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I was in a similar situation as you in 2015 when I was shopping for a commuter car for myself. I had my eyes set on a 2012-2014 Honda Fit. Everything I was finding turned out to be 1-2k cheaper than a brand new 2015 Honda Fit that was new generation. I decided on getting the newer 2015 because I would have the factory warranty for 3yrs/36k and the car would have zero miles on it. Plus the newer version had a lot of improvements and updates. I don't regret getting the newer vehicle.
Like you, I buy a car, take great care of it and keep it a long time. My other vehicle is a 2004 Toyota 4Runner that I bought new as well. Pretty much because of the same reasons as above. Toyotas and Hondas really hold onto their value and as long as you don't get a new car every few years, depreciation isn't much of a concern.
First off I want to thank you all for the things to consider. Some were on my mind and I didn’t mention them but others I didn’t consider at all. I just want to clarify one point, I am the one getting the new (or if it’s used newer car). I am giving my daughter my old car. I am not buying a 16-year-old a new car.
She’s pretty much only going to use it to drive two miles to and from the high school and to and from practices after school and in the evenings (also at the school) so I can stop taking time off work to get her to these things. She may drive to friends houses too, all of which are closer than the high school (she walks now). I am the one who will be putting miles on a car and doing highway driving every day going to and from work.
Oh course, I am planning on letting her use the new car too sometimes. But primarily the old one will be hers and the newer one mine.
A couple of years ago my wife and I were in the market for new cars. We looked at pre-owned but the savings of 2-4k was not enough to entice us. Plus, we saved money in the stock market for 5 years just to buy a car, netting 20k in profits when we cashed out. I did a ton of research and bought a car that I will have for as long as it can run. We paid cash for both my and my wife's car, so we got the brand new car we wanted with all the features we wanted. I know the logic is that new cars are for suckers, but when you pay cash with the intent to keep the car 15-20 years, I think that negates the fact that you might pay 2-4k extra for the car.
We went through the new vs gently used decision tree with Subaru in 2016 (loved our 2007 Outback enough to go back to the brand) and went with the new. A holiday sale incentive brought the price to within about $1500 of the two year old used option and we figured we might as well buy new and get the full factory warranty at that point.
I have typically bought new cars and run them for 150K - 250K miles, i.e., until they become unreliable. That was when I commuted and ran up a lot of miles. Now I am retired and mileage is much lower. A few months ago our second car, an 1999 Buick Regal beater, died. The brakes went out for the third time along with numerous other repairs.
I priced new cars. Even a Corolla or Civic or the like easily reaches the $25K range. Instead I bought a car coming off of a 3 year lease. We had lots of choices of cars with less than 30K in mileage in near perfect condition and with full dealer service records available. I ended up with a Honda Accord, 26k miles, 3 years old and with a complete certified used car warranty. Price before haggling was $15.6K. That is quite a savings over buying new.
The OP says new vs slightly used so the repeated technology/safety comments aren’t nearly that big of a differential
No, but if the differential is very small (less than $2k?), the new car may be worth it due to the added lemon law protection and service life expectancy.
Mazda is possibly the worst built car in North America. I'd steer clear of the make. Every model.
My youngest has a Civic bought last summer, a 2013, and other than fueailed oil changes it's costs nothing more outta pocket, yet. *knock on wood*
Good luck.
On what basis do you make this claim on Mazdas? I've owned 4 mazdas in my life and all were excellent and I've owned 5 Hondas and they were as well. i will say that the current Civic is quite impressive for its class.
I’ve been looking at both new and slightly used cars. The problem is...
That whatever calculus you use or accept wrt to average values doesn't really matter.
With a used ANYTHING... the value has to come down to the specific example being compared.
Quote:
I got the 15-year-old car brand new 15 years ago and I think part of
the reason it’s in such good shape is because I’ve taken good care of it.
Like that.
But not just part. The largest part.
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