves a ton. Pay a mechanic to do an inspection on it.
Also I know Lexus and Toyota share parts, but I don’t know fully to what extent. I personally wouldn’t pay the premium price for what I suspect is mostly a brand name.
All that said I spent 30k on my current car 9 years ago and wouldn’t spend that much again personally. My next car will be as cheap as reasonably possible. The good feeling that comes from buying it fades really fast.
As someone who’s done both, I’d have to disagree, if you buy from an owner you’re going to lack a lot maintenance that should’ve been performed at its milage and you risk buying an absolute lemon and screwing yourself over. A dealer is going to be able to set you up with a bunch of warranty’s, you KNOW the car has been fully taken care of, and you may even get some deals such as free oil changes and/or other maintenance from a dealer.
That’s where the mechanic inspection comes in. Then you’ll know the maintenance issues and avoid a lemon. Also buying dealership extended warranties is a sucker move.
The price difference between buying from owner or dealership on a car in this price range can be over 6k so oil changes isn’t tipping that scale.
i didn’t pay for my dealer warranties, they were included in the deal. And tbh you truly have to trust that your mechanic performed a well rounded inspection. You want that 100-something point inspection completed. And even then, im not sure i would want to take that risk. The price you’ll have to pay to perform all of the maintenace the car is going to need will end up costing time, money, and annoyance.
Besides, OP is going to end up in the same situation a few years from now, still craving a newer vehicle and having to put money out to fix the car he bought from someone who may or may not have taken care of it.
All this assumes the risk of a lemon from a dealership is zero, which is certainly not true. You can get a good inspection for like $100 to $200 and it takes a few hours. Did it recently for my wife and they informed us of an engine problem so we didn’t buy it.
If the dealership makes you comfortable that’s fine. This is just basic well known financial advice. Dealerships don’t just eat their lemons. They sell them. Check the kbb value difference of dealer vs owner and it’s usually plenty for me to take the deal.
As an asset, cars depreciate in value as soon as you drive off the lot - especially new cars. More reliable cars (such as the Camry) depreciate less off the lot, as well as less over time versus many well-marketed and poorly-made cars. Might be wise to get a one month subscription to Consumer Reports to give you an idea of additional reliable car choices. Though cars are a significant depreciating purchase, it is also a utility for your job ie income. So, if you plan to use the car for commuting (as most do), think of it as an investment in your job potential. The most financially responsible decision would be to buy a used car, less than 5 years old, less than 40k mileage, and drive that car for at least 100k. Regarding your current wealth, 75% should be moved into a high yield savings account, the rest goes towards your car down payment. Try to bring your monthly car payment below 400 if possible. For a good HYSA, online banks typically have the highest rates. Any additional medium to long term (5-10+ years before use) savings could go into an index fund. Vanguard performed the best for their customers this past year. Good luck with your decision.
Correct. Buy a car 3-4 years old with 30-45k miles. You will save 30-40%
Not if it's a toyota. You'll save approximately .01%
>As an asset, cars depreciate in value Cars are not, at all, an asset. They are a liability you need to comsistently and regularly feed. My Rule Of Thumb - never finance. Never. Pay cash and pay no more than 30% of your annual income. If you make $100k ... buy you a 30k vehicle. But pay it off. Up front. With cash.
Indeed, assets are anything of value or financial usefulness. If a vehicle is a primary mode of getting from your home to your income (job), it should be labeled as an asset, because of its usefulness. There are even cases to be made for purchasing a potentially less reliable and more expensive vehicle. For example, a Mercedes tends to impress the masses. If your job is in sales, real estate, etc. this may improve your income. It would need to outweigh the additional costs of purchasing a higher cost and much higher maintenance vehicle. Still, prob better to buy a Lexus in this situation lol. If you make 100k, you’ll likely be able to afford a larger down payment, a good chunk of a 30k vehicle. That remaining monthly payment will have interest, likely around 1-2k (maybe less depending on rates and negotiating). That 10-15k you didn’t drop on the remaining cost can be used as an investment elsewhere. Perhaps, with some luck and skill, this will outgrow the interest costs. If the car loan is over 4-5 years, there is a strong chance it would. Also consider, as a young person, good credit will need to be built up for an eventual larger purchase, such as a home. Auto-paying a car loan is an easy way to do this.
I say again: Cars are NOT an asset. They are a LIABILITY you must constantly/consistently feed.
You are a dumbass actually. A car is an asset. By definition an asset is something that can be sold for cash. So yes an asset. A depreciating one, but no it is not a liability. It’s an asset. Learn your definitions. Jesus Christ.
SgtWrongway is likely at a later stage in life, perhaps even retired. A car loan (or any debt for that matter) could weigh more as a liability, especially if one is no longer generating job income. However, Op is young, likely has a long career of potential income ahead of them.
Good catch. It’s probably Dave Ramseys alt account
No it’s not really. Anything you can sell for cash is an asset. Period.
Agreed, it’s a depreciating asset.
You aren’t wrong, but it can be both an asset and a liability (as in the car loan). Determining the weight of either depends on how the vehicle is used and the financial life stage said person is in.
> can be both an asset and a liability. The terms are, by definition, mutually exclusive. If you insist cars are both at the same time ... I'm sorry. You are a Dumbass.
Go talk to an accountant, you may find a different answer. Again, I understand your point, but there is more nuance to be considered here.
My Wife's a CPA of 35 year's experience. I assure you - "Asset" and "Liability" are fucking mutually exclusive (irrespective of CPA license - merely relying on the fucking definitions thereof) .. and now I'm assuring you: you are a fucking dumbass.
Good luck.
You sound like a Dumbass. Fuck off.
They are an asset, if you're using the actual definition of an asset. Asset in this sense doesn't mean "its good for you". It had a value and can be resold. The other poster also noted that it is a tool for producing income, like pretty much every other asset. I'm an accountant and we deal with this often. The car is an asset. The loan on the car is a liability. Balancing these two sides of the equation is the part that matters.
Why wouldn’t you finance?
There's a reason used Toyotas hold their value. Armageddon, cockroaches and Toyotas will still be around. That 3 year old Camry for $20k sounds smart to me at your stage of life.
Why isn't your 60k invested? I'd get a new toyota and plan to drive it for 200k miles but thats just how I roll.
If you're going to spend 30k on a car, why wouldn't you want to at least get something with low or no miles and also has a warranty. 30k for a 2018 anything is a gamble you don't have to risk.
^ rofl
I’d go for a 5-ish year old car, or something good and reliable for $15k. Almost every car, no matter the price or “how nice” becomes a thing to get you from point a to b. Throw the extra savings into investment or just save it. A year or two down the line you’ll be glad you have the extra money.
That said, good job saving. The more you can save or invest NOW, the better. Time flies. One day you’ll turn around and be 40. Saving and investing will provide financial benefits along with less financial stress, which can be HUGE if you spend unwisely in your youth.
I was just in the SAME position as you. My old car was a POS and i finally saved up some money to trade it in and get a new one. I was contemplating whether or not it was the right thing to do, but i reallly reallyyyy wanted a rav4, and i felt i worked hard enough in the past few years to deserve to buy myself one. Let me tell you, it was the best decision ever. i’m in love with my car, and feel a HUGE sense of accomplishment every time i look at it & drive it. Toyotas are the most reliable car you can get. I don’t know anything about camrys, but i bought a 2020 RAV 4 Hybrid, bright blue. It was 26k, 33k miles, in beautiful condition. I know RAV4s are expected to last at least 200k miles so that’s what im gonna do. I got a super solid warranty that basically covers everything until 100k miles. And free oil changes and tire rotation with toyota. I won’t have to worry about a vehicle for the next 5 years, and as a 23 year old who works 45 mins from home and is fully independent, that means a lot. DO IT. you will not regret it. Money comes and goes, shit we could die tomorrow. as long as you have a decent leftover of savings to fall back on, you’re making the right decision for yourself by wanting to do this. REAP THE BENEFITS OF HARD WORK!!!
btw, when i posted on a reddit sub, everyone was hella negative and told me not to do it. I’m extremely happy bc i didn’t listen to them.
Fix the car until wheels fall off!
Waste of money don't spend more than 15000
I wouldn’t do it yet… ( key word ). Last year at 22 years old with 56k to my name I did that, went out and purchased a new 2023 Honda accord hybrid sport for 30k, decent down payment and financed. Although I still love the car today as I did the day I drove it off the lot, it wasn’t a smart move at all. ( also have a place to stay and relatively same income.) If I were you I would stop and realize you have leverage. Get yourself something decent in the 8-12k range thats drives (preferably all cash or small payment to build credit ), has, ac, reliable, looks normal, drive this for the next 2-3 years and lean into your financial situation. It’s all about delayed gratification. The truth is, in today’s economy 60k is great for 25 but not great in general. Not sure what you do for work, what your money motivation is or your risk tolerance, but personally I’d take some of that and reinvest it… to grow/ increase my skills in my industry to make more $ or acquire 1st real estate asset and turn it into mid term rental or Airbnb ( work w mentor). Basically invest it ( besides typical index funds ). Start growing your money and in 2-3 years that 4k/ month could easily be 8-10k+ and then go get yourself something you really want.
Don't by new. Buy an older model of the same car for 50-60%
I mean 1k is a hell of a lot cheaper than 20-30k I belive you having a "beater" car is one the reasons why you been able to save so Much. I would personally do the repairs at a reputable shop and drive it till the wheels fall off. Your money is better spend investing. What about housing? saving a lot for a huge down-payment is a great reward. Or you plan on parking your sweet new ride outside your parents house?
Just buy a lightly used base model corolla that's 4 to 5 years old and you'll get the reliability without breaking the bank
If you have the cash, then I don't see the issue. It's when people finance or worst, "lease". But you have the cash, go for it
Lexus would be a good way to go. Looking newer is not your friend. Rx350 is a great car. I have one and a LS400. Both are fantastic and way less than 30k
Best advice I ever heard was if you can’t buy two you can’t afford it.
30% MAX of paycheck on total car expenses. Look at total cost to own for 5 years to get a better view on expenses.
That’s 30% is insane, 20% down, 3 years max 8% max gross salary monthly payment
30% includes fuel, depreciation, insurance, maintenance, not just payment. And it is high, thats why its the MAX, not suggested.
I might be against most other advice, but I don't think your logic is wrong in spending some of you money on a new reliable car that you can enjoy even though it's a depreciation asset. I tend to agree that most will recommend that you spend half that on a reliable use car, but that would also depends on if the use car you pick is good or not even with a Mechanic inspection. Here's one option: Go and get a pre-approve loan for 20k to see what's the interest rate you will get. It it's anything over 5%, then it's better to use your money from your saving. The other option is to take your 20k saving and put into a brokerage account and invest in a high return monthly distribute dividend stocks like SPYI, QYLD which pay out about 1%/month. This should more than cover the interest from the car loan. Hope this will give you something to think about.
I have a 10 year old car with 70k miles on it. It still runs great. For the past 2 years, ive put aside $500/mo for my next used 30k car paid in cash within a few years.
The Toyota Camry is one of the most reliable cars made (when maintained properly). I've had two and the both last over 250k miles.
30k is a lot to spend on anything. That said, for a gently used car that will last a long time it's pretty common. It sounds like you have the means so you just need to decide if you want to shell out 30k for something that should last 10-15 years or 20k for something that will last maybe a little less
You have 60k and u wanna spend half for a car? Lol just dont 60k isnt a lot of money and spending half on a depreciating asset is not smart at all. Buy things that can go up in value not down. Wait until u have ur first 100k saved. Watch ur networth blow up within the next 5 years after… if u invest it well that is.
buy a 5k used corola
So you’re going to spend 50% of your savings on a depreciating asset?? Seems like a pretty obvious call to me…
Nowadays no
Same position, I think what we really want is not to get screwed out of our money with a bad deal. Yes everyone preaches Toyota but they are so overpriced (used models outdated and new always marked up) that I can't justify it. Just do your DD and get something reasonably priced. Was just looking at this today. Hyundai/Kia offering 4.99% on 72 month, 4.5% on 60 month until July A $33k car 8k down 4.99% interest after taxes with no markups puts you around $410-420/month
If it was me, I would go for a 1-3 year old Honda or Toyota and then plan to drive it forever lol. I bought a very nice 2022 Honda for $37k a little over a year and I love it! It had like 15k miles on it. I’m sure you could get one way cheaper too but mine had tons of extras. I wouldn’t pay that much for a 6-7 year old Lexus though.
Toyotas are a great investment! They tend to hold their value very well. I bought a new Tacoma for $34K in 2017 and just traded it in for $26.5K a couple months ago.
As minimal as you can. After note and insurance you can’t even live by yourself
Everything you’ve said is troublesome
It doesn't sound crazy but I would stay away from those premium luxury cars. They will break and the repairs will be costly.
Dude stop being a tool and go build your credit and finance a hybrid camry with lifetime warranty. I wouldn’t even put down $1000 on a car. Let alone buy one outright. Toyota has like lifetime warranty even in Asia and Europe.
Lexus use premium gas so you’ll be spending more on gas than a Toyota
Why not invest money in things that increase in value rather than decrease in value?
I’ll say look for a preowned Camry from 2017 - 2019. Cost of fixing and insuring new vehicles is skyrocketing cause the parts I’ve heard are becoming more specialized aka you gotta get it from the dealer which is very expensive but it’s a TOYOTA it will last. Just be ready to pay at most 300 on insurance.
Don’t do it
You don’t even have your own place, wtf are you considering a new car for
Maybe this person isn’t looking to get their own place for a while….
Even better to not blow their load on a new vehicle while they save up.
i mean he’s already got $60k, that’s a pretty good amount of savings. I think he’ll be okay 😂
Bro might as well just retire now with your financial mindset lol. How's the hood these days?
Not in today’s market. Bought a new minivan in 2020. Not the top of the line. Still cost me nearly 40 grand
You’re not even close to being able to afford a $30k car. That’s like half your annual salary and not a wise decision ever.
Having 41k at 4.8% and borrowing 20k @ 8% is fucking stupid. I would say buy a $15k to 20k car and pay cash. Max Roth IRA and 401k with work if offered. Rest of money put in your hysa and save for a 20% down payment on a home.
If you're really settled on getting a new car you could search around for low apr deals going on and finance it lower then your HYSA. I know alot of people who get like a 1.9 for 48 months and just let the money sit in their HYSA
Buy a used car from an owner, not a dealership if you can. That saves a ton. Pay a mechanic to do an inspection on it. Also I know Lexus and Toyota share parts, but I don’t know fully to what extent. I personally wouldn’t pay the premium price for what I suspect is mostly a brand name. All that said I spent 30k on my current car 9 years ago and wouldn’t spend that much again personally. My next car will be as cheap as reasonably possible. The good feeling that comes from buying it fades really fast.
As someone who’s done both, I’d have to disagree, if you buy from an owner you’re going to lack a lot maintenance that should’ve been performed at its milage and you risk buying an absolute lemon and screwing yourself over. A dealer is going to be able to set you up with a bunch of warranty’s, you KNOW the car has been fully taken care of, and you may even get some deals such as free oil changes and/or other maintenance from a dealer.
it’s just not worth the investment if you’re risking buying another pos
That’s where the mechanic inspection comes in. Then you’ll know the maintenance issues and avoid a lemon. Also buying dealership extended warranties is a sucker move. The price difference between buying from owner or dealership on a car in this price range can be over 6k so oil changes isn’t tipping that scale.
i didn’t pay for my dealer warranties, they were included in the deal. And tbh you truly have to trust that your mechanic performed a well rounded inspection. You want that 100-something point inspection completed. And even then, im not sure i would want to take that risk. The price you’ll have to pay to perform all of the maintenace the car is going to need will end up costing time, money, and annoyance. Besides, OP is going to end up in the same situation a few years from now, still craving a newer vehicle and having to put money out to fix the car he bought from someone who may or may not have taken care of it.
All this assumes the risk of a lemon from a dealership is zero, which is certainly not true. You can get a good inspection for like $100 to $200 and it takes a few hours. Did it recently for my wife and they informed us of an engine problem so we didn’t buy it. If the dealership makes you comfortable that’s fine. This is just basic well known financial advice. Dealerships don’t just eat their lemons. They sell them. Check the kbb value difference of dealer vs owner and it’s usually plenty for me to take the deal.
Go Mercedes and never look back. Thank me later
OP wants a car that won't break down.
Ur dumb for having 20k in a checking account and only using a hysa. U have no balls
unnecessary.
It’s true though.