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My current car was purchased used after a 3-year lease. The car was 3 years old, had less than 15K miles on it, and I bought it for 40% off the original MSRP sticker. THAT'S why I buy used.
My car's sticker price when new was $36,800. That's before all the optional stuff the original owner decided to have installed by the Toyota dealer - OEM remote start, body-color splashguards, window tint, clear paint protection film, and bodyside molding.
I bought the car with 4K miles on it for $22K. I got the remainder of the factory warranty and have a whole bunch of money still in my bank account.
The used car market is outrageously overpriced in many cases. I agree the days of cheap used cars that don't need repairs for a while are over for now. Remember all the incentives when you buy new including 0 percent financing, thousands cash back ect. Don't just look at the retail price. You're getting a factory bumper to bumper and powerterrain warranty and EVERYTHING is brand new so maintenance will be very minimal.
Then you'll also get a lot of money back when you decide to sell or trade in the car compared to a used car. There has to be a BIG discount to make buying used a good option and sometimes there is. Getting a car for a few thousand less than new for a 2-3 year old car with 20k miles is idiotic. With cash incentives at the end of the year many times you can get the same car new for nearly the same price.
The way people drive cars in Texas (DFW), my husband refused to consider a used car. Probably a good move. We love our new CRV. Had it for a year and still love it.
Everyone keeps saying that used cars are the best vs buying new, because a car will lose most of its value after 1-3 years. But this is not always true. Many used cars that are 1-3 years old are selling for just slightly less than a new car of the same model so it actually makes much more sense to buy a newer one, considering that you are the first owner and there are no maintenance questions.
With the cost of new cars being so high that it's insane also puts pressure on the entire used car market to satisfy the affordable car market...used cars cost more due to simple supply and demand.
Let's also mention the "kook aid" advertising nonsense foisted on the public by car marketing to sell all the cars produced in years time.
Factor in the wage erosion of the job market for perfect storm to become the new norm for millions of people still working for a living. Buying a "big ticket" item like a car or home becomes a rigged gamble that you never pay the debt off.
That said, millions of people will never be able to afford new car ever again.
Depends on the vehicle and the driver. If you can afford new and you want to drive it for no less than 10 years then New is for you. Some models one to 3 years old can last ten years or more depending on the previous owner. Some used models might last 3 to 5 years. Decide what’s best for you and your budget.
Everyone keeps saying that used cars are the best vs buying new, because a car will lose most of its value after 1-3 years. But this is not always true. Many used cars that are 1-3 years old are selling for just slightly less than a new car of the same model so it actually makes much more sense to buy a newer one, considering that you are the first owner and there are no maintenance questions.
Examples of these cars that I've seen are the Jeep Wrangler, Toyota Tacoma, and Audi Q5. So what's the point of everyone saying buy a 2-3 year old used car instead of new? I like new cars and I wouldn't buy anything that's more than 3-4 years old. If these used car prices are still high, I would rather just buy new.
are there people like me who like to buy new all the time, but recently converted to buying used? And do you buy used from dealer certified? If I'm buying a German or other European car, I usually like buying new or absolutely knowing what maintenance was done because they are finicky cars.
New vs Used
Buy vs Lease
There is no right answer for either of these questions as it depends on each specific scenario. Some cars it's better to do one way versus the other.
I have not bought a new car since 1974. I've also not had a car payment since 1977. My latest is a 2010 Kia Soul with all available options for $4,000 (80,000 miles). My vehicle before that was a 2003 Montana van, again, fully equipped. I paid $3,200 for it 5 years ago, put over 90,000 miles on it, and just sold it for $1,200. I spent less than $900 on repairs/maintenance in that time, and that includes a set of 4 tires, a 4 wheel alignment, and an emergency repair on a CV joint.
I've bought privately, at auctions, and surprisingly, the Kia, from a dealer, which due to being higher miles than they like and they are a GM dealer, they took it in cheap, probably made $1,200 on me, and sold it cheap.
I never bind myself to what the brand is or frankly, the mileage. I am not afraid of higher mileage, as it is the condition that counts. Vehicles in the past 15-20 years or so are well built, virtually all of them, and I've been very lucky in never having been stung with a bad one, even at auctions.
All that being said, I can understand why people, especially women, feel safer with a new vehicle that they view as being more reliable. My girlfriend, as example, has never bought anything but new. I disagree with her perspective, but it's her money, and she makes well into 6 figures. I haven't paid for my repairs/maintenance and the purchase price for the past two vehicles the amount she pays in payments in one year and she has always carried payments. Again, she makes good money, I just don't think it is the right way to manage it.
Shortly after I bought my new 2016 Silverado LTZ I saw several two year old used ones for sale with prices that were thousands higher than I paid for mine. And they had fewer options than mine. So I have a brand new truck for less than a used one and I get to put all the miles on it and ensure it gets all the servicing called for.
My current car was purchased used after a 3-year lease. The car was 3 years old, had less than 15K miles on it, and I bought it for 40% off the original MSRP sticker. THAT'S why I buy used.
so, just to be clear, you weren't the lessee on the first 3 years? (if you were, i would count those payments against the cost also)
i like the idea of buying used lease cars and have gotten some really good deals in the past on some high end models. (but i have never been the original lessee, nor have i ever leased a vehicle. not that it is always a bad thing, i just can't make a lease work with my high mileage driving situation) i do love a good car deal, but it has to be in my favor for me to pull the trigger.
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