Ohio Chatter DEV

hangonsloopy

I'm thinking of upgrading my wife's 07 fusion. Should I look for a '11 or' 12 model or go new? I've heard that it's almost better to buy new because used prices are way up. Thoughts?

gut

Hard to imagine a scenario where a new car is "cheaper" than a smartly purchased 2-yr old car. The new car depreciates like 30% as soon as you drive it off the lot.

Unless there's something really wacky in the used car market (like prices falling off a cliff for cars older than 2 years), the resale value of both is going to move proportionately. I suppose it's theoretically possible where the average cost over 8 years of new vs. 6 years (for a 2-yr old car) comes out less, but I'd love to see those numbers.

Now higher resale values would mean more attractive lease rates. I'd still question the math, but maybe you get a comparable cost of ownership over 2 years (factoring in the intangible value of a new car)...and then look to buy used in a more favorable resale market two years down the road.

dlazz

If the market is anything like it was last year, used cars were incredibly difficult to find with a reasonable mileage on them. Even then, they were just about as expensive as a new car.

I went new for the warranty/peace of mind that I know what had and hasn't been done to the car (mechanically, the way it's driven, etc).

The only redeeming factor in a used car is that you should be able to talk the dealer down quite a bit because their margins are a lot higher in used vehicles.

Consider going with a new car that's a year old and still on their lot. They'll usually bend quite a bit on those too. They don't want them there anymore.

4cards

... I put a lot of miles on my car every year, so when it's time for an upgrade I always buy new as opposed to used or leasing.

Crimson streak

I bought a used murano LE('10) after my fiancé totaled my rogue. It had 42,000 miles on but it was certified through the dealer so it has lifetime power tran and transmission. Along with a bumper to bumper warranty till 60,000 miles. Brand new it was 42,000 I got it for 22,000. So I would personally find a used car that is certified. They usually have the same warranties as a new car.

hangonsloopy

That's what I seem to be finding. A used car is a couple thousand cheaper, but it has 30k miles and the interest rate is higher.

TedSheckler

Used cars are for poor people.

/zwick'd

sportchampps

Right now because of interest rates it's really almost better to buy a new car as opposed to used. This is the first time in my life I have ever seen it happen this way.

justincredible

The new Fusion is pretty sweet. But I'd go used.

Belly35

In the Belly family car/truck purchase mentality … Simple Rule</SPAN>

Wife get new … simple … Keep everyone happy and makes decision easy</SPAN>

Kids ( Belly and wife are empty nesters now) get used or family second hand car/truck… no question ask … makes decision easy</SPAN>

Belly … I was never a new car fan .. I like the classic and or what I like in terms of appearance and what appeals to me. I buy what I like makes decision easy

Note: 180,000 miles is when I start to think about getting something different..

</SPAN>

FatHobbit

hangonsloopy;1415671 wrote:That's what I seem to be finding. A used car is a couple thousand cheaper, but it has 30k miles and the interest rate is higher.

I just bought a 2006 truck and financed it with a credit union at 1.49% for 60 months.

https://www.penfed.org/Auto-Loans-Overview/?intcid=ad-AutoLoans-PenFedORG-Ticker-10312012

edit - their rates are currently 1.74%, but that's still damn cheap.

Classyposter58

I've got 278,000 miles on my 2001 Impala. They told me they wouldn't take a trade in so I've got it till it dies

TedSheckler

So I guess I'd be out of luck on a trade in with my 2002 TL with 348,000 miles?

thePITman

I'm never buying a new car again. 1-3 years old, low mileage, mint condition... 60% the price.

Classyposter58

TedSheckler;1415732 wrote:So I guess I'd be out of luck on a trade in with my 2002 TL with 348,000 miles?

Yup. Could scrap it for the parts

hangonsloopy

justincredible;1415687 wrote:The new Fusion is pretty sweet. But I'd go used.

Yeah that's what I want. I think its out of our range though.

hangonsloopy

FatHobbit;1415699 wrote:I just bought a 2006 truck and financed it with a credit union at 1.49% for 60 months.

https://www.penfed.org/Auto-Loans-Overview/?intcid=ad-AutoLoans-PenFedORG-Ticker-10312012

edit - their rates are currently 1.74%, but that's still damn cheap.

Wow that's dirt cheap. I'll have to look into it.

iclfan2

I'm a huge proponent of used cars. Bought my '09 Accord certified used and have never bought myself a new car (I'm 26). However, my g/f is in the market for a Honda CRV and her uncle works at a dealership. A 2011 certified model with 14k miles on it was within $3k of a brand new new EX model with 0 miles and a much longer warranty. Plus the financing (she just started as a pharmacist so only matters for a short period, I'm always a huge proponent of cash purchases) is 3% for the used one and 0.9% for the new one. So basically I can't think of a single reason not to get the new one. IT helps having inside information from a dealer, but seems like too good a deal to pass up.

fan_from_texas

We had the same experience last year. We were looking for a slightly used cr-v, but the price between used and new was negligible - - less than 1k. Made it an easy decision to go new, especially with low financing rates.

WebFire

hangonsloopy;1415635 wrote:I'm thinking of upgrading my wife's 07 fusion. Should I look for a '11 or' 12 model or go new? I've heard that it's almost better to buy new because used prices are way up. Thoughts?

You must be new here.

hangonsloopy

WebFire;1416604 wrote:You must be new here.

I am. Don't I owe someone $12?

Cat Food Flambe'

New vs. used - What kinds of driving do you do?

At first, Lady D'Friskies and I bought new - typically, she'd drive it on her shorter commute to work, and we'd use on road trips. That car would rack up about 150,000 in five years, after which it would become my commuting care for another five years and 50,000 miles. With that kind of use, resale value was meaningless, and the total cost was about the same as used. It was also nice to have a newer car on our many out-of-town trips.

We bought used cars the past twelve years because we would or did have teenage drivers. New cars and new drivers don't mix well - even so, my auto insurance bill the year all three kids were driving and under 18 was $5200 for four vehicles - three of which were at least seven years old.

.

With the kids gone, we're shopping now for our first new car since 1997 - and we don't give a flying leap about the cost comparison. :laugh:

WebFire

ccrunner609;1415684 wrote:i would never buy a new car

That's because you are a gym teacher.

hangonsloopy

She's driving to Akron for grad school. About an hour one way two or 3 times a week. I have a beater so when we have the option we will drive the car.

Cat Food Flambe'

fan_from_texas;1416585 wrote:We had the same experience last year. We were looking for a slightly used cr-v, but the price between used and new was negligible - - less than 1k. Made it an easy decision to go new, especially with low financing rates.

Very true until very recently. Used car demand was very high, and with new car sales down so much you could get great deals. That's changed a LOT in the last six months or so - new car sales have risen to near production capacity. Increased trade-ins and lower demand are eating into used car sales from both ends - there's still plenty of demand for two-year trade-ins, but what you can get for a car older than four or five years old is dropping fast.

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New car vs. used?