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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,576 posts, read 81,186,228 times
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Quote:
Originally Posted by John7777
For what it's worth, in some states you can skip the sales tax by buying used from a private individual. In Arizona, for example, when you buy a used car that way the license branch doesn't collect the sales tax. Or at least that used to be the case. You're supposed to report the purchase on your income tax return and pay the sales tax that way, but must people conveniently forget about that minor detail. Depending on the price of the car, the sales tax can be a lot.
Not here unfortunately, they get you on a 10% "Use Tax" when you go to register it in your name,
even if you buy it in from another state.
There are some makes and models where there is a lot of depreciation and it makes more sense from a financial standpoint to buy used.
Let's say a brand new base model sedan cost 3k more than a 2 year old car (same model/make) with 15k miles. Or 4k more than the same 2 year old car with 25k miles. Would you buy the new or used car?
When you have 1 million dollars, go ahead and buy a new car.
There are some makes and models where there is a lot of depreciation and it makes more sense from a financial standpoint to buy used.
Let's say a brand new base model sedan cost 3k more than a 2 year old car (same model/make) with 15k miles. Or 4k more than the same 2 year old car with 25k miles. Would you buy the new or used car?
If I could afford the extra $3k, I'd buy NEW. I'd also keep it for 15 {+} years, or 200K {+} miles, or it wore out, if it still served me well.
I still drive a 9 year old minivan, and will until those specifications are met...
There are some makes and models where there is a lot of depreciation and it makes more sense from a financial standpoint to buy used. Would you buy the new or used car?
4 of my last 6 cars have been pre-owned. All were 1 to 3 years old, with less than 20K miles when purchased. I can afford to purchase new cars, but I can't imagine purchasing new anymore as the depreciation in the first few years is crazy. Most cars only retain 50% of value after 5 years. I'd rather retire early than drive a new car
My last 2 used car purchases:
2 year old car with <17K miles. 2 years of factory warranty and maintenance left. Got it for 25% off original sticker price
3 year old car with <15K miles. 1 year of factory warranty and maintenance left. Got it for 40% off original sticker price
My last car purchase was a full-size Ford sedan, an '07 that I bought in '11. It was a commercial lease with 42,000 miles on it, 4 years old. That does mean it was out of factory warranty. It was originally listed at $16,000, but they discounted it after it sat on their lot for 9 months and I negotiated the price even further, all the way down to $11,000. Original MSRP was $23,730 and even then, the brand-new Taurus replacement was priced much higher.
Looking at Autotrader now, there is a 2011 Taurus listed at $15,000 with 42,000 miles on it. So I'll bet I could get the same deal again if I wanted to upgrade to a newer model. But I would probably spring for a '12 Fusion for the same or less money and get that reliable Duratec 3.0 V6.
If I could afford the extra $3k, I'd buy NEW. I'd also keep it for 15 {+} years, or 200K {+} miles, or it wore out, if it still served me well.
I still drive a 9 year old minivan, and will until those specifications are met...
Just my opinion.
I couldn't agree more, I have 2004 Honda Civic that I bought new, which just turned 11 years old last weekend, and I have 140,000 miles on it and plan on keeping it until it wears out.
I couldn't agree more, I have 2004 Honda Civic that I bought new, which just turned 11 years old last weekend, and I have 140,000 miles on it and plan on keeping it until it wears out.
Thanks, I've treated it well and get the oil changed when scheduled, and had the timing belt/water pump replaced at 100,000 miles. I'm hoping I will get to 200,000 miles and another 4 years out of it.
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