I got some better feedback from people this time concerning my comments about buying new versus buying used. So, I thought I would go for one more post here. Life with the Quinns commented that they bought a used Honda minivan for about $10,000 cheaper than new, but ended up spending about $10,000 in future repairs. E.C. commented that it can also make sense to buy new if you plan on driving the car for a long time. Also, it's helpful to finance a new car if you can get 0% or a very low rate rather than coming out of pocket for the full purchase price. That way you can keep the money in your account earning interest.

Like I've said before, you rarely hear the negative side of buying a used car from these radio and TV personal finance personalities. "It's always better to buy used!" No, actually many people have made out much worse with a used lemon and it cost them much more financially. Unless you're a mechanic and can fix you're own car problems, buying a used car can be a disaster.

Even many "lucky" people who have purchased used cars and had no problems will spout the same "always buy used" rhetoric. Yes, buying used is great financially if you luck out and get a genuinely good used car. But, this basically boils down to a financial risk with many variables involved.

So I'll leave it at this: Do your homework and don't get caught up in the idea that buying a used car is always more financially responsible, because sometimes it's not.

So I've caught a little flack from people saying how buying a new car is never a better financial decision over buying a used car. Once again, I will explain my view a little more in-depth on this topic.

In many cases, buying a used car is a much better financial decision versus buying a new car. There, I said it. But my point here is that you may buy a complete lemon of a used car (even with a warranty, it will be in the shop causing you problems) that may affect your job. It may be worth buying a cheap, reliable new car with a low payment and warranty. Now, obviously new cars can have problems as well, although it is less likely.

When buying a used car, you never really know how well it was treated by its previous owner. Mechanics, car salesmen, and car washers can work wonders on used cars and polish them up to look great. But looks may be deceiving.

If you have a new job or a tough boss, having an unreliable car may cost you considerably in the long run. Follow my logic: You get a new, decent paying job right out of college. You buy a lemon and it causes you to lose several days of work here and there and several more days of coming in late. You get fired because you haven't worked there very long and they see you as an irresponsible employee. You're out of work for say 6-8 weeks or you have to settle for a lower paying job in the mean time. Say your starting salary was $2000 (take-home pay) and now you've been out of work for 8 weeks, you've just lost $4000. This is probably more than any depreciation you would have incurred with the purchase of a cheap and reliable new car.

I know this is a stretch, but my point here is that there's much more to buying a used car versus a new car when considering the financial consequences.

Buying a used car may make sense in many cases financially, but it may not always pay off in the long run.