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Old 11-13-2014, 11:35 PM
 
Location: Raleigh, NC
184 posts, read 386,901 times
Reputation: 107

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Hi all,

I'll make this brief-

2013 Ford Focus or Chevy Cruze with 60,000 miles can be bought from Hertz rental for around $10,500 all cash.

2014 Hyundai Elantra brand new with all the loyalty bonus holiday cash extravaganza can be had for around $16,500 all cash, they won't let you have 0% finance at this price and also 2015 is not this price.

Assuming you can buy either one all cash and it's okay financially, which you would do? Conventional says "used is better, let some other sucker waste the depreciation yada yada". I also see new 2014 would depreciate really quick given its already 1 year old.

Insurance is about the same, however you'd be able to drop the comp/colli faster on the used, this is a long term purchase, my current car is 11 years old, so planning on keeping whatever I buy at least 6+ years.

Input welcome
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Old 11-14-2014, 06:12 AM
 
Location: Connecticut
470 posts, read 1,201,567 times
Reputation: 396
Avoid the focus at that mileage. The DCT is very problematic. Ford recognized this by extending the warranty on the DCT transmission to 70,000 miles. I just traded my 2012 with 36,000 in for an Accord. The transmission was giving me tons of problems and I wasn't about to trust it with my 8 month old. Search YouTube for some of the videos of the cars. They buck, shake, and sometimes have a complete loss of power while driving on the highway.

We also own a 2013 Elantra. We got it at the end of last year a week before the 2014s hit the lot. With the rebates and dealer discounts we paid a hair above $15,000 for a GLS with the preferred package. Its been a great car (though dreadfully boring to drive) with zero problems.

If it were my money I would spend a little more and get the Elantra with a full new car warranty.
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Old 11-14-2014, 06:30 AM
 
Location: NY
9,010 posts, read 14,239,051 times
Reputation: 11370
Hard for me to answer as I would not buy either of these cars.

That said, what's the original MSRP on the Elantra? What's the resale of a used 2014 Elantra? If the "deal" is good enough on the purchase price, it may cover a lot of the expected initial depreciation costs. Since you would then have a zero mile new vehicle with full warranty and a good chunk of that initial depreciation taken care of in the incentives it may end up being a very good deal.

Plus, a Focus or Cruze from a rental company with 60K miles won't ever impress me much. If I was shopping either as a late model used, I would be looking for something with far fewer miles that was not in a rental fleet.
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Old 11-14-2014, 06:57 AM
 
Location: North Port, Florida
774 posts, read 1,830,215 times
Reputation: 844
I would buy the Elantra in a heartbeat and keep it for 10-15 years.

You'd have a brand new car, with a good warranty.....if you take care of it you'll more than come out ahead.

Mikey
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Old 11-14-2014, 09:07 AM
 
Location: 4222'55.2"N 7124'46.8"W
4,837 posts, read 9,255,889 times
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In most cases I'd say to buy the used car, but you're not comparing apples to apples here. What does a used 2012-13 Elantra go for? Given your situation if I had to choose between those 3 cars I would pick the new Elantra just because the expected future reliability is so much higher than either the Focus or the Cruze. Also I would never buy a used fleet vehicle. If you buy used it needs to be someone's personal car from a private party or dealer with all maintenance records included.
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Old 11-14-2014, 09:37 AM
 
Location: Raleigh, NC
184 posts, read 386,901 times
Reputation: 107
I should add:

I don't drive a ton, around 10,000 miles a year. 2013 Elantra or Mazda3 which I know most people like can be had for around $11,500.

Seems like you guys are saying Focus/Cruze are just so iffy on reliability that you'd rather zero in on an Elantra or maybe a 3?

As for buying from fleet, my aunt bought an 09 Camry 3 years ago and it's been fine. They even let you sign the car out for 3 days risk-free so I'd be taking it a mechanic.
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Old 11-14-2014, 09:52 AM
 
Location: Prosper
6,268 posts, read 12,146,523 times
Reputation: 9331
Quote:
Originally Posted by Parsec View Post
In most cases I'd say to buy the used car, but you're not comparing apples to apples here. What does a used 2012-13 Elantra go for? Given your situation if I had to choose between those 3 cars I would pick the new Elantra just because the expected future reliability is so much higher than either the Focus or the Cruze. Also I would never buy a used fleet vehicle. If you buy used it needs to be someone's personal car from a private party or dealer with all maintenance records included.
This.
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Old 11-14-2014, 09:53 AM
 
Location: southern california
55,237 posts, read 72,506,936 times
Reputation: 47458
I have saved enormously by doing so
But now is the good part
When u pay for stuff instead of sign for stuff u really thing about the price
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Old 11-14-2014, 09:57 AM
 
Location: 4222'55.2"N 7124'46.8"W
4,837 posts, read 9,255,889 times
Reputation: 2878
Quote:
Originally Posted by ippi76 View Post
I should add:

I don't drive a ton, around 10,000 miles a year. 2013 Elantra or Mazda3 which I know most people like can be had for around $11,500.

Seems like you guys are saying Focus/Cruze are just so iffy on reliability that you'd rather zero in on an Elantra or maybe a 3?

As for buying from fleet, my aunt bought an 09 Camry 3 years ago and it's been fine. They even let you sign the car out for 3 days risk-free so I'd be taking it a mechanic.
Now we're talking. If I had the choice of a 2013 Elantra for $11,500 or 2014 for $16,500 I would choose the used one.

A Camry taken from a fleet is the exception. You can drive it 100,000 miles with no problems if you just change the oil regularly. You need to make decisions based on general knowledge, not based on anecdotal evidence. Either way, it looks like you're leaning away from the Focus/Cruze anyways which is a good thing.
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Old 11-14-2014, 10:04 AM
 
Location: Poshawa, Ontario
2,986 posts, read 3,163,702 times
Reputation: 5622
Quote:
Originally Posted by ippi76 View Post
Assuming you can buy either one all cash and it's okay financially, which you would do? Conventional says "used is better, let some other sucker waste the depreciation yada yada". I also see new 2014 would depreciate really quick given its already 1 year old.
I have always bought new. If you buy used, you are merely buying someone else's problems, and the higher interest you pay financing a used vehicle (as most people do) generally eats up a great deal of the "savings" over the term of the financing agreement. The only used vehicle I own is a Polaris ATV that was less than a year old when I bought it. It is also the only vehicle I own that seems to continually give me problems.

As for depreciation... Let's just say if you see buying a vehicle as an economic investment, you really should consider a course in basic household finances.
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