Unless you have money to burn.
First of all, most people have to take a car loan, on which the interest (depending on the country you live in) can be pretty high. Here in Aruba
it's 17%! So for a $25000 car, you'll end up paying about $35000 over a period of 5 years...
Now at the end of those 5 years the car will usually have lots of defects, carrying it to repairs once or numerous times a year etc... That and the
value of the car drops faster than an rocky mountain avalanche. After a year (depending on the quality of your country's roads) the value of the
vehicle can drop up to 10% or more. It doesn't make sense to me.
The best thing would be to purchase a second hand car, whether a new, surface damaged car CasMiami
, or one from at
least the 80's and earlier, when cars where made to last longer.
You buy the car at a reduced price, and customize it to a value that will exceed the one it had when you purchase it. And with that I don't mean
$4000 for chrome rims. Install a turbo, change the interior, seats, a/c or heating, new seats, Install a good stereo system with built-in, cd-changer,
mp3 player or ipod support. Navigation system for larger countries, A nice small screen for the passengers (and not the driver!). Buy nice (non
exaggerating) rims under $1000. Good functioning spoiler, body kit. etc... Then you might be able to come out profiting if you set it up right.
Or take a very old, broken car and get it fixed up.
And under no circumstances purchase a pre-owned car with flood damage, especially if it's recent.
What do you guys think???