Need some financial advice

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LeonT

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Aug 27, 2016
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I mentioned in another post that I wrecked my car, and also that I'm giving my other car away. Anyway, I put some pressure on my insurance co. to give me the consensus on the damage, and they ended up totaling the car. This being the case, I am trying to decide if I should buy new or used. The car I wrecked (2015 Volvo V60) was a lease, but this time I am looking to buy. Whatever I get will definitely be a Volvo. $30k for a used S/V/XC60 with 20,000 miles, $40k for a new S/V/XC60 without incentives. I've actually never purchased a new car; is it worth the price premium? I've been praying about it too! :)

Also, please don't try to *steer* me away from Volvo. I know it sounds silly, but it's really a God thing; I have walked away from two major accidents in my life without a scratch. God put me in a Volvo because he knew I would need it someday :)!
 
LeonT said:
I mentioned in another post that I wrecked my car, and also that I'm giving my other car away. Anyway, I put some pressure on my insurance co. to give me the consensus on the damage, and they ended up totaling the car. This being the case, I am trying to decide if I should buy new or used. The car I wrecked (2015 Volvo V60) was a lease, but this time I am looking to buy. Whatever I get will definitely be a Volvo. $30k for a used S/V/XC60 with 20,000 miles, $40k for a new S/V/XC60 without incentives. I've actually never purchased a new car; is it worth the price premium? I've been praying about it too! :)

Also, please don't try to *steer* me away from Volvo. I know it sounds silly, but it's really a God thing; I have walked away from two major accidents in my life without a scratch. God put me in a Volvo because he knew I would need it someday :)!
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I'd say get the used, but it depends on condition of the car and how old it is. Keep in mind if you buy a new car that the insurance for the first year is free in my country (the UK) so that might play to your advantage.... keep in mind insurance will be expensive after your accident. Maybe depends which car on how much the insurance is, and then go for the best car taking in the overall prices.
 
Thanks, OwzK! I wish we had that same new car insurance deal in California! I would definitely go new in that case.

Another thing that I failed to mention is the fact that I am only looking at CPO. Volvo's CPO program extends the warranty to 7 years/100,000 miles (vs 5 years/60,000 miles).
 
LeonT said:
Thanks, OwzK! I wish we had that same new car insurance deal in California! I would definitely go new in that case.

Another thing that I failed to mention is the fact that I am only looking at CPO. Volvo's CPO program extends the warranty to 7 years/100,000 miles (vs 5 years/60,000 miles).
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No problem :)

I don't know if you get insurance free for a year after buying a new car in America, in the UK it's like that but in America I just don't know. It maybe is the same, or maybe you have to pay for it there during the first year. It's a different country so I don't know.

WOW that sounds really good with the CPO's. It sounds really impressive :)
 
In a universe where those two cars you presented are the only options that exist, I'd go for the used car for sure. What is the point of paying an extra 10k?

Outside of that scenario, cars have never been my thing, so both options would be a no simply on the price.
 
True. My only draw to the new purchase is the fact that I can build it exactly how I want it (color, features, etc.) and Volvo even gives you a FREE trip to Sweden! Free hotel, flight, and even some meals are covered, plus you can drive your new Volvo around on the trip. They handle all of the shipping costs and hassles for you plus you save money since they are exporting it as a used vehicle. Maybe $37.5k new would be more realistic.

I know that's pretty high on price, but I keep my cars as long as I can (2001 V70 w/400,000 miles), so they pay for themselves.
 
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