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If there are certain cars that maintain value longer, why would anyone buy used in in the first place (considering a 1-3 year old car)? If the discounted price for a used car is not too far off the new price, why not buy new?
Looking at used cars right now, I am shocked to see how "expensive" the prices are compared to new. When I last purchased a car in 2011, I got a good deal on a 1 year old car. Now, not so much.
If there are certain cars that maintain value longer, why would anyone buy used in in the first place (considering a 1-3 year old car)? If the discounted price for a used car is not too far off the new price, why not buy new?
Looking at used cars right now, I am shocked to see how "expensive" the prices are compared to new. When I last purchased a car in 2011, I got a good deal on a 1 year old car. Now, not so much.
Because some people are morons and think depreciation matters on a new car even if you keep it for years.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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There are many other reasons for buying used. For example, the style has changed, and the person prefers last year or the year before. When it comes to the modern muscle cars, values drop fast. For Camaro, Challenger, and Mustang the 1-2 year old car can be 1/3 of the original price and still have some bumper-bumper warranty left. Some people expect to keep the car until it dies, and don't care about the resale value, but cannot afford new or just don't want to pay for the new price. Plenty of people are buying used cars, or the prices would be dropping. Since they are going up/remaining high, there is great demand, and that's while new car sales are setting records. Just more signs of a good economy.
Agreed. I'm not sure why some people buy slightly used instead of new. 2 of my friends bought a Jeep Wrangler Unlimited and the other one bought a 4runner. They both had big plans to search for the best used Wrangler and 4Runner, but decided it is best to just buy new and be the 1st owner. Those 2 vehicles used prices were ridiculous! I went car hunting with them. Personally, I was very surprised at the Jeep Wrangler prices!
The abnormally high used car prices aren't going to last. The Great Recession very much tightened up the supply of late model used cars. There were a million less leased cars coming off lease in 2012 than in 2014. 31% of all new cars are now leased so that growth in cars coming off lease is going to continue. It's not just luxury brands. There has been a huge spike in leased compact and subcompact cars. All those cars are coming off lease now. Prices for late model used cars are kind of inevitably going to drop some.
The abnormally high used car prices aren't going to last. The Great Recession very much tightened up the supply of late model used cars. There were a million less leased cars coming off lease in 2012 than in 2014. 31% of all new cars are now leased so that growth in cars coming off lease is going to continue. It's not just luxury brands. There has been a huge spike in leased compact and subcompact cars. All those cars are coming off lease now. Prices for late model used cars are kind of inevitably going to drop some.
I keep hearing this but car price seem so high. When is this drop going to happen so I can buy
Agreed. I'm not sure why some people buy slightly used instead of new. 2 of my friends bought a Jeep Wrangler Unlimited and the other one bought a 4runner. They both had big plans to search for the best used Wrangler and 4Runner, but decided it is best to just buy new and be the 1st owner. Those 2 vehicles used prices were ridiculous! I went car hunting with them. Personally, I was very surprised at the Jeep Wrangler prices!
Jeep Wranglers hold their value better than almost anything else on the road.
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