New vs. Used

[abrcrombe]

What are your pros and cons on buying cars New or Used.

[Surfer]

Buying new can work out if you catch it at the right time, like when dealers may run specials or unload inventory. My other truck I sold, I bought new in 03'. Was an 03' V8 Mountaineer with every option except for awd. Came out to about 40K, I got it for 34K, same dealer had a slightly used 03' V8 awd Mountaineer on the lot that was for sale at the time for 35K. Sure I could have haggled and maybe gotten 1K off or whatever on the use done, but they were offering a special on 03's as 04' inventory was comming in. My uncle did the same thing with his Harley F250, was cheaper buying it new then a slightly used one b/c of the discount Ford was offering at he time. So it negates really any depreciation if the pricing is similar to a used one of the same year.

In most cases buying used will be cheaper, but if you catch the market at the right time like when new inventory is comming in, you'll get a sick deal on a new vehicle. Plus if your financing, financing a new car is almost always going to have a better rate/terms then financing a used one. New, you'll know the car is taken care of since its yours, warrenty etc. I could careless since I mod everything, my other truck had ported heads, cam swap, tuner, headers, full exhaust with no cats etc while under warrenty. But my dealer is cool and still did work under warrenty, most would find every way to deny you servicing in that case regardless of what the Magnusen-Moss Act states.

[Brace1]

Surfer hit most pros and cons.

I've only bought used vehicles from the owners (all except one were from the original owner). Although you usually get a nominal, typically 30 day, warrantee with a used vehicle from a dealer the price you pay in excess of what you can buy from an individual is typically significant.

Keep in mind too that the dealers know how to hide imperfections.

[ScottB]

New -- broke in your way, warrantied, best interest and term options for lending. Haggling usually necessary to get best deal, do your homework and hold your ground. Dealers make money three ways. Sale , financing, and used cars. They are NOT going to take a bath on all three.

Used -- lots of low mileage lease cars coming off term. Usually kept up as car is being serviced/recorded at end. Certified units usually offer greater warranty terms than original car offered new. Depreciation has been taken by first owner or leasing company. Car could have been beaten on hard. Car could have been rental unit. Finding a car in your exact color combo's will be harder as well as personal options wanted on unit. Dealers usually research used units before paying high dollar, Carfax or other inspections necessary to avoid high risk units.

[RacerE7773]

My '00 cavalier Bought it with 5 miles on the clock. Took care of it like crazy, then in '01 the left front fender , mirror, and left door were taken out by some smeghead in a parking lot. Whom just drove off, of course. I hope he gets caught with the next one he does.;)

The '03 Impala used with 11000 on it. Needed a new halfshaft, brakes allaround (still have to pay for them), and needs a flush and fill. Tempted to have the shop we go to just put the universal stuff in.:confused:

[Grimm]

To me it boils down to two things: New cars you will know how it was taken care of (although it could still end up a lemon) and has a warranty. Used cars cost less money in the long run. So for me not being rich, the less cost of buying used wins out. I especially feel that people that cannot pay cash for a car should buy used just to get out of the hole of borrowing money.

This may get long winded, but a lot of people don't think much about the future, so read on if you dare.... Take my 2003 Bonneville for example, it was a $30K car brand new. Now most people would take out a loan, and be in for $600 a month for five years. Well say you are married, well once you are done paying for that car, your wife needs a new vehicle so the cycle begins again and you are constantly living paycheck to paycheck. Myself, I paid $16K for that car three years old. If I had to take out a loan, you would be looking at say $350 a month for five years. I'm ahead by $250 a month, so over that loan I can save $15,000! That is exactly what we have done buying used cars. My wife's and mine were both 2 year old used cars, and paid off early. And we were able to buy my Bonneville with cash this summer. We would still be looking at hefty loan payments and trying to make ends meet if we had bought new. While it's nice to get a new car and have that warranty, in three years you are still looking at a car that could still cost you money down the road after you are out of warranty. So while buying a used car could be a crap shoot, I feel the potential money savings outweighs any fear of getting a bad car, especially if you do your homework on finding a good model and have it looked at to make sure everything is in order if you don't trust the dealer.

[bambo2888]

everyone pretty much covered it, but buying new and used yields each their own benefits and downfalls.

new- warranty, you choice on color and model, high priced unless the market can be bargained, generally support backing the product

used- can find a great deal on a carefully picked product, problems not covered under warranty, maintenance can be sketchy.

if you do your research, i highly suggest a used car. you can find one in "new" condition, with all the papers, and all the records for a great price. however, if youre not the researching type, you may want to seek some help on this.

good luck, either way should yield a good outcome if you educate yourself on the car youre lookign at, including a CarFax.

[John U]

New:
Depreciates fast the first three years! Unless you pay cash, do you want to kiss that much money away and don't forget how much interest you'll flush down the drain????

Used:
a) There are many nicely cared for cars out there...look at how the people on this list care for theirs!
b) Someone else took the bath and you saved having to make the first three years worth of payments!
JU