Buying Used vs Buying New (Car)

[FlamingC]

I know there's a lot of threads on cars, but I had a tough time searching for them. If inappropriate, mods can close this.

So a buddy and I are talking about buying cars and he told me that because he's OCD about his stuff, he'd only buy new. That way he knows the car has been taken care of. He says it's for peace of mind.

He says since he's not a mechanic, he can't be bothered with the problems that come with a used car.

I'm thinking that there's plenty of good used cars out there that still have lots of life in them. I didn't have a good experience with my first used car but I'd still do it to save some money on a good used car. I've seen on the toyota website that they have certified used cars so you can get some peace of mind with that designation.

I'm interested to hear what are your personal thoughts if you had to buy a car today, would it be a new or used and why? And are u handy enough to do any fixes yourself?

[Kybosh]

I just bought a used 4x4 2008 Ranger a couple of days ago. Hopefully it works out in the long run! I'm good with general car maintenance but a lot of electrical work or problems with the engine/transmission will leave me stymied.

I'll add that the truck only has 25,000 km on it and it cost about $8000 less than a 2010 comparable truck.

[return to the red]

Personally I like everything new, cars, houses, etc. Unfortunately as I get older the women seem to be a problem and I have to settle for used

[HOOT]

I only buy new now. My first car was used (but it was more of a project) and my last two have been brand new and wouldn't go any other way. Like your friend it is peace of mind knowing everything is taken care how you like it from the start. I also find that repairs come up quicker with a used car and money wise it equals out in the end and even if it is a bit more it's worth it to have new.

If I had to choose I would rather buy a little bit less of a car new, than buy used. However if it was BMW, Mercedes, etc. I wouldn't mind buying new as it is pretty safe to assume the owner before treated it with some respect and not some 16 year old beating up on his Civic.

[Sliver]

You will lose like 15% the day you drive a car off the lot. Once a car is driven away from the dealership, it's used. It is almost always a better value to buy used, IMO. With the dollar where it is, it's probably worth checking into buying new in the States, though. When I did that in 2007 I saved $12,000 and ended up with a new vehicle for the same price as a 3 year-old used Canadian vehicle.

[Frank the Tank]

I have found the best way to buy cars are the dealer demo's or one year old cars. We bought a 2008 Grand Caravan (stand back ladies, I'm taken) with 28,000 kilometers on it for $9,000 less than a 2009 with less features on it. Easy decision in my books.

[WilsonFourTwo]

Moneysense magazine did a great look at this a few months back. The results (going from memory here) were pretty much what would be expected. I can flip through my old issues if you *really* want, but I'm sure their website will have the info somewhere.

Best Value was the "2 Year old car with 40-50k"

For a new car to be worth it (same make/model used as example) you need to drive it for a 2-4 years longer (ideally 4) to make the extra cost worthwhile.

So.....if you're deciding on a new/used specific model, it boils down to one question....."Will the new car last 2-4 years longer than the used car"

Personally, I bought my last car brand new. It's the first time I'd bought a new car, and I intend to drive it for 8-10 years. For what it's worth, I would gladly pay extra for a new car again.......and I'm the cheapskate that worries about $2 bread vs $2.25 bread.

[The Yen Man]

Financially it makes sense to buy slightly used rather than new, but I still prefer new. There's just something about being the only owner of that car. Plus you get the new car smell, which although toxic, smells fantastic!

[Red_Baron]

I don't shy away from used but if you are buying something a couple years old and have to use financing, the interest rates can push you close to buying new with all the factory sponsored low rates. I can fix almost anything car related so I do have that luxury. I personally try and buy the best vehicle for the purpose I need it for within my budget, regardless of whether it's new or used. I do keep tabs on the potential problems for a given vehicle and account for the cost or difficulty of the repairs.
Being fairly knowledgeable about cars, mechanical repairs, and automotive body work makes it easy to asses the condition of a used vehicle despite any dealership cover-up attempts are made (these are few and far between and really only applicable when buying something older, reputable dealerships will not do this and usually correct the problems rather than risk passing them on to customers).
Last vehicle I bought was due to the rebates being offered as there were many used ones selling for as much or more than I paid new.

[REDVAN]

Back in '04, I bought a used car. It was 8 months old w/ 16000km on it. A lease turnback or rental turnback I think.

Bought it for about 17, and the original sticker on the car was 29500.

I still have the car... for now. I'll probably buy used again. That is a good deal if you ask me.

[Cowperson]

Originally Posted by FlamingC

I know there's a lot of threads on cars, but I had a tough time searching for them. If inappropriate, mods can close this.

So a buddy and I are talking about buying cars and he told me that because he's OCD about his stuff, he'd only buy new. That way he knows the car has been taken care of. He says it's for peace of mind.

He says since he's not a mechanic, he can't be bothered with the problems that come with a used car.

I'm thinking that there's plenty of good used cars out there that still have lots of life in them. I didn't have a good experience with my first used car but I'd still do it to save some money on a good used car. I've seen on the toyota website that they have certified used cars so you can get some peace of mind with that designation.

I'm interested to hear what are your personal thoughts if you had to buy a car today, would it be a new or used and why? And are u handy enough to do any fixes yourself?

My father was a veritable master mechanic and could fix anything . . . . but those skills did not rub off on his two sons. So, I'm in the same boat.

Recently, I did buy two used vehicles after years of only buying new.

I've found the internet to be the great equalizer. If you're willing to put in the time and search through Alberta, BC and Saskatchewan, you can get a pretty good idea of what the market is for what you are looking for.

Last summer I bought a Dodge Durango in Edmonton and the year before a Jeep Grand Cherokee in Saskatoon. Both great deals relative to the other prices I was seeing and no complaints so far.

One year-old leaseback's, I would agree, are really interesting to look at.

In doing all the research though, I was surprised how wildly different in price the roughly same models might be dealership to dealership. It definitely pays to shop around. These days, you can do that from home, then zero in on a few and go look at them. And you're not completely helpless in front of the used car salesman (apologies to those guys on the board!!!)

And I am very far from being an expert on automobiles. Use the internet, get up to speed on the market, spot a few likely candidates, go look at 'em, buy one.

Cowperson

[Bertuzzied]

My last 2 vehicles have been lease takeovers. Great way to go without having to put much down. Plus they are all under warranty still, so if anything goes wrong you can bring it back to the dealership.

I would NEVER buy a new vehicle ever again.

[MickMcGeough]

Buying brand new is for people who are one of the following:
A) Bad at math
B) Don't like money
C) Have more money than they know what to do with

Buying used is for everyone else. A brand new car is one of the worst things one can do with his/her money.

[Meelapo]

Originally Posted by MickMcGeough

Buying brand new is for people who are one of the following:
A) Bad at math
B) Don't like money
C) Have more money than they know what to do with

Buying used is for everyone else. A brand new car is one of the worst things one can do with his/her money.

If everyone buys a used car then there will be no used cars left to buy anymore.

[calgaryrocks]

I have a buddy that swears the opposite, he would never buy a new car, but he's a car guy and can fix most things.
anyways the only car i've ever bought was used (94 corolla, 200k+ on it) and its lasted me almost 5 years, though it has needed some repairs (nothing major) so i would buy used again, though something newer. my next car i would like to be between 2 and 5 years old, still in good shape but not new. the assertion that a car 2 years old is the best value to buy as a used car makes alot of sense to me. buying a new car is mostly for the peace of mind knowing its history and the mental enjoyment of buying it 'new', financially it can still make sense, but is not usually preferable in my opinion

[Ironhorse]

Originally Posted by MickMcGeough

Buying used is for everyone else. A brand new car is one of the worst things one can do with his/her money.

Except when it is an awesome automobile, and you're a car guy. Then I wouldn't want someone's sloppy seconds.

[REDVAN]

Originally Posted by calgaryrocks

I have a buddy that swears the opposite, he would never buy a new car, but he's a car guy and can fix most things.
anyways the only car i've ever bought was used (94 corolla, 200k+ on it) and its lasted me almost 5 years, though it has needed some repairs (nothing major) so i would buy used again, though something newer. my next car i would like to be between 2 and 5 years old, still in good shape but not new. the assertion that a car 2 years old is the best value to buy as a used car makes alot of sense to me. buying a new car is mostly for the peace of mind knowing its history and the mental enjoyment of buying it 'new', financially it can still make sense, but is not usually preferable in my opinion

Think about what I did... for example, the car I bought with a sticker of 29500 for 17000 is now worth MAYBE 10000. So it depreciated 1200/yr since I've owned it, and 12000 in the first 8 months.

My point is that if you are looking for bang for your buck, buy a car like I did, and follow Cowperson's advice about looking around- it took me 3 months to find my car. If you just want a cheap car, then buy 2-5 years old. But there's deals to be had.

[calgaryrocks]

Originally Posted by REDVAN

Think about what I did... for example, the car I bought with a sticker of 29500 for 17000 is now worth MAYBE 10000. So it depreciated 1200/yr since I've owned it, and 12000 in the first 8 months.

My point is that if you are looking for bang for your buck, buy a car like I did, and follow Cowperson's advice about looking around- it took me 3 months to find my car. If you just want a cheap car, then buy 2-5 years old. But there's deals to be had.

yea thats good advice, you did get a great deal, do you know if there is a certain time of year that is best for lease/rental turnbacks like that? and how do you find out about them (or how did you find yours?)?

[burn_this_city]

Depends on the vehicle. When I bought my truck I bought new since I would be modding it and I didnt want something that someone else had bagged on. Lease backs can be risky especially if the person didnt take care of it.

[HOOT]

Originally Posted by MickMcGeough

A brand new car is one of the worst things one can do with his/her money.

Says you. Some people, like myself, enjoy knowing the history of something when spending that kind of money.