Always buy used. Will never buy CPO unless it's a truly outstanding deal. I've seen too many instances that convinced me that CPO is a way to get more money for the dealer.
Are there still ppl around who refuse to buy used or CPO vehicles
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I generally buy well used from individuals or a few select dealers, and local. I start looking before I need the vehicle in case I spot an especially good deal. First question is the title clean and in your name. Lots of scammy cars for sale. The ideal is someone with all the receipts who obviously takes pride in their ride. If they can't answer common questions about the car it is a red flag. "What type of oil do you use?"
Originally Posted by Drosselmier
What is a CPO car? Have read a few threads on it for a while now. Unable to figure it out.
Thanks.
The "value" in a CPO vehicle.
#1 In most cases the vehicle comes with manufacturer limited extended warranty which kicks in after the factory warranty has passed.
#2 The vehicle was inspected and re-conditioned where necessary. Skimping on this is piece is where dealerships may try to save money.
What is a CPO car? Have read a few threads on it for a while now. Unable to figure it out.
Thanks.
The "value" in a CPO vehicle.
#1 In most cases the vehicle comes with manufacturer limited extended warranty which kicks in after the factory warranty has passed.
#2 The vehicle was inspected and re-conditioned where necessary. Skimping on this is piece is where dealerships may try to save money.
Originally Posted by atikovi
Originally Posted by Rand
a 2-3 year old subaru goes for the same as new.. not worth the hassle to save $1000
I'd like to know where I can sell 2-3 year old Subarus for the price of new ones. I'll be rich.
You, not
Carmax, maybe
They sold my used 10 years old Toyota Yaris sedan with 64k miles, 1 owner and one accident for $9,995 after 3 months sitting on the lot.
Originally Posted by Rand
a 2-3 year old subaru goes for the same as new.. not worth the hassle to save $1000
I'd like to know where I can sell 2-3 year old Subarus for the price of new ones. I'll be rich.
You, not
Carmax, maybe
They sold my used 10 years old Toyota Yaris sedan with 64k miles, 1 owner and one accident for $9,995 after 3 months sitting on the lot.
Originally Posted by Toros
Always buy used. Will never buy CPO unless it's a truly outstanding deal. I've seen too many instances that convinced me that CPO is a way to get more money for the dealer.
When I was looking for a used 2018 Pathfinder. The average price for similar Pathfinders was about the same for CPO and non CPO ones. So for an extended warranty I went with a CPO one and got a fair deal. And all of the used 2018 Pathfinders that I looked at on line or at a dealer were former rentals. Mine only had 16K.
Always buy used. Will never buy CPO unless it's a truly outstanding deal. I've seen too many instances that convinced me that CPO is a way to get more money for the dealer.
When I was looking for a used 2018 Pathfinder. The average price for similar Pathfinders was about the same for CPO and non CPO ones. So for an extended warranty I went with a CPO one and got a fair deal. And all of the used 2018 Pathfinders that I looked at on line or at a dealer were former rentals. Mine only had 16K.
Originally Posted by Dyusik
Price paid by first owner: 41k, 10.5k mi and the price is 26K. That was how I bought my IS250. For that depreciation, I can sort the "problem" out. Still waiting for the problem to surface 100k mi later.
That person threw $1.50 out the window for every mile driven in depreciation alone over 10.5k miles. That's nuts.
Price paid by first owner: 41k, 10.5k mi and the price is 26K. That was how I bought my IS250. For that depreciation, I can sort the "problem" out. Still waiting for the problem to surface 100k mi later.
That person threw $1.50 out the window for every mile driven in depreciation alone over 10.5k miles. That's nuts.
Speaking from my Lexus purchases:
CPO is an insurance policy and generally is offered on the better cars.
Our GS had almost 60K miles, had wheel curb rash; needed brakes and tires.
Brakes and tires on these cars is pricey.
Under CPO, I got 2 years unlimited bumper-to-bumper warranty and the next 4 services.
The 60K F Sport service can be easily over $1,000 at the dealer.
I bought the car for $22,300 plus tax, etc. Maybe $25K out the door. Lexus lets you put $5K on a credit card...
It was the best one I had seen and most cars were asking $25K.
I looked for months; bought this one as soon as I saw it from Putnam Lexus in Redwood City, CA.
They did help me as we just bought the RX a few months earlier...
The car is perfect; kinda like a '66 GTO back in the day...
CPO is an insurance policy and generally is offered on the better cars.
Our GS had almost 60K miles, had wheel curb rash; needed brakes and tires.
Brakes and tires on these cars is pricey.
Under CPO, I got 2 years unlimited bumper-to-bumper warranty and the next 4 services.
The 60K F Sport service can be easily over $1,000 at the dealer.
I bought the car for $22,300 plus tax, etc. Maybe $25K out the door. Lexus lets you put $5K on a credit card...
It was the best one I had seen and most cars were asking $25K.
I looked for months; bought this one as soon as I saw it from Putnam Lexus in Redwood City, CA.
They did help me as we just bought the RX a few months earlier...
The car is perfect; kinda like a '66 GTO back in the day...
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My parents do. However they write checks out for things like their home and all the base model cars I remember them owning. (84 AMC Eagle->2001 Subaru Forester(still own) -> 2015 Subaru Outback).
Buying used cars is smart financial move but if you cash sitting about....
Buying used cars is smart financial move but if you cash sitting about....
I think I was traumatized at a young driver's age by owning a couple of real pieces of junk that were used and unreliable. I told myself that as soon as I was making enough money I was going to buy a new car and I did. I like being able to pick the color and options and know from mile zero what the history is and how well it has been taken care of. I never bought another used car and probably never will. I know the economics aren't optional but I don't care and would rather spend the money for the peace of mind of having a brand new car.
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Originally Posted by Dwight_Frye
I think I was traumatized at a young driver's age by owning a couple of real pieces of junk that were used and unreliable. I told myself that as soon as I was making enough money I was going to buy a new car and I did. I like being able to pick the color and options and know from mile zero what the history is and how well it has been taken care of. I never bought another used car and probably never will. I know the economics aren't optional but I don't care and would rather spend the money for the peace of mind of having a brand new car.
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We've bought some very good used cars and no real stinkers, but they were typically not bottom of the barrel cars in price or condition or I've bought cars with known problems that I knew I could fix, especially when I was younger, stronger and more ambitious.
There are certain cars offered used at fire-sale prices, particularly German models that you wouldn't care to pay for as new cars.
This is the reason that we've owned four Benzes and two BMWs. They can be a compelling value used and if you buy the right model and also use the knowledge readily available on the owner websites, they can be quite reasonable in cost to own and use.
OTOH, when you buy something new you know exactly what you're getting and you can drive and maintain it as you see fit from day one.
Overall cost per mile doesn't favor used cars all that much for those who use up most or all of the useful life of any car they buy, as we typically do.
You have to ignore the nominal purchase price comparisons and consider actual cost per mile or year of operation in evaluating a new versus used purchase.
Do that and it may surprise you to learn that certain internet famous personal finance gurus really don't know what they're talking about.
I think I was traumatized at a young driver's age by owning a couple of real pieces of junk that were used and unreliable. I told myself that as soon as I was making enough money I was going to buy a new car and I did. I like being able to pick the color and options and know from mile zero what the history is and how well it has been taken care of. I never bought another used car and probably never will. I know the economics aren't optional but I don't care and would rather spend the money for the peace of mind of having a brand new car.
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We've bought some very good used cars and no real stinkers, but they were typically not bottom of the barrel cars in price or condition or I've bought cars with known problems that I knew I could fix, especially when I was younger, stronger and more ambitious.
There are certain cars offered used at fire-sale prices, particularly German models that you wouldn't care to pay for as new cars.
This is the reason that we've owned four Benzes and two BMWs. They can be a compelling value used and if you buy the right model and also use the knowledge readily available on the owner websites, they can be quite reasonable in cost to own and use.
OTOH, when you buy something new you know exactly what you're getting and you can drive and maintain it as you see fit from day one.
Overall cost per mile doesn't favor used cars all that much for those who use up most or all of the useful life of any car they buy, as we typically do.
You have to ignore the nominal purchase price comparisons and consider actual cost per mile or year of operation in evaluating a new versus used purchase.
Do that and it may surprise you to learn that certain internet famous personal finance gurus really don't know what they're talking about.
Quote
Overall cost per mile doesn't favor used cars all that much for those who use up most or all of the useful life of any car they buy, as we typically do
It depends on how you do it. My last car I paid $9000 for and it lasted me for 11 years and about 120,000 miles. The most expensive repairs were things I would have also had to do if I purchased the car new, and I saved probably at least $500 per year by just having liability insurance. Just the insurance alone was close to a savings of $6000 over the life of the car. I've had even better ROI on some used cars. My Grand Marquis cost $3000 and gave me about 100,000 miles of service for that, with nothing unusual in repairs. Just driving a new car out of the dealer costs you thousands of dollars in depreciation, and if you keep the car 12 years with collision coverage you lose another $6000 or so. I can buy a couple of decent used cars that will provide 12 years of use for just those two numbers, ignoring the actual car payments on the new car. Sure, with a new car you probably aren't paying for repairs during the warranty, but you don't pay for those on a used car either--in other words, the first 100,000 miles or so are usually repair free, but you still have maintenance. But the new car requires more expensive insurance, depreciation, often interest and other fees, dealer delivery charges, etc.
Overall cost per mile doesn't favor used cars all that much for those who use up most or all of the useful life of any car they buy, as we typically do
It depends on how you do it. My last car I paid $9000 for and it lasted me for 11 years and about 120,000 miles. The most expensive repairs were things I would have also had to do if I purchased the car new, and I saved probably at least $500 per year by just having liability insurance. Just the insurance alone was close to a savings of $6000 over the life of the car. I've had even better ROI on some used cars. My Grand Marquis cost $3000 and gave me about 100,000 miles of service for that, with nothing unusual in repairs. Just driving a new car out of the dealer costs you thousands of dollars in depreciation, and if you keep the car 12 years with collision coverage you lose another $6000 or so. I can buy a couple of decent used cars that will provide 12 years of use for just those two numbers, ignoring the actual car payments on the new car. Sure, with a new car you probably aren't paying for repairs during the warranty, but you don't pay for those on a used car either--in other words, the first 100,000 miles or so are usually repair free, but you still have maintenance. But the new car requires more expensive insurance, depreciation, often interest and other fees, dealer delivery charges, etc.
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CPO makes sense in some cases.
Good examples are the VW TDI's with 2yr unlimited mileage CPO full warranty. My sis in law picked (Golf Wagon with ~60k miles for 12.5k) up because they commute 35k/year living in the sticks. The car was shipped from middle America to their home for $500 in the sticks of Western MA. They bought on internet.
My other sis in law picked up a 1 year used 2016 Volvo XC90 (super and turbocharged!) loaded to hilt SUV for upper $40's and it came with a CPO 7yr/100k bumper to bumper warranty.
Good examples are the VW TDI's with 2yr unlimited mileage CPO full warranty. My sis in law picked (Golf Wagon with ~60k miles for 12.5k) up because they commute 35k/year living in the sticks. The car was shipped from middle America to their home for $500 in the sticks of Western MA. They bought on internet.
My other sis in law picked up a 1 year used 2016 Volvo XC90 (super and turbocharged!) loaded to hilt SUV for upper $40's and it came with a CPO 7yr/100k bumper to bumper warranty.
I elected to go CPO on my truck: it had 73k on the clock, 3 years old. 7yr/100k warranty thus gave me a 27k/4yr warranty period. I planned on a 10 year ownership and about 10k/year; I planned to pay off in about 3 year's time, around when warranty ran out. Buying CPO lowered the cost (new was $32k and this CPO was $22k) to what I was willing to pay for the vehicle. I had no intentions of driving out to 200k+ nor owning for more than 10 years.
It made sense at the time, at least to me, not sure I'll do it again.
Originally Posted by CKN
Originally Posted by Jarlaxle
Originally Posted by spasm3
I used to buy used, if the price and condition were right. And i generally keep my vehicles a while. But now with 20wt oils, i don't want a car that's been run on 20wt. I now buy new, and run what i want.
Flame suit on. I know cars are not breaking down left and right on 20wt, but i just don't want one thats been run long on 20wt.
You should see a doctor to deal with this problem.
Unbelievable.........
Not really. There are plenty of timing chains being replaced due to low viscosity and extended drain intervals.
His point is valid, you may not know the service history of a used vehicle.,
Originally Posted by Jarlaxle
Originally Posted by spasm3
I used to buy used, if the price and condition were right. And i generally keep my vehicles a while. But now with 20wt oils, i don't want a car that's been run on 20wt. I now buy new, and run what i want.
Flame suit on. I know cars are not breaking down left and right on 20wt, but i just don't want one thats been run long on 20wt.
You should see a doctor to deal with this problem.
Unbelievable.........
Not really. There are plenty of timing chains being replaced due to low viscosity and extended drain intervals.
His point is valid, you may not know the service history of a used vehicle.,
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I have bought a few used cars with no issues. However, my last 3 purchases were new (2 of my current vehicles). My next vehicle will be CPO because I'm not paying mid $30k for a brand new minivan or 3-row SUV when I can get one on a lease return for $10k less. Not with a growing family and my military income.
Originally Posted by slacktide_bitog
Not many of those people left because people can't afford new cars anymore
Also, if you're buying a Honda, it's almost always better to buy brand new than it is to buy a 1-3-year-old Honda, CPO or not. Hondas don't depreciate much, and new car interest rates are cheaper than used.
I'm going to have to disagree with you there. The interest rate difference might save you $1k but buying CPO will save you $10k. I'm a "Honda Guy" and my next vehicle is most likely going to be a CPO Odyssey because of the price difference.
Not many of those people left because people can't afford new cars anymore
Also, if you're buying a Honda, it's almost always better to buy brand new than it is to buy a 1-3-year-old Honda, CPO or not. Hondas don't depreciate much, and new car interest rates are cheaper than used.
I'm going to have to disagree with you there. The interest rate difference might save you $1k but buying CPO will save you $10k. I'm a "Honda Guy" and my next vehicle is most likely going to be a CPO Odyssey because of the price difference.
Originally Posted by Coastie05
Originally Posted by slacktide_bitog
Not many of those people left because people can't afford new cars anymore
Also, if you're buying a Honda, it's almost always better to buy brand new than it is to buy a 1-3-year-old Honda, CPO or not. Hondas don't depreciate much, and new car interest rates are cheaper than used.
I'm going to have to disagree with you there. The interest rate difference might save you $1k but buying CPO will save you $10k. I'm a "Honda Guy" and my next vehicle is most likely going to be a CPO Odyssey because of the price difference.
The Ody, and possibly V6 Hondas in general, may be different because of the timing belt, VCM issues, and transmission problems!
But any non-turbo 4-cylinder Honda like the Fit, Civic, previous gen Accord, CRV, HRV, on those, used prices are too close to new to be worth it.
Originally Posted by slacktide_bitog
Not many of those people left because people can't afford new cars anymore
Also, if you're buying a Honda, it's almost always better to buy brand new than it is to buy a 1-3-year-old Honda, CPO or not. Hondas don't depreciate much, and new car interest rates are cheaper than used.
I'm going to have to disagree with you there. The interest rate difference might save you $1k but buying CPO will save you $10k. I'm a "Honda Guy" and my next vehicle is most likely going to be a CPO Odyssey because of the price difference.
The Ody, and possibly V6 Hondas in general, may be different because of the timing belt, VCM issues, and transmission problems!
But any non-turbo 4-cylinder Honda like the Fit, Civic, previous gen Accord, CRV, HRV, on those, used prices are too close to new to be worth it.
Originally Posted by supton
I elected to go CPO on my truck: it had 73k on the clock, 3 years old. 7yr/100k warranty thus gave me a 27k/4yr warranty period. I planned on a 10 year ownership and about 10k/year; I planned to pay off in about 3 year's time, around when warranty ran out. Buying CPO lowered the cost (new was $32k and this CPO was $22k) to what I was willing to pay for the vehicle. I had no intentions of driving out to 200k+ nor owning for more than 10 years.
It made sense at the time, at least to me, not sure I'll do it again.
I remember you posted a few pictures when you first bought it...
I elected to go CPO on my truck: it had 73k on the clock, 3 years old. 7yr/100k warranty thus gave me a 27k/4yr warranty period. I planned on a 10 year ownership and about 10k/year; I planned to pay off in about 3 year's time, around when warranty ran out. Buying CPO lowered the cost (new was $32k and this CPO was $22k) to what I was willing to pay for the vehicle. I had no intentions of driving out to 200k+ nor owning for more than 10 years.
I remember you posted a few pictures when you first bought it...
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