Originally Posted By: Cujet
Well, I wish you luck. Used cars are no bargain today. Any family members have cars for sale?
I get flamed for suggesting new cars as a viable alternative for used. A well chosen new car can be cost competitive, over it's lifetime. The prices of used cars simply make no sense to me.
My friend purchased a brand new, 2014 Honda Accord Sport with 6 speed manual transmission. $22,500. That's easily a 200,000 mile car. That's 11 cents per mile capital costs. Zero cost for repairs for at least 60,000 miles. Interestingly, his insurance cost went down from his truck. Plus he gets 31MPG. There's savings in that too.
Agreed. You don't even have to drive it hundreds of thousands of miles to come out ahead. Plus, the likelihood is that the used car market will be normalizing to considerably lower prices as all these cheap leases I'm seeing expire in a couple of years, just as you go to trade it in.
The percentage play might be to take a cheap lease now and jump into the used car later.