beyondfantasy3 113M
2011 posts
4/10/2016 5:42 am
Public Auction

I went to one yesterday, I was going to bid on a car, but I decided to watch.
It is amazing how much value some cars lose when averaged over a period of even 10 yrs.
I saw a 2004 BMW 645ci that sold for less than 6K. I came home looked it up as to average cost, it was in a range from 9-14K, and the mileage was avg around 100K+/- .
These cars new sell for around 78K - that's almost a $6k loss per yr when averaged out.
It's outrageous!!!!!

It makes me question buying and paying new car prices for vehicles. Yes, new cars are nice, but the value loss is tremendous. They also sold a BMW 740li for less than 7K. This is a very expensive vehicle when its new. The loss ratio is equally high.

I have been checking Porsche, the value loss is somewhat high, but the level of value retention is also on the high side when one reviews the options available, some over the span, loose value down to about the 1/2 level of what it cost new, and it seems to level off and drop more slowly.

I am thinking of a car, but I am looking at Certified Pre-owned, as well as various used cars. I don't like the idea of a 5yr or 7 yrs loans. Especially at my age, why would I want to get locked down to 5-7 yrs paying for a car. By the time the car is paid, I'd be 67-68, and the tech and advancements will have brought many changes to what is an automobile.
So, I look at the Lease options. I would only lease if I have another car that is already paid for. But the deal with the lease is, after 3yrs, they will give me another new car.

I like the 6 and 7 series BMW, I like the Porsche, and I like the E-Class Benz, but I don't like them at the new car price. I will likely buy a used one.
that I can simply pay for and be done with it, I don't like having car payments.
I have not had car payments for many years. I did pay payments on the motorcycles, but they were paid off, and I said then I'd never get stuck in such a long term payment arrangement. I gave one bike to my , the other is sitting in the garage collecting dust. I might sell it, take the money and simply buy a car for cash. I am going to keep my existing car. Which is old, but I like it, I will make some upgrade maintenance items repairs, and simply keep it. And what ever I buy, between the two, they will suffice what what I want.
I'm single, I don't need two cars, but I've practically always had two or more cars my adult life. It's just something I like because it gives me the options to change up in usage. The insurance, well if its paid for, I only need Liability, so that can be a savings over having to buy full coverage on a new car.

I think about keeping the bike, then I think about selling it. I'm not so motivated as I once was about riding, I don't like having to put on all the safety gear, but I don't care to ride without wearing it.

Cars are not like they use to be, the tech is so good, they last a long time if they are taken care of. I have absolutely no problem with owning a previously used car.

beyondfantasy3 113M
4740 posts
4/10/2016 5:48 am

A friend bought a car from a neighbor of mine in California, the family had Acura, and they bought a BMW 7 Series, they gave the Acura to the daughter, she washed it every week, when they sold it my friend bought it. He's been driving it for 12-13 yrs, with minor repairs over the time span. He is about to sell it, but he got many years as did the original owners.

I've been driving my current Benz, 10yrs and it is doing good, I will change out the headlight, do the brakes, change the shocks and wheels aligned, and maybe re do the driver seat, and maybe I might paint it back the same color. (only because I did not stay on top of it as I should have). it's a very solid car and to me its worth the investment to fix these things. they were not meant to last forever.
the problem with new cars and this car's headlights, is the plastic they use, which yellows over time, but I've learned, there is a polish which should be applied each time the car is waxed to protect the plastic from oxidizing.