NEW vs. USED

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JessesGirl05
JessesGirl05 Posts: 253
edited September 2024 in Chit-Chat
Which would you pick; a NEW or a USED car? No it's not free, yes you will be paying for it.
Why would you chose that option over the other?

It is really starting to look like my boyfriend and I will both get these jobs we just interviewed at. And IF so we will be bringing in a very pretty penny each month. Bills wouldn't even take half of what we were paid.

So my boyfriend asked me if I planned on getting a new car and replacing my Nissan (which now will cost more to repair it, then it is worth). well, YES! But when he asked what make/model I wanted, he said it was "selfish" and a "waste of money" to buy a NEW one. (He says this even though I would be able to make the car payments out of my paychecks alone- I wouldn't need his money).

Part of me agrees that its a waste, but part of me doesn't. I had a ton of trouble with my Nissan at first. And it was used. I just don't want to deal with that. And part of me feels like I deserve something NEW. Something all my own! I've never had ANYTHING brand new!

So what would you do? NEW or USED...and why?

Replies

  • AZKristi
    AZKristi Posts: 1,801 Member
    It would entirely depend on the situation. If you are paying cash, I would probably go with a slightly used car so there isn't so much depreciation - as long as it is from a trustworthy dealer. If you are planning on getting a loan, and can qualify for a finance incentive through a dealer, you may pay a lot less interest than you would getting a traditional bank loan for a used car purchase. I'm not in the market for a new car, but I have heard good things about the auto buying program at Costco if you live in the states.
  • Mommawarrior
    Mommawarrior Posts: 897 Member
    Used...
    As soon as you drive off the lot with a new car you lose a ton of value. And truly no one deserves to pay way to much for something just so they can say they are the only ones who have ever owned it.
    We always buy used and we always buy from CarMax. We have never had a problem with them, and we always find a deal.
  • ChantalD75
    ChantalD75 Posts: 680 Member
    I had new and believe me it wasn't worth it. The minute you drive off the lot the car depreciates so much.... I would go with a car that is a year old. Would still have warranty. They might even ask if you want to extend that warranty.
  • JessesGirl05
    JessesGirl05 Posts: 253
    It would entirely depend on the situation. If you are paying cash, I would probably go with a slightly used car so there isn't so much depreciation - as long as it is from a trustworthy dealer. If you are planning on getting a loan, and can qualify for a finance incentive through a dealer, you may pay a lot less interest than you would getting a traditional bank loan for a used car purchase. I'm not in the market for a new car, but I have heard good things about the auto buying program at Costco if you live in the states.
    I actually haven't given CASH vs LOAN much thought. I would probably go with whatever would be cheaper, and help my credit the most (as I am young and really haven't established any credit yet)
  • CraigIW
    CraigIW Posts: 176
    The optimal is a 6-24 month old car. Brand new means massive depreciation as soon as you buy it. For more specifics, it depends on the make and model. I wouldn't worry about it until you decide what your budget is, then see what you can get for that.
  • jennmoore3
    jennmoore3 Posts: 1,013 Member
    o.k. here's a idea. If a "NEW" car has a certain amount of miles, I'm not sure of the number, it will be considered used. So you can get a "Used" car with like 100 or less miles on it. Less depreciation because of it being "used" but really it is new. Maybe the dealer drove it a few times or something. Do you get my drift?

    We got a used van but it was like new to us. no issues what so ever. If you go with a big dealer like ford, over those smal mom and pop dealers, you will have less issues with the car. JMHO.

    Jenn
  • Brandicaloriecountess
    Brandicaloriecountess Posts: 2,126 Member
    I would be a newer used car. Maybe 2008 or newer. The reason is buying brand new off the lot you lose so much in value right away. Plus you typically still get the manufacturers warranty and save yourself a ton of $
  • SquishyVicki
    SquishyVicki Posts: 280 Member
    I personally go with a newer used car - a few years old as this way you have the benefit of a newer car but without having to take the hit of how much money you loose on them as soon as you drive off the forecourt...

    It depends on how important the 'newness' is to you as some people like the thought that no one has owned them before you....personally I feel like its a big price to pay as some drop as much as £6,000 as soon as you are a meter from the place that sold it to you but if you are willing to pay it; then new cars are very pretty :smile: Vx
  • JessesGirl05
    JessesGirl05 Posts: 253
    I've been looking at the 2011 kia sorento
  • jhardenbergh
    jhardenbergh Posts: 1,035 Member
    Always buy a preowned car hopefully one that still has some of the warranty left on it. The minute you drive the new one off the lot it is said to go down in value by about $4000, obviously depending on how expensive it is, but figure around 20%. Last year I got a Preowned Ford Edge with 16K miles on it for under trade in value at a dealership. It had a 60K mile warranty on it.
  • tam120
    tam120 Posts: 444 Member
    Used cars are more trouble than they're worth if you don't get a fairly "new" used car. In addition, I just read an article that said used cars are more expensive now and because you get lower interest rates with new cars (if you have good credit) a new car is the way to go. I know they lose lots of value as soon as you drive them off the lot but the peace of mind (warranty) and not having to worry about it breaking down is totally worth it to me (my Hyundai has roadside assistance, 6 year bumper to bumper warranty and 10 powertrain warranty). I would buy another new Hyundai in a minute.
  • koosdel
    koosdel Posts: 3,316 Member
    Personally, used. I refuse to 'owe money' when I don't have too. I just can't bring myself to give someone that much power over me.
  • california_peach
    california_peach Posts: 1,809 Member
    I prefer to buy used and I like to put as much down as I can ultimately I would like to pay in full for my next car. I loathe paying interest on anything.
  • Lleldiranne
    Lleldiranne Posts: 5,516 Member
    In most cases, I would prefer a new car. You don't inherit someone else's problems, and it's all clean and perfect. But if you go through the right places (the new car dealers here who have used cars as well are more reputable than straight used car dealers), sometimes a used car can save a lot of money and be just as good.

    If I were in your situation, I would first set up a savings account and budget an amount to put in each paycheck to build up a 6 month reserve. I would also start a retirement plan, or at least put money into a long term savings. The idea is to pay yourself first! (My mom never did this, and now she's retirement age and has no way to retire. Start young and it'll be so much easier!)
    Once you've done that, see what kind of income you have to spend on a car. Don't forget to account for insurance and gas (used can have different costs there than new). Then, if you can afford the car you want without strain, why not do it?
    And get your boyfriend something fun, too! That way he won't feel left out :)
  • jennmoore3
    jennmoore3 Posts: 1,013 Member
    Good points, call your current ins guy and ask what full coverage would cost on the car you want. This way you won't have a heart attack when you go to get insurance.
  • Atlantique
    Atlantique Posts: 2,484 Member
    I know there are many good reasons to buy used instead of new, but I've bought both my cars new. Both times I bought the previous model year and got either 0% financing or .9% financing. I drove the first one into the ground (owned it for 10 years) and I plan to do the same with this one.
  • otr12
    otr12 Posts: 632 Member
    I have an unnatural obsession for cars so my opinion may not matter. But if you can afford a new car than the real question is, is it worth it to you?
  • lilac01
    lilac01 Posts: 180 Member
    I have an unnatural obsession for cars so my opinion may not matter. But if you can afford a new car than the real question is, is it worth it to you?
    Same here. If u can afford a new car I would so go for it!
  • hroush
    hroush Posts: 2,073 Member
    I am all about used cars. If you buy new, the car will decrease by half its value in the first two years. I currently have a 2000 jetta TDI and love it. I bought it in september for $4600, I've had to replace the rear brakes (cheap and easy if you do it yourself). The dealer I bought it from didn't fix the correct part in the windshield wipers, so I still have to fix that. I calculated that even with these repairs, cheaper insurance, etc, that I'm still spending much less money than if I let my wife talk me into a new car.
  • millygrl
    millygrl Posts: 98 Member
    I would 100% go used. You can get a 1 or 2 year old car that has just come off lease with only like 20,000 km on it for less than half what it was new. Going that route you still have warranty, its like a new car and you're not wasting money.
    My dad is an automotive wholesaler and watching the way the business works would make me never buy new. From the factory to the dealership everyone is taking a cut There are so many added fees when you buy new. So let some one else take the hit of all the extra charges, then buy it near new car for waayyyy less.
  • Forensic
    Forensic Posts: 468 Member
    Used! Unless I NEEDED particular options, a car depreciates 50% off the lot! May as well get a low miles, recent year car for much less and have it be just as good.

    A lot of used cars even come with warranties and certifications, so why not?
  • Tangerine302
    Tangerine302 Posts: 1,509 Member
    A newer used car. We've always had used cars and this time traded our car in for a new one. It's nice, but I always think, what was I thinking! You can get just as nice used cars for much less money that will get you where you want to go just fine. I like this car, but for the $ I think I should LOVE it. If I could go back, I would have picked a used car.
    The only plus I can think is that when you are finished with payments it should run for quite some time after, but a used car (depending on how used) you usually are due for a different one.
  • kristydi
    kristydi Posts: 781 Member
    Used.

    As others have said, you lose so much $ just driving off the lot. Find a nice newish low mileage used car. Dh and I have 2 cars we bought used, one 4 years ago, one 6 years ago. Both are still in great condition and have never needed anything other than regular maintenance (except when I hit a curb dodging a giant truck who swerved into my lane and destroyed a rim)

    They're also both fully paid for. I can't tell you how nice it is to have no car payments.
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