Tuesday, 31 January, 2012

What are the best used cars to buy and use for no more than a year (to resell)?

Q: I am waiting for a specific car to come to market but it might be a several months (maybe more :( ) until it will be available. Until then I need a car, I just want one that looks nice, has high MPG, is known to be reliable (since it will be used) and one that I can sell after I do not need it anymore for a price near or even over the purchase ;) Thanks.
Tesla Model S
(2012-01-30 20:47:30)

A: Whatever you can get without loosing money.

The most important thing to consider is how easy it will be to sell. You can get some pretty interesting cars for a few thousand dollars, such as a Porsche 944. I'm sure driving a Porsche sounds more tempting than a Civic, but when it comes time to get rid of it you'll be regretting it because it will be much harder to sell. There is a very small market for cars like that. Something like a Honda Civic is ideal, because there is always strong demand for cars like that.

The next thing you have to consider is how good of a deal you can get. I wouldn't be looking for a specific model, but rather what car I can get for the most under blue book value. Don't bother with dealers if you want the best deal you can get. I'd search through the private sellers on Craigslist. There are some VERY good deals on CL. It's where I got my car for $2-3K under the private party value it would usually get. But perhaps the best way to break even or make money is to go to an auction. It's where dealers get a lot of cheap used cars, which they then resell. You'll be able to find an auction in any major city, and auction companies usually have them 1-2 times per week. You're ensured a good deal. Just go down one day, inspect the cars before bidding, and buy something in running condition.


And just out of curiosity, what car are you waiting to buy?

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