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#3319740 - 03/22/14 11:55 AM Re: Is it economical to buy new? [Re: hattaresguy]
fdcg27 Offline


Registered: 09/25/09
Posts: 13684
Loc: OH
Originally Posted By: hattaresguy
Buy new and keep until its shot. With some high end cars buying off lease makes a lot of sense but not with anything under $30k or $40k.


New only costs more if you play musical cars every couple of years.


+1
I've had lower costs with used cars that we've driven many miles, but buying new and keeping a car is by no means financially foolish.
You'll also have the car's history from day one, with no unreported accidents, repos, skipped maintenance or 20K on the FF oil.
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#3319746 - 03/22/14 12:03 PM Re: Is it economical to buy new? [Re: johnachak]
wallyuwl Offline


Registered: 06/02/09
Posts: 1653
Loc: Lexington, KY
Originally Posted By: johnachak
Our last 2 vehicles were bought new with 0% financing. That made them cheaper than the 2-3 year olds with 4-6% financing charges.


This. Either go used 5+ years old or go new.

We are looking to get a new Explorer in a few months. They are doing a "refresh" for 2015 models so the 2014s will be pretty cheap. The same is happening with the CX-9 (only a total redesign, not just refresh). But even the CX-5, now a few years old, can be had new for a pretty good price, as can the Escape.

I like to think of it cost per year. I you buy new it is about $2500 or so cost per year (for 10 years), vs. used would be maybe $1500, but then add in the likely $300 or so a year in extra repairs over new. So is it worth $700 a year for a new vehicle? Then if you are looking at financing it, you need to consider interest costs since new can be had with 0%.

And although you don't drive much, since you're looking at a crossover you need to consider gas mileage differences. Crossovers haven't started getting good mileage until the current "generation" of vehicles. 8000 miles a year at 19 mpg (realistic for an older crossover in mixed driving) is 421 gallons of fuel a year. At $3.50 a gallon that is $1473. At 25 mpg (realistic for a new 4 cyl. crossover, in mixed driving) for a newer crossover is 320 gallons, at $3.50 a gallon is $1120 a year. A newer vehicle with a V6 will bring that down a few mpg, but still not down to the mileage you'll get with an older vehicle.

If you go new be sure to check out Truecar.com for pricing. They also have a dealer network where it is no haggle and you're going to get at least a good price.

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#3319751 - 03/22/14 12:07 PM Re: Is it economical to buy new? [Re: 7055]
Miller88 Offline


Registered: 04/09/08
Posts: 12032
Loc: Onondaga County
Around here used cars are more expensive than new cars.

Example: 2011 Aveo new $10000. 2011 Aveo with 50K miles $12000.

2011 focuses are selling for MORE than I paid for my 2011 focus new.
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#3319773 - 03/22/14 12:47 PM Re: Is it economical to buy new? [Re: 7055]
rjundi Offline


Registered: 03/16/04
Posts: 7256
Loc: USA
Fuel economy was the pits in 2004 compared to 2014. Fuel will either remain stable optimally or rise. I would consider that.

My hesitation on replacing our 07 MDX that is quite thirsty is the jump in MPG is not great given pricing on new stuff with better room.

Look for something recent enough that MPG is decent. For example Subaru Forester in 2004 was 19 and 25 and now is 24 and 32.
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#3319774 - 03/22/14 12:48 PM Re: Is it economical to buy new? [Re: wallyuwl]
7055 Offline


Registered: 01/10/08
Posts: 349
Loc: KS
Originally Posted By: wallyuwl
Originally Posted By: johnachak
Our last 2 vehicles were bought new with 0% financing. That made them cheaper than the 2-3 year olds with 4-6% financing charges.


I like to think of it cost per year. I you buy new it is about $2500 or so cost per year (for 10 years), vs. used would be maybe $1500, but then add in the likely $300 or so a year in extra repairs over new. So is it worth $700 a year for a new vehicle? Then if you are looking at financing it, you need to consider interest costs since new can be had with 0%.



Does this take into account resale value when you're done driving it? The new car will be able to be sold for more money than a used car when it's time to move on
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#3319777 - 03/22/14 12:51 PM Re: Is it economical to buy new? [Re: Miller88]
rjundi Offline


Registered: 03/16/04
Posts: 7256
Loc: USA
Originally Posted By: Miller88
Around here used cars are more expensive than new cars.

Example: 2011 Aveo new $10000. 2011 Aveo with 50K miles $12000.

2011 focuses are selling for MORE than I paid for my 2011 focus new.


Aveo's are for suckers and sad to say won't appeal to car savvy and likely get snatched up by someone who does know better. GM embarrassment that affixed their badge on that thing(rolling poo).

My guess they end up on buy here pay here lots were you go to get a car that works.
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#3319789 - 03/22/14 01:15 PM Re: Is it economical to buy new? [Re: 7055]
datech Offline


Registered: 01/14/14
Posts: 689
Loc: us
I think you end up paying about the same in the long run, but new has some advantages and with the economy and jobs situation there is more competition for used cars and new cars have better financing. I would recommend new if you can afford it. Used if you can't but you will be nickeled and dimed over the years.

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#3319791 - 03/22/14 01:18 PM Re: Is it economical to buy new? [Re: 7055]
dishdude Offline


Registered: 11/14/08
Posts: 7373
Loc: Phoenix
Personally I feel that used cars are overpriced right now. A 20% savings to take a 2 year old car with 40k on it? Not worth it for me.

People will then add on an extended warranty because it is used, taking the savings down to 10%. They are probably paying a higher interest rate, and at that point they paid new car price for a used car.
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#3320093 - 03/22/14 06:43 PM Re: Is it economical to buy new? [Re: johnachak]
ls973800 Offline


Registered: 01/30/13
Posts: 74
Loc: Lake County, Ohio
Originally Posted By: johnachak
The newer GM's all carry 5 yr 100,000 mile power train warranties.


Not all GM's come with the 5 year 100000 mile powertrain warranty any more. Cadillac and Buick have lengthen the years to 6, but have reduced the miles to 70000. In your case that would be more beneficial driving only 8000 miles per year.

Chevrolet, GMC, etc still have the 5 year 100000 mile powertrain warranty.

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#3320104 - 03/22/14 06:56 PM Re: Is it economical to buy new? [Re: 7055]
7055 Offline


Registered: 01/10/08
Posts: 349
Loc: KS
If I buy a new 2015 Forester for 24,500 in cash and drive it for 10 years then sell it with 80,000 miles for $11,000 without ever having to make a single repair other than basic maintenance then it cost me 1360 per year including additional maintenance charges.

If I buy a 2005 Forester with 50,000 miles on it for 12,000 and drive it for 10 years selling it at 130,000 miles for 5,000 and make 1,200 in additional repairs, that's 820 per year.

But if you factor in the getting 13mpg instead of 17 mpg (I get poor mileage due to short trips in cold weather) it makes a difference of $463/year. This increases the used car price to 1283.35 per year.

Of course this is very general and assumes very good luck from either choice in terms of reliability.

Of course there's all ways the third option in which you gamble with an old high mileage vehicle for a few years then sell it for virtually the same price you bought it for.
_________________________
2004 Neon SRT 376whp 437wtq - stage3, exhaust port, 6 puck, water injection...
http://www.cardomain.com/ride/3143812/1

Sold for more important ambitions

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#3320226 - 03/22/14 08:43 PM Re: Is it economical to buy new? [Re: 7055]
99Saturn Offline


Registered: 02/25/13
Posts: 1403
Loc: NY
What's the peace of mind/lack of down time on repairs worth to you with a new car?

It sounds like either of the choices will last the miles and time frame you want - probably somewhat of a toss up since random repairs might be needed that drive savings for either situation.

Personally, I like the "worry free" miles with our (now not so) new car, especially since it sees 100 mile round trip a day. As others have said, nice to know the history, and it's a safer assumption you're not going to have an issue. But I look at the monthly car payment and it's a frustrating comparison in cost given what we paid for the other two cars we have.

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#3320281 - 03/22/14 09:21 PM Re: Is it economical to buy new? [Re: 99Saturn]
Doog Offline


Registered: 10/24/11
Posts: 6170
Loc: North Coast
I'm looking at getting the wife a CPO Lexus. You can get a 2011 with 30k on the clock for about $15k less than a new one.

Do the math on the cost of those first 30,000 miles. Then we will drive it to 200k and trade it in for about $6000. So the cost for 170,000 miles will be about $20,000.

Chase auto finance just approved me for 2.13% if I need financing.
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#3320430 - 03/22/14 11:53 PM Re: Is it economical to buy new? [Re: Tdbo]
johnachak Offline


Registered: 12/08/10
Posts: 1612
Loc: L.I. NY USA
Originally Posted By: Tdbo
Wait until November-December of 2014 and purchase a leftover 2014 when the 2015's are out.
Use used book for a 2014 as your pricing target.
Get a new year old car with no miles and full warranty for the same price (or less) than a year old used one.
Best of both worlds.


+1, sounds like a good idea.
_________________________
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09 CTS 3.6 D.I. AWD, M1 5w30 Delco filter
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#3320446 - 03/23/14 12:29 AM Re: Is it economical to buy new? [Re: 7055]
jimbrewer Offline


Registered: 12/30/12
Posts: 1282
Loc: New Mexico, USA
Assuming you have the means and intend to keep the car for awhile: Buy new. Lower trim level is almost always the better value. I don't think its even particularly a close call. New car gets cheaper financing (even without the dealer come-ons) and gets bette mileage.

Before the bust it was completely different. You could buy 5-6 year old luxury cars for a song. Those days are over for the time being.

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#3320578 - 03/23/14 07:25 AM Re: Is it economical to buy new? [Re: whip]
KitaCam Online   content


Registered: 11/16/12
Posts: 2276
Loc: SunnySouthFlorida
Originally Posted By: whip
If you drive 8,000 miles a year, and vehicle bought with 50,000 will last you 10 years. That's less than 150,000.


This century's cars with 100k miles are last century's 50k car...
...and I agree that if you drive few miles a year, say 10k miles, then buying a 6-7 yr old car with 90-100k (~ 3-4yr/50k from last century) will last another 7-10 years to 200k miles with care and cost far less after 15 years than the same car bought new...if you can stand a to look at a 15yr old car for so long...you better like it!

I will admit that this is less possible up north where the body and suspension parts are more vulnerable to winter-induced damage...but south of the Tennessee-Kentucky border is Shangri-la for cars...
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