Literal cheapest car lease possible

[EliJelly]

That's pretty bad for a 4 year old car. What year, make and model?

+1. And what mileage? 4 year old car with under 50k is in fact a newer car.

[elazarmn]

I can relate to @ckmk47.

Around 4 years ago I found my parents a 5-yr old car for $12k (CAD), which was a fine deal for that car/age/mileage. For the last 4 years they spent an average of $500/yr on repairs, and then recently the underframe cracked due to corrosion and the control arms were rusted out too, with a repair cost north of $2k. They had enough of it and got rid of it. Got $2k for it. Total for exactly 4 years of car: $12k+$500/yr-$2k that they sold it for = $250/month to drive an old car.

You just had a very bad experience lol my parents have been buying used cars since as long as i can remember dont think the car was in the shop ever, something to remember when buying a used car is find out its history. Nowadays many used cars are lease returns and isnt treated like you care about the longevity
So only later does that car show signs of late oil changes and tranny damage or corrosive parts.

I recently looked into a car that was babied by the dealer/owner every year it was brought in and was looked over by toyota. The lady was obsessed. One downside was she was in two accidents lol everything else was pristine. Carfax gave me the report of the accidents so I wasn’t too worried

In the end of the day you there are benefits to both lease and owning the car. Everyone should calculate for themselves.   

[avromie7]

I bought a used, 4 year old car for $12,000.
I had to put in money every year for repairs - alternator, A/C, etc. Less in the early years, more in the later years.  Average of maybe $800 a year.
It went over a pothole 5 years later and the whole undercarriage was ruined enough to junk it.
Cost per year of car + maint = $3200
Cost per month = $265


So I leased my next vehicle for $250/ month.
And my next for $325.


And I don't worry about when some important part will fail.

I can relate to @ckmk47.

Around 4 years ago I found my parents a 5-yr old car for $12k (CAD), which was a fine deal for that car/age/mileage. For the last 4 years they spent an average of $500/yr on repairs, and then recently the underframe cracked due to corrosion and the control arms were rusted out too, with a repair cost north of $2k. They had enough of it and got rid of it. Got $2k for it. Total for exactly 4 years of car: $12k+$500/yr-$2k that they sold it for = $250/month to drive an old car.

On the other hand, in early 2020 I spent a bit of time hunting around on a deal on a new car, bought something new for $23k (CAD) and financed at 0% for 5 yrs. Much of the car has a 5-yr warranty, so hopefully repairs should be minimal on non-consumable items until then. Even if I want to sell it after 5 years and get something newer, based on the cost of that car 5 yrs old (when I looked into it a year and a half ago) I should easily get $10k, making my effective monthly cost $216, and I have the reliability and comfort of driving a new car.

True, you could get lucky buying a higher-quality beater if it's been taken care of properly and ends up requiring minimal repairs, but if you're not that lucky you might end up paying more to drive an older, less-comfortable and less-reliable car. It's a gamble IMHO.

Neither of these are typical for decent used cars. Statistically speaking, you'll come out way ahead by buying used than buying or leasing new.

[moko]

I bought a used, 4 year old car for $12,000.
I had to put in money every year for repairs - alternator, A/C, etc. Less in the early years, more in the later years.  Average of maybe $800 a year.
It went over a pothole 5 years later and the whole undercarriage was ruined enough to junk it.
Cost per year of car + maint = $3200
Cost per month = $265


So I leased my next vehicle for $250/ month.
And my next for $325.


And I don't worry about when some important part will fail.

I bought a 2004 Avalon in 2012 with 100k mi for $7000 all in including license and registration.
 I've spent $5300 to date on maintenance and repairs.


Sounds like you got a bad car

[yelped]

Neither of these are typical for decent used cars. Statistically speaking, you'll come out way ahead by buying used than buying or leasing new.

Yup. Statistically speaking, I have been on the other side. Bought 2 very cheap cars and still have them years later with almost no repairs.

[Yehudaa]

Neither of these are typical for decent used cars. Statistically speaking, you'll come out way ahead by buying used than buying or leasing new.

Fair enough. I only know my own experience.

[AsherO]

I bought a 2004 Avalon in 2012 with 100k mi for $7000 all in including license and registration.
 I've spent $5300 to date on maintenance and repairs.


Sounds like you got a bad car

Honda/Toyota/Nissan in good condition at under 100k miles and you’re typically good for another 50k miles at least. The trick is to know when to cut your losses and sell.

My folks got a Nissan Stanza (I think) when I was a kid, and drove it without any major issues past 250k miles, they ditched it at 280k and probably would’ve saved some time and dime ditching it sooner.

It’s possible they don’t make them like that anymore, but they’re likely still good for 150k miles at least.

[Pad18]

Honda/Toyota/Nissan in good condition at under 100k miles and you’re typically good for another 50k miles at least. The trick is to know when to cut your losses and sell.

My folks got a Nissan Stanza (I think) when I was a kid, and drove it without any major issues past 250k miles, they ditched it at 280k and probably would’ve saved some time and dime ditching it sooner.

It’s possible they don’t make them like that anymore, but they’re likely still good for 150k miles at least.

My friend, you're wrong on Nissan... But right with Honda/Toyota, and i will add Subaru.

[grodnoking]

My friend, you're wrong on Nissan... But right with Honda/Toyota, and i will add Subaru.

Agree with you on the Nissans. Their transmissions never last anymore. Another thing with used car buyers is sometimes they try to be cheap and push off scheduled maintenance and that causes the car to die faster.