Buying a Used Car

[John14789]

How many miles is to many miles on a used car?

[Dr.Yes]

Depends on what make/model. Some cars are prone to problems... Get a car fax report with any used car. Any modern car dealer will give you one without you even asking.

It depends what it was used for also. Fleet vehicles for example get driven, a lot. And maintenance usually isn't a concern to the person driving it.

I'm a huge fan of BMW. Even a high mileage BMW, say over 100k miles will last a good long time.

[John14789]

Interesting. I'm looking mainly at Mercedes.

I've heard that the computer on the BMW car gives a bit of a problem as the life of the car progressess is that true?

Which BMW do you have?

[Modee]

Plus also depends on whether we are talking freeway or country back road miles. And that analogy applies to more than just cars!

[John14789]

Freeway bud, Freeway!

[John14789]

Where's the best place to get car financing?

[Dr.Yes]

I've got a z4... I drive the crap out of it. It's an awesome car. Some bmw's have problems, just like anything. I've also driven subaru's. They last a while.

The best place to get financing? Sometimes you can get 0% through the dealer. It depends on what interest rate you get, and make sure you avoid a pre payment penalty.

[Modee]

I think he is talking about used car financing.

You may use these same links I posted elsewhere to find the best interest rates on money markets and CDs, to find the best loan:
Highest rates and yields on bank money market accounts updated daily by MoneyRates.

CD Rates | Highest Yield Bank Certificate of Deposit Interest Rate

Also check with your local bank and especially credit union - they often have special promotions.

[John14789]

Ok I'll take a look into it. Thanks for the advice. Actually I'm looking into both new and used.

[Dr.Yes]

Often times interest rates are so high with used, it's better to get a 0% loan on a new car.

[lemerovigian]

I'd second credit union is a notable option but from a financial/monetary stand point new cars aren't work the sticker tag ad especially the investment. If you must buy a new car beware of first generations and generally vehicles two to three years older are a great but because they're are more in tune with true market value. Although if you're going Merc most issues are covered as they tend to be bullet proof but servicing can be pricey. Bmw's are also great but they'd had a hic up here or there over the generations.........,

[Modee]

There are a lot of very nice foreign cars for sale these days and it's possible to buy a used Porsche, Mercedes or BMW for trade-in Kelley blue book from a private party.

[Modee]

By the way, used car loans are as low as 1.99% these days. I was just approved for one from a credit union. With rates that low doesn't make sense to pay cash! at least not for the entire purchase.