New or Old Car

[Threehz]

So I'm a college student working full time to eat and go to school. I have an Isuzu Trooper and it just does not get good gasmileage, good car, but not sensible. So I'm going to sell it and get a car, something with at least decent gas mileage.

I really want to get a 510, maybe I'll be lucky enough to find one. There are a few locally but most are in pieces and I need something that I can get driving relatively soon or right away. Anyhow...

My dad and I always get in fights about this. He believes I should get a new car, like brand new from the dealer because it won't have endless problems. I say no at the very least I'll get a used car, preferably an older car (I like old cars because parts are usually cheaper and I can do ANY work on an old car myself, not to mention I just like the old styling for the most part so much more.) So we fight about why one way is better then the other and he is stubborn to the end.

So what are your opinions on the matter of buying an old car vs a new car?

Here's how I see it..

If I were to buy a new car that is at the very least around 12,000$ to 16,000$ for a car that I don't really like. Any new car that I would want is far out of my price range. So let's say I get an amazing deal on a new little car that gets good gas-mileage for 12,000$. First off that price goes way up after tax, registration and title, not to mention the insurance cost if I want decent coverage. The pros are warranty and reliable transportation.

So I was willing to spend 12,000$ at the very least to buy a new car, let's consider I got a car loan for 12,000$ as I would have to in order to buy a new car. With that money I could buy an old car, or any number of options, just frames, etc.. And do a complete restoration/modification to make a car that appealed completely to my tastes and tuned to my liking and needs. Not to mention I would know every single part of the car and how to fix it myself. The car would also be, in fact, a completely new car and would have no reason to break down any sooner then a new car.

Anyhow that's how I see it, however I am very open minded and would love to hear some opinions from people who have more experience then me!

Thanks in advance for the input.

[Oiluj]

I'm assuming that as a working college student, time & money are a reasonably scarce. Because of this, I tend to agree with your Dad.

A newer Civic, Corolla or a 3-to-5 year old Accord or Camry, Mazda 3, etc will be reliable enough to be a daily driver you can depend on, without having to spend a lot of money & time on maintenance.

The problem with older, collectible cars is that unless you "restore" all the major systems to "as new", it will be less reliable than a modern car. This restoration will require you invest the about the same amount of money as a newer car, and lot's of your time. Otherwise, that old car will likely be less reliable and cost you more time & money to keep it running than a newer car. Also, for something like a 1970's 510 most parts won't be "on the shelf" at your local O'Rielly's Auto...

I know that's probably not waht you wanted to hear...

[Arne]

I don't think you'll find any banks willing to loan you $12k on an old car. If you are going to need to borrow the money to buy your next car, it will need to be new enough to be "financeable". I see no way to finance an old car like a 510. Sorry.

[Travel'n Man]

Focus on your studies to make money, so later in life you can focus on how to spend it!

[Threehz]

Well the reason I made this was to get other opinions and I'm open to hear. If I can't find a decent 510 I was considering getting a used newer car.

Good point Arne, I was trying to justify spending all the money you spend on buying a new car compared to a used car.

One thing that makes me feel the way I feel is the two cars I've owned a 1995 and 2000 have had loads of problems, and seemed like really good quality cars, even the one mechanic I trust didn't find any problems with the 2000.. but they sprung up like weeds. A lot of people I know have bought cars that are pre-70's or pre-80's and have given them far less problems then the newer cars I bought, not to mention they, or I could easily and comfortably work on those cars, I've only felt comfortable doing some repairs on my newer cars and they were farrr more expensive then on the older cars.

I'll probably end up getting a 90's to 2000 year vehicle unless I can find a good old one.

Have you guys had lots of expensive problems with your Z's or other old cars compared to newer ones?

[Gary in NJ]

I would suggest a "newer" used car. From my experience the age of a car has more to do with its overall condition then mileage. A 2 to 4 year old car with highway miles is almost completely deprecated. A Genesis Coupe would fit your price range, is a good looking comfortable car and they get almost 30 mpg on the highway. As mentioned above, you can never go wrong with a Civic.

[psdenno]

Allow me to add a little more rain to your parade. The earlier advice to get a newer reliable car for now, finish school and get a good paying job, and THEN look for an older "fun' car is solid. A newer car is safer, potentially more reliable, and easier to finance. An older car will give you more pleasure when it's not your only means of transportation. In the meanwhile, learn as much as you can about the old car of your dreams and plug into the on line forums to keep up with prices, parts availability, and cars for sale. Enjoy the journey!

Dennis

[Threehz]

So it seems that the verdict has pretty firmly established.

To clear something up, I don't want an old car for the fun of it, I already have my 280Z which is my side-project fun car. I just like older cars much more then newer cars in every way. Their simplicity (comparatively), their styling, and just the nostalgia and feel of being in and driving an older car. Putting what I like aside, the cars I'm interested in (510, b210, 810 even) are equal or better then most new cars in terms of what I'm looking for (fuel efficiency).

I definitely hear what you are all saying and agree. I just feel like if I buy a decent used 'new' car for say 4000 to 5000, it could have any number of problems that I won't find until I drive it for a while, and then I'll have no extra money to fix these problems. So I see it as, why not buy a decent used 'old' car for 1000 to 2000 and have that extra money for when problems will arise as with any used car, new or old.

That right there is my main argument.

[psdenno]

So I see it as, why not buy a decent used 'old' car for 1000 to 2000 and have that extra money for when problems will arise as with any used car, new or old.

That right there is my main argument.

Well, in that case, power on. Let us know when you find that "decent used 'old' car for 1000". Oh to be young, again. :classic:

Dennis

[Threehz]

Well I did not mean to sound naive.. A "decent old car" for one to two grand is a dime a dozen no doubt, but they are definitely out there. I'm not in a rush to get a new car, I plan on listing my current vehicle and waiting until someone comes around who will pay the right price for it. During that time I'll have a lot of time to look around. Those cars are out there and if one happens to make it's way to me, then that'll be that. I'll most likely end up getting a 'newer' used car but we'll see.

Maybe I'm just being too naive and optimistic all together, I guess time will tell. Thank you all for the input hopefully it'll sway me more in the right direction.

[psdenno]

Maybe I'm just being too naive and optimistic all together, I guess time will tell.

Don't decrease your optimistic outlook. It's something we all share and it keeps the old car hobby going. My guess is that everyone on this list has spent more than a little time dreaming of finding a needy car and restoring it to near new condition. In fact, I currently have one in the garage and one on the driveway. One has been a work in progress since 1976. My hat's off to those who complete their projects more rapidly. Good luck with whichever path you take.

Dennis

[Gary in NJ]

A "decent old car" for one to two grand is a dime a dozen no doubt, but they are definitely out there.

By way of example:

My son purchased his first car, a 2001 Dodge Stratus Coupe R/T (twin to the Eclipse). When he purchased it we knew it needed a clutch. He paid $1,600 for the car and spent $800 on the clutch. The car had 110K and was in good condition. Has all of the options too. Apparently the previous owners weren't big on maintenance, so in the months following the purchase he put an additional $600 into the car (and a lot of my time) for brakes, ignition, battery and some odds-n-ends.

So for $3,000 he has a really nice car that should go another 50 to 100K miles. He wont own it that long, but the point is the car is reliable, was inexpensive to purchase and is somewhat economical (about 28 mpg with a V6).

That's a smart car purchase. If something unexpected happens to the car it shouldn't be too expensive to fix. And in the event it is expensive, he doesn't have too much invested that it would be heart breaking to part company.

Would he ave liked a new car or a near-new car. Of course he would. By why in the world would he want to purchase something that will compete with his (very) limited resources.