Don’t ever by a brand new car that is fresh of the production line. That is the biggest decrease of value you could do with your money.
If you absolutely have to own a shiny new thing then buy yourself a car that is 6-12 months old. You will get the same “new car feeling” but you will save a lot of money.
If you can find a car that is 6-12 months old, sure. Assuming it wasn’t a rental in a previous life. Or a lemon returned by its previous owner due to massive issues.
Most people who buy new cars keep them for a relatively long time. And during that time they require minimal maintenance.
The “biggest decrease of value” assumes that, to you, the value of the car is determined by what you could sell it for. But that’s not the case. To you, the value of the car is what you spent on it. You then amortize that value of the car over the years you operate it. The only person who can tell you whether you got out of a car what you paid for it is you.
The “biggest decrease of value” assumes that, to you, the value of the car is determined by what you could sell it for. But that’s not the case. To you, the value of the car is what you spent on it. You then amortize that value of the car over the years you operate it.
This. I just was able to buy my first ever “new” new car after years of every “new” car being at minimum 10 years old. I’ve got an '06 Forester with nearly 200k miles on it, and I’m hoping this new one will last as long (but I kind of doubt it).
Regardless, I’m not leasing, not planning on selling in 5 years. To me, the peace of mind of a new car warranty is worth it and it gets way better mileage than the old Forester.
Yeah, the mark down on used cars in the US now just isn’t worth it. I looked at cars recently and a 2 year old car with 45k+ miles was like 4k below sticker for a new one across the street. And you didn’t get to pick your color or add accessories you took what they had.
These were hybrids. I think EVs used to have higher markdown because of battery life concerns, but batteries have proven to have better lifespans than expected. So I don’t know how true that is now.
You used to save 30% plus. You still can on lease returns sometimes and the warranty should continue until the mileage or time runs out.
There are still some deals out there, but yeah a 1 year old car is going to be either too expensive or risky for mechanical or some other weird reason.
Don’t ever by a brand new car that is fresh of the production line. That is the biggest decrease of value you could do with your money.
If you absolutely have to own a shiny new thing then buy yourself a car that is 6-12 months old. You will get the same “new car feeling” but you will save a lot of money.
If you can find a car that is 6-12 months old, sure. Assuming it wasn’t a rental in a previous life. Or a lemon returned by its previous owner due to massive issues.
Most people who buy new cars keep them for a relatively long time. And during that time they require minimal maintenance.
The “biggest decrease of value” assumes that, to you, the value of the car is determined by what you could sell it for. But that’s not the case. To you, the value of the car is what you spent on it. You then amortize that value of the car over the years you operate it. The only person who can tell you whether you got out of a car what you paid for it is you.
This. I just was able to buy my first ever “new” new car after years of every “new” car being at minimum 10 years old. I’ve got an '06 Forester with nearly 200k miles on it, and I’m hoping this new one will last as long (but I kind of doubt it).
Regardless, I’m not leasing, not planning on selling in 5 years. To me, the peace of mind of a new car warranty is worth it and it gets way better mileage than the old Forester.
Boomer advice. You’ll save $3000 and not have the original factory warranty and you’ll still have to pay for cpo.
You’ll save a lot more on EVs - https://autos.yahoo.com/ev-and-future-tech/articles/aaa-ran-evs-hybrids-gas-191800888.html
Yeah, the mark down on used cars in the US now just isn’t worth it. I looked at cars recently and a 2 year old car with 45k+ miles was like 4k below sticker for a new one across the street. And you didn’t get to pick your color or add accessories you took what they had.
Isn’t the mark down on used EVs (not ICE) a lot more?
These were hybrids. I think EVs used to have higher markdown because of battery life concerns, but batteries have proven to have better lifespans than expected. So I don’t know how true that is now.
It still seems to be holding currently. EVs depreciate like crazy in USA - https://autos.yahoo.com/ev-and-future-tech/articles/aaa-ran-evs-hybrids-gas-191800888.html
You used to save 30% plus. You still can on lease returns sometimes and the warranty should continue until the mileage or time runs out.
There are still some deals out there, but yeah a 1 year old car is going to be either too expensive or risky for mechanical or some other weird reason.
OK non-boomer
New cars are also full of surveillance. My advice is to stick with 20 year old cars that aren’t full of bullshit and touch screens.
The new EVs in Australia are priced so aggressively with discounts that they are often cheaper than both EVs and ICEs 6-12 months old.