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That's still $10,000 difference. Buying used, you paid off the car in 48 months in your example above, while buying new will take 72 months.
although it would not be paid off in 48 months you would owe less than its value and could easily sell or trade it.... i trade every 36 months when the warranty expires
if your goal is to have a paid off older car that you can work on and have the tools to do so, then there is no point in considering a new car
but if you are like most folks who just want to turn the key and go, a new car might make sense, after all its about the same cost monthly
it depends on your goals and priorities, is it cheaper to drive a clunker for 20 years then junk it?.... probably.... but I prefer to have the latest safety features and a very presentable car
you can lease a new 2016 Accord for $199/mo and in 36 months when the warranty expires and it needs tires, brakes, shocks etc..... just drop it off and pick out a new one for $199/mo
my neighbor says I'm crazy, he buys used "off lease" cars to save on depreciation.... but his monthly payment is much higher and he just put a $900 timing belt on his credit card
I'll just keep on driving brand new cars for $199/mo and my neighbor can buy my leftovers for $350/mo and try to keep them running.
It just depends on your goals and what you expect from a car, and how much you are willing to pay monthly and overall.............. the overall number is lower if you buy used, keep forever & fix it yourself
Do you think it's usually a good idea to buy a 3 to 5 year old used car if you don't care much about the new car smell?
A 3-5-year old car can be an excellent value. Hondas are oddballs among late-model used cars because they retain their value at a much higher rate than average. It's not uncommon to see two year old models selling advertised for less than $1k below the price of a new one (if you negotiate a good deal).
I checked on Cars.com and there are plenty of dealers advertising 2016 Accord EX-L 4-doors starting at $24,400 and hundreds of them under $26k. So a new one would cost about $2k less than the $28k you mentioned.
I also took a look at used prices and KBB.com's valuation of a 2013 Accord EX-L (it estimated the mileage at 43,500) and the fair purchase price is $18,713 (at least here in Georgia, it varies somewhat by location).
So the gap is now closer to 28% instead of 40%.
Here are some things to consider-
The 2016 Accord received what the auto industry refers to as a "mid-cycle refresh or update". The front and rear styling was revised slightly and LED taillights were added. I skimmed over several reviews of the 2016 and noticed that two of the reviewers mentioned a "much improved interior'. Suspension tuning was revised for improved ride quality, the rear seat folds 60/40 as opposed to one-piece and it has a new 7" Touchscreen with Apple CarPlay and Android Auto functionality. There are some other minor revisions as well.
Warranty- Hopefully, you won't need it, especially on a Honda. But if you do, the new one will have a 3yr/36k Limited Warranty and Roadside Assistance and 6yr/60k Powertrain warranty (a used one would have the balance of either warranty, if applicable).
Choice- You can pick the interior/exterior color combo that you want, not what happens to be for sale on the used lot.
With that said, I don't think you'll go wrong either way. Since there are some significant updates to the 2016, I would highly recommend driving a new one and used (2013-2015 should all drive the same, for purposes of comparison) back-to-back. Take note of the differences and decide which is the best choice for you!
One final note- For 2016, Honda is offering a package of technology/safety features called 'Honda Sensing'. I think it's a great deal at $1k on the EX (cloth) and lower models, but they pair it with Navigation for $2k on the EX-L. If you go with a new one, it's up to you to decide if the features are worth the cost.
One final note- For 2016, Honda is offering a package of technology/safety features called 'Honda Sensing'. I think it's a great deal at $1k on the EX (cloth) and lower models, but they pair it with Navigation for $2k on the EX-L. If you go with a new one, it's up to you to decide if the features are worth the cost.
Great post. Makes me want to go and replace my 2004 Honda Accord with a 2016 Honda Accord!
Great post. Makes me want to go and replace my 2004 Honda Accord with a 2016 Honda Accord!
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My dad has a 2004 Accord LX that just turned 270k miles and he adores that thing! I really like the 2016 Accord and I test drove a new Accord EX several months ago. I'm one of those odd individuals that actually prefers cloth over leather seats. It's really great that I could get an Accord EX with cloth seats and still get the Honda Sensing package.
Edmund.com has a very useful tool to calculate the "True Cost to Own" (TCO, for short). It calculates how much a car will cost over a 5-year period including Depreciation, Insurance, Fuel, Taxes/Fees, Maintenance and Repairs. I used it to compare a 2013 Accord EX-L and 2016 Accord EX-L.
The final TCO was-
2016- 31,081
2013- 28,862
So the 2013 would save $2,219 over a 5-year period.
Those figures are based on a purchase price of $18,342 for the 2013 and $26,352 for the 2016. The TCO also assumes driving 15k miles per year and above average credit for calculating the financing. The 2016 is calculated at 0% APR based on Honda's current finance offer.
My dad has a 2004 Accord LX that just turned 270k miles and he adores that thing! I really like the 2016 Accord and I test drove a new Accord EX several months ago. I'm one of those odd individuals that actually prefers cloth over leather seats. It's really great that I could get an Accord EX with cloth seats and still get the Honda Sensing package.
My 2004 Accord EX is bullet-proof. Aside from regular maintenance (brakes, oil, battery) the only thing I've had to do is the O2 sensor and oil pan gasket (and the airbags of course). The car has 130K miles and runs like a top.
I'm just hankering for an Accord that has some of the tech doo-dads that the 2016 has.
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