Why the Majority of Trinbagonians Shouldn't Buy A New Car

[crazybalhead]

I rell happy with my third hand ole cyar.

[Dizzy28]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

Let MG Man hear you!!!!

[cinco]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

Let MG Man hear you!!!!

he livin happy in his house already

[teems1]

Did that graph say that after 7 years, a car bought for $200k will be worth $50k?

It does.

Can you think of a vehicle from 2006 which cost 200k. A fully loaded Hyundai Tuscon? A fully loaded Civic?

Would those sell for 50K today? I think not.

[teems1]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

500k? No way dude.

1 lot of approved land alone is selling for that in a "regular" area in central.

Land in "decent" areas sell for 1-1.5m per lot.

[src1983]

buying a used car is always a gamble and more than likely you always come out losing. Its either you buying someone else pride and joy or you buying someone else headache, 90% of the time its the latter. For someone who like to tinker and has a fair technical knowledge on cars also if your livelihood does not depend on having your own transport then I say go for it, save the extra dollars and buy it used. For a woman, first time owner, someone who doesnt have the time to run by mechanic and older people, save yourself the headache in the long run and buy new.

This...

[spirited721]

Chck yuh maths dey

10% ?
100k and up?

avg upwardly mobile young people don't buy million dollar vehicles.

I think the 100k he talking bout was on reference to the comment made about making a bigger down payment (50%)

[Crackpot]

Chck yuh maths dey

10% ?
100k and up?

avg upwardly mobile young people don't buy million dollar vehicles.

I think the 100k he talking bout was on reference to the comment made about making a bigger down payment (50%)

Exactly

[Trinbagoviews]

The reason you can't get ahead is because you give all your money to the bank and make poor financial decisions.

[dogg]

The reason you can't get ahead is because you give all your money to the bank and make poor financial decisions.

why would anyone get a loan at 12% when most banks are charging 6-8%
??????

Now is actually the BEST time to buy a new car> Loan payments are the lowest ever!!

[30hz]

good post OP

i have the same view,
and even if i had $1,000,000 in the bank, i don't think i can afford burning 300k on a new car.

re$ale value gonna be low after 5 years, about half (not considering the b14 phenomenon).
that breaks down to $2500 per month(300k/2 over 5years).
if you buy new or lease you're fcuked.

in my opinion-
foreign used is the better option, all those 100,000mile machines(rolled back spedo or not) are in better condition than a 50k down here.

I'm guessing those foreign used cars rack up alot of mileage quickly on long straight highway drives that are easy on the vehicles.

[Rallyfignis]

The reason you can't get ahead is because you give all your money to the bank and make poor financial decisions.

You're doing it wrong.
The best businessmen would tell you to lean on the bank - use their money, not yours.

[30hz]

The reason you can't get ahead is because you give all your money to the bank and make poor financial decisions.

You're doing it wrong.
The best businessmen would tell you to lean on the bank - use their money, not yours.

your bank uses what as collateral?

[ek4ever]

At the end of the day ppl will do what makes them feel good/comfortable with/want when it comes to cars. Other than a house no other major purchase instills such an emotional connection especially in a country where a car is still a luxury .... in contrast to the US where it is a disposable item.

I have an aversion to buying a new car for the exact reasons stated by the OP ... I've never owned a new vehicle in the 17 years I have been working while those who are my junior have gone on to purchase their 2nd or 3rd new vehicle. However, I'm more comfortable with making the sacrifice for a used vehicle while completing renovations on my 3rd property .... much rather own properties than roll in a new vehicle every 3-4 years. Once my vehicle is reliable that's all I'm concerned with .... will be looking forward to acquiring my 4th property soon....then who knows ... 5th, 6th...

In any case .... nothing in the showrooms can rival the mighty EK4

[TriniAutoMart]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

Where you getting a house for $500,000 is any decent area?
I'd like to get one of those

[DJ Q]

The reason you can't get ahead is because you give all your money to the bank and make poor financial decisions.

You're doing it wrong.
The best businessmen would tell you to lean on the bank - use their money, not yours.

This is the business mindset.
Not for personal use.

[desifemlove]

that said, there are too many cars. jus make public transport or riding more viable for short journeys.

too many people and ting jus go by the parlour in dey car, and it only 300 yards away. If Mrs. Kamla/UNC plan a train and intra-city trams, she have my vote!

[Trinbagoviews]

@ek4ever know what he talking about......

Congrats.... keep it up.....

[redmanjp]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

Where you getting a house for $500,000 is any decent area?
I'd like to get one of those

prolly hdc

[DVSTT]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

Where you getting a house for $500,000 is any decent area?
I'd like to get one of those

prolly hdc

[cherrypopper]

My car new again ..just bought new shocks ..Ploiments

[foots]

The reason you can't get ahead is because you give all your money to the bank and make poor financial decisions.

You're doing it wrong.
The best businessmen would tell you to lean on the bank - use their money, not yours.

your bank uses what as collateral?

le house, lol...

I liked this writeup, so i went perusing the blog.

And that above link is another reason why I refuse to buy a new car.....I really not enthused about shelling out 200k to sitdown in traffic all day....i could do that for 50k. On the other hand, I've had the experience of buying a used car only to find out couple months after purchasing that it was involved in a fairly bad accident. Pros and cons yes.

[Allergic2BunnyEars]

Those purporting to never buy new clearly haven't experienced a lemon used car. Admirable post but not as black and white as some of you think it is.

Besides who is OP to judge if you getting ahead or not? If you have to scrape to buy a new car you shouldn't buy it would be the simpler option regardless of the interest rates.

[cinco]

what else will trinis spend their savings on btw?
a new house in any "decent" area is upwards of 500k

Where you getting a house for $500,000 is any decent area?
I'd like to get one of those

Guess allyuh doh understand what upwards means.

[lostallos101]

I agree with the OP to a point. Financially in trini, might be more feasible to buy a used car than new but the thing is could neer trust the vehicle you are getting. As stated in previous posts, you might get one messed up car used and never know till long after so people go new with the expectation since new would be fault free (not the case as problems can still arise).

The thing is if we had a system like Carfax in america and a inspection system as strict as germany then without a doubt used the way to go but its not. the piece of mind buying new gives just keeps people's mind free for all the other stresses of life.

[Rory Phoulorie]

I bought my car new 17 years ago. People where I work and are buying foreign used are on their fourth car on average while I still am on my first.

Major expenses on my car during the 17 years other than normal preventive maintenance:
Repaint - $8k
Replaced shocks - $3k
Rebuilt original engine at 280,000km with genuine OEM parts - $4k (engine going on 309,000km now)
A/C repairs - $5k (basically changed out everything except the evaporator)

So in addition to the initial capital cost of the car, my major expenses have only been $20k over a 17 year period.

I have seen the kinds of problems that foreign used vehicles give. And people generally put foreign used parts in foreign used vehicles. Money down the drain when I did the maths. Initial capital cost of four foreign used cars alone over a 17 year period was over $200k, not counting major maintenance, and I haven't even reached that figure up till now with my car.

From my analyses of my needs for a car, foreign used does not make financial sense. I will continue to purchase "new brand" as long as it continues to be financially viable.

[crazybalhead]

Yuhknow...most problems with a used vehicle obvious, if yuh knowledgeable, objective and patient.

[wagonrunner]

Yuhknow...most problems with a used vehicle obvious, if yuh knowledgeable, objective and patient.

nah dan. used cars eh supposed to get maintenance. If it eh working, it bad.

[Garrett Inside]

I bought my car new 17 years ago. People where I work and are buying foreign used are on their fourth car on average while I still am on my first.

Major expenses on my car during the 17 years other than normal preventive maintenance:
Repaint - $8k
Replaced shocks - $3k
Rebuilt original engine at 280,000km with genuine OEM parts - $4k (engine going on 309,000km now)
A/C repairs - $5k (basically changed out everything except the evaporator)

So in addition to the initial capital cost of the car, my major expenses have only been $20k over a 17 year period.

I have seen the kinds of problems that foreign used vehicles give. And people generally put foreign used parts in foreign used vehicles. Money down the drain when I did the maths. Initial capital cost of four foreign used cars alone over a 17 year period was over $200k, not counting major maintenance, and I haven't even reached that figure up till now with my car.

From my analyses of my needs for a car, foreign used does not make financial sense. I will continue to purchase "new brand" as long as it continues to be financially viable.

I respectfully disagree, I have had foreign used cars as daily drivers, the first in my family to do so.
I put genuine oem parts in then when needed, serviced them myself with quality fluids and oem filters, and every 4-5 years I sell them off for just a little less than what I paid for them, With no major expenses.

This is however not the same with my project car I'd have to admit.

[Aaron 2NR]

As stated before there are pros and cons. Some people could afford to buy new and some could buy used.
My personal opinion is to start limiting the roro industry since

1. It is killing the local used car industry
2. The cost for a foreign used vehicle as well as used is extremely high.

When one go to the bank for a loan for a car, the interest on a new car is a lot less than a used, I believe new is 6-8% while used is 10-12%. The timeline to repay is significant as well, new is 6yrs while used is 3 years.

I've had 2 roro cars before. The first one the suspension was shot even tho the car was dou g "20000km".
The 2nd had bearing s bad in the engine....so there are lemons. .

A lot of people purchase new to not have to deal with the dramas associated with mechanics on the outside and misdiagnosis of problems. ...