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re: When would you all recommend getting a new car?
Posted on 9/12/23 at 7:00 pm to Jag_Warrior
Posted on 9/12/23 at 7:00 pm to Jag_Warrior
quote:
For example, someone who traded a lower mileage vehicle at say year 3 would take a huge depreciation hit, while the value was also still in decline. But maybe at year 8, the depreciation had dramatically slowed and the value had reached a relative low point.
It isn't a terrible idea to buy a three year old car that was originally leased. Providing you have a thorough inspection to find any unexpected issues.
You would avoid the worst of the depreciation. I have a friend that does this with Lexus every few years.
1
Posted on 9/12/23 at 7:24 pm to molsusports
I agree. As the buyer, the situation is the flip side of the seller’s. Your friend is probably getting the best of both world’s: avoiding the initial depreciation hit and getting relative valuation stability by year 3 or so. Smart move.
An acquaintance of mine, who I’ve known for about 10 years, does just the opposite. He trades vehicles every 2-3 years and buys a new vehicle. In the time I’ve known him, I’m fairly certain that I could have bought a nice Porsche 718 or Vette for what he’s lost in total depreciation and dealer markups. Only his pension and his wife’s salary allow them to roughly out earn their stupidity when it comes to money matters. They’re both financial idiots (although very likable people - we can discuss his boat later.
)
An acquaintance of mine, who I’ve known for about 10 years, does just the opposite. He trades vehicles every 2-3 years and buys a new vehicle. In the time I’ve known him, I’m fairly certain that I could have bought a nice Porsche 718 or Vette for what he’s lost in total depreciation and dealer markups. Only his pension and his wife’s salary allow them to roughly out earn their stupidity when it comes to money matters. They’re both financial idiots (although very likable people - we can discuss his boat later.
) 
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