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Posted by
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When would you all recommend getting a new car?
Posted by LSUTitan99
on 9/12/23 at 9:04 am
2
10My grandfather passed away and left my wife and I around $25,000 to use when we trade in her car(she has a ford explorer with around 100k miles and it is time for us to upgrade since we have a kid)
I have a 2018 4runner with only 50k miles(thanks COVID for making me fully remote) and so it doesn't make sense to trade this one in.
Our initial plan is to put the money in the bank and wait for prices to lower; however, any feedback would be appreciated.
I have a 2018 4runner with only 50k miles(thanks COVID for making me fully remote) and so it doesn't make sense to trade this one in.
Our initial plan is to put the money in the bank and wait for prices to lower; however, any feedback would be appreciated.
re: When would you all recommend getting a new car?Posted by VABuckeye 
on 9/12/23 at 9:07 am to LSUTitan99
on 9/12/23 at 9:07 am to LSUTitan99quote:
Our initial plan is to put the money in the bank and wait for prices to lower
You could be waiting a long time.
re: When would you all recommend getting a new car?Posted by notiger1997 on 9/12/23 at 9:24 am to LSUTitan99
I would wait a little longer with hopes that economic pressures and more new supply possibly coming to market will help lower prices. But I doubt it’s going to be a big change anytime soon.
The UAW strike could possibly happen though and cause increase in prices.
The UAW strike could possibly happen though and cause increase in prices.
This post was edited on 9/12 at 9:35 am
re: When would you all recommend getting a new car?Posted by LSUGUMBO 
on 9/12/23 at 9:29 am to LSUTitan99
on 9/12/23 at 9:29 am to LSUTitan99I would casually start looking to see what you want- sometimes you come across a great deal, and it sounds like you’re in a position to act fairly quickly. Use Autotrader, cargurus, etc, to make a plan and to start to track prices a little. Just keep in mind that you’re not in a huge hurry and don’t ‘fall in love’ and make a bad decision. Deals are out there, you just have to dig around a little.
re: When would you all recommend getting a new car?Posted by Bard on 9/12/23 at 10:08 am to LSUTitan99
on 9/12/23 at 10:08 am to LSUTitan99quote:
Our initial plan is to put the money in the bank and wait for prices to lower; however, any feedback would be appreciated.
The UAW strike is going to give room to dealers to jack their prices up. Sales are still well below pre-COVID levels and were trending up since late 2021, but they've roughly stagnated thus far for FY2023.
With that, prices are already stupidly high and interest on car notes are well above what people have been used to paying. Combine that with the general inflation increase still going on and I don't see inventories moving any faster until prices and rates both come down a bit. Price increases have already slowed some this year (or gone the other direction, depending on model), but there's still a long way to go.
If you can afford to wait a year, I say wait. At the very least, wait until rates drop (which, at least at this point, will likely start sometime next year).
re: When would you all recommend getting a new car?Posted by Dawgfanman 
on 9/12/23 at 10:12 am to LSUTitan99
on 9/12/23 at 10:12 am to LSUTitan99quote:
she has a ford explorer with around 100k miles and it is time for us to upgrade since we have a kid
Is it unsafe or not reliable?
re: When would you all recommend getting a new car?Posted by PhiTiger1764 on 9/12/23 at 10:15 am to LSUTitan99
on 9/12/23 at 10:15 am to LSUTitan99quote:
she has a ford explorer with around 100k miles and it is time for us to upgrade since we have a kid
Lol.
re: When would you all recommend getting a new car?Posted by meansonny on 9/12/23 at 10:18 am to Dawgfanman
on 9/12/23 at 10:18 am to Dawgfanmanquote:
Is it unsafe or not reliable?
I thought he was making a dig at F.O.R.D.
re: When would you all recommend getting a new car?Posted by weadjust on 9/12/23 at 10:32 am to LSUTitan99
quote:
My grandfather passed away and left my wife and I around $25,000 to use when we trade in her car(she has a ford explorer with around 100k miles
Any idea what you plan to buy? Is your trade in and $25K cash enough to pay cash for what you want? Dependent upon make and model there are some lower interest rates on 36-48 month financing out there.
re: When would you all recommend getting a new car?Posted by LSUSports247 on 9/12/23 at 10:42 am to weadjust
on 9/12/23 at 10:42 am to weadjustI often wonder how much do you actually save by driving a vehicle longer.
Money saved on car note vs depreciation of trade & increased new car prices
Money saved on car note vs depreciation of trade & increased new car prices
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re: When would you all recommend getting a new car?Posted by soccerfüt on 9/12/23 at 10:52 am to LSUSports247
quote:I agree.
I often wonder how much do you actually save by driving a vehicle longer.
Money saved on car note vs depreciation of trade & increased new car prices
In 1982, a mentor of mine told me to make as few car purchases as possible in your lifetime. His theory was that one generally loses on each transaction. I've generally abided by that, luckily for me, the build quality of cars got much better (usually Japanese-built vehicles for me) in the 1990s and continuing to this day.
I have had a work-supplied vehicle since the mid-90s but for my wife & kids, I've gotten long stretches out of buying quality vehicles that have aged well and have had some retail value on the back end.
It's a differential equation solution of multiple variables, definitely not an arithmetic problem.
And what worked for me historically may/may not work going forward.
re: When would you all recommend getting a new car?Posted by justaniceguy 
on 9/12/23 at 11:19 am to LSUTitan99
on 9/12/23 at 11:19 am to LSUTitan99I would save the $25k for a rainy day. It really doesn’t sound like you need a new car tbh.
re: When would you all recommend getting a new car?Posted by Jag_Warrior 
on 9/12/23 at 11:37 am to LSUSports247
on 9/12/23 at 11:37 am to LSUSports247quote:
I often wonder how much do you actually save by driving a vehicle longer.
Money saved on car note vs depreciation of trade & increased new car prices
That’s actually a legitimate question. Although it varies with make and type, there was a site which showed the value and depreciation curves for various vehicles. Basically it graphically showed the points at which the percentage change in depreciation was at its highest and estimated value had reached a trough.
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.
Like I said, that’s just an example with made up numbers. But again, yours was a good question. Some searching may find that or a similar site which better illustrates the point.
re: When would you all recommend getting a new car?Posted by Nu Iota Prophet on 9/12/23 at 11:53 am to LSUTitan99
on 9/12/23 at 11:53 am to LSUTitan99I just want to acknowledge that your Grandfather is the real MVP here... Respect...
re: When would you all recommend getting a new car?Posted by LSUTitan99 on 9/12/23 at 12:40 pm to Nu Iota Prophet
on 9/12/23 at 12:40 pm to Nu Iota ProphetYa he was great. Her car is just worn down and she really wants something like a Tahoe or Expedition.
re: When would you all recommend getting a new car?Posted by thunderbird1100 on 9/12/23 at 12:52 pm to LSUTitan99
on 9/12/23 at 12:52 pm to LSUTitan99quote:
Ya he was great. Her car is just worn down and she really wants something like a Tahoe or Expedition.
With 1 kid? why?
You're significantly increasing the price of a new car going to something that big for no reason with just 1 kid. There's pretty much zero reason go get one of those unless you tow something very heavy (5000+ lbs) because there's plenty of much cheaper, better fuel mileage 3 row vehicles out there. All the Pilot/Telluride/Palaside etc etc class 3-row vehicles start in the high 30s instead of high 50s like the truck based offerings.
Between your trade and cash you might almost not even have a note going something that route vs. quite a sizable note going with a $60k+ truck based behemoth.
This post was edited on 9/12 at 12:57 pm
re: When would you all recommend getting a new car?Posted by tigeralum06 on 9/12/23 at 1:28 pm to thunderbird1100
on 9/12/23 at 1:28 pm to thunderbird1100quote:
With 1 kid? why?
You must not know many women.
re: When would you all recommend getting a new car?Posted by BHTiger 
on 9/12/23 at 1:37 pm to LSUTitan99
on 9/12/23 at 1:37 pm to LSUTitan99You are s grown man and should get what you want.
However, needing a Tahoe for a family of 3 is a massive stretch. She should be honest and admit she WANTS one and doesn't need one. It is most likely a status thing, 70+k is a lot of upgrade for 1 small addition when you already have an midsized SUV.
However, needing a Tahoe for a family of 3 is a massive stretch. She should be honest and admit she WANTS one and doesn't need one. It is most likely a status thing, 70+k is a lot of upgrade for 1 small addition when you already have an midsized SUV.
re: When would you all recommend getting a new car?Posted by LSUTitan99 on 9/12/23 at 1:43 pm to thunderbird1100
on 9/12/23 at 1:43 pm to thunderbird1100Great point. I did fail to mention we are trying for our second child.
re: When would you all recommend getting a new car?Posted by questionable on 9/12/23 at 1:43 pm to LSUTitan99
on 9/12/23 at 1:43 pm to LSUTitan99quote:
My grandfather passed away and left my wife and I
quote:
she really wants something like a Tahoe or Expedition
Ol gramps dealing with golddiggers in the grave it sounds like.
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