Selling car after driving it home?

[nedim1991]

I’m really confused, I’m seeing this more and more, so I must be missing something. I keep seeing these threads like ‘GT350/350R/500 for sale, bought last week, drove it home 50/60/70 miles, asking 5-6-7K less than what I paid.’ Are people just impulse spending 60-70-80 grand or what is going on? I am humbly asking to be educated.

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[ice445]

I think for a lot of people they just want to "do the thing" but then they realize that they aren't going to use it for what it's meant for. Basically a mid life crisis that runs its course pretty quickly.

 

[NeedForGreen]

I agree with ice445. I'm sure theres many factors for different people. I knew a guy who bought a Saleen a few years ago. Put 1600 miles on it. It had to much power for him. Sold it for like 20k less.
I think some people get the loans for them then realize they really can't afford them. Some find out they don't like the car. Some rip them, break them, cover them up and sell. Some just get tired of a car quickly or find something they like better.

 

[br_an]

When the monthly insurance payment is more than the car payment

 

[ice445]

When the monthly insurance payment is more than the car payment

I'm sure that happens rather often on these, especially for young people who mistakenly don't inquire before they sign the papers. Doubt it happens much to older folks though.

 

[MustangorCamaro]

First payment isn't probably due till 6 weeks or so after purchase. Insurance could be the same. So financially it's not an immediate hit. No matter their reasoning, it takes some self control WAY beyond what I have to purchase a GT350 and only drive it home and never again, keeping it with only 50 or so miles. I give those people credit big time. That is insane.

Hell, I couldn't do that with a Chevy Spark.

 

[Elp_jc]

It has happened to me several times, unfortunately. Mostly when you cannot have a proper (as in long enough) test-drive... but many times couldn't have a test-drive at all... like it's typically the case with motorcycles, and hard-to-find cars. The most expensive mistakes were the Nissan GTR and a Porsche Cayman GTS, both right at 6 figures; couldn't test drive either one. But have made many others up there in price too, like an Audi S6 V8TT, Lexus RC-F, V8, BMW M3 V8, etc. Not fun.

 

[Biggus Dickus]

I think some people get the loans for them then realize they really can't afford them.

This - One really shouldn't be buying a mustang if they can't put down at least 50% of the total cost. Toys are not things one should finance.

 

[Monopoly]

I think it could happen to any vehicle in that price range.

I'm selling mine with only 12k miles bc I just don't drive. At all anymore. I've put 250kms on it since March.

 

[ice445]

This - One really shouldn't be buying a mustang if they can't put down at least 50% of the total cost. Toys are not things one should finance.

Kind of depends how you classify a toy. I bought my car to daily. Rain, shine, snow, whatever. I'm sure some people would find that silly, but in my mind it's not a toy, just spicier A to B commuting. Being single and having no kids makes it easy to justify. Now if we're talking a GT350 or above, then sure, it's really strange to buy something like that to where it's not a toy. And you probably shouldn't be financing it for anything other than the best rates. Either way you're gonna lose money on it though, that's just the nature of the beast.

 

[Ace]

Mostly when you cannot have a proper (as in long enough) test-drive...

This. Especially when the car is not the typical bread and butter car some dealers are not really into letting you testdrive the car. And I don't mean just a quick drive around the block, but really get an hour to test if you can enjoy the car for more than 5 minutes.
And there are a lot of people who think you always have to get all the track packages (PP2, 1LE, etc) because they are a few seconds faster on a racetrack in the hands of a professional driver - but later realizie that the ride is way too stiff for comfort when you drive it daily.

 

[IrishStallion]

It is called most people are leveraged up to their eye balz in credit/debt to compete with their buddies. Let’s be honest, a 70k GT350 is nothing more than an “emotional” decision. The new wears off real quick when payments/insurance/taxes hit. If you have a couple hundred grand sitting in the bank plus 2-3 years expenses covered then losing 20-30k on a bad decision is no big deal. lol.

 

[Avispa]

If you have a couple hundred grand in the bank and 2 to 3 years of expenses covered, you either won the lotto or didn't make very many impulsive decisions that cost 20k. That kind of money comes from many years of impulse control.

And the data are that most lotto/big lawsuit settlement recipients squander it all within 2 to 3 years.

 

[ChaoticFury09]

Kind of depends how you classify a toy. I bought my car to daily. Rain, shine, snow, whatever. I'm sure some people would find that silly, but in my mind it's not a toy, just spicier A to B commuting. Being single and having no kids makes it easy to justify. Now if we're talking a GT350 or above, then sure, it's really strange to buy something like that to where it's not a toy. And you probably shouldn't be financing it for anything other than the best rates. Either way you're gonna lose money on it though, that's just the nature of the beast.

This is also how I drive my car. It see's all weather conditions and I have it protected but it is my daily driver that I can also take to car shows and enjoy.

 

[nedim1991]

If you have a couple hundred grand in the bank and 2 to 3 years of expenses covered, you either won the lotto or didn't make very many impulsive decisions that cost 20k. That kind of money comes from many years of impulse control.

And the data are that most lotto/big lawsuit settlement recipients squander it all within 2 to 3 years.

This! Exactly. The person who has a couple hundred grand in the bank plus 2-3 years expenses, by and large isn't the same person who figures "ehh, throw away $20-30K. No big deal." This is the biggest part of what I don't get.

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