I know the prevailing wisdom for lowest cost of car ownership is to buy a 2-4 year old car for cash, but does that low cost disappear if the car is financed? I do not currently want to allocate the cash for a purchase of a late model car, because I want to keep a cash reserve for replacing a 14 year old second car that could fail at any time, and keep a higher cash reserve in general. (I have a knack for buying 7-10 year old cars with around 100k miles, that go to 200k with few repairs. This strategy has been true low cost because I do my own repairs, but I have grown tired of replacing ball joints, tie rod ends, and so forth. That's ok for car 2 but I want a more reliable car 1)
In terms of financing said 3 yr old car, I do have very good credit, and would choose a fairly slow depreciating car with a good reliability record. For example; Mazda 6, Toyota Camry, Honda Accord.
Submitted September 03, 2017 at 08:47AM by Jay-jay1 http://ift.tt/2xHjEah
