When would you all recommend getting a new car?

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Our initial plan is to put the money in the bank and wait for prices to lower

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You could be waiting a long time.

I 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.

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she has a ford explorer with around 100k miles and it is time for us to upgrade since we have a kid

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Is it unsafe or not reliable?

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Is it unsafe or not reliable?

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I thought he was making a dig at F.O.R.D.

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

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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

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I agree.

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.

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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

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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.

Ya he was great. Her car is just worn down and she really wants something like a Tahoe or Expedition.

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With 1 kid? why?

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You must not know many women.

Great point. I did fail to mention we are trying for our second child.