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What is cheaper?

  • 17-07-2014 1:23pm
    #1
    h.bolla
    Registered Users, Registered Users 2 Posts: 86 ✭✭


    Im sure this question has probably been asked before, but I just want to know or at very least discuss it.

    Is it cheaper to a buy a newish car and then every 2-3 years sell up and throw in an extra 2-3K and get another newish car.

    Or do you buy a car and hold onto it for years. Which of course includes paying mechanics to fix any problems you may run into (timing chains etc), deal with NCTs, and if Im not mistaken have slightly less MPG's and then in 8 or so years sell it for a fraction of what you paid and then have to fork a good couple of Ks and get another newish car.

    You know I can see both options have their pros and cons and I reckon it would probably be a close tie... but I think buying newish and selling every 2-3 years would trump in the end (not by much though). However its worth noting Im not a car person in the slightest so I could be well off the mark here.

    How do you lads feel about the issue?


Comments

  • #2
    murphyebass
    Registered Users, Registered Users 2 Posts: 5,553 ✭✭✭murphyebass


    I change every 2 or 3 years more due to getting bored than anything else. Longest I had a car so far was 2 and half years. Shortest I had a car was 2months. lol. I bought it cause I couldnt find the Alfa GT I was looking for and then of course 2 months later one came up.

    I bought a 2010 Mazda 6 recently. Not the most exciting car but does the job. Looks well, has low tax, diesel, should be reliable enough.
    I'll probably end up keeping it for at least 2 years, probably closer to 3 in this case as I'll probably eventually upgrade to the new model when it drops in price a bit.

    UNLESS the missus goes through with her thoughts of buyin a Corolla as if she does I'm buying a Brera!! No need for two family wagons.


  • #3
    FrontDoor
    Registered Users, Registered Users 2 Posts: 336 ✭✭FrontDoor


    Depends what class of car you buy and what the depreciation for it is. There are also significant costs associated with changing a car.

    I see a new Mondeo for sale around the 23k mark. Even though it is a runout model, it is a good car and would easily see 10 years + of use at 20k miles a year. In that way, it costs about 2.3k per year. Another 25k to replace it. Overall, 45k ish over 10 years.

    Or buy it and trade again in 2 years. Get 13k as a trade in, 10-12 to upgrade. Now you are looking at say 4 trades in 10 years, costing 10k each time. That's 40k. Overall, 65k ish over 10 years.

    My approach is to buy one about 2-3 years old and keep for 6-7 years.

    New cars are a financial disaster zone. Take your 23 k to England and come home with a nice used BMW, Audi, etc.

    There is little financial merit to replacing a car every 2 years. Maybe a Gof/Corolla or the like, but I doubt it.

    Something that confuses the issue. You may have a car in demand and car prices fluctuate. If you can read it, you could see a 2 y.o. popular car for close to replacement cost privately.


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