Long Term Rental or Buy

Hi, I need a small commute car. After 1-2 years I will not need it. Can anyone suggest me what options I can have to achieve this? Ideally upfront less 10k or max about 20k. Thanks

Comments

  • Buy it. Then after 1-2 years - Sell it.

    • Yup. If worried get a KIA Piccanto. Will still have 5 years of warranty and easy to flog off.

  • I cant imagine it would be financially sound to rent any car for 1-2 years. Cheapest I saw from having a quick google is 716/month.. that $8,592/year or $17,184 over 2 years. Would be much smarter to get a second hand car at that price range and sell it in a years time for 20-30% loss, if that.

  • Cheap second hand Mazda, sell when you need to

  • toyota corollla, good resale value

  • 1-2 years? Buy an old car that has already had most of it's depreciation, but is still reliable enough to be stress free (eg toyota)

    I've owned a Toyota Echo and a Mazda mx5, both around 15 years old, 150k km, and under $10k ($3k for the Echo, $7.5k for the mx5).
    After 2 years, I sold them both for a loss of $500 each. Not at the same time, I daily drove both. So 4 years of car ownership for $1k

    I understand that older cars might be a put-off, so I'm not saying that 15 years is a good age to aim for. It is pretty damn old for a car and you lose some comforts. Just saying that the right models can be rock solid for reliability. I didn't have any issues with either of them, zero repairs, and maintenance was very cheap. My gf at the time used to buy fairly new, nice cars, and had more car issues than I did. Now she's happy with an old $3k Toyota of her own.

  • Spend $12-15k on a decent Corolla, sell when you need to. At that price point it'll still be relatively low kms, decent condition

  • What is your risk profile?

    Buy Japanese/Korean for $5-7k, sell later. The is a higher risk of mechanical issues, but you won’t lose much in depreciation.

  • yes. get cheap kia for long warranty.
    or cheap camry hybrid to save on fuel.