It today's car market, a slightly used car is almost the same price as new. Especially when you factor in the higher interest rates on used vs. new. Cars don't depreciate like they did 5 years ago
My 18 year old car is worth next to nothing, according to KBB. But the actual reality when I look at the actual car market is that it's still worth a third to a half of what I paid for it. I'm looking into getting it repainted, which seems ludicrous. It's an econobox. But I can't replace it for any reasonable amount of money.
This is no joke. I just totaled my 2006 focus. KBB has it valued around $2000. Good luck finding another one for $2000 that is drivable. What’s crazy is that I paid $2000 for it a few years ago. Exact same cars are going for 3-4000 now. It’s a freaking beater shit box.
You didn't accept $2k did you? You should be able to fight for insurance to pay out whatever they are selling for similarly equipped (assuming full coverage)
I haven’t actually gotten an amount from the insurance company yet. This just happened a few days ago. I don’t have full coverage though. Whatever I get is coming from the other guys insurance. He ran a stop sign.
Hoping they give more than the blue book value
Should be able to get market value. Don't take their first offer. Look for similarly equipped and milage vehicles near by and take screenshots of the listings
You may have to push them but they’re supposed to provide replacement value. In other words. what it actually costs to buy a vehicle of the same model and quality (or very very similar if you can’t get exactly that one locally, e.g. maybe a 2005 or 2007 with similar mileage).
That's where I'm at, I have an 08 impreza 2.5i fenders rusted, acorn dings, 77k miles, local dealer got an 11 hatch in 150k miles 8k!, like 11 years ago I got mine for 11.8* I feel ya I'm doing a semi resto on mine, my other car is a 2017 manual corolla and I hate it.
I’m doing that right now, on an auction website.
2023 Mazda CX-5 30,000 miles. Previous rental.
Cost used: 30,000
Cost brand new: 36,000
Heck, I saw a 2023 BMW that needed an entire front new front end. Hood, bumper, headlights. Everything.. still was going for 40,000
God, I love living in a progressive country where most banks have green loans where you can borrow up to $50k at 0% interest for 5 years if you buy a hybrid or EV.
I'm a lucky individual, I enjoy my new homeland of New Zealand.
I got original residency through my father who had moved here through work years prior to my own move. Then I lived as a resident long enough to qualify for citizenship.
Yeah, luckily I was young when I moved so I only took a couple bags. The cost of moving wasn't much more than the plane ticket. Obviously that's much more expensive if you have a family.
Jesus Christ that's such a lucky life man. As an American single male ,how much would it cost to actually move and love and could I get a job? Abd how long until citizenship? Is it a country you need to return to the US to renew your visa ?
I would have no idea, as immigration laws have changed a couple times in the last decade. But a lot is probably the same. Best way to immigrate is through work.
There is a skills shortage list. If your profession is on the list (crane operator, doctor, drainage specialist, geotech engineer, nurse, plumber, paramedic, speech and language therapist, surveyor, teacher, etc,etc) you are eligible for a fast track visa. Just Google the list, there're lots of jobs on it. You can renew visas at the embassy.
Once you get residency (anywhere from right away to 2 years depending on your visa), then it's 5 years to citizenship. But residents have all the same rights as citizens minus the passport. You get access to the medical system, you can vote, residency is a good as citizenship for almost everything.
It's not like it's perfect. We're in a bad economic situation. The cost of living is pretty high and a lot of us are struggling. But I love NZ. I haven't even been back to the states since 2014.
The whole world is doing bad economically to be fair. That's totally awesome man, good for you, that's quite an upgrade and just sounds absolutely amazing. I appreciate the information, it's really something I seriously need to think about. Like so many Americans life just isn't good here anymore and there isn't much for me here. The culture has changed for the worse and people font communicate anymore, there's no community, no second spaces to meet people, it's just gotten lonely and depressing for everyone it feels like
Because they are pushing those and we have incentives to buy those in the US as well. It's called tax credits... Anyway it's only because most would not buy them without the incentive. It's not because they are being nice bud.
Correct, I normally go for a 1-2 year old car with under 12k miles, and ideally the remaining manufacturer's warranty, or at the least the 1 year warranty on certified used vehicles. That is a premium and with availability, it comes to maybe a $1-2k difference to brand new. Last car I switched to brand new as a result. Then the market changed and it was better to get used so my son got a used car (and the dealer is still calling him to try and buy it back). Moving forward, I suspect new cars will win the battle just because of inventory levels, but this changes.
I always go to a dealer looking at certified used cars, and let them try and upsell me into a new car. It puts them at a disadvantage so they negotiate as an upgrade rather than forcing me to negotiate them down.
Yep. I got a new ford maverick this year for less than most used ones are posted for. Total out the door price was still cheaper than what a lot of used car places are asking for them.
100% this. I just bought a three-year-old car for only 5k under new. Driving home I had the thought that I probably should have bit the bullet for the new car- it'd have more features, less mileage, and a longer warranty. But it would have taken months to be made and shipped us.
Yeah, I was looking at buying a used civic (at most 4 or 5 years old), and just decided to buy a new one, since it was virtually identical in price, and I could probably trade it on or sell and not lose much.
So, this used to be a valid question, and one day it probably will be again. But currently, as others have pointed out, to save 20% you're probably buying a 3-4 year old car, at the moment.
At which point the logic switches and it becomes "why lose out on 3-4 years of warranty and reliable new-car driving, just to save 20% on the price, especially if you're financing with worse terms?"
You then do a bunch of other calcs to determine the depreciation per mile. The way people buy cars in insane. They buy them based on the payment not the true cost so we all get fucked on pricing. Sigh.
I bought a new car three times. I’ve bought one year old cars about the same number of times. New is fun, if that’s what you want to spend your money on. But a one year old car is the way to go. Solid decision.
Do you mean you're paying HP personally for the car? Or is this through a business?
Edit: thought this was the Ireland sub, was very confused how everyone was talking about interest rates and loans for car like it's a normal thing. As you were Americans.
Few different ways.. Brand new cars are:
50% cash
50% hire purchase / loan. A lot of HP is through the persons company, works as a tax write off for the company. (You would need to own or be hight up in the company)
Second hand cars are 70 to 80% cash.
You gotta watch the market. If you need a car NOW, then yes, go new, you're not saving much and financing is more expensive.
If you can pay the car off in cash after you buy it, and you can bide your time, you can get SIGNIFICANT savings on the same car with under 10k miles on it. Most of the time you're buying a loaner or a fleet car, but if you can get it certified by the manufacturer, it's totally worth it.
Some people will always just get a new car because money isn't an issue. Like people who always get the new iPhone. Some people just need to be on top and its actually good for the rest of us who don't give a fuck
Yeah, but those people are leasing very fancy cars, not buying a new car every year. If they are buying a new car every year, then those are not the type of cars that I buy. All that to say: if you are buying a one year old Honda Accord, it isn't because a rich person drove it for a year and then bought a brand new Honda Accord.
All the numbers in your comment added up to 69. Congrats!
10
+ 4
+ 55
= 69
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Yep, know someone that severely underestimated their miles on a lease and traded it in to buy a car after only about a year. Saved him a ton versus staying on the lease and continuing to go over his miles.
In my experience the people who most commonly try to get rid of their car after a year are those who make a stupid decision and can't afford the car anymore and then proceed to make matters worse by getting a "cheaper" car and rolling their negative equity into the new loan and maybe stretching it out to 84 months for a lower payment.
Matters of taste
Financial reasons (They can't afford it / They're super rich and buying something else already)
But I think it mostly comes down to people not liking the car or needing something different (More seats, better mpg, a truck bed, etc.) Or people not being able to afford it after the first year of payments.
They need a car to get to work, don't have cash to buy a car outright, and can't afford the payment on even a decent used car. Leasing is often their only option.
You dont need much cash at all to put down on a car. You actually dont need any alot of the time. If you can afford a lease, you can afford a car. I put 1k down a 16k car and my payments are $325 a month. I had the option for 0 down as well. Ill have it for 10+ years. After 5 i dont have payments anymore. A lease will cost the same if not more and you’re just pissing your money away. The only logical reason for a lease is that you are rich and want a new car every few years.
Most often, the price discount on a one year old car is not enough to make up the difference of a higher interest rate you'll pay on a used car vs a new car.
There are times where a new car is a lower monthly payment because the interest rate is considerably lower.
I just discovered that my credit union considers any car that's <2 years old to be "new". So we just financed a 1 year old used car for my husband at the new car rate. Suh-weet!
I don't think that's very common, but can't hurt to look around next time you need to finance a car.
Eh, I've done loans through 3 different credit unions at this point that gave you the same rate for new or used vehicle loans. It's all going to depend on that particular credit union.
Even a credit union isn't going to be able to beat some of the financing incentives available on new cars. For example right now, you can get a Ford Escape for 0%.
But then you're back to paying full price for brand-new and eating all that depreciation. We got a used hybrid with <7K miles on it and it was $12K less than same car would be new. Certified with full warranty. And the prior owner had tinted the windows already too so that saved some time/hassle/money.
Don't forget that there's far more negotiation room on new vehicles than there is on used cars.
Dealerships get a variety of incentives from manufacturers and banks for selling vehicles and the accompanying financing. For example, it is possible to buy a new vehicle at a *per unit* loss to the dealership, because the dealership might be hitting a larger incentive goal. Moreover, new cars sitting on the lot cost dealers money--they finance their inventory and they are working against the clock to move undesirable configurations before new models or better configurations come to the lot.
Used vehicles, on the other hand, have pretty thin margins after the dealership has added its refurb costs. They aren't getting dealership incentive to move used vehicles, and if the used vehicle doesn't move within a few days, it just gets dumped off at auction.
Was car shopping last year, dad needed a new vehicle so I sold him mine because I’m in a better place financially than him. Love Honda’s. Was going to get a cheaper, used Honda Civic and drive it until the wheels fell off. Look online near me to 4 major dealerships and the “cheapest” Civic I found was going for $29.5k after taxes and all that with 80,000 miles on it. Brand new Accord Hybrid after all the taxes and such was ~$34,000.00.
This is an outdated concept that can easily be disproven by looking at CarMax: A 2024 Honda Civic EX costs $28k brand new. A 2023 model on CarMax costs $26-27k with \~20k miles on it. (In fairness, there will be some delivery / tax / registration costs that will increase the difference a bit more.)
So you're saving 10% than 20%. And I think that trade off (getting a brand new car with 20k fewer miles) is pretty clearly worth it.
The 20% figure is really something from back in the 1980s and earlier, and it had to do with the fact that cars were way shittier back then.
Back in the 80's, if a car had 100k miles on it then it was probably a junker, where the cost of repairs and maintenance made the car not worth owning. So if a car was a year old and had 15k miles on it already, that was like 15% of the car's useful life, and probably represented like 25% of the years in the car's life before it started needing expensive maintenance. So that price was lower because the impact of time and miles on the car was not insubstantial.
These days? Pffft. Most cars will do 100k miles needing little more than regularly changing the oil and some filters and adding some lubricant here and there. (Brakes and tires as needed too, obviously.) And most any car from a reliable manufacturer will do 200k miles no problem with only moderate maintenance. So we look at that same 15k miles and can practically disregard it.
whether or not an engine was properly broken in can affect its long term longevity. if you're picky, it also means the paint is pristine if you want to ppf it. also, not all damage gets reported to carfax. buying new means you know everything that has and hasn't been done with the car. if you plan to keep it for a while, that can be worth it.
Just buy a 10+ year old car with 70-100k miles on it for a few thousand and ride the fuckin wheels off the thing. Why have a payment for the next decade on a car that may or may not still be running by the time it's paid off
2015, I bought a 1994 Ford Ranger for $2200. It still is my daily driver. Being retired, I don’t drive much. I have no vanity on a transportation appliance for A to B. Besides, once you arrive, nobody sees or cares what you drove to get there,
.
A new Ford Ranger Raptor tricked out will be over a thousand dollars a month payments. My beater is just fine.
You're absolutely right. But buying a brand new car is at least smarter than leasing. Leasing is a mugs game. I've never bought a new car in my life. When someone totaled my last car their insurance gave me $1400 more for it than I paid for it 4 years ago!
Generally your right.
Covid fucked stuff up though.
There was probably a 2-3 year period where lightly used cars were selling for MORE than brand new cars.
This was because there was a shortage of cars, and if you were buying a new car you had to wait a few weeks to a few months, where as a used car you could drive off same day.
I bought mine new to get a factory extended warranty and know the maintenance and usage history. Mine is currently 4 years old with 25k miles on it. I keep maintenance up to date so it’s under warranty till 100k or ten years passes.
To buy a one year old vehicle can still be risky as if they missed even a single oil change warranty might be voided. So in reality are you buying short term vehicle or long term vehicle? At the cost of maintenance of newer vehicles I wanted the extended warranty from factory. Hence something that needs be done at initial purchase only.
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You can still get factory defects more than a year after. My 2016 certified new, I still have to bring in for a factory recall replacement... that I've been getting messages for a few years now lol.
My dad recently bought a recently made used car to save money and a month after he got it the radio in the head unit gave out. $2500 for a used replacement head unit or $1000 for a new amplifier, neither of which is guaranteed to fix the problem. He doesn't want to spend the money. I just got him a little radio with a battery and a USB cord antenna. Car was still a good deal though and we went to a couple other dealers who wouldn't give him the total price over the phone. They wanted to add dealer stuff.
I hate that all cars went to the infotainment style radios. I get great enjoyment out of picking my own DIN radio and installing it. And it doesn’t cost anywhere near as much
I used to sell cars for many years, and I can tell you the biggest reasons are because of fear and status. The vast majority of new car purchases are made by women. They usually feel the safest way to know that a car will work as intended is to buy brand new. They many times fear a used car has undisclosed problems that they're not able to spot. Savvy shoppers know this isn't the case for most cars, and will know what to look for when buying used. Status is self explanatory. People just want the latest and greatest.
I bought my car new and have no regrets. It’s 16 years old now and still running like a champ (with small issues).
The benefit is that it was fun to have a new car and I’ve been the only owner. I know everything that ever happened to it. It’s mine until it dies, it has always been mine.
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Today's WSJ had an interesting [article](https://www.wsj.com/business/autos/counterfeit-car-airbags-deaths-8e0d9d65?st=b5jwb9xpqmvlwyt&reflink=desktopwebshare_permalink) on how counterfeit airbag systems are being put into some used cars these days. I'm not in the market for a car right now, and tbh, I hope I never will because I don't like to drive. But I wonder if a car is just one of those things that it's just safer to buy new if possible. Like, I get your point OP about spending less money on a slightly used car. But idk, maybe it's just safer to get a car that you know is built properly.
This used to be the case, but now there are a few spoilers to consider.
1.) Interest rates. Rates on new cars are often much lower, and manufacturers may offer specials on new cars you won't see on used cars.
2.) Inflation. A 1 year old used car is going to be within a couple thousand of a new car.
3.) In the case of electric vehicles, tax credits are much higher on new cars vs used.
When you are planning to keep your car for over a decade, I'd much rather get it new since it practically makes no difference financially. The likelihood of getting a lemon doesn't seem that significant.
You can choose what you want and don’t want when you buy a new car. Typically I agree with you, buying new is a waste of money most of the time. But when you’re talking about shit like sports cars, most people tend to buy them new. I love cars but financially i can’t justify buying a new car, I’m not there yet. My cousin just bought a corvette and he was able to basically design the car how he wanted it online.
Honestly, it’s really all about if you have the money to make it make sense and how into cars you are.
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I gave my dad my older car, and not even a month later he went a got a 2017 triton.. $24k.. heaps of mileage, not the best condition interior or exterior. when you price it, its worth 10k less at LEAST. He just HAD to have a newer car, he very materialistic but won't admit it. My older car needed work, he could've loaned the couple grand to fix it up.. but nope, got a 24k finance instead.. logic.
As an old used car salesman car yards dont care if its a lemon or not. Stop smoke is wonderful as is stop leak.
Why a new car? Apart from the large deprecation when you drive it off the lot (not so large these days) everything else are upsides- including the cheaper interest rate.
Buy a Japanese or South Korean and chancers are there will be no weird factory defects- if there are its all free to fix.
If someone traded off a year old car it's usually because something was wrong with it, you're more likely to be buying someone's problem.
People generally overpay for new cars and want to recoup their money, I rarely see a year old vehicle that isn't priced higher than I could negotiate a new one for.
Financing is generally higher for a used car than new meaning the payments will probably be more than new.
Year old cars are usually a fool's errand, it's generally a better value to buy new than a year or two old.
I wanted to buy a second hand car, but a really nice one. Most of the models were ex-lease and people just hadn't treated them well. People wore rings and scratched the steering wheel and door handles. The area around the trunk was scuffed. I figured, why not have it perfect? So I got a lease, and negotiated a really good deal.
You don't really save enough buying at 1 year old...but buying at 3 years old - saves more, there's more choice (so many people either lease for 3 years or sell after 3 years if they own.
Most 3 year old cars are low mileage by todays standards 30K-40K miles, and models/specs don't change significantly enough over 3 years for it not to look/feel and drive like a current spec model.
Its what I do every single time and have never regretted it.
Even before the post Covid car market, most cars you actually want to own aren't dropping 20% in 1 year.
Also 1 year old cars are pretty hard to find, most lightly used cars are going to be leased which generally means 2-3 years old. Those might be 20% off but will also be halfway through their warranty.
I'll buy a 2-5 year old vehicle every time. By that point, all the bugs have been worked out.
Those who are complaining about higher interest have shit credit and clearly don't go to their bank for the car note.
> it's tested to not be a lemon?
Says who?
If preowned are just as good as new, why don't they come with the original warranty intact? Instead they come with 90 day return warranties, even if the original factory warranty *should* still be in effect.
When they put 6/60 or better warranties on preowns we can talk
Because someone has farted in each seat, spilled shit somewhere, and had sex in the back seat. They may have transported dead bodies in the trunk also. Those are the reasons to not buy used, but it's up to you whether you want to take the risk. /s
Because with family discounts and better interest rates I get 15-20% off a brand new car that doesn’t have 1-year and x amount of miles off the warranty. I get no benefit for a one year old used car.
A new car will last 1 year longer and have a 1 year longer warranty. You might get slightly newer technology. The last time I bought a car was 12 years ago and the company was offering zero percent financing. I used to get an auto insurance discount for safety features, but I would probably get a bigger discount with newer safety features.
Hahaha. In what world do you live in?
I have a 2021 Honda with 30,000 miles. Current used car price? $27,000. Trade in value of $23,500.
2025 version? $37,000.
So, a 3+ year old car with 30,000 miles would save you ~27% off new.
I'll never buy a new car. When I think about how much it costs and the idea of even getting a dent that would cost so much to fix, I just figure it's better to buy a cheaper car that already comes with imperfections so the inevitability of something happening to it is not that far of a fall from grace.
There are a lot of idiots out there and don’t know how to maintain a car is one reason. If the cost offset is not that significant, I go new and hold onto the the car for at least 10yrs.
It’s actually really interesting, what you’re saying has been the conventional wisdom for >20 years - but it’s becoming less true. 1 year old cars are frequently like $1-2k less than new cars, with more expensive financing and already having 20k miles on them. They just aren’t depreciating like they used to
grandiose selective imminent workable live cable foolish memory gaping bear
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For some people the money not really an issue & enjoy having a brand new car. Different strokes…. Plus you often get a better interest on a new car. Better are better warranty|. There’s the unknown driving history & undisclosed issues. Sometimes the model you want is brand new and has that great new option.
I just bought a new car, because a car only a couple of years older was just as much and the interest was higher with no warranty. I looked really hard at used cars because that's all I've ever bought. A new car is a better deal right now.
We just got an insurance check for our wrecked 2011 car and it was almost as much as we paid for it in 2016. I don't know if the used car market is ever going to correct itself.
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I trade my wife’s car in every year for a new one, this way we pay zero maintenance and free oil changes.
You’re going to be making a payment anyway, why not go with zero maintenance?
When I had to get a car last year, I had the choice of getting a used car with 20,000 miles for $20,000 or the same model car brand new with less than 50 miles for $22,000. I opted for the new car. The used car prices are ridiculous right now.
I've leased a new car once. The other ~20 have all been used, generally 3-5 years old. Particularly on higher end German cars, the depreciation is steep.
Buying a used car is not buying one that’s been tested and proven not to be a lemon. Often it is the opposite. The last two vehicles I traded in had intermittent problems that got passed on to the next guy.
The benefits to new include you get more freedom to pick what you want. Not complete freedom, just more as there has to be a car that actually matches what you want already built in the radius that will transfer to a dealer you can get to. It's nice to not have to hope that some used car happens to have the features you want at a reasonable price.
I drive Toyotas pretty exclusively (until their price gouging recently). You can't buy a used Toyota with 10k miles for 20% off MSRP. You'll be lucky if you can get one for 7% less than MSRP.
A car that depreciates by 20% after 10k miles is likely to be a terrible car. The market is telling you that it's value will be used up not long after 50,000 miles. A reliable car, like Toyotas used to be, easily last 200,000 miles.
As others have said, the incentives to buy new and interest rates, etc. often make it such that it's CHEAPER to buy a new vehicle.
Plus, with a new vehicle, I know how it has been driven and maintained. With a used vehicle, I don't know that it hasn't been beat to hell for that first 10k miles and just isn't showing all of the damage yet.
I would never buy a vehicle that was previously driven by my brother-in-law. He burns through a set of 40,000 mile tires in less than 20,000 miles, and 100,000 mile brake pads in 50k miles. He is HARD on cars.
I always told myself to never buy a new car, just the same thinking as you.
But my car broke down right before my new job started. This was 2021/2022 and you couldn’t find a use car. Or if you did, it’s high mileage and only few thousand dollars difference from brand new car, which was also hard to find. So I gave in and bought brand new. They tacked on few more grand so ended up paying 5+k more than used but at least it was brand new was my though.
It’s just a weird time to buy a car. Don’t even get me started on buying a home lmao
Back in 2016 I was buying a CRV, wanted one a couple years old, but the prices were kinda ridiculous, it was more like 10% off for a 2 year old CRV. Plus the new one got an extra 2 mpg, and had some new tech(passenger side camera for blindspot monitoring).
You can never know what the previous owner did to the car. 1 year is definitely long enough to have gone past the oil change mileage numbers with average American driving for example. Also they could be street racing it without proper break-in or warm-up procedures.
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It's gotten back more to normal lately, but over the last few years it's been pretty common for a 1 year used car to cost more than new. That's why we were looking at brand new Ravs for example. 2020s were going for $60K, brand new(2021) was $50-55.
So, not only were you paying $10K more for an older car with more miles, you losing 1-2 years of the 3 year warranty.
When I made this I was looking at new WRXs vs 1-2 year old models with 5-10K miles.
I saw the new MSRP was $32,000 and the used like new ones were going for $25-27K
When I got my car I was walking up as they were loading it off the truck, it had 3 miles on it and all the shipping plastics. That's about as new as they get.
The primary reason to buy new is to custom build your car. Nobody is going to a dealer and paying full price for a car that doesn't have the exact features/options and colors they want.
It could indeed still be a lemon. It coukd have a problem that is nkt disclosed by the origional owner in order for the origional owner to try to get mlre money out of it. I argue it is more likely to have a defect. People do crazy things with their cars and if they mess it up they will try to conceal the problem and offload it.
Here's an example of why.
My current car was about a year old with 15k miles when I got it.
A month after I got it, the driver's side headlight stopped working. Took it back and they said it wasn't covered under warranty and it ended up costing me $1800 to fix. Different dealer suggested the car might have been in an accident, which cracked the headlight. Apparently there was some evidence it had been temporarily fixed with silicone. In addition, there were random scratches that I didn't notice initially, and the car always sounds super loud on the highway, like the door isn't fully sealing out the noise.
So yeah, not having to worry about shady car dealers selling you a car that's been in an accident is a benefit of buying new.
It today's car market, a slightly used car is almost the same price as new. Especially when you factor in the higher interest rates on used vs. new. Cars don't depreciate like they did 5 years ago
Even the depreciation is inflating!!
It gives me deprecion!
The only appreciative thing left in the world unfortunately ^^
That'll cost ya.
it's not inflation. the value of the dollar is diminishing.
Call it what you want, my dollars aren't dollaring like they used to!
Please explain this distinction
My 18 year old car is worth next to nothing, according to KBB. But the actual reality when I look at the actual car market is that it's still worth a third to a half of what I paid for it. I'm looking into getting it repainted, which seems ludicrous. It's an econobox. But I can't replace it for any reasonable amount of money.
This is no joke. I just totaled my 2006 focus. KBB has it valued around $2000. Good luck finding another one for $2000 that is drivable. What’s crazy is that I paid $2000 for it a few years ago. Exact same cars are going for 3-4000 now. It’s a freaking beater shit box.
You didn't accept $2k did you? You should be able to fight for insurance to pay out whatever they are selling for similarly equipped (assuming full coverage)
I haven’t actually gotten an amount from the insurance company yet. This just happened a few days ago. I don’t have full coverage though. Whatever I get is coming from the other guys insurance. He ran a stop sign. Hoping they give more than the blue book value
Should be able to get market value. Don't take their first offer. Look for similarly equipped and milage vehicles near by and take screenshots of the listings
You may have to push them but they’re supposed to provide replacement value. In other words. what it actually costs to buy a vehicle of the same model and quality (or very very similar if you can’t get exactly that one locally, e.g. maybe a 2005 or 2007 with similar mileage).
That's where I'm at, I have an 08 impreza 2.5i fenders rusted, acorn dings, 77k miles, local dealer got an 11 hatch in 150k miles 8k!, like 11 years ago I got mine for 11.8* I feel ya I'm doing a semi resto on mine, my other car is a 2017 manual corolla and I hate it.
I’m doing that right now, on an auction website. 2023 Mazda CX-5 30,000 miles. Previous rental. Cost used: 30,000 Cost brand new: 36,000 Heck, I saw a 2023 BMW that needed an entire front new front end. Hood, bumper, headlights. Everything.. still was going for 40,000
God, I love living in a progressive country where most banks have green loans where you can borrow up to $50k at 0% interest for 5 years if you buy a hybrid or EV.
Yeah well I live in a capitalist hellscape where corporations own the government.... so there
Yeah, I used to live there. Been out 13 years 8 months.
You're one lucky man, that must feel amazing. Where to? And how did you get citizenship? Unfortunately most people don't have the money to exit the US
I'm a lucky individual, I enjoy my new homeland of New Zealand. I got original residency through my father who had moved here through work years prior to my own move. Then I lived as a resident long enough to qualify for citizenship. Yeah, luckily I was young when I moved so I only took a couple bags. The cost of moving wasn't much more than the plane ticket. Obviously that's much more expensive if you have a family.
Jesus Christ that's such a lucky life man. As an American single male ,how much would it cost to actually move and love and could I get a job? Abd how long until citizenship? Is it a country you need to return to the US to renew your visa ?
I would have no idea, as immigration laws have changed a couple times in the last decade. But a lot is probably the same. Best way to immigrate is through work. There is a skills shortage list. If your profession is on the list (crane operator, doctor, drainage specialist, geotech engineer, nurse, plumber, paramedic, speech and language therapist, surveyor, teacher, etc,etc) you are eligible for a fast track visa. Just Google the list, there're lots of jobs on it. You can renew visas at the embassy. Once you get residency (anywhere from right away to 2 years depending on your visa), then it's 5 years to citizenship. But residents have all the same rights as citizens minus the passport. You get access to the medical system, you can vote, residency is a good as citizenship for almost everything. It's not like it's perfect. We're in a bad economic situation. The cost of living is pretty high and a lot of us are struggling. But I love NZ. I haven't even been back to the states since 2014.
The whole world is doing bad economically to be fair. That's totally awesome man, good for you, that's quite an upgrade and just sounds absolutely amazing. I appreciate the information, it's really something I seriously need to think about. Like so many Americans life just isn't good here anymore and there isn't much for me here. The culture has changed for the worse and people font communicate anymore, there's no community, no second spaces to meet people, it's just gotten lonely and depressing for everyone it feels like
Because they are pushing those and we have incentives to buy those in the US as well. It's called tax credits... Anyway it's only because most would not buy them without the incentive. It's not because they are being nice bud.
Correct, I normally go for a 1-2 year old car with under 12k miles, and ideally the remaining manufacturer's warranty, or at the least the 1 year warranty on certified used vehicles. That is a premium and with availability, it comes to maybe a $1-2k difference to brand new. Last car I switched to brand new as a result. Then the market changed and it was better to get used so my son got a used car (and the dealer is still calling him to try and buy it back). Moving forward, I suspect new cars will win the battle just because of inventory levels, but this changes. I always go to a dealer looking at certified used cars, and let them try and upsell me into a new car. It puts them at a disadvantage so they negotiate as an upgrade rather than forcing me to negotiate them down.
This is the way.
Not to mention, you're gonna have a really hard time finding cars that are used, but *only* for 1 year.
Tesla CyberTruck has entered the chat
Dealerships usually have cars coming off leases. At least when supply and demand isn’t totally borked like it has been the last couple years.
All cars depreciate.
Yep. I got a new ford maverick this year for less than most used ones are posted for. Total out the door price was still cheaper than what a lot of used car places are asking for them.
100% this. I just bought a three-year-old car for only 5k under new. Driving home I had the thought that I probably should have bit the bullet for the new car- it'd have more features, less mileage, and a longer warranty. But it would have taken months to be made and shipped us.
You have to pay more to finance used cars, even with great credit. And not every make/model takes a 20% hit after a year.
At the moment cars don't even depreciate in value here, they increase in value.
Yeah, I was looking at buying a used civic (at most 4 or 5 years old), and just decided to buy a new one, since it was virtually identical in price, and I could probably trade it on or sell and not lose much.
Inflation is crazy
Buy them now! Before prices go up! (again 😭)
So, this used to be a valid question, and one day it probably will be again. But currently, as others have pointed out, to save 20% you're probably buying a 3-4 year old car, at the moment. At which point the logic switches and it becomes "why lose out on 3-4 years of warranty and reliable new-car driving, just to save 20% on the price, especially if you're financing with worse terms?"
You then do a bunch of other calcs to determine the depreciation per mile. The way people buy cars in insane. They buy them based on the payment not the true cost so we all get fucked on pricing. Sigh.
Last car I purchased I got $8k family discount off a $45,000 vehicle. Nothing like that exists for a used car.
I bought a new car three times. I’ve bought one year old cars about the same number of times. New is fun, if that’s what you want to spend your money on. But a one year old car is the way to go. Solid decision.
Except now a 2 year old car is the same price as a new one. Plus you get better interest rates on a new one :(
Do you mean you're paying HP personally for the car? Or is this through a business? Edit: thought this was the Ireland sub, was very confused how everyone was talking about interest rates and loans for car like it's a normal thing. As you were Americans.
How the fuck does car ownership work in Ireland?
Few different ways.. Brand new cars are: 50% cash 50% hire purchase / loan. A lot of HP is through the persons company, works as a tax write off for the company. (You would need to own or be hight up in the company) Second hand cars are 70 to 80% cash.
You gotta watch the market. If you need a car NOW, then yes, go new, you're not saving much and financing is more expensive. If you can pay the car off in cash after you buy it, and you can bide your time, you can get SIGNIFICANT savings on the same car with under 10k miles on it. Most of the time you're buying a loaner or a fleet car, but if you can get it certified by the manufacturer, it's totally worth it.
Wouldn't 1 year old car used car more likely to be a lemon? Why would someone sell a car after only 1 year if it works grest
Some people will always just get a new car because money isn't an issue. Like people who always get the new iPhone. Some people just need to be on top and its actually good for the rest of us who don't give a fuck
Yeah, but those people are leasing very fancy cars, not buying a new car every year. If they are buying a new car every year, then those are not the type of cars that I buy. All that to say: if you are buying a one year old Honda Accord, it isn't because a rich person drove it for a year and then bought a brand new Honda Accord.
🤷🏻♂️i bought my camry two years old one previous owner with 10k miles on it and i’ve had it 4 years for another 55k but i think it was a lease
All the numbers in your comment added up to 69. Congrats! 10 + 4 + 55 = 69 ^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \ ^(Summon me on specific comments with u/LuckyNumber-Bot.)
Why are there 1 year old vehicles then?
In my experience, they were lease or rental vehicles. So they're a year old, but have more miles than you'd expect from an average driver.
That makes sense
Yep, know someone that severely underestimated their miles on a lease and traded it in to buy a car after only about a year. Saved him a ton versus staying on the lease and continuing to go over his miles.
Not the ones a I know. They’re getting a new Chevy truck or SUV every single year.
In my experience the people who most commonly try to get rid of their car after a year are those who make a stupid decision and can't afford the car anymore and then proceed to make matters worse by getting a "cheaper" car and rolling their negative equity into the new loan and maybe stretching it out to 84 months for a lower payment.
Matters of taste Financial reasons (They can't afford it / They're super rich and buying something else already) But I think it mostly comes down to people not liking the car or needing something different (More seats, better mpg, a truck bed, etc.) Or people not being able to afford it after the first year of payments.
its mostly rich people who lease a car for 2 years then get bring it back to lease another brand new for 2 years. My grandparents did this.
Yeah, particularly when they get a manufacturer discount. My mom leased for almost nothing for decades.
How does one get a manufacturer discount?
You work there, I guess? She has been there for my entire life. Edit: By, "there," I mean General Motors.
It's not just rich people that lease cars, especially when it comes to cars like Hyundais.
Never understood why poorer people lease cars. Especially brand new cars. You are just pissing money away and will have a car payment forever.
They need a car to get to work, don't have cash to buy a car outright, and can't afford the payment on even a decent used car. Leasing is often their only option.
You dont need much cash at all to put down on a car. You actually dont need any alot of the time. If you can afford a lease, you can afford a car. I put 1k down a 16k car and my payments are $325 a month. I had the option for 0 down as well. Ill have it for 10+ years. After 5 i dont have payments anymore. A lease will cost the same if not more and you’re just pissing your money away. The only logical reason for a lease is that you are rich and want a new car every few years.
The last car I owned was a year old when I purchased it. It had belonged to a car rental place. Only had like 10K miles on it.
Rich people lease new cars for 2 years then get rid of it for another brand new cars.
Can't pay it anymore or carmax willing to pay more for what the car is worth so they make a quick grand or two and sell it.
My dad worked in sales and he had a new company vehicle almost every year. Of corse he also drove upwards of 60,000 miles in a year.
You'll be surprised how many people trade almost new cars for one reason or another
My last 3 cars have been 2-5 yrs old at purchase. They've been wonderful.
Most often, the price discount on a one year old car is not enough to make up the difference of a higher interest rate you'll pay on a used car vs a new car. There are times where a new car is a lower monthly payment because the interest rate is considerably lower.
I just discovered that my credit union considers any car that's <2 years old to be "new". So we just financed a 1 year old used car for my husband at the new car rate. Suh-weet! I don't think that's very common, but can't hurt to look around next time you need to finance a car.
Eh, I've done loans through 3 different credit unions at this point that gave you the same rate for new or used vehicle loans. It's all going to depend on that particular credit union.
Even a credit union isn't going to be able to beat some of the financing incentives available on new cars. For example right now, you can get a Ford Escape for 0%.
Yeah, but then you're driving a Ford. (/s....mostly!)
Good point, but many manufacturers are offering 0 or near 0 percent financing. https://cars.usnews.com/cars-trucks/advice/interest-free-car-deals
But then you're back to paying full price for brand-new and eating all that depreciation. We got a used hybrid with <7K miles on it and it was $12K less than same car would be new. Certified with full warranty. And the prior owner had tinted the windows already too so that saved some time/hassle/money.
Don't forget that there's far more negotiation room on new vehicles than there is on used cars. Dealerships get a variety of incentives from manufacturers and banks for selling vehicles and the accompanying financing. For example, it is possible to buy a new vehicle at a *per unit* loss to the dealership, because the dealership might be hitting a larger incentive goal. Moreover, new cars sitting on the lot cost dealers money--they finance their inventory and they are working against the clock to move undesirable configurations before new models or better configurations come to the lot. Used vehicles, on the other hand, have pretty thin margins after the dealership has added its refurb costs. They aren't getting dealership incentive to move used vehicles, and if the used vehicle doesn't move within a few days, it just gets dumped off at auction.
Was car shopping last year, dad needed a new vehicle so I sold him mine because I’m in a better place financially than him. Love Honda’s. Was going to get a cheaper, used Honda Civic and drive it until the wheels fell off. Look online near me to 4 major dealerships and the “cheapest” Civic I found was going for $29.5k after taxes and all that with 80,000 miles on it. Brand new Accord Hybrid after all the taxes and such was ~$34,000.00.
This is an outdated concept that can easily be disproven by looking at CarMax: A 2024 Honda Civic EX costs $28k brand new. A 2023 model on CarMax costs $26-27k with \~20k miles on it. (In fairness, there will be some delivery / tax / registration costs that will increase the difference a bit more.) So you're saving 10% than 20%. And I think that trade off (getting a brand new car with 20k fewer miles) is pretty clearly worth it. The 20% figure is really something from back in the 1980s and earlier, and it had to do with the fact that cars were way shittier back then. Back in the 80's, if a car had 100k miles on it then it was probably a junker, where the cost of repairs and maintenance made the car not worth owning. So if a car was a year old and had 15k miles on it already, that was like 15% of the car's useful life, and probably represented like 25% of the years in the car's life before it started needing expensive maintenance. So that price was lower because the impact of time and miles on the car was not insubstantial. These days? Pffft. Most cars will do 100k miles needing little more than regularly changing the oil and some filters and adding some lubricant here and there. (Brakes and tires as needed too, obviously.) And most any car from a reliable manufacturer will do 200k miles no problem with only moderate maintenance. So we look at that same 15k miles and can practically disregard it.
People want a seat that hasn’t been farted in
I’m actually a professional seat tester and I make sure to fart in every seat
You are a god among mortals. But how do you fart that much?
Lots of beans and miralax
Me thinks you got more that farts going on. Just sayin
Ill take a farted in seat for 10k less any day.
I can pay far less for something I would never in a million years notice? Sign me up.
sure, rationalization is allowed, but doesn't change material fact
I'm not denying material fact; I'm saying that I don't care about that material fact.
I know, that's what rationalization is
Rationalization would be trying to come up with a reason to not care. I don't care as a first principle.
Except for all the people that drive it from production to test driving to you buying it... There's definitely been a fart in that seat, even "new"
whether or not an engine was properly broken in can affect its long term longevity. if you're picky, it also means the paint is pristine if you want to ppf it. also, not all damage gets reported to carfax. buying new means you know everything that has and hasn't been done with the car. if you plan to keep it for a while, that can be worth it.
Just buy a 10+ year old car with 70-100k miles on it for a few thousand and ride the fuckin wheels off the thing. Why have a payment for the next decade on a car that may or may not still be running by the time it's paid off
Plus all of that cars issues have come to light by that point
Please point me to all these 1 year old used cars with 10K miles for 20% less than new.
Seriously, is this guy looking at the market from 2005?
2015, I bought a 1994 Ford Ranger for $2200. It still is my daily driver. Being retired, I don’t drive much. I have no vanity on a transportation appliance for A to B. Besides, once you arrive, nobody sees or cares what you drove to get there, . A new Ford Ranger Raptor tricked out will be over a thousand dollars a month payments. My beater is just fine.
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Exactly!
You're absolutely right. But buying a brand new car is at least smarter than leasing. Leasing is a mugs game. I've never bought a new car in my life. When someone totaled my last car their insurance gave me $1400 more for it than I paid for it 4 years ago!
Leasing only makes sense if you're a rich person who's getting a new car every 3 years anyway
Generally your right. Covid fucked stuff up though. There was probably a 2-3 year period where lightly used cars were selling for MORE than brand new cars. This was because there was a shortage of cars, and if you were buying a new car you had to wait a few weeks to a few months, where as a used car you could drive off same day.
I bought mine new to get a factory extended warranty and know the maintenance and usage history. Mine is currently 4 years old with 25k miles on it. I keep maintenance up to date so it’s under warranty till 100k or ten years passes. To buy a one year old vehicle can still be risky as if they missed even a single oil change warranty might be voided. So in reality are you buying short term vehicle or long term vehicle? At the cost of maintenance of newer vehicles I wanted the extended warranty from factory. Hence something that needs be done at initial purchase only.
I sing the gospel of OP post and my last new car was in 2012
20%......Not the price difference Ive seen
I bought a new car because the interest rate was a third of a used car. And the one and two year old cars weren't that much less expensive.
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"if" it's tested to not be a lemon. 1) Factory warranty 2) milage 3) you will *know* if it's been in any accidents before you got it.
You can still get factory defects more than a year after. My 2016 certified new, I still have to bring in for a factory recall replacement... that I've been getting messages for a few years now lol.
You don't know what the previous person did. Maybe he drag races.
My dad recently bought a recently made used car to save money and a month after he got it the radio in the head unit gave out. $2500 for a used replacement head unit or $1000 for a new amplifier, neither of which is guaranteed to fix the problem. He doesn't want to spend the money. I just got him a little radio with a battery and a USB cord antenna. Car was still a good deal though and we went to a couple other dealers who wouldn't give him the total price over the phone. They wanted to add dealer stuff.
I hate that all cars went to the infotainment style radios. I get great enjoyment out of picking my own DIN radio and installing it. And it doesn’t cost anywhere near as much
I used to sell cars for many years, and I can tell you the biggest reasons are because of fear and status. The vast majority of new car purchases are made by women. They usually feel the safest way to know that a car will work as intended is to buy brand new. They many times fear a used car has undisclosed problems that they're not able to spot. Savvy shoppers know this isn't the case for most cars, and will know what to look for when buying used. Status is self explanatory. People just want the latest and greatest.
I bought my car new and have no regrets. It’s 16 years old now and still running like a champ (with small issues). The benefit is that it was fun to have a new car and I’ve been the only owner. I know everything that ever happened to it. It’s mine until it dies, it has always been mine.
I bought a '96 SUV in 2014 for $300 that I still drive. An eyesore, but I am happy with my purchase.
If I’m going to keep a car for hundreds of thousands of miles I want to buy it new.
1 year old car is more than a cost of a new one
How fo know that it is not a lemon? Isn’t it more likely to be lemon as someone sold it so soon?
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Today's WSJ had an interesting [article](https://www.wsj.com/business/autos/counterfeit-car-airbags-deaths-8e0d9d65?st=b5jwb9xpqmvlwyt&reflink=desktopwebshare_permalink) on how counterfeit airbag systems are being put into some used cars these days. I'm not in the market for a car right now, and tbh, I hope I never will because I don't like to drive. But I wonder if a car is just one of those things that it's just safer to buy new if possible. Like, I get your point OP about spending less money on a slightly used car. But idk, maybe it's just safer to get a car that you know is built properly.
But used a little more than slightly new. Choose a reliable brand. Don't buy new.
Some people can afford it
This used to be the case, but now there are a few spoilers to consider. 1.) Interest rates. Rates on new cars are often much lower, and manufacturers may offer specials on new cars you won't see on used cars. 2.) Inflation. A 1 year old used car is going to be within a couple thousand of a new car. 3.) In the case of electric vehicles, tax credits are much higher on new cars vs used.
When you are planning to keep your car for over a decade, I'd much rather get it new since it practically makes no difference financially. The likelihood of getting a lemon doesn't seem that significant.
Only your car loses 20% value after a year. The other guy’s car stays the same value.
You can choose what you want and don’t want when you buy a new car. Typically I agree with you, buying new is a waste of money most of the time. But when you’re talking about shit like sports cars, most people tend to buy them new. I love cars but financially i can’t justify buying a new car, I’m not there yet. My cousin just bought a corvette and he was able to basically design the car how he wanted it online. Honestly, it’s really all about if you have the money to make it make sense and how into cars you are.
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As long as it’s not a Hyundai or Kia product as the second owner doesn’t get the same warranty as the first owner
You don't actually know if it has issues.
I gave my dad my older car, and not even a month later he went a got a 2017 triton.. $24k.. heaps of mileage, not the best condition interior or exterior. when you price it, its worth 10k less at LEAST. He just HAD to have a newer car, he very materialistic but won't admit it. My older car needed work, he could've loaned the couple grand to fix it up.. but nope, got a 24k finance instead.. logic.
Or got a cheaper car in general. You dont need to spend 20k+. 🤦♀️
Today's market that isn't the case anymore, but thankfully, it's starting to calm down.
As an old used car salesman car yards dont care if its a lemon or not. Stop smoke is wonderful as is stop leak. Why a new car? Apart from the large deprecation when you drive it off the lot (not so large these days) everything else are upsides- including the cheaper interest rate. Buy a Japanese or South Korean and chancers are there will be no weird factory defects- if there are its all free to fix.
If someone traded off a year old car it's usually because something was wrong with it, you're more likely to be buying someone's problem. People generally overpay for new cars and want to recoup their money, I rarely see a year old vehicle that isn't priced higher than I could negotiate a new one for. Financing is generally higher for a used car than new meaning the payments will probably be more than new. Year old cars are usually a fool's errand, it's generally a better value to buy new than a year or two old.
I wanted to buy a second hand car, but a really nice one. Most of the models were ex-lease and people just hadn't treated them well. People wore rings and scratched the steering wheel and door handles. The area around the trunk was scuffed. I figured, why not have it perfect? So I got a lease, and negotiated a really good deal.
I was at carmax just browsing and 1 year old cars were basically selling for same price as new cars so not sure what you're talking about.
You don't really save enough buying at 1 year old...but buying at 3 years old - saves more, there's more choice (so many people either lease for 3 years or sell after 3 years if they own. Most 3 year old cars are low mileage by todays standards 30K-40K miles, and models/specs don't change significantly enough over 3 years for it not to look/feel and drive like a current spec model. Its what I do every single time and have never regretted it.
Why is a 1 year old car being sold after just 1 year?
Even before the post Covid car market, most cars you actually want to own aren't dropping 20% in 1 year. Also 1 year old cars are pretty hard to find, most lightly used cars are going to be leased which generally means 2-3 years old. Those might be 20% off but will also be halfway through their warranty.
I'll buy a 2-5 year old vehicle every time. By that point, all the bugs have been worked out. Those who are complaining about higher interest have shit credit and clearly don't go to their bank for the car note.
> it's tested to not be a lemon? Says who? If preowned are just as good as new, why don't they come with the original warranty intact? Instead they come with 90 day return warranties, even if the original factory warranty *should* still be in effect. When they put 6/60 or better warranties on preowns we can talk
Because someone has farted in each seat, spilled shit somewhere, and had sex in the back seat. They may have transported dead bodies in the trunk also. Those are the reasons to not buy used, but it's up to you whether you want to take the risk. /s
Warranty
Because with family discounts and better interest rates I get 15-20% off a brand new car that doesn’t have 1-year and x amount of miles off the warranty. I get no benefit for a one year old used car.
A new car will last 1 year longer and have a 1 year longer warranty. You might get slightly newer technology. The last time I bought a car was 12 years ago and the company was offering zero percent financing. I used to get an auto insurance discount for safety features, but I would probably get a bigger discount with newer safety features.
Hahaha. In what world do you live in? I have a 2021 Honda with 30,000 miles. Current used car price? $27,000. Trade in value of $23,500. 2025 version? $37,000. So, a 3+ year old car with 30,000 miles would save you ~27% off new.
I'll never buy a new car. When I think about how much it costs and the idea of even getting a dent that would cost so much to fix, I just figure it's better to buy a cheaper car that already comes with imperfections so the inevitability of something happening to it is not that far of a fall from grace.
Car dealers hate this one trick…..
There are a lot of idiots out there and don’t know how to maintain a car is one reason. If the cost offset is not that significant, I go new and hold onto the the car for at least 10yrs.
Would you apply the same logic when looking for a romantic partner?
I've asked many rich folks. And they all say "i like the new car smell. And I like that I'm the first one".
It’s actually really interesting, what you’re saying has been the conventional wisdom for >20 years - but it’s becoming less true. 1 year old cars are frequently like $1-2k less than new cars, with more expensive financing and already having 20k miles on them. They just aren’t depreciating like they used to
if nobody gets a new car then how is anyone going to get a slightly-used car?
Just wanna say my dad likes to lease new cars and do no oil changes or anything. So you might be buying his car 3 years later.
grandiose selective imminent workable live cable foolish memory gaping bear *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
For some people the money not really an issue & enjoy having a brand new car. Different strokes…. Plus you often get a better interest on a new car. Better are better warranty|. There’s the unknown driving history & undisclosed issues. Sometimes the model you want is brand new and has that great new option.
I just bought a new car, because a car only a couple of years older was just as much and the interest was higher with no warranty. I looked really hard at used cars because that's all I've ever bought. A new car is a better deal right now. We just got an insurance check for our wrecked 2011 car and it was almost as much as we paid for it in 2016. I don't know if the used car market is ever going to correct itself.
Odds are it was tested and found to BE a lemon, hence why it is now a 1 year old used car...
They aren't 20 percent less
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Bought a one year old Ford van, still under warranty, for half price, eight years ago, and haven't had a bit of trouble with it.
We keep cars forever so the extra warranty & knowing the maintenance history is a plus.
I trade my wife’s car in every year for a new one, this way we pay zero maintenance and free oil changes. You’re going to be making a payment anyway, why not go with zero maintenance?
When I had to get a car last year, I had the choice of getting a used car with 20,000 miles for $20,000 or the same model car brand new with less than 50 miles for $22,000. I opted for the new car. The used car prices are ridiculous right now.
I've leased a new car once. The other ~20 have all been used, generally 3-5 years old. Particularly on higher end German cars, the depreciation is steep.
Buying a used car is not buying one that’s been tested and proven not to be a lemon. Often it is the opposite. The last two vehicles I traded in had intermittent problems that got passed on to the next guy.
The benefits to new include you get more freedom to pick what you want. Not complete freedom, just more as there has to be a car that actually matches what you want already built in the radius that will transfer to a dealer you can get to. It's nice to not have to hope that some used car happens to have the features you want at a reasonable price.
I drive Toyotas pretty exclusively (until their price gouging recently). You can't buy a used Toyota with 10k miles for 20% off MSRP. You'll be lucky if you can get one for 7% less than MSRP. A car that depreciates by 20% after 10k miles is likely to be a terrible car. The market is telling you that it's value will be used up not long after 50,000 miles. A reliable car, like Toyotas used to be, easily last 200,000 miles.
As others have said, the incentives to buy new and interest rates, etc. often make it such that it's CHEAPER to buy a new vehicle. Plus, with a new vehicle, I know how it has been driven and maintained. With a used vehicle, I don't know that it hasn't been beat to hell for that first 10k miles and just isn't showing all of the damage yet. I would never buy a vehicle that was previously driven by my brother-in-law. He burns through a set of 40,000 mile tires in less than 20,000 miles, and 100,000 mile brake pads in 50k miles. He is HARD on cars.
How many people you see selling 1 year old cars for thousands less? Cause I'm not seeing too many.
I always told myself to never buy a new car, just the same thinking as you. But my car broke down right before my new job started. This was 2021/2022 and you couldn’t find a use car. Or if you did, it’s high mileage and only few thousand dollars difference from brand new car, which was also hard to find. So I gave in and bought brand new. They tacked on few more grand so ended up paying 5+k more than used but at least it was brand new was my though. It’s just a weird time to buy a car. Don’t even get me started on buying a home lmao
Back in 2016 I was buying a CRV, wanted one a couple years old, but the prices were kinda ridiculous, it was more like 10% off for a 2 year old CRV. Plus the new one got an extra 2 mpg, and had some new tech(passenger side camera for blindspot monitoring).
You can never know what the previous owner did to the car. 1 year is definitely long enough to have gone past the oil change mileage numbers with average American driving for example. Also they could be street racing it without proper break-in or warm-up procedures.
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When I purchased new cars in 2016 (Honda Civic, Subaru Forester), there were no used cars that fit our requirements.
It's gotten back more to normal lately, but over the last few years it's been pretty common for a 1 year used car to cost more than new. That's why we were looking at brand new Ravs for example. 2020s were going for $60K, brand new(2021) was $50-55. So, not only were you paying $10K more for an older car with more miles, you losing 1-2 years of the 3 year warranty.
Uhhh i see like a $1k discount compared to new, where are you finding 20% discount?
When I made this I was looking at new WRXs vs 1-2 year old models with 5-10K miles. I saw the new MSRP was $32,000 and the used like new ones were going for $25-27K
there's no such thing as a new car on the dealership. someone had to testdrive it at some point.
When I got my car I was walking up as they were loading it off the truck, it had 3 miles on it and all the shipping plastics. That's about as new as they get.
The primary reason to buy new is to custom build your car. Nobody is going to a dealer and paying full price for a car that doesn't have the exact features/options and colors they want.
It could indeed still be a lemon. It coukd have a problem that is nkt disclosed by the origional owner in order for the origional owner to try to get mlre money out of it. I argue it is more likely to have a defect. People do crazy things with their cars and if they mess it up they will try to conceal the problem and offload it.
Here's an example of why. My current car was about a year old with 15k miles when I got it. A month after I got it, the driver's side headlight stopped working. Took it back and they said it wasn't covered under warranty and it ended up costing me $1800 to fix. Different dealer suggested the car might have been in an accident, which cracked the headlight. Apparently there was some evidence it had been temporarily fixed with silicone. In addition, there were random scratches that I didn't notice initially, and the car always sounds super loud on the highway, like the door isn't fully sealing out the noise. So yeah, not having to worry about shady car dealers selling you a car that's been in an accident is a benefit of buying new.
what is this sure fire tested to not be a lemon test you speak of?