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Tips on Buying Cars/Is it really worth it?


Two years ago in November 2011, I purchased a 2008 Nissan Versa Hatchback second hand that had 28,000 kilometres. It was fully-loaded. I discovered over the past two years that the car is a gas guzzler and I'm not terribly impressed. It now has 72,000 kilometres on it because I commute a lot.

I thought of trading this car in for a 2014 Nissan Note which is a lighter car and therefore more fuel efficient.  
The trouble is, I paid the $23,000 in full at the time using some of my inheritance for the 2008 Nissan Versa. That's because the monthly interest would have been too high. The trade in they are offering me is only $5,100 (CDN) on this because I'm told this make of car is discontinued completely and replaced by the 2014 Nissan Note.

So what the dealer is offering me is the new 2014 Nissan Note ( more fuel efficient) for $190 per month at 0% financing over 7 years. To compare fuel comsumption on the two vehicles: 2008 Versa= 23 mpg in the city and 31 mpg on the highway. The Nissan Note is reputedly 31 mpg in the city and 41 on the highway. The Nissan Note is a smaller, lighter car which might explain why it's got better fuel efficiency.

So essentially, I would be getting a brand new car that would save me some money on gas every week, but  would mean that I'd be paying $15,900 over the next 7 years.

To review, I paid $23,000 in full for a 2008 vehicle two years ago. I'm now looking at paying $15,900 over the next 7 years for a 2014 vehicle at 0% interest.

Given all the commuting I do, would I be better off keeping the gas guzzler for the next few years and waiting until it dies before replacing it? Or would I be better off buying a more fuel-efficient upgrade now and spending the additional money? If I wait until my current car reaches 100,000 kilometres, I won't get anything for it as a trade-in because that's the breaking point where it because too old for them to resell. Please note that my current Versa still has an extended warranty for major repairs left on it for about another 3 years.

Any thoughts?

Hi Catherine,

Your trade allowance is a bit on low side, unless it's manual ?
I appreciate your detailed Q, but before I answer give me postal code, it will tell me what province I am dealing with and at same time look up Mfg's incentives to see if same for all provinces.

Have a Blessed day
From the computer of
Ray Paulsen ^_^

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Ray Paulsen


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