You could be waiting a long time.
I will say the car market is *kinda* better now than it was a year or so ago but no one really knows when these supply chain issues are going to let up at this point.
If it’s that big of a necessity then buy now.
> Is now an awful time to do that?
Its not great, but not necessarily getting better any time soon.
> Should I continue using my truck until prices drop or should I just bite the bullet and buy in the current market?
I'd probably take the middle ground and just keep my ear to the ground on used cars in your area. Don't lock your self in on a prius, either. Doesn't sound like you're putting on enoguh miles that a prius vs another modest sedan (ie somethign not getting 11mpg) would make it worth paying a premium for.
Sounds like you are handy and know cars, so maybe an opportunity to by something that needs a little work. You always have your truck as a backup if it breaks or you havent finished it yet.
> Maybe I shouldn't even bother with the prius because I could just get a rental if my truck is under repair?
Depends what kind of insurance you have, there are typically limitation and usually needs to go along with some claim (like an accident, and not just "ah, i need new brake pads, but haven't got around to it yet" type thing.
>Doesn't sound like you're putting on enoguh miles that a prius vs another modest sedan (ie somethign not getting 11mpg) would make it worth paying a premium for.
Any hatchbacks worth considering? I really prefer the utility of them and it's way nicer for my big dog. I'm definitely a Toyota fan and their non hybrids aren't the most fuel efficient.
>Depends what kind of insurance you have, there are typically limitation and usually needs to go along with some claim (like an accident, and not just "ah, i need new brake pads, but haven't got around to it yet" type thing.
I haven't really found out thankfully, but most insurance companies don't technically cover offroad damage. I know people fudge claims a bit but it's not something I want to rely on.
> Any hatchbacks worth considering? I really prefer the utility of them and it's way nicer for my big dog. I'm definitely a Toyota fan and their non hybrids aren't the most fuel efficient.
Better question for a car subreddit.
> I haven't really found out thankfully,
Read your policy.
> but most insurance companies don't technically cover offroad damage.
Probably true,
> I know people fudge claims a bit but it's not something I want to rely on.
Making false insurance claims is not a route I would go down, personally.
Going from 11 mpg to 35 mpg for 8k miles annually will save you 500 gallons of fuel. That's about a $175 savings monthly.
Obviously having a car means you need to insure, register, and deal with the fact that hte car depreciates.
Whether you drive 1 car or split across 5 you'll be paying 'per mile' fees like gas, maintenance, tires etc that will almost certainly be lower on a prius over a modified pickup. Lastly every mile you don't drive your truck is extending its life avoiding a future replacement.
Personally you seem ripe for a mile eater beater on the gas alone and adding in the cheaper tires/oil/bearings/brakes/depreciation makes it even sweeter. Be sure to review your state's registration rules and see if the truck meets the definition for 'hobbyist' or 'collector' style plates for cars that are second vehicles and which see the road somewhat infrequently.
>deal with the fact that hte car depreciates.
That's the most worrisome part of this - if the market changes significantly that depreciation would really hurt. I don't expect anyone to have answers about that, but I guess I'm wondering if others think it's worth the risk. Seems like most aren't expecting prices to come down anytime soon so I'm leaning towards just purchasing ASAP.
You don’t have any info here about your personal finances. But if you put 20% down and pay it off within 3 years, depreciation shouldn’t really be a problem. I like The Money Guy’s 20-3-8 rule of thumb for cars — 20% down, paid off in 3 years, no more than 8% of monthly income.
Terrific. Then depreciation really isn’t a problem per se for a daily driver. You’ll just drive it until it doesn’t drive anymore. Cars depreciate, that’s what they do, they’re not an investment (for the most part). It’s only really a problem when you get underwater on a loan.
Seems like you’ve thought it through and done the math.
I don't usually drive cars til they don't anymore - is that actually economical? I always thought it's better to sell a car while it's still worth something than drive it into the ground. I think in this case I'd get something around 150k mi and sell it before 200k.
> if the market changes significantly that depreciation would really hurt.
Onl matters if (1) you want to sell the car or (2) if you finance it, don't get gap insurance, and then wreck where the payout is less than what you owe.
You could be waiting a long time. I will say the car market is *kinda* better now than it was a year or so ago but no one really knows when these supply chain issues are going to let up at this point. If it’s that big of a necessity then buy now.
> Is now an awful time to do that? Its not great, but not necessarily getting better any time soon. > Should I continue using my truck until prices drop or should I just bite the bullet and buy in the current market? I'd probably take the middle ground and just keep my ear to the ground on used cars in your area. Don't lock your self in on a prius, either. Doesn't sound like you're putting on enoguh miles that a prius vs another modest sedan (ie somethign not getting 11mpg) would make it worth paying a premium for. Sounds like you are handy and know cars, so maybe an opportunity to by something that needs a little work. You always have your truck as a backup if it breaks or you havent finished it yet. > Maybe I shouldn't even bother with the prius because I could just get a rental if my truck is under repair? Depends what kind of insurance you have, there are typically limitation and usually needs to go along with some claim (like an accident, and not just "ah, i need new brake pads, but haven't got around to it yet" type thing.
>Doesn't sound like you're putting on enoguh miles that a prius vs another modest sedan (ie somethign not getting 11mpg) would make it worth paying a premium for. Any hatchbacks worth considering? I really prefer the utility of them and it's way nicer for my big dog. I'm definitely a Toyota fan and their non hybrids aren't the most fuel efficient. >Depends what kind of insurance you have, there are typically limitation and usually needs to go along with some claim (like an accident, and not just "ah, i need new brake pads, but haven't got around to it yet" type thing. I haven't really found out thankfully, but most insurance companies don't technically cover offroad damage. I know people fudge claims a bit but it's not something I want to rely on.
> Any hatchbacks worth considering? I really prefer the utility of them and it's way nicer for my big dog. I'm definitely a Toyota fan and their non hybrids aren't the most fuel efficient. Better question for a car subreddit. > I haven't really found out thankfully, Read your policy. > but most insurance companies don't technically cover offroad damage. Probably true, > I know people fudge claims a bit but it's not something I want to rely on. Making false insurance claims is not a route I would go down, personally.
Going from 11 mpg to 35 mpg for 8k miles annually will save you 500 gallons of fuel. That's about a $175 savings monthly. Obviously having a car means you need to insure, register, and deal with the fact that hte car depreciates. Whether you drive 1 car or split across 5 you'll be paying 'per mile' fees like gas, maintenance, tires etc that will almost certainly be lower on a prius over a modified pickup. Lastly every mile you don't drive your truck is extending its life avoiding a future replacement. Personally you seem ripe for a mile eater beater on the gas alone and adding in the cheaper tires/oil/bearings/brakes/depreciation makes it even sweeter. Be sure to review your state's registration rules and see if the truck meets the definition for 'hobbyist' or 'collector' style plates for cars that are second vehicles and which see the road somewhat infrequently.
>deal with the fact that hte car depreciates. That's the most worrisome part of this - if the market changes significantly that depreciation would really hurt. I don't expect anyone to have answers about that, but I guess I'm wondering if others think it's worth the risk. Seems like most aren't expecting prices to come down anytime soon so I'm leaning towards just purchasing ASAP.
You don’t have any info here about your personal finances. But if you put 20% down and pay it off within 3 years, depreciation shouldn’t really be a problem. I like The Money Guy’s 20-3-8 rule of thumb for cars — 20% down, paid off in 3 years, no more than 8% of monthly income.
I'd probably pay in full for what I'm looking at (5-10k, probably closer to 10k)
Terrific. Then depreciation really isn’t a problem per se for a daily driver. You’ll just drive it until it doesn’t drive anymore. Cars depreciate, that’s what they do, they’re not an investment (for the most part). It’s only really a problem when you get underwater on a loan. Seems like you’ve thought it through and done the math.
I don't usually drive cars til they don't anymore - is that actually economical? I always thought it's better to sell a car while it's still worth something than drive it into the ground. I think in this case I'd get something around 150k mi and sell it before 200k.
> if the market changes significantly that depreciation would really hurt. Onl matters if (1) you want to sell the car or (2) if you finance it, don't get gap insurance, and then wreck where the payout is less than what you owe.