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Author: MetroChick Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308686  
Subject: Re: Poll: New car or used? Date: 8/3/2012 3:08 PM
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I've only bought 1 car, bought it new because I was able to put > 50% down, paid off the loan on the rest in 4 years, and have had it for 14 years now. Luckily none of the accidents it's been in had enough damage to "total" it - but there were all before it was 10 years old, so now due to the lower value a more minor accident could cause an insurance company to consider it "totaled".

So based on my history, I'd be willing to buy new again, since I'm assuming I could keep the next car for 14+ years. However, if I did have some bad luck of another driver totaling my car when it was much younger, where I think the likelihood of being able to hold onto a car for 14+ years is low due to other drivers driving like they're in "bumper cars", than I could see where going used would be the better option. And used is most likely the better option if you don't have cash available to either pay outright for a new car or put down a large downpayment so as to keep your loan lower.
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