It seems everyone has a car buying strategy they are passionate about: some lease, others buy new, and some buy used. There are many variations of the above, but I want you to consider the philosophy of Irv Gordon, a retired schoolteacher. He owns a 1966 Volvo P1800S that has an outstanding 2.7 million miles on it.
But first, do you have any great car buying tips? If so, share them in the comments section at the bottom of this post.
Then click this link to read “A Keeper is Cheaper” by William Jeanes. It is a great article!
{ 10 comments… read them below or add one }
We have bought 2 cars on “trade through” at the dealership. We bought cars that a family member was trading in. The family member got the benefit of the reduced tax on the new car based on the value of the trade-in and we got the benefit of buying the car for what the dealership allowed for the trade in value.
Bruce
i have had three car with over 300,000 miles on them but that’s only a million miles so my hats off to Mr. Gordan…VOLVO’s use to be great cars
the problem is that companys use to take pride in craftmanship and making a QUALITY Product…WE NEED to GO Back to those STANDARD…….a PRODUCT that took Pride in QUALITY and SERVICE.
I buy used cars and try to keep my cost below $1000 per year for purchase expense. Thats less than $100 month. Then I sell or gift the old pickup to others who need cheap transportation. I can get 3 years from 10 year old pickups. My family vehicle is younger but I buy them at three years old and run them 5 years or so. Have done this for 20 years, repairs and all for about $100 per month including repairs. But do your research on the model before buying.
My parents were living in a Senior Independent Living facility when my dad told me about a neighbor who had to give up driving. His kids bugged him about his car until he took it to a local dealership and sold it. The kicker, it was a 5 or 6 year old Cadillac with low mileage and the dealer ship gave him $6000 for it. Since I was looking for a car I posted a notice on the bulletin board at this same facility. About 2 months later I got a call from a lady who wanted to sell her car. I gave her the price she was asking for it even thought it was above blue book. The car was 8 years old and had a total of 12,000 miles on it so it was worth more to me. Even giving her above blue book I paid only about what a new car would depreciate the moment you sign the contract on it. I think this is a great way to located good used cars with low mileage. I would caution anyone who looks into this to first, be fair to the seller this should not be an opportunity to take advantage of someone and second, if there is any doubt about the mental state of the seller, get some of their family members involved to make sure the deal is handled properly.
Going about this is the right way can not only get you a great car at a good price but can be a blessing to a senior citizen (and their family) at the same time.
My husband and I bought a new 2003 Honda Odyssey van in 2003 . It was expensive–38k I believe. However I felt it would be a good value if I kept it for a long time. I anticipated what my needs would be over the next 20 years. For example I would eventually need to drive my elderly father around. He’s a very large guy so I had him ride with me when I test drove so I could make sure he fit and could get in and out. Also, my sons were in their early teens when I bought and I could see that the back seats were very roomy as my kids grew. Finally my vehicle will be very suitable when grand kids come along, and it has been a huge blessing in the way of space and comfort for travel and helping family members move. In fact, the back of the van is so roomy that I may want to rent it out as a “storage facility” HA.
Tips to buy a car from a dealership (I used to work at one)…
- Get an idea of how much the car you’re looking for is going to cost.
- Go through your bank or a credit union to see what kind of interest rate they will give you for that amount.
- Go to the dealer and pick out your car.
- Negociate the price and any extras; floor mats, cargo net, full size spare, etc…
- Under NO circumstances should you tell them how much you can pay per month.
- Once they work out a deal for you and tell you your monthly payments, ask how much is your interest rate. If it’s higher than the loan from your bank or credit union, simply tell them you will go through other financing.
The main thing to look out for is your interest rate and that your payments are what you can/want to pay.
Hope this helps. God bless.
For the last ten years we have bought used cars for cash, drove them many miles for pennies. We are currently driving a Yukon XL that was two years old when we got it, but it only had 12,ooo miles. It was like new but just half the price the new car owner paid! It has 130,000 now and still runs great. We have had the joy of giving two cars away, thats more fun than the new car smell and lasts much longer. Bruce you teach in your seminar to make car payments to yourself and pre-purchase your next car. Thats great advice! I would encourage everyone to do this.
I’m still driving the 2003 Buick Century that I bought after David died.
It has given me many miles of good service. I had to buy one tire, l battery,
and routine maintenance. I am planning on driving until the time comes
that I have to give up driving.
Dear Bruce,
Thanks for the blog, nice work.
I would love to hear more from Jim Jones and how he is able to do what he said above. There must be missing information because I don’t get it.
WOW !!! 2.7 million miles on a 1966 Volvo, are they on the same engine? That is very impressive. I would like a little more info on the upkeep and maintenance schedules Mr. Gordon follows to make an automobile last so long. I am still very impressed !!!