They say that love is blind. They were right.
In falling (blindly) for the sleek and attractive designs of one automaker, I somehow talked myself into believing that the red flags were nothing more than speed bumps. "Those aren't warning signs!" I told myself. "I have no reason to worry. None whatsoever."
But it turns out that before taking the plunge and pouring money into a new vehicle, I should have taken a step back, looked more closely, and reconsidered my decision.
History and Advice
"Don't buy a new car," friends and colleagues told me. "A new car loses 15% to 20% of its value the moment you drive it away."
"Don't buy a used car," my father said. He had been saying this since I was five years old. "Buying a used car is buying into other people's problems."
Both arguments were correct. In 2006, I bought a used Saturn SL2 for $3,000. By that time the car was six years old and had 50,000 or 60,000 miles on it. The seller told me that Kelley Blue Book had priced the car at $7,000. (I later saw the same model at dealerships for as much as $9,000.) But there was a crack in the door and in the windshield. The owner had inherited a new car from his grandmother when she gave up driving, and he was eager to get rid of his Saturn. He was also my uncle's neighbor, which might have helped his decision to sell the car so cheaply.
After taking possession of the vehicle, I learned that it needed roughly $500 worth of work. Okay, fine. It's a $3,500 vehicle. Still a pretty sweet deal.
For the first 18 months, it was a great car. I didn't have to put any money into it outside of replacing the brakes.
Inevitably, the next 18 months weren't as kind. But the $100 I spent here and the $400 I spent there seemed tolerable compared to what I could have been spending on a brand-new car -- or a more expensive used model.
The next few years were a bit more painful. From 2010 on, the car had nothing but problems, requiring a host of repairs that (again) were cheaper than a new car. But it was quickly becoming clear that my beloved SL2 was at the end of its life.
By the end of 2011, I learned that my gear shift -- which had been sticking occasionally since 2009 -- could permanently lock up, making it impossible to drive. The cost of repair, according to Sears SHLD, was somewhere around $1,000 to $1,200.
Early this year I discovered that I had another problem, something to do with the exhaust. That repair was also in the $1,200 range.
I was reluctantly tempted to get the latter issue repaired, particularly when my car began to make some atrocious noises. But that turned out to be another problem. Literally an hour before I planned to take my car to an auto repair shop, it died right here in the parking lot of Benzinga's HQ.
I remember experiencing a wide range of emotions that day: I was angry, frustrated, fearful of the potential expense… I even laughed a little. After anticipating my car's demise, I found it oddly amusing that my car died on the day I had planned to take it in for repair.
At least, I assumed it was dead. It turned out that I was right: the engine had serious problems and could barely start back up for more than a few seconds. The repair shop (originally a Saturn, then a Sears, now an indie shop) said that it would cost $250 just to check it out and know for sure what the problem would be, a problem the mechanic said they likely could not fix. He said the high examination charge was due to the fact that they'd have to take the engine apart. He estimated the repair would be somewhere between $700 and $1,400, depending on the problem.
In all, my repairs would cost more than what I paid for the vehicle. Clearly it was time to move on.
Though I was reluctant to buy a used vehicle, I took my colleagues' advice and looked into it. But after discovering that I would have to spend more than $10,000 (realistically, more than $12,000) for a car with well over 30,000 miles on it (most that I examined had 50,000+), I decided that I wanted something new. My thinking was that if my Saturn lasted for more than 10 years, three owners, and more than 130,000 miles, a brand-new car might just be worth every penny.
Dream Cars
For as long as I can remember, I have been a fan of Ford F vehicles. My fandom was initially based on aesthetics alone. I loved the '90s Mustang -- it was a gorgeous sports car that put the competition to shame. But as I grew older, my appreciation for Ford vehicles became more practical. I learned to drive using a Ford van and an F-150 pickup, both of which were older models but drove pretty well. They were much nicer than the trucks and vans that Chrysler and GM GM offered at the time. And while GM trucks had a history of reliability, I grew up hearing nothing but horror stories regarding Chrysler trucks. Those stories continued through college. I even heard them from three Chrysler employees.
To be fair, Chrysler seems to be turning things around. If the consumer response is to be believed, the quality of its vehicles is much higher than it was during the last two decades. Nonetheless, I wasn't interested in buying a Chrysler vehicle this year. The Dodge Dart looks nice, but it's not out yet. So even if I wanted to test drive one, I couldn't. And I wanted to buy a new car right now.
Inevitably, I couldn't help but look at the 2012 and 2013 Mustang. It's a beautiful car, no question, and I've wanted one since I was 10. I also liked the new Focus, which is much more attractive than the previous model. The Fiesta was somewhat intriguing as well. And I absolutely love the current F-150; it looks gorgeous and drives like a dream. The current Escape is also pretty darn amazing.
Yes, I love Ford cars. How could I not? They drive well and they look gorgeous. Last summer, Reuters reported that Ford ranked second in consumer quality (Volkswagen came in first). Several of my friends and family members drive and love their new Ford vehicles. The Benzinga parking lot has three Ford cars sitting in it every single day.
Nightmares and Warning Signs
Over the past 20 years, I have heard several horror stories regarding the way Ford treats its customers when they come in for a repair. Here are a few of the most troubling:
Market News and Data brought to you by Benzinga APIs- One friend paid $1,000 to fix a noise (he described it as loud and annoying). When the car was returned, the noise was still there, only quieter. He paid for another repair a few months later, which completely eliminated noise.
- Another friend ran into trouble when she bought four new tires. Two days after the purchase, the tie rod broke. She was justifiably angry and wondered how Ford could have missed that problem. I don't think she's wrong in assuming that tie rods don't typically break spontaneously. She believed that the tie rod must have been weak/close to breaking when she got her tires, and is a problem Ford should have caught.
- When the front driver-side door jammed on my relative's Ford van, Ford told her that it would have to take the whole door apart to fix it. She was looking at a several hundred dollar repair. I recommended that she ditch Ford and go with Sears Auto instead. She did, and since she had another repair that needed to be done, Sears fixed her door for free.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in