Can a Used Car Still be a Contender?

With used car prices staying pretty high through this recession and recovery, and the potential issues that come along with a car's history...are used cars really still contenders for those of us who need to get a car?

Excellent blog post today on Get Rich Slowly (Ask the Readers: Is a Used Car Still a Good Deal?). There's quite a few factors to consider when going for a used/certified/second hand vehicle. I highly recommend you read that blog post as it goes through all the motions for items you need to think about and plan for when making the purchasing decision.

It's important to study what cars retain their value the longest, because these also tend to be the best offerings mechanically and structurally. But beware, these are also some of the higher upfront cost vehicles around.

In my eyes, paying a little more for a quality, long-term investment provides me a higher likelihood of safe commutes through many miles of roads...some of them deserted or in semi-rural or light industrial areas. I'd hate to buy cheap up front, and then have to pay way too much later. I'm not good at budgeting emergency funds, and that can be dangerous.

It's very important to study reports about particular vehicles' true cost to own. This involves gas, insurance, repairs, and standard maintenance schedule. What about accessories and add-ons? These are also expenses you may not have originally factored on. They could range from just an mp3 player cord to plug in your smartphone and play mp3s via your stereo, all the way up to a new onboard computer, rims, wheels, and other interior overhauls.

What about identifying the right repair and maintenance professional/shop for your particular vehicle? Sometimes staying with the original dealership's service department is not a good investment in time and money. Sometimes finding a big-box service store or a local mom and pop shop can make a very big difference on your vehicle's (and wallet's!) longevity.

I always get a laugh at "car finder" apps on various automotive websites, because it basically outputs whatever you input...use those filters sparingly in a first glance or as you first begin your research, and then more aggressively once you've drilled down enough to a particular set of potential contenders. I put more stake in driving impression articles, editor vs. consumer reviews of particular models, and model history articles/reports available on a variety of serious, automotive industry websites (Edmunds, Car and Driver, MSN Autos, etc.).

As with anything, due diligence pays off.