Used cars are still expensive

[QuarterMillionMan]

My checking account only had a $5000 balance so I just transferred $25,000 just now which should settle by tomorrow or next week and when it does I'm paying off my loan of $22,900 so as to avoid all the interest accumulation. Over 5 years the interest would amount to $7000 or $8000 (my rate was 6.99%). This is how I buy a new car. I should get the title of ownership by Jan 2025.

[ua_guy]

Definitely I like used cars. It's crazy how expensive new cars have gotten with the exception of what QMM found.

One of the reasons Chevrolet is able to sell the Trailblazer that cheaply is because it's manufactured and assembled in Incheon, South Korea.

The Nissan Versa often also makes the list of "cheapest cars you can buy". Is anyone surprised that it's made in the state of Aguascalientes, Mexico.

But hey, bring on the Tariffs for non-US manufactured goods

[QuarterMillionMan]

Interest rates doesn't matter to me if it is 1% or 29%, because I'm paying it off in less than a month. I bought the car on Nov 8 and it'll be paid off before November ends. Yes made in Korea.

[ua_guy]

Interest rates doesn't matter to me if it is 1% or 29%, because I'm paying it off in less than a month. I bought the car on Nov 8 and it'll be paid off before November ends. Yes made in Korea.

Did you get a financing rebate? Makes sense to take financing when there's additional cash on the table for doing so

[QuarterMillionMan]

Nope no financing rebate was offered. I made a bone-head mistake the day that I bought the car. I went to the dealership but forgot to unfreeze my 3 credit bureaus. When they ran my credit report they said everything was frozen which then hit me that I forgot to unfreeze it. But I was still able to drive home the new car at about 1:30 pm the same day.

[kork13]

In some good news .... This week we agreed to TRADE used cars with another family! We want a 3-row van for road trips sans kids killing eachother, and they want a smaller car for their family of 3. We'll give them a $1000 kicker based on their car's slightly higher value, but the deal is struck & we'll trade keys next Wednesday (after both get a good clean-out this weekend). This deal makes it SOOOO much easier for us, since we don't have to try finding a separate buyer for our car.

Super low-value cars though, which is a great thing about living at an overseas military base .... Mostly have low, easy miles & cars just stick around forever going strong. 2010 Honda Stepwagon (Japan-unique van, $3500) & 2004 Subaru Legacy station wagon ($2500).... Summer & winter tires included. Both cars in generally great shape.

[QuarterMillionMan]

I just thought of something. If TD financial allows me to pay off the $22,900 loan by credit card, I have credit cards with $25,000 limits and will pay it off by credit card in order to get the 3% back and pay off the credit bill when the credit bill comes due. That would be a $600 rebate, sweet.

[ua_guy]

I just thought of something. If TD financial allows me to pay off the $22,900 loan by credit card, I have credit cards with $25,000 limits and will pay it off by credit card in order to get the 3% back and pay off the credit bill when the credit bill comes due. That would be a $600 rebate, sweet.

I'm guessing not, they typically only allow ACH or wire transfer for payments or a payoff. There may be 3rd party services that allow you to pay the with a credit card, but those fees typically eat up or exceed any rebate/points you'd get on the card. The time to get a few free bucks was at the dealer by asking them to allow you to put $x down with your credit card. Sometimes they'll let you do $5k or so. They have to eat the fees (typically 2-3%) but sometimes they'll do it to clinch the sale.

[QuarterMillionMan]

Good call ua_guy. I just tried it and would have pulled the trigger and paid it off with my credit card but TD Financial only allows checking accounts.

[LivingAlmostLarge]

I had no idea why cars were cheaper built than others. Figured parts.

Kork that is so cool you just traded cars with another family.

[ua_guy]

I had no idea why cars were cheaper built than others. Figured parts.

Kork that is so cool you just traded cars with another family.

Much cheaper to build in Mexico or South Korea. Labor is cheap, unions don't have bargaining power like they do here, and companies can mostly just dump their waste wherever they want.

[disneysteve]

I'm guessing not, they typically only allow ACH or wire transfer for payments or a payoff. There may be 3rd party services that allow you to pay the with a credit card, but those fees typically eat up or exceed any rebate/points you'd get on the card. The time to get a few free bucks was at the dealer by asking them to allow you to put $x down with your credit card. Sometimes they'll let you do $5k or so. They have to eat the fees (typically 2-3%) but sometimes they'll do it to clinch the sale.

Not only can't you buy a car on your credit card, I discovered recently when I had some costly repairs done that they wouldn't even accept a credit card for the full repair bill. The limit was $2,500 and anything over that had to be cash or debit.

[ua_guy]

Not only can't you buy a car on your credit card, I discovered recently when I had some costly repairs done that they wouldn't even accept a credit card for the full repair bill. The limit was $2,500 and anything over that had to be cash or debit.

The bit about paying for a repair is surprising...I haven't had a big repair bill like that in a while. Was that at a dealer, or independent shop? Seems like they'd want their money, however they can get it. Sure they can lien the car, and/or keep the vehicle until the bill is paid, but that's both a liability and a hassle.

[QuarterMillionMan]

I saw a commercial for Endurance car warranty where testimonials were given where Endurance paid $5000 for a transmission repair, or $4000 for a catalytic converter, etc. Depending on how much the monthly payment I may consider getting it knowing how much I paid on my own for the catalytic converters repairs in the past. Anyone have this coverage or similar coverage. The Chevy dealer on Nov 8 when I bought this new car tried to push their car warranty on me but I learned from the members here not to get it so I declined. Endurance sounds better but I tried to get a quote online but a representative will need to call me back which I hate dealing with people. I rather do everything online. I would venture to guess it's about $250 a month.

[disneysteve]

The bit about paying for a repair is surprising...I haven't had a big repair bill like that in a while. Was that at a dealer, or independent shop? Seems like they'd want their money, however they can get it. Sure they can lien the car, and/or keep the vehicle until the bill is paid, but that's both a liability and a hassle.

It was at a dealer. I guess their cashier is set up to only accept up to $2,500 on a credit card regardless of what the payment is for.