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Since we are talking cars.....what is the line between buying a new or used?
Posted on 6/9/15 at 5:48 pm
Posted on 6/9/15 at 5:48 pm
That may not be the best way to phrase it. But, for those who have bought, why did you decide to go used over new or vice versa?
Is it all about the monthly payment? Or is it more about the difference in price? Or various factors?
Is it all about the monthly payment? Or is it more about the difference in price? Or various factors?
8
Posted on 6/9/15 at 5:51 pm to HailToTheChiz
I went new because a decent used car is still $$$$
I have a 48 month plan with 3 year factory warranty for everything. By the time warranty is up, the car will have loads of equity.
I have a 48 month plan with 3 year factory warranty for everything. By the time warranty is up, the car will have loads of equity.
Posted on 6/9/15 at 5:53 pm to JayDeerTay84
I went new because the cars that I were considering used are about to have a model refresh. I did not want to be a year into ownership with an older model that will be harder to sell down the road.
I definitely did not make a purely financial decision.
I definitely did not make a purely financial decision.
Posted on 6/9/15 at 5:57 pm to lynxcat
Features, safety, and performance weigh in.
Price is the most determining factor assuming no swing from the others. Not sure there's a hard figure, but more about how I feel about the value I'm getting related to the long term reliability I expect. In general, I tend to lean toward a new car I'll keep longer with fewer out of pocket problems.
Everything has just gotten so damn expensive.
Price is the most determining factor assuming no swing from the others. Not sure there's a hard figure, but more about how I feel about the value I'm getting related to the long term reliability I expect. In general, I tend to lean toward a new car I'll keep longer with fewer out of pocket problems.
Everything has just gotten so damn expensive.
Posted on 6/9/15 at 6:16 pm to HailToTheChiz
I went with a brand new car because it was offered at 0% financing. The used models that were 2-3 years old would cost more than the brand new model after considering the interest.
Posted on 6/9/15 at 7:07 pm to HailToTheChiz
I went new because my vehicle has a high re-sale price, thus lightly used versions were only ~3k cheaper than new.
Posted on 6/9/15 at 7:36 pm to HailToTheChiz
Bought new because it only cost about 3k more and had a longer warranty. Got 109k miles on it so far.
Posted on 6/9/15 at 7:43 pm to burgeman
Good stuff. Thanks
Posted on 6/9/15 at 8:38 pm to HailToTheChiz
I go with new, but I generally buy a new car every 10-12 years. Zero percent financing, too.
Posted on 6/9/15 at 9:51 pm to hungryone
Depends on what brand you're looking at.
I deal with Hondas so the answer is always new. IF you find a pre-owned with respectable miles...its damn near the price of a new one.
Now If I were in the market for lets say, a Benz or BMW...Id be looking for CPO with a good warranty.
I deal with Hondas so the answer is always new. IF you find a pre-owned with respectable miles...its damn near the price of a new one.
Now If I were in the market for lets say, a Benz or BMW...Id be looking for CPO with a good warranty.
Posted on 6/9/15 at 10:01 pm to Coach Guidry
quote:
I deal with Hondas so the answer is always new.
I'm going to soon be in the market for a minivan and I've been asking myself the same question on the line between new/used, and I've been noticing that
quote:
IF you find a pre-owned with respectable miles...its damn near the price of a new one.
Odyssey's are bloody expensive!
Posted on 6/9/15 at 11:57 pm to meeple
I bought a used Honda Accord with 30,000 miles for 11k.
Only 1 owner (about 4 years old).
Now about 4 years later, I have 120,000 miles on it. And hoping for 100k more.
If you aren't rushed into a purchase, you can find the steal going used. If you are rushed, you know that you get a lot of perks with a new car (financing, warranty) to offset the drop-off in ACV.
Only 1 owner (about 4 years old).
Now about 4 years later, I have 120,000 miles on it. And hoping for 100k more.
If you aren't rushed into a purchase, you can find the steal going used. If you are rushed, you know that you get a lot of perks with a new car (financing, warranty) to offset the drop-off in ACV.
Posted on 6/10/15 at 1:00 am to HailToTheChiz
I prefer new as my family has had problems with used cars in the past. To me the deciding factor is whether or not it affects my saving goals. I have always saved at least 20% of my salary since I started working.
As long as that isn't impacted, I don't mind paying more to buy new.
As long as that isn't impacted, I don't mind paying more to buy new.
Posted on 6/10/15 at 1:17 am to meeple
Never bought new - let someone else take the hit on depreciation. I've always bought about 2-3 years old depending on miles
Posted on 6/10/15 at 4:35 am to JayDeerTay84
quote:
. By the time warranty is up, the car will have loads of equity.
Explain please
Posted on 6/10/15 at 6:23 am to HailToTheChiz
Wife's car was selling pretty high used, so we just went with a new one. My SUV sold significantly less used. I bought it less than a year old for about 14k less than what I was being quoted new. It had two dings in the hood that I had removed for $60. Still had a little over two years of warranty left on it. Buying used was worth it to me in that case.
Posted on 6/10/15 at 7:19 am to Mr.Perfect
quote:
Explain please
4 years payment for a loaded Sienna will be worth about 25-30K after 3 years. My wife drives less than 10K a year.
We will owe less than 10K.
For example, a 2012 Sienna with our package and 35K miles is 26K - 31K (average to clean retail)
This post was edited on 6/10/15 at 7:22 am
Posted on 6/10/15 at 7:43 am to HailToTheChiz
stolen from /r/personalfinance
LINK
quote:
Many people constantly say how buying a new car is lighting money on fire. Buying a 3-4 yr old used car is considered conventional wisdom. There's even lots of common sayings like, "You lose 10% of of the value of your new car as soon as you drive it off the lot."
I'm here to say, it's not nearly as bad of a deal as people claim it is. I ran some numbers for comparing a 2015 vs 2011 Camry in my area:
2015 Camry LE - Fair purchase price: $20,700. After taxes, fees it's $22,800
2011 Camry LE - Fair purchase price: $13,400. After taxes, fees it's $14,300
You're probably thinking, wow $8500, that's great savings to get a car that's only 4 years older! Well, let's look at it over the life of the vehicle. Let's assume an average Camry lasts until the car is 13 years old.
2015 Camry LE = $22,800/13 = $1,754/yr
2011 Camry LE = $14,300/9 = $1,589/yr (I divide by 9, because the car is already 4 years old)
The difference is $165/yr over the life of the car. Not really all that much. That's ONLY on the purchase price. During years 1-4, maintenance/repair costs are the absolute lowest, especially since new cars typically have a nice warranty on them as well. Furthermore, you get about an extra 3mpg on the newer car which saves a little extra money. For personal reasons, I hate buying/negotiating/researching cars. If I only have to do it once every 13 years instead of once every 9 years, that's a huge bonus to me.
Where I thinking buying used makes sense is once you get into the luxury spectrum of cars. If you're going to be shelling out 30-35k+ for a new car, it probably starts to make more sense to look seriously at the used alternatives. But for a cheap, reliable base model, I think new is the way to go. Another reason you might consider spending less up front is if you can only get high interest loans on cars.
There's a reason cars depreciate so quickly over the first 4 years. It's because they just went through around 1/3 of their life and the best/cheapest to maintain/most reliable years of their life. It's not because new car buyers are simply suckers.
LINK
Posted on 6/10/15 at 8:21 am to HailToTheChiz
I bought a loaded 4wd truck
Used prices paired with ridiculous rebates on new models made it an easy decision to go new.
You also get a full warranty, brand new tires, virtually no maintenance for a few years.
Used prices paired with ridiculous rebates on new models made it an easy decision to go new.
You also get a full warranty, brand new tires, virtually no maintenance for a few years.
Posted on 6/10/15 at 8:35 am to Coach Guidry
quote:
Depends on what brand you're looking at.
I deal with Hondas so the answer is always new. IF you find a pre-owned with respectable miles...its damn near the price of a new one.
Now If I were in the market for lets say, a Benz or BMW...Id be looking for CPO with a good warranty.
This. If you are buying a luxury brand, the best deals are cpo.
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