Buying 2 Cars At Once
The better question is, Without knowing what you're buying, Can you afford two car loans at the same time? I know it pains me to shell out $700a month for two cars, But I 'only' have a 10-month overlap left on the two before one car is PIF.
buying 2 cars at once
In theory, this rule can help you in multiple ways. First, it makes sure you can afford a down payment on the car. This is important because new cars begin to depreciate when you drive them off the lot. Without a decent down payment, you may immediately end up upside down on your car loan.
While many of us only have the need to finance one vehicle at a time, sometimes adding a car to that garage for your significant other or even your child is necessary. Can you finance two cars at a time, though? Join us as we find out.
The short answer is yes, however, financing two vehicles at once is a big financial burden for one person to manage. Before we conclude this as being possible, let's look at what you need to be given a car loan in the first place:
Even if you plan to sell your current car privately once you get a second vehicle, you could face roadblocks when you apply. Furthermore, insurance costs may be higher, and you could be denied credit from other lenders or creditors after taking out the second loan.
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I am looking to purchase two car's from Toyota. (one for me and for the Mrs.) A GT86 GTS and a Yaris ZR. I am wondering what is the best way to go about this. Will i get a discount for buying two cars? What should i keep in mind?
If you get the best figures you can get for each car individually (i.e. the lowest price people are paying for one car), you'll be able to do a little better buying 2. You might be lucky to get an extra 1k or some freebies thrown in.
Used cars are sold through a variety of outlets: franchised and independent dealers, rental car companies, leasing companies, used car superstores, and online. Ask friends, relatives, and co-workers for recommendations.
What connectivity package do new cars come with? All cars purchased through Tesla will receive a free Premium Connectivity trial. After the trial period ends, Premium Connectivity will be available as a subscription through the Tesla app. Learn more about Premium Connectivity.
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When do I apply for Tesla Financing or Leasing?You will receive a notification on your mobile device letting you know when to apply for financing. Finance and lease approvals are valid up to 60 days, so we advise you apply for financing or leasing once you are within that time frame of delivery.
Still, Enterprise rental cars are fleet vehicles, which means they were previously owned by a business and driven by an unknown number of drivers. When a rental fleet car is deemed too old for business purposes, companies like Enterprise list their used rental cars for sale. For most car rental companies, this begins to happen once the vehicle is one-to-two years old.
No-haggle pricing. This eliminates one of the most stressful steps in the car-buying process, but you might be able to negotiate a lower price elsewhere, either at a dealership or with a private seller.
These two companies offer similar services when it comes to buying a rental car. Hertz fleet sales also include no-haggle pricing, a free vehicle history report, and financing through partner lenders. Hertz also covers car purchases with a 12-month/12,000-mile warranty, the same coverage as the Enterprise car sales warranty.
Ok so depreciation is when something loses value over time because it gets worn out. You can see why this is an issue with cars what with their tendency to age and add mileage. Carfax offers this metric:
The best case scenario when buying a used car is to identify the sweet spot where depreciation flat lines (or close to it), but where the car still has lots of life left. One one hand, this is a crap shoot. On the other hand, this is not a crap shoot because you have the internet and the internet has open source data sets!
I do the same thing to compare used cars. In NE cars do not last as long as in other parts of the country (once they start really rusting, good luck getting them to pass inspection) so it really matters how many drive-able years are left. When researching to purchase a new tacoma to replace my husbands 15 year old one, I would dived the purchase price by how many years they had left to be in reasonably good shape. I found that 4 year old trucks were the sweet spot. The cheaper older trucks actually cost more per year then the newer ones. My theory on why that happens is that most people looking to buy used are trying to keep things to a certain price point (10k) and that creates greater demand for the older trucks and raises the price.
We too live in Vermont, and the one serious issue we find with our aging cars here is body rust from winter road salt. We get our cars oil undercoated every year and nonetheless have had to retire them all before their mechanical failure when they failed inspection due to compromised body integrity (rusted out). I would be cautious about buying an older car in snow country.
I am a current owner of a 2007 Odyssey! Although you have recently put a fair amount of money into your van, you will probably be good for a while before needing more repairs. I would calculate what your yearly car payments will cost, and decide if it is the same or more than your perceived maintenance cost for the next year. You rarely use it, so, to me, the added cost of the new purchase just to have something younger may not be a worthwhile expense. Not to mention, you know what has been fixed on the van. The newer used car may need unexpected repairs over the next few years. On a side note, friends of our went on a driving vacation for their honeymoon. Since both cars were older, they opted to rent a car to reduce the chance of breaking down far from home!
I do not even want to think about new vehicle. I was once broken down in remote area (dropped tranny on old car and husband 200 kms away at work-4 kids and dog at the time- 1 kid with active chicken pox) and found the town I was near (seemingly not unlike the area you live) did not have a rental car large enough for my family. Went to local dealership and the best they could sell me was a brand new minivan. It was NOT a good purchase.
So, my conclusion is that the older/ high mileage vehicles can result in some amazing deals. Also some terrible duds. The lower mileage/newer used cars seem to even out the cost per km., and give slightly more peace of mind while being a far better value than brand new.
I wonder if any readers have any knowledge of cars with a salvage title. Most people will tell you to stay away from these cars, but I know of some people who only own cars with a salvage title because you can purchase them at prices well below market value. I wonder if there are certain things to look for that might make them worth the risk.
Currently, we have a 21 year old car and a 1 year old car. Both cars are low mileage for their ages with reasonable insurance costs.We will drive the old car into the ground. It is so easy to pay for repairs because back in the day there were fewer bells and whistles to break.
I just bought a low mileage 1.5 year old car. I took a totally different approach than your logic. I looked for cars that lost significant value the first year but also needed to have a good factory warranty.
I understand frugality and purchasing used, however. We have mostly bought new and traded the cars in while still low mileage at trade in. Because of this we have always been able to get good trade value and drive a newer car without the fear of breakdowns. We are much older and would not be happy getting stuck somewhere with a breakdown. Yes, I know new cars can breakdown too but just not as likely. We cannot justify the aggravation of old cars with high mileage. We always pay cash, no interest on loans as we do not need to finance. I think when a person gets to the point that they can pay the cash difference, it is much easier to make a deal and drive newer safer cars that will not need maintenance every time you turn around. Also our daughter is an adult now but when we bought her a car it was a one year old car. We did not want to worry that she would get stuck with a breakdown in the middle of an isolated road. I know many will argue against this but peace of mind is worth a lot to us.
The difference between the two used cars. The first one I trusted a friend-of-a-friends-mechanic I purchased the car from. With the Sentra, I took my bulldog of a negotiator little sister to a VW dealer to buy a Nissan (
I love the Frugalwoods philosophy for many aspects of my life. However, I am on the opposite end in terms of car purchases. The way I view frugality is to buy new cars with a very high trade in value. For this type of car there is another flat line slope between 30 and 60K miles. Even a car dealer will eagerly offer a premium for this type of trade in. I advised both of my sons to trade in three year-old Subaru Imprezas for newer models. They were impressed with the outcome and enjoy driving their new Imprezas. In this situation, I would advise against a private sale, since the full sales tax on the new car would have to be covered. With a trade-in, only the sales tax difference is charged to the buyer. As a former owner of high mileage cars who was stuck helplessly with many thousand of dollars worth of repairs, I have made a vow to never drive a car with over 100K again. The financial and emotional headaches are not worth it for me. I prefer depreciation of my car instead of time and money spent for tow trucks, loaner cars, and repair shops. 041b061a72