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re: Best car for ~25k. What would you get?
Posted on 3/10/14 at 8:56 am to KG6
Posted on 3/10/14 at 8:56 am to KG6
quote:
you may be able to get a VW Passat TDI for that price.
I'd be surprised if you could find one under $25k. I bought a Jetta TDI 3 years ago. Out the door for $25,500 and that was a decent deal at the time. I couldn't find any other dealers below $28K on the Jetta at the time.
I'll be the first to admit though, VW probably has to be a little more competitive now though. 3 years ago, it was really only the TDI and the Prius that had outstanding mileage. A lot of cars are pushing up in that 35+mpg range now.
1
Posted on 3/10/14 at 9:29 am to htownjeep
I got 2 pages in without seeing someone mention 'buying used'.
25k could get a very nice, slightly used car.
I'll be honest, I have no desire to ever drive a Camry/Accord/Altima/etc.
I've accepted that I'll need to spend 30-40k to get a car or SUV (even if used) that fits my tastes.
25k could get a very nice, slightly used car.
I'll be honest, I have no desire to ever drive a Camry/Accord/Altima/etc.
I've accepted that I'll need to spend 30-40k to get a car or SUV (even if used) that fits my tastes.
Posted on 3/10/14 at 9:37 am to kennypowers816
The price difference for used and new is closing a bit. I think the slow auto market in the 2007-2012 stretch is hurting supply of higher end cars that would be available now as a used model.
If diesel is your preference, Jetta and Chevy Cruze both get 45mpg or more on the highway. I've read great things about both.
If diesel is your preference, Jetta and Chevy Cruze both get 45mpg or more on the highway. I've read great things about both.
This post was edited on 3/10/14 at 9:39 am
Posted on 3/10/14 at 10:45 am to lynxcat
quote:
I got 2 pages in without seeing someone mention 'buying used'.
Keep in mind that every deal is different. However, buying used didnt make sense financially for me. We started looking at Accords and Camrys from 2011, 2012 and 2013 at Carmax. The average price was about $18,000 for a used car with approximately 20k - 35k miles. The warranty was limited and I was approved for a 4.5% interest rate.
I walked across the street to the Toyota dealership and told them I was interested in buying a new Camry. I got approved by Toyota Financial for 0% interest. My 2014 Camry cost $22,000 with an extended bumper to bumper 100k warranty. The car obviously had 0 miles on it since it was brand new.
Thus, a used car loan of $18,000 @ 4.5% interest yields a total cost of approximately $22,100. I could get a car that was brand new for only $22,000 with a better warranty, less dings/scratches and less miles. It was a no brainer. The monthly payments were the same exact amount.
This post was edited on 3/10/14 at 10:47 am
Posted on 3/10/14 at 10:47 am to dewster
Cash for clunkers killed the used market.
Posted on 3/10/14 at 10:50 am to lynxcat
quote:
I got 2 pages in without seeing someone mention 'buying used'
I recommended a used 2013 Fusion on first page.
quote:
25k could get a very nice, slightly used car.
Yep, and it's very nice.
Posted on 3/10/14 at 10:51 am to BAMAisDIESEL09
quote:
Keep in mind that every deal is different. However, buying used didnt make sense financially for me. We started looking at Accords and Camrys from 2011, 2012 and 2013 at Carmax. The average price was about $18,000 for a used car with approximately 20k - 35k miles. The warranty was limited and I was approved for a 4.5% interest rate.
I walked across the street to the Toyota dealership and told them I was interested in buying a new Camry. I got approved by Toyota Financial for 0% interest. My 2014 Camry cost $22,000 with an extended bumper to bumper 100k warranty. The car obviously had 0 miles on it since it was brand new.
Thus, a used car loan of $18,000 @ 4.5% interest yields a total cost of approximately $22,100. I could get a car that was brand new for only $22,000 with a better warranty, less dings/scratches and less miles. It was a no brainer. The monthly payments were the same exact amount.
Well played sir...well played
Posted on 3/10/14 at 11:16 am to Dr. Shultz
Honda Accord...first car I bought out of school. Drove it for 8 yrs no problems. Know of a lot of other folks with similar experiences.
Posted on 3/10/14 at 12:06 pm to BAMAisDIESEL09
quote:
I could get a car that was brand new for only $22,000 with a better warranty, less dings/scratches and less miles. It was a no brainer.
Except that you ate 100% of the depreciation and that was - 10 to 20%, literally the instant you drove it off the lot - like before you registered 1 mile on the odometer.
SO, even at 10% you lost that $2,200 that you can never get back.
If you consistently buy cars in the 25k to 45k mileage range - and put lots of mileage on them before upgrading - you're literally never spending - ultimately 10s of thousands of $ in new car depreciation, regardless of how good a deal you think you got on the financing.
Posted on 3/10/14 at 12:13 pm to Ace Midnight
I understand. However, the bottom line is the bottom line. I spent 22k for a new car as opposed to 22k for a used car. What I expensed in depreciation, I saved in interest. Within my bottom line total cost, I was able to extend the bumper to bumper warranty to 100k.
Posted on 3/10/14 at 12:14 pm to Ace Midnight
quote:
Except that you ate 100% of the depreciation and that was - 10 to 20%, literally the instant you drove it off the lot - like before you registered 1 mile on the odometer. SO, even at 10% you lost that $2,200 that you can never get back. If you consistently buy cars in the 25k to 45k mileage range - and put lots of mileage on them before upgrading - you're literally never spending - ultimately 10s of thousands of $ in new car depreciation, regardless of how good a deal you think you got on the financing.
Yeah. For $25K you could get a used Avalon that ought to last you about a decade..... or a Corvette that should still last you 5 years
Posted on 3/10/14 at 12:18 pm to ironsides
A used avalon for $25k @ 5% interest on was not in my budget.
I chose to not pay interest on a depreciating asset.
I chose to not pay interest on a depreciating asset.
This post was edited on 3/10/14 at 12:21 pm
Posted on 3/10/14 at 12:28 pm to Ace Midnight
quote:
Except that you ate 100% of the depreciation and that was - 10 to 20%, literally the instant you drove it off the lot - like before you registered 1 mile on the odometer.
Obviously that big of a depreciation hit isn't there if he priced the used version of what he bought. This is what gets annoying with this board. The dude gave you cold hard facts of how it was financially better to buy new versus used and, you're still trying to say it wasn't.
Posted on 3/10/14 at 12:41 pm to BAMAisDIESEL09
quote:
A used avalon for $25k @ 5% interest on was not in my budget.
True, but you could still get a used one for $22K, which at 5% interest would be the $416.67/mo. Doing the backward math on the financing $416.67/mo would get you $25K over 5 years at 0%
Nonetheless, here's two questions I would ask myself before debating financing(literally went through this a few months ago):
1) How long do I want to keep it for (and what would the re-sale value be)?
2) How much is it going to cost me to operate and maintain per year?
Once you figure that out you can figure out the total cost / termination value of the asset
You may very well come out ahead for your specific situation and requirements if you went with a brand new ford focus. I have no idea.
I've always had good luck with Toyotas and pay cash so for me I want to be able to save up enough to buy a great car next time around.
Posted on 3/10/14 at 1:15 pm to LNCHBOX
quote:
Obviously that big of a depreciation hit isn't there if he priced the used version of what he bought.
Yes it is. One has depreciated, the other has not. If he had cash in hand, I would assume no one would argue that wasn't the case.
In this particular case, the A/B was roughly the same, if financed - I accept that. The other factor he mentioned was the warranty, and, while not strictly a financial factor, that along with the "fewer dings" etc., indicates he has non-financial reasons for buying new.
I'm cool with all of that - I just don't want someone to try to argue that it's "cheaper" to buy new, when, at best it's a wash, and even a wash you're buying the depreciation, not the first owner. The need to finance evens it in this case, but not usually.
Financing these new cars still costs millions over an average person's lifetime - millions in opportunity costs.
This post was edited on 3/10/14 at 1:17 pm
Posted on 3/10/14 at 1:23 pm to Ace Midnight
quote:
Except that you ate 100% of the depreciation and that was - 10 to 20%, literally the instant you drove it off the lot - like before you registered 1 mile on the odometer.
SO, even at 10% you lost that $2,200 that you can never get back.
If you consistently buy cars in the 25k to 45k mileage range - and put lots of mileage on them before upgrading - you're literally never spending - ultimately 10s of thousands of $ in new car depreciation, regardless of how good a deal you think you got on the financing.
I am a big nerd when it comes to buying the right car for the money, and for the cars at this price range, they hold their value very well. I was surprised to find only a 5-10% difference in the price of a new vs. the price of a year old used. And with the financing deals you can get, that 5-10% difference disappears in a flash.
We bought a 2014 nissan altima, fully loaded, and payed ~$27k, but we got $1000 instant cash back for financing @ 5%. We financed the min required to get the cash back, then paid it off 2 months later. Paid less than $50 in financing costs
The 2013 Nissan with 15k miles, fully loaded was ~$25k.
I will drive this car until it dies on me or costs to repair more than its worth, whcih happened on my passat.
Posted on 3/10/14 at 2:14 pm to Ace Midnight
quote:
Except that you ate 100% of the depreciation and that was - 10 to 20%, literally the instant you drove it off the lot - like before you registered 1 mile on the odometer.
SO, even at 10% you lost that $2,200 that you can never get back.
If you consistently buy cars in the 25k to 45k mileage range - and put lots of mileage on them before upgrading - you're literally never spending - ultimately 10s of thousands of $ in new car depreciation, regardless of how good a deal you think you got on the financing.
...and by consistently buying vehicles in the "25k to 45k mileage range" you are instead losing 2-3 (or more) years on the back end with no car payment if your goal is to drive the car into the ground.
Posted on 3/10/14 at 2:30 pm to Dr. Shultz
I rent a lot of vehicles in this price range for work, and I'd say the VW Passat and the Ford Fusion would be my winners.
Posted on 3/10/14 at 2:40 pm to jfeezie
quote:
I rent a lot of vehicles in this price range for work, and I'd say the VW Passat and the Ford Fusion would be my winners.
Question for those that own a Passat GTI. I was looking at getting one of these, but a consistent theme on car message boards was that the maintenance is a bitch and what you save on efficiency you pay for in new transmission. Anybody have any issues with like that with a Passat GTI (owning it after 5 years or so)?
Posted on 3/10/14 at 2:46 pm to brgfather129
quote:
...and by consistently buying vehicles in the "25k to 45k mileage range" you are instead losing 2-3 (or more) years on the back end with no car payment if your goal is to drive the car into the ground.
That can mitigate the damage to the bottom line, but you are eating all the new car depreciation - every time you buy.
And let's face it - people who buy new cars like new cars. People who are willing to let someone else take the depreciation are smart to do so and will profit at every transaction - regardless if they don't get the 2 years - you're acting like the back 2 years of either is equivalent to the first 2 years of the new car depreciation. They're not.
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