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Are slightly used cars still the best value?
Posted on 9/16/12 at 10:31 pm
Posted on 9/16/12 at 10:31 pm
Last time I bought a car, it seemed like a slightly used car (2-4 years old) offered the best value, due to the "off the lot" depreciation effect. Is this still true?
Just started looking for a vehicle and it doesn't seem like the no-brainer it was a few years ago. My impression is still that the slightly used car is a better deal, but I am seeing some instances where the price difference isn't as significant as I would have thought.
Just started looking for a vehicle and it doesn't seem like the no-brainer it was a few years ago. My impression is still that the slightly used car is a better deal, but I am seeing some instances where the price difference isn't as significant as I would have thought.
Posted on 9/16/12 at 11:04 pm to urinetrouble
I would either buy new (where rebates can be applied, and you know that no one has been driving the car hard/rough) or buy reliable car with high mileage. The days of getting a good deal on a slightly used reliable (i.e. Toyota) are gone, imho.
Posted on 9/16/12 at 11:07 pm to Ric Flair
quote:
The days of getting a good deal on a slightly used reliable (i.e. Toyota) are gone, imho.
This. We traded in an 18 month old Honda CRV, and the dealership put it on their used lot for $2000 more than we paid for it new.
Posted on 9/16/12 at 11:08 pm to urinetrouble
It depends how much you can get the used for. I bought my 2010 F150 brand new for $26k. I got a deal from a good friend I admit. A used comparable was only $2k less. I'll spend $2k to have a truck that no one else has touched. My overall point is, how much is brand new worth to you?
Posted on 9/16/12 at 11:11 pm to jmarto1
I read an article about 2 years ago that showed that Honda accords with less than 15k miles were selling within 500 dollars of brand new ones
Most folks on this site ridicule people for buying new and talking about the immediate depreciation
Of course there is some, but it's not like it used to be
I don't care about the immediate depreciation anyway.....I'm not buying the vehicle to trade it back in a week
Most folks on this site ridicule people for buying new and talking about the immediate depreciation
Of course there is some, but it's not like it used to be
I don't care about the immediate depreciation anyway.....I'm not buying the vehicle to trade it back in a week
Posted on 9/16/12 at 11:14 pm to Croacka
quote:
I don't care about the immediate depreciation anyway.....I'm not buying the vehicle to trade it back in a week
Considering I aim to keep vehicles for an average of 8-10 years (except for the aforementioned CRV,) I like buying new with extended warranties.
Posted on 9/16/12 at 11:23 pm to notslim99
Let's say that a 30,000 dollar vehicle depreciates 3k when you drive it off the lot
(which is probably a high estimate)
In 6 months, your total depreciation (barring high mileage rate) would probably still be about 3k
(which is probably a high estimate)
In 6 months, your total depreciation (barring high mileage rate) would probably still be about 3k
Posted on 9/17/12 at 12:17 am to Croacka
quote:
Most folks on this site ridicule people for buying new and talking about the immediate depreciation
I think most of the ridicule comes from people buying vehicles with every available package included and trading the vehicle in within 3 years.
For 95% of people the only thing they need is dependable and A/C.
Posted on 9/17/12 at 12:50 am to Ric Flair
quote:
The days of getting a good deal on a slightly used reliable (i.e. Toyota) are gone, imho.
Spot on. A three year old used car with low mileage will sell for almost as much as a similar brand new car.
Posted on 9/17/12 at 7:13 am to Layabout
Finally, a thread that makes some sense about auto purchases. Good to read some rational information.
PS. Remember to thank a wealthy person today, because without them, you have no choice in the matter.
PS. Remember to thank a wealthy person today, because without them, you have no choice in the matter.
Posted on 9/17/12 at 7:52 am to urinetrouble
Really depends on Rebates.
I got my truck at a price that that was cheaper than what they listed a used one on their lot that was slightly used. Huge rebate at the time though.
I got my truck at a price that that was cheaper than what they listed a used one on their lot that was slightly used. Huge rebate at the time though.
Posted on 9/17/12 at 8:12 am to urinetrouble
Every situation is different and requires you to do your own research.
Posted on 9/17/12 at 8:20 am to urinetrouble
I think cash for clunkers pulled a lot of used cars off the street. That combined with the decrease in new car sells over the past couple of years has left a decreased supply of used cars on the road compared to the past...
Posted on 9/17/12 at 8:20 am to urinetrouble
I just bought a 2012 F150 with a bunch of rebates due to 2013s hitting the lots. Got it for $11k under sticker.
After looking at the slightly used market, it made more sense to buy new at that price.
After looking at the slightly used market, it made more sense to buy new at that price.
Posted on 9/17/12 at 8:28 am to notslim99
quote:
extended warranties
...yeah, I wouldn't go that far.
Posted on 9/17/12 at 8:39 am to brgfather129
quote:
...yeah, I wouldn't go that far.
You should negotiate every aspect of your vehicle purchase. If you let it be known that you will walk from the deal because you don't like the price of a warranty, they will cave 9 out of 10 times. Be prepared to walk though.
Posted on 9/17/12 at 8:58 am to Layabout
The fashionable cars will sell at higher prices.
The good values will be the fleet models......stripped down versions of the Ford Fusion, Chevy Impala, Toyota Corolla, Hyundai Sonota, and Mazda 6 etc. Even then, a used car with low miles and decent fuel economy will sell pretty quickly.
Also something to consider....10 years ago, not many cars on the road that lasted more than 150,000 miles. Most cars can easily do that today as long as the owner takes care of them.
Cars are notorious for depreciation. Lots of people have figured out that buying slightly used examples is usually a better deal- which is why used car values are up and new car rebates are generally low. Between 2008 and 2010, new car sales were down- which contributes to a supply constraint for used cars.
The good values will be the fleet models......stripped down versions of the Ford Fusion, Chevy Impala, Toyota Corolla, Hyundai Sonota, and Mazda 6 etc. Even then, a used car with low miles and decent fuel economy will sell pretty quickly.
Also something to consider....10 years ago, not many cars on the road that lasted more than 150,000 miles. Most cars can easily do that today as long as the owner takes care of them.
Cars are notorious for depreciation. Lots of people have figured out that buying slightly used examples is usually a better deal- which is why used car values are up and new car rebates are generally low. Between 2008 and 2010, new car sales were down- which contributes to a supply constraint for used cars.
This post was edited on 9/17/12 at 9:11 am
Posted on 9/17/12 at 9:21 am to dewster
Can get a 2012 accord lx for 18.5 with 0.9 for 60 months. Paid 17k new for my accord in 99'. 1500 bucks in 13 years is pretty sick.
My wife went for the crosstour. 22.9k with 0.9 for 60. Got 2500 in trade for 99' accord with 192k on it.
My wife went for the crosstour. 22.9k with 0.9 for 60. Got 2500 in trade for 99' accord with 192k on it.
Posted on 9/17/12 at 9:24 am to Ric Flair
quote:
buy reliable car with high mileage
These seem to be the best value to me.
Posted on 9/17/12 at 9:31 am to dewster
I believe this shift in depreciation rate is temporary and will adjust back to where
It was soon. That is if the government doesn't get involved again.
It was soon. That is if the government doesn't get involved again.
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