Used Car help

[CroFlames]

Like others, I highly recommend a Civic. Cheap to maintain, cheap on gas. And when it does need fixin', parts are cheap.

[Burninator]

Originally Posted by stazzy33

Only if you love rust. Rusty quarter pannels, rusty paint chips, rusty skirts, they should rename those cars the Mazda Rusty McRustface.

This is very true. They are very reliable vehicles though.

[puckedoff]

I'd look around on Kijiji as well, its definitely worth doing the math on what your interest cost is going to be at 7% versus buying a more expensive vehicle from a dealership with cheaper financing.

When I bought my first vehicle, I paid 10% on an unsecured line of credit but by buying the vehicle from Kijiji I paid about $6-7K less than I would have at a dealership (for same vehicle). Even at the high interest rate I ended up paying less than $1K of interest and came out streets ahead.

[btimbit]

For what you're looking at, like I said, you're pretty spoiled for choice. You could open up kijiji, set the filters, and pretty much close your eyes, point randomly at the screen, and come up with something good. 3-4 year old Corolla's, Focus', Civic's, etc. Go back another year or two, could get something a little bigger like a fully loaded 2010 Fusion. Heated seats, moonroof, remote start, AWD and 60 000kms of factory warranty left. I'd post some links but there's too many to choose from. And a lot are even dealer ads if you're still set at going that route.

[Sopure]

We've got Certified Pre-Owned Jetta's that we buy and sell for pretty much in your price range-- and as the previous posters have mentioned, you'd likely get the subvented rates (VW has given us 0% for 60 months OAC until the 31st as part of a national campaign). Granted-- not a hatchback, but they're good little cars.

Whichever brand you choose, just be sure you're getting something that's not a salvage or rebuilt title. Any CarProof claim for hail I pretty much ignore and would be fine selling to friends or family. If there's a small dec for under a couple grand you're pretty safe too.

Make sure you get an AMVIC inspection / Mechanical Fitness Certificate and some kind of powertrain warranty for the big stuff. Pylon and I generally don't try to flog cars on CP, but we can help if we're asked. Hope this helps.

[pylon]

Don't buy a salvage title anything. Period. You're better off buying an ex-checker cab.

End of my advice on this one.

[Derek Sutton]

Originally Posted by worth

Thanks everyone, will look elsewhere. It was my thought as well. We should be able to find something that has a spotless history.

If people have other suggestions or links i'd welcome them. Maybe CP wants to vote on which car we should buy. I'll outfit it with flames flags and a CP logo.

You will find that a lot of "older" low mileage vehicles have been salvaged or been in an accident, the primary reasoning for the low mileage is because they have been in autobody body shops for months or years waiting to be repaired. There are some used lots, l know of two small ones here in Lethbridge, that "specialize" in selling these cars.

You will also not find much difference in interest rates between financing through a dealer, or getting a bank loan. A line of credit will likely give you the best rate. Plug your filters into auto trader and kijiji and see what you find, literally there will be 100's of cars.

[Vulcan]

Originally Posted by pylon

Don't buy a salvage title anything. Period. You're better off buying an ex-checker cab.

End of my advice on this one.

Reminds me of the time I was at an auction. I was waiting on another sedan to go through and the auction guy asked me why I wasn't bidding on the car currently on the block. I could tell by the sketchy paint job that it was an ex-cab so I told him. The room went silent and there was no more bidding.

[pylon]

Originally Posted by Derek Sutton

You will find that a lot of "older" low mileage vehicles have been salvaged or been in an accident, the primary reasoning for the low mileage is because they have been in autobody body shops for months or years waiting to be repaired. There are some used lots, l know of two small ones here in Lethbridge, that "specialize" in selling these cars.

You will also not find much difference in interest rates between financing through a dealer, or getting a bank loan. A line of credit will likely give you the best rate. Plug your filters into auto trader and kijiji and see what you find, literally there will be 100's of cars.

That isn't true.

I will finance people that work at the bank, through their own bank, but use my dealer plan, because I can get a lower than staff rate on fixed rate term loans through a lot of lenders. It sounds dumb, but it's just the way it is.

And putting a car on your line of credit is one of the worst financial decisions you can make. Never put a depreciating commodity (which a car essentially is) on a LOC. Bad, bad, bad advice, and if a financial advisor ever gave it to you, fire them. Your LOC should be open for investments, home repairs, emergencies, real estate investments.... ANYTHING but a car.

I have seen people put 50g rides on LOC's, mile the crap out of them, make only the interest payments for 5 years, and still owe 50,000 principal, on a car worth 10 grand.

[Dion]

Stay away from the Focus and the Fiestas. This comes from a Ford service writer.

[calgaryblood]

To me the high KM reading just looks like an error, someone probably added an extra number by accident.

[worth]

Thanks for all the help so far.

We sat down last night and compiled a database of the cars she liked. She really wants a hatchback so there aren't any Civics or Corollas listed here. I really want her to get something less than 100,000km, but she keeps pulling cars above 100k. Any aversion to anything on the list below by just having a quick look? The lines in green are cars she is really interested in.

[btimbit]

Ah I missed the hatchback part. I'd get a Golf then personally


http://www.kijiji.ca/v-cars-trucks/c...ationFlag=true


From your list above, the Matrix would be my choice. Fit second

[Canehdianman]

From that list I'd get the Honda or Toyota. They are the only brands I would worry about being over 100k with.

[Table 5]

Out of that list, Id probably go for a Fit or a Versa. Both of those things have a crapton of space inside of a small package, and you should get good reliability (especially with the Honda).

You may not find one matching your price/mileage criteria, but I also wouldn't be averse to looking for a Prius. It's basically the modern Corolla hatchback.

[CorsiHockeyLeague]

Fit is a great little car for what it is. Nothing fancy, but it does everything it sets out to. If you want practicality in terms of space and reliability I'd go that route.

[DownhillGoat]

Originally Posted by pylon

And putting a car on your line of credit is one of the worst financial decisions you can make.

Can you expand on this? If you're treating it like any other loan how is that a horrible financial decision? I can get a way better rate on my LOC than I can on a standard loan. If you're still making a regular monthly (not interest only) payment, what's the difference?

[Hockeyguy15]

Originally Posted by kunkstyle

Can you expand on this? If you're treating it like any other loan how is that a horrible financial decision? I can get a way better rate on my LOC than I can on a standard loan. If you're still making a regular monthly (not interest only) payment, what's the difference?

Lots of people don't have the discipline to pay down their LOC though, which is what I think he was getting at. People put it on their LOC and next thing they know 3 years has gone by and they still haven't paid any of the car off.

[speede5]

Originally Posted by pylon

And putting a car on your line of credit is one of the worst financial decisions you can make. Never put a depreciating commodity (which a car essentially is) on a LOC. Bad, bad, bad advice, and if a financial advisor ever gave it to you, fire them. Your LOC should be open for investments, home repairs, emergencies, real estate investments.... ANYTHING but a car.

I have seen people put 50g rides on LOC's, mile the crap out of them, make only the interest payments for 5 years, and still owe 50,000 principal, on a car worth 10 grand.

That is bad personal financial managment, if they were to actually make proper payments theres nothing wrong with using a LOC that way. When done properly paying ~3% interest is better than ~6% any way you slice it.

[Cecil Terwilliger]

Originally Posted by kunkstyle

Can you expand on this? If you're treating it like any other loan how is that a horrible financial decision? I can get a way better rate on my LOC than I can on a standard loan. If you're still making a regular monthly (not interest only) payment, what's the difference?

Yeah but if you're treating it like a loan then what is the difference? If you read the rest of his post he explains why. It is like asking "but pylon if I put it on my LOC then pay off my LOC in a day how is it a bad decision?" Fact is most people don't pay off their LOCs quickly.

Also I'm a little confused at this notion of cheap LOC rates. Unless you're talking about HELOCs, pylon is again correct. Pretty rare you're gonna get dealer loan rates on your LOC, unless you have some crazy good rate.