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New Car Versus Used Car Purchase

M

Mister Pig

Pigamus Maximus
Up until a few years ago we have only been used car buyers. Then the wife needed a different vehichle due to the unexpected death of her Hyundai Sonata. At that time a used Sonata with about 60K on the odometer could be had for about $12K. However, at a Dean Smiths in Idaho they had a promo on a base Chevy Cruze for 14.9K. We bought local for $500 more, but essentially got the same price.

The wife just paid that car off today. It has 65k on the odometer, and is slightly under 5 years old. In the past I have always followed the logic that a used car is a better value than new, and that you save all the money in depreciation. In most cases it may work that way, but not always I think.

We have discussed this a bit, and if she continues to make her car payment to a savings account, when this Chevy is ready to be replaced she will have enough cash set aside to pay for a new car. Or at least most of one. My wife is not the type of person that wants to buy a new car just to have one, she is more of the type where she sees the utility of it, and as long as it works she keeps things. So with 65K on the car, its quite conceivable that the car will go another 5 to 7 years before it needs to be replaced. In Western Washington we do not pile up the miles on a car at the rate we did in Eastern Washington. She lives about 7 miles from work, while before she was about 35 miles from work.

Seems to me that if you buy your car on a special, year end close out, or something along those lines, its possible to buy a new car and get greater utility than buying used. But you have to be in it for the long haul, and be willing to buy value and utility over style/color/make.

Cheers
Mister Pig
 
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onwardjames said:
I'm no help. Every one of my vehicles has gotten well into the 200k region. The Honda Civic I drive today (2005 model) has 220k, and I plan on driving it indefinitely.
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That is where our cars tend to go also. Every one I have owned goes over 200K, until the point where having it repaired becomes a serious issue in terms of cost and or the time and frequency it needs to be in a shop. At that time we replace because it is no longer reliable and having to juggle transportation so we can get to work becomes a serious impediment. However with all the in town driving we do, 200K are going to be harder miles on the vehicle than the highway miles we used to rack up.

Cheers
Mister Pig
 
Great plan to put aside the previous payment amount now that the vehicle is paid off. Something else you can thing about is what to do when she is ready to replace the Chevy. Since you will have saved the purchase price (assuming you have enough to buy it outright) you can often get a really great deal on a gently used vehicle. As you would not be financing the difference between used/new interest rates wouldn't be a concern. Plus you probably would have more 'haggle room' on the used model versus the new inventory. Just something to consider...
 
I think you're doing the right thing. A LOT of the problems w/new cars happen early on in the vehicle's life, better to let the dealer/mfger deal w/them, rather than you..
 
I have bought five new cars along with ten used over the years and keep them "one day to long" where you end up loosing in the trade in value. To old or in need of repair, wrecked, totaled ect...
Use them up, get the maximum out of the vehicle before moving on.

Still plan to buy new, but will always look at used low mile options also. The last truck bought was used due to a smokin deal on it. One could not pass on and very happy with this decision.

So save and when ready to purchase start looking at both.
Take your time.
 
You should consider an electric vehicle. Far fewer parts, regenerative braking, no warm up needed, and so smooth and quiet.
I have 73K on my Chevy Volt and glad I didn't buy an unreliable and obsolete gas guzzler, but do your research first.
 
I'll never buy new again unless I hit the Loto. I bought a new 99 GMC Z-71 4x4 with all the bells and whistles and it was a steaming pile that always had something going wrong with it. I sold it with a thousand miles left on the warranty and lost 1300 bucks on it and was happy to see it go. In the years following we inherited a 99 Chevy Venture which we parked still running with over 300,000 miles on it Our current daily driver is an 01 Silverado 2 wheel drive that we bought with just under 200,000 miles on it. The last time the stupid LED odometer worked on it, it was showing 250,000 miles and has been almost trouble free. My summer car is a 1967 Chevy Belair and it's got the lowest miles on it out of anything I've owned in the last decade (111,000 miles since new). I'll take my chances with used stuff (Mostly Chevys).
 
I have always bought used, low miles and in the $6-$7000 range. Now that I am retired I only drive about 5k miles a year and get it serviced like clockwork. I have had my current car for 5 years (it's a 2012) and it has 60k miles. This works for me.
 
We buy new and run em way past 200K if there up to it, then hand them down ie; Silverado 370k gave that away, Honda Fit 250k, gave that away also. Way back 84' Escort traded that for labor with 165K. They're all good if you do your maint.
 
parman said:
I have trouble finding low mileage cars for a good price.
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I agree, it takes some looking. About a year ago I noticed my neighbor had a new car in her driveway and had taken the tags off of her old one. I saw her outside and asked about the new car. Then asked if she was going to sell her old one. Yes she was.
She had bought it new, 2006 Grand Prix with leather, still cold air, power windows, etc. 105,000 miles and she had was asking $250. I drove it for a few blocks, took it back and told her to find the title while I went to the bank.

I kept it about a month, cleaned it up and sold it for $2500. They are out there, you just have to find them.
 
Putting money aside (and hopefully getting some interest) has always sounded like such a great idea. But I have never had the discipline to do it. Usually my wife gets new vehicles which are also our utility vehicle. I pick up used sports cars for my personal vehicle. Buying used seems to work best when we have time available to wait for the right vehicle to appear but its usually the wrong color.
 
www.records said:
I agree, it takes some looking. About a year ago I noticed my neighbor had a new car in her driveway and had taken the tags off of her old one. I saw her outside and asked about the new car. Then asked if she was going to sell her old one. Yes she was.
She had bought it new, 2006 Grand Prix with leather, still cold air, power windows, etc. 105,000 miles and she had was asking $250. I drove it for a few blocks, took it back and told her to find the title while I went to the bank.

I kept it about a month, cleaned it up and sold it for $2500. They are out there, you just have to find them.
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I was talking about low mileage, like 30 or 35K
 
Well if your wanting new but like saving some money, when I went looking for a Mustang recently I found many have REALLY low mileage. Seems some people for one reason or another trade cars with barely any miles on them, my 2017 GT had 1200 miles. It was the summer of 2018 so the car was 1 1/2yrs old, I saved 15grand over a new one.

And here's the kicker, the previous owner had KatSkinz custom leather, Glaskinz custom window treatments, window tinting, and a few other things added to the car.

The tires still had the pimples lol.
 
I really wanted to buy new when I replaced my 2000 Mercury Sable in 2017, but I ran across a three-year-old used Ford Fusion for just over half of the new price and couldn't say no to the savings. The 2014-model car that I purchased had 33k when it bought it. It's now just over 56k and has been trouble-free. Aside from routine maintenance, the only shop visits it's made have been for recalls.
 
I buy and live with used cars, I never could do otherwise. Dr. Tinear, how did you like your Sable? I drive it's sibling in the line, a 1999 Ford Taurus SE wagon. I am interested in your perspectives with the Sable.
 
I’ve always been a used car guy too, but with the complexity of cars now, one repair can cost thousands. Our last car we bought new with a 3 year warrantee. Haven't regretted it. The peace of mind has been great, and it wasn’t horrifically more expensive than a newer used car.
 
I tend to buy used cars a couple years old but still have some factory warranty left.

I tend to keep them about 10 years as I don't do a lot of driving.
 
KentTeffeteller said:
I buy and live with used cars, I never could do otherwise. Dr. Tinear, how did you like your Sable? I drive it's sibling in the line, a 1999 Ford Taurus SE wagon. I am interested in your perspectives with the Sable.
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My 2000 Sable was probably the nicest car I've ever owned. It was an LS Premium sedan, silver, with black leather interior, automatic temperature control A/C, audiophile sound with a 6-CD changer, and pretty much every other option except a power moonroof. I would probably be driving it still if it hadn't started rusting in the floor pan and powertrain cradle.

That said, I've found a lot to like in my 2014 Fusion. The trim level is less lavish, so I've had to get used to cloth upholstery and manual control A/C. The radio sounds as good as the audiophile rig in the Sable did, but has only a single CD slot. On the positive side, the car is a great handler, rides comfortably, has more than enough acceleration (even with the base 2.5-liter non-turbo engine), and gives me fuel economy in the upper twenties to low thirties (compared to the Sable's average MPG of 23-24). I also like the Sync hands-free phone interface and the trip computer. I can't understand why Ford is in such a hurry to drop this car from their product line, as it's an excellent vehicle.
 
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