The Car Buying Experience
July 1st, 2007 by Grant in: Finance, GeneralTwo weeks ago we finally broke down and traded in my wife’s ‘95 Honda Accord. The airbag light came on out of nowhere, and it would have cost us about $500 to fix it. That was the straw that broke the camel’s back.
So after much agony, we went to the local Honda dealer looking for the last car we’ll buy. At least for the next 13 or so years.
With eyes set on a new, 2007 light metallic blue Accord, we started talking numbers. Most of you frugal readers are thinking: “You bought a NEW car, and took the depreciation! How sinful!”.
Yeah, I know, but here’s my rational. There really isn’t much depreciation in Honda’s. In fact, we could buy a used 2006 model with 25,000 miles for $23,500, or we could buy a new 2007 model with 11 miles for $25,000. So for an extra $1,500 we could buy a new car, with no driver history. So while it did cost me an additional $1,500, I think it’s money well spent.
We finally came to terms on a deal, and while I could have squabbled a few extra bucks out of the salesman, it really wasn’t worth the headache. I ended up agreeing to his numbers, as long as he could throw in a few “options” on the side. Seeing as how floor mats, splash guards and other superfluous “necessities” cost the dealer pennies on the dollar, I knew he’d throw in what ever we wanted to close the deal. So right I was…
After spending 30 minutes signing our lives away on useless paperwork that no one really reads, we drove off in our new Honda Accord. Done deal, the aggravation is over, and we won’t be car shopping for a long, long time.
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July 4th, 2007 at 3:00 pm
You made the right decision on getting a new car vs. a used one - the depreciation really isn’t what it used to be, and why settle for something less when you know you’ll have it for a long time?
July 31st, 2007 at 12:29 pm
Just found your site today and have enjoyed what I’ve read. I look forward to your continued postings!