Used Car - First time in many years

[Jerry1]

So as I move closer into retirement, I passed another milestone today. I bought my first used car. Now DW and I officially own both our vehicles. She had been leasing for 5 years - since we gave her gently used car to DD and grand kids. I have been leasing for about 15 years. We bought her car new a year ago and it is our "good" car. Today, I bought my car and found a used one that fit the bill.

Normally, I would buy new, but I think I saved anywhere from $8K to $10k buying used. The car is a 2015 and has almost 20K miles on it, so saving over $8K seems to be a pretty good deal. Got the dealer to throw in some extended warranty which included some OnStar and a couple oil changes which made the car very comparable to new. So, a few years old and a few miles on it, but warrantied and over $8K less - I feel pretty good about that.

Main point is that it's a major change in past practice/habit to go from leasing to buying and that helps flex the muscle I need to get myself in retirement mode. I could have easily gone and leased another car or just gone in a bought new, but If I don't change my car spending ways, it would be more responsible to work longer. I'll take changing my spending and a lot of the credit for that insight goes to this group - Thank You.

 

[jazz4cash]

Buying a late model used car now days is nothing like it was years ago. The cars are better, you have better access to the market, and things like CARFAX improve your odds of getting something that you will enjoy. Congratulations. Enjoy!!

 

[Koolau]

We recently replaced one of our used cars with a newer used car. Many used cars seem to be holding their values pretty well, so an argument could be made that buying new is about the same - if you drive a lot of miles. IOW cost per mile might be quite similar from new to used, but again, ONLY if you drive a lot of miles. In our case, we drive so few miles that it makes more sense to buy used and use up the last of the "good" miles while the car depreciates to near zero. As always, YMMV.

 

[Souschef]

I gave my 2003 Hyundai with 70 K miles to our grandson, whose car crumped @200K miles. I replaced it with a 2016 Hyundai I bought from Enterprise. Found the car on line and they drove it to my closest dealer.
Best part- they let me pay with my credit card, so I got cash back

 

[Aerides]

My newest car is a used-CPO. And yes this thread made me realize it's my first used car since my very first car (a cute red 1980 chevy monza my parents bought me when i was 16)

Granted, my new one is a 1 year old return for an upgrade (or so the sales guy told me). But still.

 

[bobandsherry]

My newest car is a used-CPO. And yes this thread made me realize it's my first used car since my very first car (a cute red 1980 chevy monza my parents bought me when i was 16)

You had one of those two? I had blue one. Funny thing was I had it for only 6 months (bought it new) and it caught fire as I was driving it (that's not the funny part). What was funny is it burned up right in front of a Chevy dealer.

Got out safe and everything worked out with insurance....

As Koolau pointed out, the newer cars are holding their value so I'm still not sold on buying used but glad OP found a car that they feel was a good deal. I'm never sure any car deal I've got was good just knowing that most salesmen are just slimey.

 

[Sunset]

I bought a new Sienna in 2015 , and the thing has a small oil leak from the engine, been to the dealer twice to fix it.
It has made me think, I should stick with used cars, at least I'd be risking less $$.

 

[atmsmshr]

I have never bought a new car for myself with 40 years of (legal) driving. . Leased a new one after the Navy, but used has been the best path for me on all other rides. Bought a new minivan for DW when the second child showed up, rest have been used for her.

Strategy: Driven most until they were ready for the glue factory. Along the way made automechanics my hobby to save $$ and keep from being ripped off. Tactic: I have driven 5 Mercedes in the past 30 years. Bought my S550 for a fraction of original MSRP and now at 10 years old it still gets favorable reviews.

 

[kitesurfer2]

if you buy new, then you fan take pictures of you new car and post them here.
why do all of you talk about your cars but don't post a picture?

 

[frank]

went for an oil change on my 12 prius 2 and was talking to the salesman about trading on a new one. new one was approx. 25k. my 5 year old with 82 k miles was worth a hefty 6900. I think the dealers have not changed and used is the way to go.

 

[Jerry1]

As Koolau pointed out, the newer cars are holding their value so I'm still not sold on buying used but glad OP found a car that they feel was a good deal. I'm never sure any car deal I've got was good just knowing that most salesmen are just slimey.

Yes, the salesmen were still slimy, and I can't say I got THE best deal out of them but I feel relative to new and because it was still within factory warranty (which we extended as part of the deal), it was a good deal compared to new.

I gave my 2003 Hyundai with 70 K miles to our grandson,

I thought about getting a car that I could give to grandson 5 years from now, but I didn't want to buy a car that was currently that used that it would be the right car to give up in 5 years. We'll just have to help out a different way at that time.

We recently replaced one of our used cars with a newer used car. Many used cars seem to be holding their values pretty well, so an argument could be made that buying new is about the same - if you drive a lot of miles. IOW cost per mile might be quite similar from new to used, but again, ONLY if you drive a lot of miles. In our case, we drive so few miles that it makes more sense to buy used and use up the last of the "good" miles while the car depreciates to near zero. As always, YMMV.

This is exactly the framework I'm dealing with. I used to lease and my focus was on cost per mile. After a few threads and the advice from forum members, I realize I'll be driving a lot less (already am cause I'm working part time) and the cost equation is more of a cost per year. Either way, being a little generous, I think I saved about $10K over new and don't see an appreciable difference in the comfort or utility of the car. Who knows how it will work out - Only Time.

 

[OldShooter]

After a single (stupid) car loan just out of graduate school, we have never bought a car we couldn't afford to pay cash for. In addition, we have only once bought a current-year new vehicle, a 1994 K1500 Chev truck that we special ordered for less money than the used car lots were asking for one year old K1500s.

More recently, lifelong habits like this have put us in a position to pay cash for literally any vehicle we might want, but we still avoid the first-year depreciation by buying new cars or trucks that are one model year old. Often these are "leftovers" that don't have all the bells and whistles like GPS, etc. but that is fine with us. We don't need them and most are just very expensive boxes that will fail one day.

IMO car loans, leases (worse), and brand new current year cars are a waste of money. That's not to say if a person gets pleasure from buying a brand new current-year car that he/she should not do it. It's like any other pleasure-oriented purpose like travel. Being economically cost effective (what Richard Thaler calls "homo economicus") is not always the objective. But with vehicles, we are homo economicus and happy with that approach.

 

[SheitlQueen]

Six months ago I bought a 2016 Ram 1500. Six months old and 6,000 miles on it. Like brand new, has a full warranty, and I figured I saved about $10,000.

 

[Car-Guy]

Again, I'm an outlier here and on the extreme ends of this discussion. I either buy brand new cars (one or two a year on the average) or they need to be at least 45 to 50 years old. Cars are a big part of my life and enjoyment, plus, it's my little contribution to the US economy. As someone said, why not, if it makes you happy.

 

[Big_Hitter]

i don't think dealerships make that much $$$ on new cars nowadays but their used car business is very lucrative (i.e. you are more likely to get get taken on trade ins and taken when you buy used)

I have 4 vehicles and only one I bought new, the other 3 were bought from private parties on craigslist

 

[Huston55]

After a single (stupid) car loan just out of graduate school, we have never bought a car we couldn't afford to pay cash for. In addition, we have only once bought a current-year new vehicle, a 1994 K1500 Chev truck that we special ordered for less money than the used car lots were asking for one year old K1500s.

More recently, lifelong habits like this have put us in a position to pay cash for literally any vehicle we might want, but we still avoid the first-year depreciation by buying new cars or trucks that are one model year old. Often these are "leftovers" that don't have all the bells and whistles like GPS, etc. but that is fine with us. We don't need them and most are just very expensive boxes that will fail one day.

IMO car loans, leases (worse), and brand new current year cars are a waste of money. That's not to say if a person gets pleasure from buying a brand new current-year car that he/she should not do it. It's like any other pleasure-oriented purpose like travel. Being economically cost effective (what Richard Thaler calls "homo economicus") is not always the objective. But with vehicles, we are homo economicus and happy with that approach.

What he said!

Haven’t bought a new car in 30+ yrs and have never leased a car. Of 12 cars owned, only two were new and one was a 1984 BMW 3-Series I got at the factory while living in Germany; got a big discount, paid no tax & sold it one year later in the US for more $$$ than we paid. Used the profit to help make a down payment on our first house.

 

[Jerry1]

Just to make sure I keep some of my frugal credentials, and while admitting that I very much enjoyed driving new cars, the main reason I leased was the situation at work. I got a car stipend and to get the stipend, I had to drive nothing less than a three year old vehicle. It made leasing a very acceptable option. Since I hate the buying and selling part of new cars, the leasing option took care of that. Also, compared to trading in a car, leasing was great. My sister in law used to trade in cars. I quickly told her that I'd give her whatever the dealer was offering her. Early on in my life, that provided a few nice used cars at a good price. Bottom line, I would have lost money if I'd have had to buy new cars and sell them every three years. Generally, I probably could have broke even to maybe even made a bit on my stipend, however, I took it as an opportunity to do something I very much enjoyed (drive new cars) for very little money once netted with the stipend.

 

[Huston55]

Just to make sure I keep some of my frugal credentials, and while admitting that I very much enjoyed driving new cars, the main reason I leased was the situation at work. I got a car stipend and to get the stipend, I had to drive nothing less than a three year old vehicle. It made leasing a very acceptable option. Since I hate the buying and selling part of new cars, the leasing option took care of that. Also, compared to trading in a car leasing was great. My sister in law used to trade in cars. I quickly told her that I'd give her whatever the dealer was offering her. Early on in my life, that provided a few nice used cars at a good price. Bottom line, I would have lost money if I'd have had to buy new cars and sell them every three years. Generally, I probably could have broke even to maybe even made a bit on my stipend, however, I took it as an opportunity to do something I very much enjoyed (drive new cars) for very little money once netted with the stipend.

I know friends who also leased cars because of the stipend and/or tax benefits (many of them small businesses) and it was financially beneficial to them. That never applied to me.

 

[jzajzz]

i have never had luck wiht used car.. and It doesnt end up being a worthwhile buy when I have to miss work and it ends up hurting my income and add more stress to my life..

 

[SomedaySoon]

Bought my first used car ever this month. It was a 10 month old 2017 Buick Regal with 15K miles on it. I bought it from one of the big rental companies. I figure I saved about 5K when comparing the price to the best offer I could get from the local Buick dealers on the same car.

We'll say how it goes.....

 

[REWahoo]

Bought my first used car ever this month. It was a 10 month old 2017 Buick Regal with 15K miles on it. I bought it from one of the big rental companies. I figure I saved about 5K when comparing the price to the best offer I could get from the local Buick dealers on the same car.

We'll say how it goes.....

Based on my experience you will be happy with your purchase.

Two years ago I bought a 2015 model Regal with 9K miles that had been a rental - only I purchased it from a Buick dealer as a CPO vehicle. I've put 20,000 miles on it so far and been back to the dealer only for free oil changes and one recall (replace the sunroof glass).

 

[LRDave]

Did it crank after sitting there all that time?


(An attempt at humor based on a literal reading of the OP's subject line: "Used Car - First time in many years")