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Forum
-> Household Management
-> Finances
amother
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Thu, Jun 27 2024, 3:50 pm
So it’s an odyssey with 109k, if it was like 8k or 10k I’d buy it, but for 20k that’s just a lot of money for a car that’s gonna needs tons of work.
I have a sienna right now with 130k, bought with 70k. miles and at 110 I had to start putting money into it.
But now the siennas with 70k miles are still a lot of money, close to 28k.
I need a good reliable car that isn’t gonna need work done to it for a few years. We are tired of buying cheap cars that need repairs (although my sienna was amazing, but it was only 8k not 25k so it was worth the risk). Can’t find prices like that anymore
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amother
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Thu, Jun 27 2024, 3:51 pm
If you plan to finance have someone run numbers between used and new.
Used interest rates are in the 7-8% rate and new interest rates are in 3-4% interest rate. I recently bought a car and the dealer told me if you are financing when you reach around 20k it is sometimes cheaper to buy new for 32k because of interest rates.( I didn't finance so I bought used)
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amother
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Thu, Jun 27 2024, 3:53 pm
amother Aquamarine wrote: | If you plan to finance have someone run numbers between used and new.
Used interest rates are in the 7-8% rate and new interest rates are in 3-4% interest rate. I recently bought a car and the dealer told me if you are financing when you reach around 20k it is sometimes cheaper to buy new for 32k because of interest rates.( I didn't finance so I bought used) |
But new is more like 45/50k.
Used is 35k.
Also holding out that if rates go down we can refinance
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Bethany85
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Thu, Jun 27 2024, 3:56 pm
amother Aquamarine wrote: | If you plan to finance have someone run numbers between used and new.
Used interest rates are in the 7-8% rate and new interest rates are in 3-4% interest rate. I recently bought a car and the dealer told me if you are financing when you reach around 20k it is sometimes cheaper to buy new for 32k because of interest rates.( I didn't finance so I bought used) |
Pretty sure you’re off on the interest rates. No way anyone is giving out 3-4% loans. You can get 5.5% by having it sit in a savings account today.
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amother
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Thu, Jun 27 2024, 3:56 pm
amother Aquamarine wrote: | If you plan to finance have someone run numbers between used and new.
Used interest rates are in the 7-8% rate and new interest rates are in 3-4% interest rate. I recently bought a car and the dealer told me if you are financing when you reach around 20k it is sometimes cheaper to buy new for 32k because of interest rates.( I didn't finance so I bought used) |
Where are you seeing 3/4 percent?
We are getting 6.5 on new car
And 7.9 on used car
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amother
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Thu, Jun 27 2024, 3:57 pm
When we got our loan before Covid it was 2.5 percent 😳. It kills me now to pay such a high rate
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amother
Alyssum
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Thu, Jun 27 2024, 4:03 pm
amother Wallflower wrote: | I would NOT buy it. After 100k miles cars start falling apart.
Try and find an older model with less miles. The year doesn't matter. The miles definitely matter. |
The age of a car definitely matters even if it has low mileage.
After a certain age, the parts of the car - rubber, plastic and even metal just deteriorate from age and exposure to heat and the elements for so many years.
I had a low mileage car which I kept because I was only using it for short trips in a metropolitan area so if it broke down, it wasn't the end of the world. I would never have taken it on a long trip or even on the freeway.
I had a good mechanic who was honest about what was worth it in terms of fixing and when it made no sense. At 17 years and only about 40,000 miles he told me that the repair made no sense and I should start looking for a replacement - luckily I didn't need one the next day so I had the time to research my next car.
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amother
Black
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Thu, Jun 27 2024, 4:21 pm
amother Wallflower wrote: | I would NOT buy it. After 100k miles cars start falling apart.
Try and find an older model with less miles. The year doesn't matter. The miles definitely matter. |
Not Toyotas. My minivan is at close to 200k. My dh’s highlander is at 275. Very little maintained. He drives a lot and typically sells his car at 300k+
That is why we try to buy Toyota.
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amother
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Thu, Jun 27 2024, 4:39 pm
amother Black wrote: | Not Toyotas. My minivan is at close to 200k. My dh’s highlander is at 275. Very little maintained. He drives a lot and typically sells his car at 300k+
That is why we try to buy Toyota. |
What about Hondas?
Should I buy a sienna with 85k miles for $28k? Is that worth it?
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amother
Offwhite
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Thu, Jun 27 2024, 4:50 pm
Can you look around for someone whose lease is ending and buy it off? Our 2021 Odyssey lease is ending this month. It has 40k miles and we are buying it out for 21k (including tax). When I asked about financing the purchase Honda quoted me a 3.99 interest rate but I think we will just pay in one lump sum.
Our second car we bought when a relatives lease was ending. It also came out way cheaper than buying used.
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amother
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Thu, Jun 27 2024, 4:52 pm
I might be way off base byt we bought an older Toyota this year for about 7 (slightly less but it needed a few minor things we knew about at sale-took to mechanic!- so all together)
Aside from cars being crazy so is car insurance. Keeps going up and just jumped. Our insurance broker told us in NY all insurance going up cause so many ppl driving without insurance these days.
We personally felt better to own outright then to finance. And better cheaper with good care (got car from original owner well maintained and looked at by mechanic before sale). There is no guarantee how long car will last. Is can be totalled by a diff reckless driver on the road tomorrow
.
Obviously do whats good for ur family.
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amother
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Thu, Jun 27 2024, 5:00 pm
amother Offwhite wrote: | Can you look around for someone whose lease is ending and buy it off? Our 2021 Odyssey lease is ending this month. It has 40k miles and we are buying it out for 21k (including tax). When I asked about financing the purchase Honda quoted me a 3.99 interest rate but I think we will just pay in one lump sum.
Our second car we bought when a relatives lease was ending. It also came out way cheaper than buying used. |
I did, all tje ones I found wanted 32k one even wanted 43k
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amother
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Thu, Jun 27 2024, 5:01 pm
amother Offwhite wrote: | Can you look around for someone whose lease is ending and buy it off? Our 2021 Odyssey lease is ending this month. It has 40k miles and we are buying it out for 21k (including tax). When I asked about financing the purchase Honda quoted me a 3.99 interest rate but I think we will just pay in one lump sum.
Our second car we bought when a relatives lease was ending. It also came out way cheaper than buying used. |
Idk we have ok credit but not great and we aren’t getting so low. And of course I’d love to buy outright but I don’t have the ability to do so
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amother
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Thu, Jun 27 2024, 5:02 pm
amother DarkViolet wrote: | I might be way off base byt we bought an older Toyota this year for about 7 (slightly less but it needed a few minor things we knew about at sale-took to mechanic!- so all together)
Aside from cars being crazy so is car insurance. Keeps going up and just jumped. Our insurance broker told us in NY all insurance going up cause so many ppl driving without insurance these days.
We personally felt better to own outright then to finance. And better cheaper with good care (got car from original owner well maintained and looked at by mechanic before sale). There is no guarantee how long car will last. Is can be totalled by a diff reckless driver on the road tomorrow
.
Obviously do whats good for ur family. |
What year and mileage? Haven’t seen anything that low. Even seen some 2008 and 2011 more than that.
Unless it was 200k miles
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amother
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Thu, Jun 27 2024, 5:03 pm
amother DarkViolet wrote: | I might be way off base byt we bought an older Toyota this year for about 7 (slightly less but it needed a few minor things we knew about at sale-took to mechanic!- so all together)
Aside from cars being crazy so is car insurance. Keeps going up and just jumped. Our insurance broker told us in NY all insurance going up cause so many ppl driving without insurance these days.
We personally felt better to own outright then to finance. And better cheaper with good care (got car from original owner well maintained and looked at by mechanic before sale). There is no guarantee how long car will last. Is can be totalled by a diff reckless driver on the road tomorrow
.
Obviously do whats good for ur family. |
We also feel better when we own outright but we can’t do that right now
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amother
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Thu, Jun 27 2024, 5:56 pm
08, ild have to check mileage but I think around 125k. Sienna though I'm good mechanical condition so here's to hoping we get some good yrs out of it.
Private sales tend to be cheaper. I don't know where u live but by me there is a lot of Whatsapp chats etc you can look for a vehicle. Also ask around your neighborhood if anyone is selling. If you post maybe other imas can help but you on some car sale/for sale chats.
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anonmommy4
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Thu, Jun 27 2024, 6:34 pm
I’ve been asking around for a few weeks already. Basically looking to spend around 20k.
Whether to buy out an odyssey lease or to buy a sienna. If you know anything please pm me
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amother
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Fri, Jun 28 2024, 12:31 am
amother OP wrote: | I can get an odyssey with 29k for 35,000. |
Great price. A year ago I paid $41k after all fees for EXL 2021 21k miles
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amother
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Fri, Jun 28 2024, 12:33 am
anonmommy4 wrote: | I’ve been asking around for a few weeks already. Basically looking to spend around 20k.
Whether to buy out an odyssey lease or to buy a sienna. If you know anything please pm me |
Buy outs are great if you find someone willing.
Most ppl, I found, were wanting to sell their buyouts to companies or to extend leases due to prices going up.. was harder to do than we thought. If you found one, go for it. Just check that maintenance has been kept up with. Many ppl lease and dont rly care to maintain as if it were their own car.
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amother
Tealblue
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Fri, Jun 28 2024, 12:37 am
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