<p>Grandparents have money set aside to buy our 16yo a used car. We have told them to put it off for a while, as S1 doesn’t drive to school yet, and we don’t want to pay the extra insurance until absolutely necessary. We told my dad he could start looking around the end of the year, as S1 could start driving to school in the spring, when his sports season starts and there are lots of late practices.</p>
<p>Well, with all the financial woes, we see prices have dropped substantially, especially if you walk in with cash. Normally, I’d buy at the end of the year, when dealers are trying to clear their inventory, but my dad thinks now is the time to move, while things are so unsteady and dealers need cash.</p>
<p>Personally, i think it’s a fantastic time to buy used if you’re seeking a large car or truck. Supply and demand. Small cars thought of as better economy are still much in demand. Many unwilling or unable to buy new, but want to buy are looking for late-model used. Buyers who would normally seek late model used now seeking slightly older model used.
Depending on the miles one expects to drive, a larger car can be such a bargain that one could pay the extra gas cost with the savings.</p>
<p>We were about ready to buy one, actually we have chosen a car and prepared to negotiate a deal, and then we decided to wait. What if we loose both jobs and 401K is gone? I do not have any economc backround to give you intelligent advice.</p>
<p>MiamiDAP, what you do have is common sense! </p>
<p>I think this buying a car is more exciting for my dad than my son. He started looking practically the day son turned 16, and I had to put the brakes on (no pun intended). My dad, ever the opportunist, thinks he can get a great deal because the usual clientele who are looking for used cars won’t be able to get a loan, and we always pay cash.</p>
<p>I see what you are saying, younghoss. The only requirement my son has is that it be economical as he’ll be paying for gas, so no truck for him. Plus, he’s a tree-hugger so he wouldn’t want a gas-guzzler.</p>
<p>What a fortunate young man to have such a doting grandpa! The car guys in our family can also get antsy about the purchase process once the decision to buy (or even thinking about buying) is made.</p>
<p>In our house, once the ball gets rolling it usually keeps rolling. Will a car purchased now REALLY sit quietly to the side until next spring?</p>
<p>But on the flip side, we have found some solid deals on cars in the fall - new models coming out, last year’s models marked down and the used inventory both retail and private seems to be higher. The economy may be wobbly, but there is still activity out there.</p>
<p>I think a good case can be made for buying now, before credit markets get back on their feet. And I think an equally strong case can be made for waiting until you S is older. Frankly, I don’t credit markets getting back to normal for a year at least. Waiting will defer taxes and insurance on the car, and annual insurance should be cheaper with each passing year. </p>
<p>I agree with NewHope, there is no sense paying more insurance and maintenance before you need to. The markets is slow, it will probably be slow for a while, so buy it when you are ready for it, not now because of the market</p>
<p>1999 Jeep Grand Cherokee fully loaded for $7K … yeah it’s an 8 cylinder … but it will cost less for my son to drive that one to school that to (a) take the bus or (b) for me to drive him.</p>
<p>The dealer also told me that he just sold a Landrover with 16K miles that has listed for when it was a new car. There were people <em>bidding</em> on it …</p>
<p>I think it’s a great time to buy a *new *car. I wish I needed a full-sized pickup. The dealers are practically giving them away. Unfortunately, my 6-cylinder '92 Chevy keeps on trucking (if you’ll excuse the expression).</p>
<p>Something to think about - buying the car a year or two before the kid goes to college might not be a sound economical decision. If the kid ends up going to a college where it might not be practical to have a car the first couple of years (i.e. nonexistent or expensive parking, going to college in an urban area far from home, etc.) the the car just sits in the driveway or on the street unused but costing money, depreciating, and being exposed to the elements, vandalism, and accidents. I’ve seen this happen to a number of people. IMO it’s more practical to share the family car if possible until after they know what’s happening for college and the practicalities of owning a car at that time.</p>
<p>Oh, if he had a car he’d be driving it. For instance, right now he’s at offseason training for his sport. In order to get home, he’ll have to wait an extra 45 minutes to take the late bus. If he had his own car, I would’ve let him drive today so he could sleep later (he catches the bus at an ungodly hour in the morning) and get home earlier. But without a car, he just makes do – late bus, I’ll go get him, he bums a ride from a friend or other parent.</p>
<p>Good point, ucsd. Lucky for us we have another son who’ll be 15 when S1 goes to college; he’ll be happy to take the car off his brother’s hands.</p>
<p>Youdontsay,
Ditto what Vulture said–Lucky son to have grandparents wanting to buy him a car!! When our older s needed a car, we bought one from a family member. Then, younger s got DH’s used car (cute little volvo which we bought 6 yrs before, with full plans to have DS use it when he turned 16 and then DH got a new car.) Unfortunately the volvo got smooshed on the highway (with DS in it-- fortunately DS was fine, thanks to the Volvo, but the car wasn’t). Anyway-- long way to get to the point. Much better prices can be gotten from private sellers than from dealers- either through your local paper, autotrader.com or craigslist. You have to be careful with craigslist, and always check the title history through carfax (you can do an unlimited # of title searches through carfax.com for $25 or so for 30 days, I believe). Do <strong>NOT</strong> buy from third parties claiming to sell a car for their friend who took a job overseas, and if a deal sounds too good to be true, it is (ie people claiming to have a brand new car in a dealership in Las Vegasor something willing to sell for 1/3 its value and ship it to you). These are both scams.</p>
<p>– You will want to have a mechanic you trust check out any car you get, even if it is from a dealer. But best prices, IMO, are not gotten at any dealership. Skilled people can buy at auto auctions, but I never had the nerve or knowledge to do that.</p>
<p>Bottom line, I think this is a great time to buy a car! People are desperate for cash, and private sellers are probably equally if not more hungry for $$.</p>
<p>Older s’s car sat, covered, in the driveway during his freshman year, and we notified the insurance co that it wasnt being driven. It wasnt worth all that much anyway, so it wasnt depreciting much in the driveway. If we needed to drive it or want to, we just notified the insu co for the day or so it was on the road. Unfortunately younger s was in a wreck this summer and totalled the replacement care we bought after the volvo was totalled, so it wont be in the driveway collecting dust… We bought that second car (10 yr old Acura in great condition) from Craigslist. Worked out fine.</p>
<p>And MiamiDAP-- possibly lose both jobs and 401K?? Is that a real possibility??? Ouch!</p>
<p>There was a thread about this a year or so ago. Someone suggested checkingwith friends shoe kids just left for college to see if they had a car to sell. thats another good way to get a car at a reasonable price. Good luck!!</p>
<p>Somehow my earlier post got garbled … the LandRover sold for 20% more than a year’s tuition at a high end private college … and originally cost about $90K.</p>
<p>I agree with WashDad. I think now is a great time to buy a NEW car, if you need one and you have cash. The data on msrp and dealer invoice pricing is generally available and you know you are getting a great deal. Used car prices tend to be fuzzy and it is difficult to compare 1 used car to another because you really can never be sure about condition. You may be able to buy a new car for less than what some are asking for their used car. Having said all that, I would be reluctant to buy a 16 yr old a new car for his first car.</p>
<p>^^^^ The insurance on a new car for a 16 yr old might be steep. However, the 16 yr old can drive the older family car and you can buy YOURSELF a new car :D</p>
<p>“Having said all that, I would be reluctant to buy a 16 yr old a new car for his first car.”</p>
<p>I hear ya. We let youngest driver use the family rattletrap, anticipating she’d run it into something one day. And she did, causing minor damage. But she also borrowed her Mom’s essentially new car. You can guess how that turned out.</p>
<p>^^ Ouch, New Hope!
We gave the older car to DS and got DH a new convertible (not fancy but a fun car). We… <<<ahem, bad=“” parent=“” here…=“”>>> “bribed” DS with the opportunity to drive daddy’s new convertible to school for a day if he did well enough on the PSAT to become a NMSF. It worked!!! He got to drive the cute car to school, ans we are saving $8k in tuition ($2k/yr) as a NMScholar! Definite win, win experience!</ahem,></p>
<p>I don’t think my dad has every bought a new car in his life. When I said dealership, I didn’t mean something like a big Ford dealership. My dad frequents some kind of small car lot. He’s a real wheeler-dealer (our idea of a good time when I was growing up – hit the flea market and then breakfast at the Waffle House!). This car would be nothing fancy. He called today about a 2002 Mazda Protege he found, but that’s newer though than dh’s car!</p>