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Can You Find a Used Car That Lasts 10 Years For $3K-$7K?

Posted by Sean | Posted under Cars | December 1, 2008

Frank of Milk Your Money:

“I would much rather purchase a used car with approximately 70k miles for, depending on the car, $3k-7k. This type of car will give you a mode of transportation (remember, this is really all cars are) for around 10 years or more.”

Is this possible? Is it probable? Specifics?

  • I’m finding cars that might go 10 years, but they cost more than $3K-$7K.
  • I’m finding cars that cost $3K-$7K, but no way on earth they go 10 years.

I felt like I was closer to finding this “sweet spot” earlier this year when we were pre-shopping. Now those cars are long gone. Searches on craigslist that used to return 6 to 10 results are now lucky to have 1 or 2. Do these cars exist in the real world, or do they only exist in theory on personal finance blogs? What kinds of values are people finding on their local craigslist/autotrader/whatever… today?

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3 Comments so far
  1. Frank December 1, 2008 10:50 am

    These cars definitely exist. It depends on what kind of vehicle your are looking for, but if you can settle with a bare bones vehicle, their are plenty to be purchased. Good examples are Dodge Neon’s or Ford Focus’s. Both lose a lot of value around 50-75k miles, but are more than capable of driving more than 200,000 miles. Years to look for are around 2000-2003. Assuming you don’t put a lot of miles on a car and you take care of it, it’s very reasonable to assume a 10-year life span on used cars of this nature.

  2. Ben December 3, 2008 12:00 am

    I wanted to add my $.02 if I could…I had a 1996 Jeep that finally bit it late in 2006 that had close to 125k miles on it. I don’t have to tell you, it was a sad day. I have also seen Cadillacs (believe it or not) go for over 350k miles. Of course not MY caddy, but all the same. Let it be known that it was an older one that went for so long (I would never get one newer than 1994).

    My Jeep might not have gotten the greatest gas mileage but, I have to say, it would beat a car payment any time.

    Toyota is also another good one that has a great reputation for going the distance.

    Ok thats about $.03 worth.

  3. Emily December 3, 2008 5:18 pm

    I have been shopping for a good used car and worried I would get screwed.
    Until, I came across this dvd, Smart woman’s car guide.
    It walks you through, step by step what to look for, and when to walk away from a bad car.

    The website is http://www.smartwomanscarguide.com check it out.
    I know it saved me from losing hundreds of dollars in a bad car deal.
    I wish I would’ve had this information when I bought my first car –horrible experience.

    Hope atleast one reader looking for a $3k-$7k sees this and makes an informed car buying purchase and does not get screwed.

    Emily