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Old 01-15-2020, 07:45 PM   #1
kiloyd
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Default Pros and cons of buying a new car or nearly new car?

Our past 3 vehicles we bought new. Financed for 5 years but paid off in 4.5 years.

I've heard that sometimes new cars can be financed at 0% interest, not sure if that is true. Maybe just a lower interest rate?

Thinking that when we replace my van we should look at something 2-3 years old. Should be at least $10,000 less than new.

When we bought my van in 2007 we justified new because 2 years old wasn't that much cheaper.

What else to think about?

ETA: Property taxes are higher on new vehicles!
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Old 01-15-2020, 08:05 PM   #2
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Default Re: Pros and cons of buying a new car or nearly new car?

There are sometimes that car manufacturers offer 0% financing, but I haven’t seen that in awhile. My husband is in the auto industry; he works for an auto auction. (So when people trade in their used car for a new car, or newer used vehicle, the dealerships run them through auctions to get used cars they know will sell on their lot. He manages a team of people that call on dealerships and try to get the. To use their auction.) Anyhow, we buy new cars bc he can usually work the deal so that we pay just a little over what the dealership paid for the car. For example, when we knew we were having our 3rd child, we needed a bigger vehicle for me and we bought a new Odyssey. Bc he could get such a great deal, it made more sense to buy a brand new one. It can be hard to find a great used van bc they’re usually driven for many years/miles and often have passengers who eat goldfish and leave tons of crumbs!

Right now, some dealerships will be looking to offload new 2019 models. My parents are considering a bigger vehicle for my mom and my husband mentioned that there are usually promotions around the Super Bowl and March Madness, I guess due to increased tv viewership and all the advertising.

Definitely check the CarFax before buying a used car. You want to know if it’s been in an accident, had significant repairs, etc.

My hubby says to check True Car online; it’s a company that collects data so you can see what other people in your area paid for a similar vehicle. There’s always room for negotiation


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Old 01-15-2020, 08:17 PM   #3
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Default Re: Pros and cons of buying a new car or nearly new car?

A new car loses a huge amount of value the second you sign the paperwork to buy it.

I'd look at what you need and want in a car. Look at what be will cost. Then look look at what a car that's 2-4 years old will cost. Also look at safety features that may not be on a 4 year old car but will be on a car that's 0-1 year old.

Just something to consider.

We were very happy buying a used car from Carvana.

Any time you buy a used car, you need have it inspected by your own mechanic. "Certified used car" means almost nothing. If you are buying used in the traditional way, that means you have the car inspected by your mechanic BEFORE you buy it. If the seller won't allow that, you walk away.

With CarMax and Carvana, you can return a car for a full refund, no questions asked. So you have the appointment for the inspection all set before you buy.

Credit unions usually have the best rates on car loans, unless the manufacturer is offering one of those super low deals on interest.

Never buy a car warranty unless it is a manufacturer warranty. The 3rd party warranties that dealers will try hard to sell your are worthless. Those companies often dissolve as soon as they get a lot of sales, then reopen under a new name and LLC.
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Old 01-16-2020, 07:30 AM   #4
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Default Re: Pros and cons of buying a new car or nearly new car?

Was thinking this morning that Dave Ramsey would say keep it until we get our debt paid off. We don't have to replace it right this minute. I think most likely the end of this year or perhaps in June before I take a 9 hour drive.

Looks like I could get a 2017 Odyssey for about $20,000.

As for safety features, mine is an '07, I'd get at least a '17, so 10 years newer.

Guess I need to let go of my goal of 15 yrs or 200,000miles. My husband's last truck lasted 14.5 years, Chevy Silverado, before it started making bad sounds and now he has a '13 that we bought new.
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Old 01-16-2020, 08:24 AM   #5
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Default Re: Pros and cons of buying a new car or nearly new car?

We’ve never bought new. The closest we ever got to new was one year old. I had it for 5 years before I was hit and it was totaled. Then we bought used off of craigslist and the car I have now is a 2010. My husbands truck is an 88.
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Old 01-16-2020, 09:37 AM   #6
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Default Re: Pros and cons of buying a new car or nearly new car?

Con: having a car payment. Higher property tax. Can breed, for me, the mindset that I NEED the newest/best instead of being content with what I have.

Pro: safety and cool new features. And hopefully spending less on maintenance!


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Old 01-16-2020, 10:08 AM   #7
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Default Re: Pros and cons of buying a new car or nearly new car?

We bought a used minivan from Enterprise Car Rentals buying program. Very happy with it. 5 years old now.
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Old 01-16-2020, 11:07 AM   #8
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Default Re: Pros and cons of buying a new car or nearly new car?

The cons are definitely the sales tax, at least where I live. Holy cow! We just bought a 2016, and I cannot believe how much we have to pay in taxes. But I do like the vehicle - just not super excited about the taxes.
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Old 01-16-2020, 12:24 PM   #9
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Default Re: Pros and cons of buying a new car or nearly new car?

Because everyone always says slightly used it better financially than new we have ALWAYS look at used first.
However, most of the time we found that it is not a better deal because we can find a baseline model of something for the same cost or LESS than a slightly used because it's very hard to find baseline models slightly used. Our theory is people who want baseline dont trade them in a year or two. And we drive the cars until they are old (10 or more years) so we get our value from them.
That said this most recent buying time - the Toyota Sienna (mini-van) didn't have a baseline - they started making them all fancier and in turn drove up the cost. And then we found a 1 year old Honda Odyssey that was a GREAT deal (had some very, very minor body damage - 2 scratches, not even noticeable unless I pointed it out and it was a baseline. It was a lease that was driven a year and we had the paperwork that it was not in an accident that required a claim). In this case it was a significant savings over new so we got it. Oh and it was certified Honda used so warranty still in place and as new financing (0.9% for 4 years which we paid off early).
So I would not rule out new or used but look at both and find the better deal overall. If you look and look you will know a good deal when you find one. Of course, you have to be strong against sales people. which I am. My husband is not. When we were buying the RAV4 he drives the sales guy and i couldnt close the deal so he had to get the GM and he came out and was all - at the price you are requesting my sales guy will make no money, don't you think he did a good job and deserves a commission? and my dh turned to me and said He makes a good point and my head just about exploded.
eta: I live in a very low COL area so that sales tax is not going to be a large factor in new versus used.
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Old 01-16-2020, 08:11 PM   #10
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Default Re: Pros and cons of buying a new car or nearly new car?

Quote:
Originally Posted by Mother of Sons View Post
My husbands truck is an 88.
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Old 01-16-2020, 09:41 PM   #11
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Default Re: Pros and cons of buying a new car or nearly new car?

My husband’s car is a 2002. Hope to get 5+ years more.
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Old 01-17-2020, 04:49 AM   #12
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Default Re: Pros and cons of buying a new car or nearly new car?

We always buy used cars because most people (including us) think they are a better value.

We just bought a new car because 1) I needed certain features because driving was becoming nearly impossible with some leg pain I am having. It was going to be near impossible to find the exact car we wanted used. 2) Chrysler was offering "employee pricing" on 2019 models. (plus other manufacturer incentives) I researched that because it sounds "scammy" to me, but it turns out it's legit. and 3) We did get 0% financing for 60 months.

I'm not exactly sure where that compares with buying used, as it is very difficult to do a comparison. BUT, I don't feel like we are getting burned with buying the new car we just bought.
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Old 01-17-2020, 05:39 AM   #13
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Default Re: Pros and cons of buying a new car or nearly new car?

We buy new because we're not good at evaluating used and can't fix anything ourselves. Bought a new Honda Accord in 1999 and drove it for 17 years, paid off after 3 years. Bought a new Toyota RAV4 in 2004 and still driving it, no issues with it other than regular maintenance. Bought a new Toyota Sienna in 2016, and we did get it for 0% financing through the dealership. We looked for used minivans but couldn't find one with mileage/age we wanted. A very hot item and more than once had one we were interested in, but couldn't get there before it was sold. That was why we decided to buy new.
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Old 01-18-2020, 02:38 PM   #14
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Default Re: Pros and cons of buying a new car or nearly new car?

We have a 2017, a 2003, a 1999 and a 1976 vehicle.

Buying new can make financial sense if you keep the vehicle at least 10 years and have a large down payment/short loan so you are never "upside down" in the loan.

---------- Post added at 01:38 PM ---------- Previous post was at 11:48 AM ----------

I've also read that minivan owners tend to drive then until the wheels fall off. There is a shortage of used minivans with low mileage. They are not necessarily competitively priced.
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Old 01-18-2020, 06:59 PM   #15
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Default Re: Pros and cons of buying a new car or nearly new car?

Quote:
Originally Posted by Soliloquy View Post

I've also read that minivan owners tend to drive then until the wheels fall off. There is a shortage of used minivans with low mileage. They are not necessarily competitively priced.
We bought our minivan off the lot in our previous small town. It was 6 months old, and turned in by a family who realized they "weren't van people".

It's a 2004 Toyota Sienna, and I'm still driving it - I bought it in June 2005. I'm hoping to get 2-ish more years out of it, and when it needs replacing, to get something smaller.
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