I agree for the most part that buying a used car usually is a better deal. In my case, I bought a 1996 BMW 328is with 54k miles several years ago for 14k and have not had to do too much to keep it running well. Luxury cars depreciate like crazy and are a better deal if you find one that has been well cared for with low mileage. Rich people dont really care about losing money on depreciation with cars from what I see. Just need a good mechanic and used car warranty and carfax report to be extra careful on used luxury and sports cars.
For me, I am waiting for all the fools to lose money on homes so they dump their expensive Mercedes and Porsches on the market so that I can score me a nice Benz for low price with cash. I would not mind having a nice 2 year old Mercedes CLK55 AMG or CL55 Benz to cruise around town for 30k instead of the 100k sticker the rich bastard wasted on the ride.
You are right. There might be some really good deals out there on expensive cars soon – if things really do crash. But then, we might have all talked ourselves into an alternate reality, dreaming of dogs barking in the backyard of our 4/2 house that only cost 6 times income instead of 10. 🙂
