New or Used

martinbeks

I'm looking into buying a car, and I'm wondering which is a better idea in the long run? New or Used? I'm a college graduate, paying off student loans, and working two jobs. The second job would probably be where most of the car money comes from (I hope. It's Bath & Body Works holiday help, but they tell me this is how they staff their stores for the year). I'd like a nice car that won't keep breaking down on me, which says new, but then I look at my bank account and all I can see is Used.

Thoughts? Which is a better investment?

vim_n_vigor

With the economy the way it is now, and the clunkers to junkers thing from last year, you will really have to do some research as I have actually seen some used vehicles priced higher than new ones. We usually buy 'newer' used vehicles that still have a warranty from a dealership.

landay

I was raised to always buy used; although I've heard of people finding great deals with 0% interest for new cars. I think it's awesome if you can buy a used car that's still only 1-3 years old, fewer than 30,000 miles on it, and something foreign (like Toyota, Nissan, Subaru) so that it doesn't break down all the time. Even though they're still pretty expensive, they're not nearly as expensive as new. Good luck in your car hunt!!!

La_Amazona

Cars aren't investments, the way I look at it. Unless I had a huge amount of cash laying around, I'd never buy a brand new car again.
I will most likely stick to buying almost new or gently used. I will only buy a clunker if it were for weekend fun like an old Jeep or an old Bronco (love those!) but for an everyday car, I'd buy one with up to 30,000 miles and about $7-8 grand cheaper than a new one.

rosebarnalice

USED.

A new car is NOT an "investment." An "investment" is something that you expect to increase in value; it is a FACT that a new car loses its value the very moment you drive it off the lot.

Besides, with student loans, you don't need to go into debt for this car. Save up; buy with cash. A 2- to 3- year old car will still be new enough to be reliable and have that "new car" look.

ItsCasey

New does not necessarily mean more reliable. Used is a better investment in a purely financial sense, given that a new car loses a significant chunk of its value the minute you drive it off the lot. And if you can sock away the difference in the monthly payments and take good care of the used car, you may be able to pay cash by the time you're in the market for another car.

The first car I bought was new. I like it a lot, I take good care of it, and I plan to drive it for a while. But I'll never buy a new car again. Doesn't mean I'll go cheap on a used one. I just don't really feel any urgency to drive a brand new car every 5 years for the rest of my life.

fbmandy55

I would lease. You gt a brand new car every few years and it's always under warranty. I bought new and while it's still under warranty now, I'm dreading the thought of what I will have to do to it when it's paid off and eventually have to buy another..

TheRoadDog

Used.

You can never recoup the value of a new car.

Leasing a car is like renting a home. When you're done you have nothing to show for it.

Buy a good affordable used car within your budget and get every last mile out of it.

Carl01

Things to consider.

Will you need financing regardless?
If so you may get a better interest rate with a new car.

How good a negotiator are you?
There is likely a wider margin,incentives and programs on a new car.

There will be a depreciation as soon as you sign your name either way,probably much greater on a new over a used.

Demand records on a used vehicle or research them yourself.
Avoid rental cars.

Talk to your bank about financing,that way you can make a private purchase on a used car.