Unknown…Good point well made.
But to further my point I would recommend someone on a fixed ( low budget) to get a fixed monthly cost for there car, hopefully with a warranty, that way they will be on the road at all times.
If you are on a low budget and have loads of time you are right but most people need to stay on the road.
Buying decent old cars takes time.
If you have a bit of cash and time bangernomics is a great way to save even more money and drive more interesting cars.
Kind of agree and disagree.
It doesn’t really compute with me that you need a lot of money. Like unknown says, that’s the point. It’s virtually impossible to lose any significant amount of cash. Worst case scenario it costs the equivalent of maybe a couple of months payments on a cheap new car.
Neither is it difficult to keep the car on the road. I’ve always driven old cars for less than a grand (roughly 80% of them have been less than £500!), and time off the road has always been kept to a minimum. Certainly no more than other people with much newer cars. Current car of 3 years has not had one day off sick.
But, I do hate buying them. I find it stressful. And of course finding a good one takes a little bit of knowledge, a good nose for an honest owner, and a bit of luck too.
It also helps greatly if you do have spare time and don’t mind getting your hands dirty with general maintenance. Older cars tend to come with ‘character’. And if things do go catastrophically wrong, self-diagnosis, sourcing parts, and even doing the repairs yourself can save huge amounts of money.
In my mind though, it is a far bigger risk buying something say, 5 years old, where the outlay is much bigger, yet the potential for mechanical failure virtually the same.