A “Reliable” $10,000 Car
Clients often ask us to help them find a reliable vehicle for under $10,000. MATS President Sara Trombley talks about this type of purchase on our Youtube channel.
The Changing Car Market
You might have noticed the uptick in car prices over the last few years. A car that used to cost $5,000 now costs $10,000, and a car that used to come in around $10,000 now costs up to $15,000. We’ve gone into the “why” behind this a bit in our post “$5,000 Cars: What’s the Big Deal?”
We don’t have control over the car market and have found that good quality $10,000 cars – ones that are safe and reliable – mostly don’t exist anymore. The ones you see on Facebook Marketplace or online likely have problems: a gross smell, a hidden mechanical issue, an engine light on, or tires that need replaced.
Unfortunately, you cannot see the full story when you look online for a car, especially at that price point.
A Hotel Analogy
Picture this: You’re going on vacation and need to book a hotel for one night. There are a range of different hotels to choose from, as well as a range of ratings and prices. You see options for $200/night, $100/night, and $39/night. Imagine what each of those hotel rooms might look like, what they might smell like, what the bed might feel like.
If you’re like us, you’re not going to stay in the $39/night hotel.
If you want a good car-buying experience, think of it like booking a hotel. Can you find and buy a cheaper option? Of course! But it will be similar to booking a $39/night hotel. Bottom of the barrel price equals bottom of the barrel quality. If it seems too good to be true, it usually is.
A Risk Analysis
Now, we are not saying that no one is selling a good $10,000 car, but we are rather saying that it is quite hard to tell who is and isn’t trustworthy. Your risk is simply higher purchasing online from someone you don’t know.
Oftentimes, when people buy a cheaper car found online, the vehicle has problems shortly down the road. They then have to pour money into the vehicle to make it safe and reliable. In the end, a $10,000 car often costs $13-15,000 after repairs, not to mention the added stress of repairs.
We know that $10,000 is a lot of money. However, if you are able to increase your budget on the front-end by saving or financing, you’re significantly lowering your risk of ending up with a car in significant need of repairs. You’re also saving yourself time, money and peace of mind.
No matter your budget, our car buying experts are here to guide you through your next car purchase and lower your risk.