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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.
Nothing beats new, but cars that hold value when bought new are few and far between.
True - I keep cars at least to the 7 year mark so I don't care about value. It's these people that get tired of a car after 3 years that should care about value. I care more about lasting without major engine or transmission issues.
I need to get a car that gets me the best long-term lasting value - so used cars seem to be out of the picture with the current used car value market.
I always buy new because so many people do not maintain their cars properly. I buy my cars new, maintain them to the letter and have few, if any problems.
Most people (myself included) who talk about buying used, last bought in a different market. 2 of my vehicles I bought 3~4 years old for 1/3rd their original sales price. I'm 15 years out with owning those vehicles ~ yeah, buying used was EASILY the smarter decision back then.
Looking at replacements now? Those deals don't exist and I'm not going to spend 5% less than new for a 3 year old, 50k mile car.
From what I've seen, the Tacoma isn't worth buying used. Used prices aren't far off from new prices for recent models.
Throw in Toyota CPO vehicles which receive the balance of 100,000 power train warranty versus new car warranty of 60,000 mile power train warranty and it muddies the water even more.
Now if a model gets a significant makeover then that might make the line a little clearer.
The days of being able to buy used cars for <$1,500 and not having to put significant repairs and work into them seem to be over. Of course this does not include the "my dad can't drive anymore and is selling me his 2010 Buick with 10,000 miles on it for $1,000" type of deals.
Everything is getting expensive these days. Even baseball caps are $30 these days. When I was wearing them they were $20.
Depends on what your buying and how your buying it.
Used to be, that virtually all the time, that buying used was the more affordable route. Older car, cheaper price.
But in reality your doing two things when buying a car. Buying the car, and getting a loan.
Since most people finance a car, that cost is (or should be) a consideration. Since the lowest (or no interest) loans are generally offered only on brand new cars, it muddies the waters. Sometimes it ends up costing about the same to buy the new one then buying a less expensive one or two year old used car with a higher priced interest rate on the loan. So for the few folks that qualify for that low or no interest loan, you can get the new one for about the same cost. That probably isn't too many people though, since most people don't have the nearly perfect credit you need for that really low (or no) interest rate.
Most vehicles are generally less expensive used, especially if you pay cash. That removes the second part of buying a car, which is getting a loan. So what the car costs is the only consideration. No loan, no cost there.
That's why its often not the best idea to buy and finance in the same place. You tie the two too closely. It may be the right car, but not the right loan. Or the opposite, the right loan, but not the right car.
So I think for most people buying used is still the better financial thing to do. Its always best to have a smaller loan then a larger one.
There may be a few exemptions to that rule. For example you want the less loaded model of a vehicle that is mostly sold as a loaded model. If most of the used ones are loaded, they still have a high price especially if they hold their value better then average. For example a half ton pickup truck. The base model of a new ford f 150 is 27k and some change. But most sell for over 40-50k because most have many options on them. So a used one that is loaded is likely still in the 30k range. So if you are happy with the base model, and you can find one (they are hard to find new even) you could get it new for the 27k. But that is probably one of the few times, since there are likely few used base model F 150's out there.
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 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.
What vehicle was that?
I saved 6K when I bought my wife her 2 year old Rav4 with 24K miles on it.
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