this post was submitted on 18 Jun 2024
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[–] [email protected] 0 points 1 month ago

How about

  • never buy big ticket items new ... especially cars or vehicles

I'm almost 50 now and in my lifetime ... I've never owned a brand new car or truck. I've always bought used or near new. An old auto salesman once told me that for every person who buys a brand new vehicle, as soon as they drive off the new car lot, they've immediately lost about a $10,000 value to their vehicle. So I've always bought used. I bought a 2004 Volvo Station wagon about ten years ago when it was already ten years old! I take care of it and it still runs as a reliable vehicle that's given me very little trouble and still runs and looks great today. It's not perfect, it's got minor signs of rust and I've invested about $5,000 in repairs to it as this point but after buying it for $4,000, I've had a vehicle that didn't cost me much for ten years and it's still good. Meanwhile, my young 28 year old neighbour with a good paying job paid $70,000 for a brand new GMC truck (beautiful vehicle) that blew a transmission after the first year and has given him headaches ever since. He got repairs under warranty but he felt funny when I he parked next to me one day with a Toyota Echo he was given as a loaner. After completing his payments for the truck, it will probably cost him about $80,000 to $90,000 and he can resell it to someone or trade it in for $40,000 in four or five years.