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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?
I buy new. Mostly because I like to feel fancy but I also like the peace of mind that comes from a car that has been properly maintained and not abused from the very beginning.
15,000 miles is about a year of driving or more for me, which amounts to about $3600 in payments anyways. Break even for me, plus more warranty, and I would have it from the beginning. Possibly a better interest rate too.
I just purchased a brand-new, Labor Day doorbuster special 2015 Chevrolet Malibu LS w/ automatic for $14,995, and I qualified all the easy rebates. Ad cars require you to be in showroom floor few hours before open. Ad cars are many times cheaper than pre-owned, but majority of ad cars tend to be base model with no options.
Hahah - no wonder so many people complain about their budgets or not saving enough for retirement! Hardly anyone here will even consider a used car - I saved between 25-33% buying a two year old Mazda 6 and I feel great! I had it checked by a mechanic before buying and he said it was in very good condition and now for a year it's running just fine.
Hahah - no wonder so many people complain about their budgets or not saving enough for retirement! Hardly anyone here will even consider a used car - I saved between 25-33% buying a two year old Mazda 6 and I feel great! I had it checked by a mechanic before buying and he said it was in very good condition and now for a year it's running just fine.
Thank you.
You are so right about people not saving for retirement. Too many young people (and all ages) jump out with a car payment with interest - with zero thoughts of the future. Get that nice shiny car to show off to yourself and others.
As far as a 2-3 year old used car purchase. Well, if you get a real good deal then go for it.
But most new car dealers make their most profit from used car sales.
I have seen way too many young people buy a used car for say $15,000 with 35,000 miles on it. Good deal, right? Well, you can get a new car for that price. With incentives and rebates. And probably a lower interest rate.
Real good used cars are few and far between. If buying from a dealer you just don't know if the oil has ever been changed. A previous collision. Pets, smokers, etc.
I have already stated the story about an acquaintance that leased a Toyota Tacoma for 3 years. He never did any maintenance. Never changed the oil. When time came to turn in he checked oil and the dipstick barely showed any oil and the oil was dark black. He did change the oil and turned the truck in. The truck was very clean as he was the only driver and he did zero work with the truck. It did look new.
So the next owner thinking that they are getting a super clean Toyota pickup truck - will get one that burns oil. Good luck on that one. How many lease people have this attitude? I have no clue. But I know of one.
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.
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