Comments on: Should You Buy a New or Used Car?

By: Ana

Ana — Sun, 07 Aug 2011 03:59:10 +0000

So, on Monday I have a debate speech on buying new vs. used car.. I was wondering if you guys can give me some info about the advantage and disadvantage of both sides..Thank you guys so much..

By: Wojo

Wojo — Sat, 23 Apr 2011 13:23:52 +0000

Michael, I did a quick Kelly Blue Book look-up just to see and I found:

2009 Tunda Regular Cab 8ft V6 4.0 2WD Auto 30K miles is $17,040
2011 of similar specs is $24,735.00
(Difference of $7,695)

Given that, if I were in the market, I would go for the used. Not sure why you’re looking at a $2K difference, I don’t think the local market would vary that much but I could be wrong. Can you give us some more details on that?

By: Michael

Michael — Fri, 22 Apr 2011 22:21:38 +0000

My dilema is a bit different. My problem is that I’d like a Tundra over a Tacoma. Still undecided….really like the more interior room of the Tundra. When it comes to new or used …the depreciation (reduced price) of the used isn’t much lower than the new car price. The difference isn’t $8,000. It’s more like $2,000. Of course I could be wrong…I didn’t do a spreadsheet …just the one in my head. When it comes to options it’s hard to see them all on webpage listings…..seems like they leave things out. Anyway, for $2,000 difference wouldn’t I be better off buying new. Special note: I was looking for a Ford F-150 originally, but after are 2005 escape limited just had a coil go bad and blow the main computer and $2,000 in repairs, hotel, and car rental….I’m really ticked off and am now leaning towards Toyota. Really could use some good advice

By: Wojo

Wojo — Tue, 22 Mar 2011 00:50:38 +0000

Given your need for the car for 3 years, I would go with the new one (assuming they cost the same, right?). You’ll pay less in maintenance (in theory, given a good warranty) than with something used. That’s my 2 cents.

By: varios

varios — Mon, 21 Mar 2011 19:58:04 +0000

What would you buy and why on this very specific case.
Money: Around $29.000

Options:
2011 Accord EX-V6: New
2008 Lexus ES350: 44,000 miles.

Not choosingby size/speed. I’m more into Efficiency/Engine and it’ll probably stay 3years with me. Big question might be Which car is better? The smart choice will be a new “regular” Accord or an Older “lil-luxury” Lexus.

Looking into what I think is good in the marked… honda, toyota, lexus, audi (not any more expensive than that) but well, dont know much about cars in general… then so hard to decide.

Comments are really welcomed, even long ones !!
Need more orientation in the Why … this or that one.

Thanks

By: manu

manu — Sun, 02 Jan 2011 13:11:35 +0000

I am weighing buying used vs new Honda CRV. I am not considering anything more than 3 year old. In this case, it seems the new car is not financially worse off than a 2-3 year old one. Two main reasons: 1. the cost difference between a new and a 2-year old car is not more than $5k dollars. 2. The lower interest financing on new car (1% rate on new vs 5% rate on old) saves ~$2k. So essentially you are saving only $3k on a 2 year older vehicle which is less than normal depreciation. So in this case buying new makes sense. Obviously Honda depreciate less than avg car and so the math would work out different for other brands.

By: Wojciech Kulicki

Wojciech Kulicki — Mon, 25 Oct 2010 00:55:09 +0000

I’ve heard good things about Fits. I’m curious to hear more your rental car experience, though. Were you fairly happy with that car?

It’s at least 3-4 years before we buy another car, and I haven’t made up my mind completely yet, but I’m pretty sure I’d never buy new again. Unless it was a sports car…

By: Alice

Alice — Sun, 24 Oct 2010 20:32:53 +0000

I bought a new Honda Fit 3 years ago, and plan on driving it until it dies. My previous car, a former rental car had died.

Reasons:
1. I like small cars.
2. I like the practicality and cargo room of hatchbacks and in previous years there weren’t any on the market.
3. Small cars with high ratings from consumer reports, etc. don’t depreciate much.

I’ve been able to fit, but not at once:
Full size dryer
Four drawer lateral file cabinet
13 book sized moving boxes, a 4′ artificial christmas tree, and a disassembled shelving unit.

I could move pretty much anything I owned in the Honda fit if I made enough trips. Say if I took a job that was an hour away and wanted to move to a nearer apartment. But I’d need to jigsaw in my dressers. And disassemble the futon frame and bed frame.

By: Yakezie Challenge Carnival #5 | Cool to be Frugal

Yakezie Challenge Carnival #5 | Cool to be Frugal — Sun, 28 Mar 2010 11:12:27 +0000

[...] Fiscal Fizzle evaluates Should You Buy a New or Used Car [...]

By: Wojciech Kulicki

Wojciech Kulicki — Sat, 27 Mar 2010 13:35:29 +0000

15, Wow! Good for you.

I really like the idea of keeping a car forever, but I think that at some point, the “value curve” would start to go down for me, instead of up. 15 years is a long gap between generations of safety features, and when you’re trucking a family of kids around, that’s something that’s very important to me now (even some of the most recent features like side curtain airbags and stability controls, etc. that weren’t even available 5 years ago).

So while I applaud you for doing it, I think 10 years is a good max for me when I think in terms of the cost-to-value.