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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.
In a year my daughter is turning 16 and I am looking at giving her my 15-year-old car and buying myself another (probably another just like mine since the Corolla seems to just keep going and going like the Engergizer Bunny).
I’ve been looking at both new and slightly used cars. The problem is, with the Corolla (and Mazda 3 and Civic which I’m also considering) the deprecation for a few years isn’t a lot. I am starting to wonder if I should even bother with used. Sure, it will save me $1k to $3k but it won’t be a new car with a new car warranty and since it’s already a couple of years old, it won’t last me as long. It’s used up some of it’s life. For example, say a car has 17 years of life in it. If I buy it new, I have it for 17 years. If I buy it used, I have it for only 15.
They say you should buy used because the minute you drive it off the lot is loses so much value. My main reason for posting this is to ask does that even matter if you plan to never sell the car? I don’t care what it’s worth after I buy it aside from how in affects my insurance and taxes. And looking at these used car prices, it just doesn’t seem like much of a savings. I don’t even know that I would save much on insurance and taxes since the difference in price between new and 2 year old used isn’t a lot.
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. On one hand it feels wasteful to consider a brand new car, the used ones, while not a lot cheaper are a few thousand cheaper. So that’s less money out of my pocket since I plan to pay cash for the car. But on the other hand, maybe a new car hat I know has always been maintained well with a new car warranty is worth the money. And I will consider fincacing for a new car if I can get 0% (and therefore keep my money earning interst while I pay off the car slowly).
buy a new car. the discount on used these days doesnt seem to be enough to cover to risk.
"My main reason for posting this is to ask does that even matter if you plan to never sell the car?"
yes.
new cars have so much better safety features that it is worth it to buy new.
No, not really. In the late '90s, I bought a new Subaru and drove it for nearly 15 years until it was killed in an unfortunate accident. In 2013, I bought a 2011 with low mileage. I did save a little money, but my son, a mechanic, told me that I didn't want the CVT that the new model has. He maintains and repairs it, so he got the final say. Sometimes new isn't better.
For an "appliance-type" of vehicle (not to spin this too pejoratively), there's sound rationale for buying something new, as opposed to several-years-old. The savings, in my opinion, only accumulate when the purchase is of something 10 years old, or older.
The importance of safety-equipment is subjective. No, really, it is. I personally regard these various technologies as a crass imposition, a nuisance and an unwelcome source of dead-weight. The extent to which these sentiments can legally be actualized depends, of course, on the age of the car, and the regulations in one's state/country.
But I'm the sort of buyer who'd be interested in the OP's daughter's Corolla once she graduates, gets her first "serious" job, and buys a suitably prestigious/new car of her own. At this point I'd not seriously consider any car built in the 21st century - still too new.
You have to buy a4, 5 year old car to get any real discount over new.
The reasons are many as to why gently used is almost as much as new.
1) leases have controlled depreciation and controlled value built in.
2) CPO has the same effect
3) many financial gurus are telling people to buy used instead of new, so used cars hold better value
4) new car prices overall are ridiculously high, so used car values are overall ridiculously priced.
Robotics was supposed to make cars cheaper, but with all this "safety " crap to avoid accidents has, in my opinion, gotten out of hand and add ridiculous costs to the cars, both brand new and 2 year old cars. If people usex common sense,, werent always in a hurry to get somewhere, lqqked while or before driving, thered be fewer accidents.
Sonce you keep them many years ( i drive an 06 minivan) anyway, you dont need to worry about depreciation loss.
So if you want to buy a brand new for cash, go ahead. I dont see much difference.
Just buy a Honda or Toyota, stick with those quality brands.
In a year my daughter is turning 16 and I am looking at giving her my 15-year-old car and buying myself another (probably another just like mine since the Corolla seems to just keep going and going like the Engergizer Bunny).
I’ve been looking at both new and slightly used cars. The problem is, with the Corolla (and Mazda 3 and Civic which I’m also considering) the deprecation for a few years isn’t a lot. I am starting to wonder if I should even bother with used. Sure, it will save me $1k to $3k but it won’t be a new car with a new car warranty and since it’s already a couple of years old, it won’t last me as long. It’s used up some of it’s life. For example, say a car has 17 years of life in it. If I buy it new, I have it for 17 years. If I buy it used, I have it for only 15.
They say you should buy used because the minute you drive it off the lot is loses so much value. My main reason for posting this is to ask does that even matter if you plan to never sell the car? I don’t care what it’s worth after I buy it aside from how in affects my insurance and taxes. And looking at these used car prices, it just doesn’t seem like much of a savings. I don’t even know that I would save much on insurance and taxes since the difference in price between new and 2 year old used isn’t a lot.
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. On one hand it feels wasteful to consider a brand new car, the used ones, while not a lot cheaper are a few thousand cheaper. So that’s less money out of my pocket since I plan to pay cash for the car. But on the other hand, maybe a new car hat I know has always been maintained well with a new car warranty is worth the money. And I will consider fincacing for a new car if I can get 0% (and therefore keep my money earning interst while I pay off the car slowly).
Similar to negotiating a new car, you should be able to negotiate substantial discounts on a used car. Shop around. There are plenty of cars out there. No need to take the hit of heavy depreciation during the initial couple of years.
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