My wife and I prefer newer vehicles. We are higher mileage drivers so they tend to hold up pretty well. New or certified used has worked out for us. We spend a lot of time behind the wheel so we enjoy the creature comforts and new tech. Live well within our means and can afford it. Daughter’s first car beater Hyundai is a different story though. She can work her way up to something nicer like my wife and I had to. Even though we can afford to give her something nicer we aren’t going to.
Does it really make financial sense to buy used over new?
- Thread starter Nick1994
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I only buy new. Being new means you know the maintenance history, how it was driven, and what accidents the car was in. That is worth more to me than the savings of buying used. Of course, buying new works best if one keeps the vehicle for it's life, and not flipping it every few years.
I think resale value is not important if one buys for the life of that vehicle. There is too much concern for resale value when the most important thing is the value in usage and reliability.
What really wastes money is buying used, flipping the cars every few years, and not really knowing their true history, and being a victim of short car longevity because the prior owners did not maintain properly.
We are shopping for a new minivan now. Due to the major issues with Chrysler products, my current van is my last one.
She wants a green van with Car Play, Heated seats, and AWD. That puts us in a Toyota
A used Toyota with 30-60k miles is going to be $40-$44k and may or may not have what we want, or it was a rental vehicle and is priced more like $30k. If I want to buy a used Honda or Toyota in the $25k range, it will have 100-120k miles.
A new minivan will be $48-$50k and will have what we want for stuff. We almost caved and decided to buy a Pacifica since you can find one with low miles for around $25k, but we are going to drive our current van another year after I did another band-aid fix this last major issue. We still have to deal with power doors that may or may not work at anytime, sway bar links that are an annual problem, etc.
The other issue when shopping for used minivans is that they are GROSS, and you can tell even after a detailing how good or not they were cared for. If I could find an elderly owned van for a decent price, I might pounce, but new is the direction we are thinking of going.
She wants a green van with Car Play, Heated seats, and AWD. That puts us in a Toyota
A used Toyota with 30-60k miles is going to be $40-$44k and may or may not have what we want, or it was a rental vehicle and is priced more like $30k. If I want to buy a used Honda or Toyota in the $25k range, it will have 100-120k miles.
A new minivan will be $48-$50k and will have what we want for stuff. We almost caved and decided to buy a Pacifica since you can find one with low miles for around $25k, but we are going to drive our current van another year after I did another band-aid fix this last major issue. We still have to deal with power doors that may or may not work at anytime, sway bar links that are an annual problem, etc.
The other issue when shopping for used minivans is that they are GROSS, and you can tell even after a detailing how good or not they were cared for. If I could find an elderly owned van for a decent price, I might pounce, but new is the direction we are thinking of going.
Yeah, prices keep increasing. We got our 23 Sienna XLE cert used w/15K miles for $45K which was significantly higher than our previous van brand new. That said in my area a Tahoe LT is $65-70K so I’ll take the van even at an inflated cost.
OVERKILL
$100 Site Donor 2021
We used to buy used, but then with being able to get dealer cost, it made new more attractive, so the last used vehicle we bought was the Durango (Chrysler fleet vehicle), everything since has been new. I'd still have my '16 SRT Grand Cherokee if it hadn't been hit. Holding resale value is nice (the SRT GC's do) if you are flipping vehicles a lot, but we are pretty comfortable with what we have. If you are looking at a used vehicle, that of course helps. Wife still yearns for an X5 PHEV, whose value drops off considerably, which makes used attractive there.
My parents are in the "drive into the ground" camp, which they did with their 2000 Expedition (and we did with our 2002 Expedition). So when I was helping them vehicle shop we avoided GDI/TGDI and start/stop (which my wife and I also avoided with our current fleet). Conventional port-injected V8 backed by the ZF8HP.
My parents are in the "drive into the ground" camp, which they did with their 2000 Expedition (and we did with our 2002 Expedition). So when I was helping them vehicle shop we avoided GDI/TGDI and start/stop (which my wife and I also avoided with our current fleet). Conventional port-injected V8 backed by the ZF8HP.
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"Cheap beater vehicles"....
Is that like a car that's on it's last leg, mechanically? The ones with bondo on the muffler and hangars holding up the fenders?
Red tape over the tail lights? Running on only a few cylinders and down to maybe 2 forward gears?
Yeah, you get what you pay for.
But that's not really what us DIYers are talking about. We're talking about vehicles that have solid overall histories and might need one or two major repairs to get it back right. But otherwise, very nice automobiles inside and out. Not "beaters".
Modern (2015 up) vehicles are designed to do ONE THING...bring in loads of revenue for the manufacturer.
If they last after the warranty (if any) count your very lucky stars. This is no joke. Car manufacturers are cutting costs by cutting corners that should never be cut if making a product that lasts matters. Quality is a bad word and can get you fired. Profits..profits....profits.
IF...you can do almost all the repairs yourself...you are blessed and light years ahead of the crowd.
Or...if you have more cash than common sense...more p'wr to ya....buy new every year.
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That is the reliable way to go. The last drive it into the ground gasoline vehicle I owned would have been my 2017 F150 5.0. I did buy it new. It was only the second new vehicle I ever bought in my life. Pre direct injection, no stop start, no weird timing business. It wasn't the most efficient but it was simple. Unfortunately the lack of efficiency for my needs is why I got rid of it when my driving needs changed so drastically.
I always figure, if I can afford new that's the way to go. No sense buying someone problem vehicle. But I drive a lot of miles, maybe wouldn't be true if you didn't drive much or leave town. But I would buy a certified vehicle at least if I could afford it.
SammyChevelleTypeS3
$50 site donor 2023
We did both over the years. We did decide long ago that when we do buy new to buy the ones with the best / most options. My experience one time with so called "certified used" at least from a Honda dealer meant squat. Next one we get will be new because we hope to be able to start to travel a bit again. But the used really never stopped us from travelling before? Guess one just has to try to know what you have before you take off on road trips. New or used.
The answer. Not when, not too long after the warranty ends you have thousands more of mechanical or electrical problems. But then I suppose most millionaires on this site just do another new one after the warranty has ended? Us normal folks are not able to do that.
Personally even if I just won a big power ball, I can't think of any new vehicle I would even want. I can't stand all the over electronizied junk.
Personally even if I just won a big power ball, I can't think of any new vehicle I would even want. I can't stand all the over electronizied junk.
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I would take a WAG that due to your miserly traits you're better off financially than most of those who would laugh at your refusal to join the broke club by throwing good money at new cars
I know people just barely getting by...who only wear $300 tennis shoes and $300 sunglasses they can't afford. But in their minds they impress everyone which is what's important
When I buy a CPO car I get a 60 month note and pay it off in 12-18 months.
Yeah I hate my money tied up in depreciating liabilities. Better served in charities and real estate.
I've always been of the buy new and run in the ground club.
I generally keep at least 10 years and over 100K unless car is critically damaged, a lemon, undependable, or it nickles and dimes me to death.
I like to buy year end, factoring in the depreciation and other incentives (such as the last two new ones I bought, I got .9 up to 60 mos.)
I'll buy used occasionally, such as if I run across a good deal or want a beater, such as my pickup.
When I bought my Accord, the same year vehicle with 15K on it was $100. less than what I paid new.
I have discovered on Hondas, one must go at least 5 years out to make a difference that makes used worth considering.
I generally keep at least 10 years and over 100K unless car is critically damaged, a lemon, undependable, or it nickles and dimes me to death.
I like to buy year end, factoring in the depreciation and other incentives (such as the last two new ones I bought, I got .9 up to 60 mos.)
I'll buy used occasionally, such as if I run across a good deal or want a beater, such as my pickup.
When I bought my Accord, the same year vehicle with 15K on it was $100. less than what I paid new.
I have discovered on Hondas, one must go at least 5 years out to make a difference that makes used worth considering.
Buying new, say goodbye to 30% as you drive off the lot. I’m a fan of used well maintained vehicles. The hunt for such a vehicle is a lot more fun than dealing with a salesperson/manager/finance manager etc.
The value of most vehicles will drop to next to nothing eventually. As long one isn’t rolling negative equity, keeps the vehicle price within their budget, and plans to drive the vehicle for a while the difference between a few years old vs new isn’t a significant impact.
Vehicle choice can have a much greater impact on one’s finances than new vs used. A used Tundra vs a new Camry, I’d bet the Tundra takes a much bigger hit in the long run on total cost of ownership (purchase price, fuel, insurance, maintenance, tires, etc.) Same would apply to a used Silverado vs a new Malibu.
I know more than a few guys driving around big old pick ups as commuter vehicles while complaining about the price of gas/diesel.
Vehicle choice can have a much greater impact on one’s finances than new vs used. A used Tundra vs a new Camry, I’d bet the Tundra takes a much bigger hit in the long run on total cost of ownership (purchase price, fuel, insurance, maintenance, tires, etc.) Same would apply to a used Silverado vs a new Malibu.
I know more than a few guys driving around big old pick ups as commuter vehicles while complaining about the price of gas/diesel.
Having an emergency fund that covers 1/2 the cost of new makes a huge difference in loss to depreciation, and the overall impact of the monthly payment. Like others, I plan on paying ours off in about 2 years, then continue paying myself the payment as I did before to ensure I can save up for the next vehicle.
The state of used cars is well below my standard for hauling my family around, especially when you are shopping for a minivan. For me, I would do a used Camry or Accord with no concern, but I can fix it on the spot. I want my family in a vehicle I can depend on, though I understand those who say that new isn't necessarily dependable. I would say it is rare for new not to be dependable if you purchase a quality brand.
The state of used cars is well below my standard for hauling my family around, especially when you are shopping for a minivan. For me, I would do a used Camry or Accord with no concern, but I can fix it on the spot. I want my family in a vehicle I can depend on, though I understand those who say that new isn't necessarily dependable. I would say it is rare for new not to be dependable if you purchase a quality brand.
Patman
Staff member
Not always true. I paid $63,000 for my Corvette brand new and it’s definitely worth more than $44,000 right now after almost 8 years! It’s actually still worth somewhere around $55,000 so it’s only lost 12% of its original price. I’ll never sell it though.
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