Buy here – pay here lots are rapidly becoming the strongest segment at the auctions. A lot of you may think, “Oh, well those guys are the biggest rip-off joints in the business.” Well… yes and no. I do know of a few particularly nasty companies that Frankenstein cars to the poor dumb shits of the world. They also have the lawyers and lobbyists to prove it. However most BHPH lots are more interested in selling something that lasts. To paraphrase Mr. McGuire, they want the money.
The notes will typically be anywhere from one year to four years and they need to make sure the car sold will last with minimal expense during that time. They also want something that sells quick and high… and reputation sells. In spite of all the gently driven old cars, with good owners aplenty, most folks want the car that simply offered the best quality on day one. End of story. The Civics, Corollas, Camrys and Accords have been that car. In fact, there are weeks where one nationally known used car dealership will have more Accords OR Camry trade in’s with over 150k than all the other European and American cars put together. Should you buy one? Well now we’re talking value… which really depends on the owner. Unfortunately most buyers at BHPH lots rarely consider that side of the equation.
I have fished the bottom of the used car market for years. In general, I have avoided the Toyonda premium. Buying new? Absolutely. Buying old used, my mantra has been to go for the durable but unloved. Old person cars. But this was when old person cars were GM C-body rear drivers and the Ford Foxes and Panthers.
My most recent cheap car was a 96 Odyssey. Yes, I paid the premium. But this was out of default, because there is simply no american minivan that I would buy after 10 years old. Windstar? Grand Caraven? Run screaming unless you own a transmission shop. GM dustbusters? No thank you.
After a few months with my Oddity, and with so many engine and transmission issues among even well-cared for older domestics, I am considering sucking it up and paying the premium from here on out. My Oddy is approaching 213K. It starts, runs, shifts and drives just as it ought. The a/c is colder than in my 07 Fit. At this age and mileage, I must put up with a drivers power door lock that does not work. That is it. My 93 Crown Vic (a very good domestic) with only 105K has a bad door lock, 3 bad window tracks, and a power steering gear leak. I am not ripping the Vic as being junk, after all it is 16 yrs old and has served my extended family well its whole life. However, the Honda is awfully, awfully good.
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