Is it Worth it to Buy a Cheap, Old Car?

Finding cheap cars used to be very hard to do. This is mainly because the sellers of such vehicles have typically been individuals, and individuals aren't always too good at advertising. Would-be buyers were left scouring their newspapers, driving around and staring up driveways, and stopping at every old car that had a "for sale" sign in the window. Needless to say, this is a very inefficient process even under the best of circumstances. If the would-be buyer doesn't have any car to begin with, it can be all but impossible to find a car this way.

The solution to this problem is to use an online guide that aggregates listings from Colorado car dealers in one place. It will immediately become apparent that dealers do have some cheap cars in their inventory – some of which are less than $2,000! These vintage cars are often better than those sold by individuals, though it goes without saying that they will have plenty of miles on them.

Are Old Cars Actually Any Good?

That depends on the buyer's definition of good. Typically, cheap cars are late-model – as in, 10-20 years old or older - and high mileage. This means that they will almost surely encounter more problems than a used car that's not as old and not as driven. Despite this, it's quite possible for such vehicles to deliver their money's worth when compared to new ones. For example, payments on a new car can run over $400 per month. A $2,000 old car, on the other hand, would cost $166 per month if the cost was spread over a 12-month period. This means that even if the cheap car lasted just one year before being resold, the cost savings could be tremendous.

On the other hand, if someone wants to get a car and know for sure that it'll start every time for the next 50,000 miles, the best bet is definitely a new or less-used car. Old cars are quirky and have "tricks" to getting them going. When reliability is king, paying a premium price for a newer one is worth the investment.

One other answer to this question has to do with the buyer's intentions. Buying an old car off of a lot is a great move for someone who wants to restore a vehicle without having to handle a huge amount of body work. For this person, the as-is car is just a starting point to a fun and rewarding project.