New VS. Used Car - Does Buying Lightly Used Really Save You Money?
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- เผยแพร่เมื่อ 6 ก.ค. 2024
- Does buying a lightly used car really save you money? We explain the difference between buying a brand new car versus a slightly used car such as a 1 year old car or demo. Which option saves you the most money? The answer might surprise you!
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With over a decade of experience as a professional car buyer and auto consultant, Shari Prymak has helped thousands of consumers with their car buying needs. Car Help Corner provides honest, objective, consumer advice with all aspects of car buying and car ownership. For more professional advice, check out Car Help Canada, become a member, and subscribe! - ยานยนต์และพาหนะ
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I have always bought new Japanese cars (Acura/Toyota) but I keep for 10+ years and 200K miles. Buying a used car that will save me some money doesn’t make sense because the maintenance issues will come up sooner. Again, as long as you aren’t flipping into a new car every few years, I’ve found buying new is perfectly ok as long as your willing to keep long term. I like Japanese cars for lower maintenance compared to European brands which I’ve also owned (Mercedes Benz).
I do the exact same but I’ve always driven fords. My 99 escort I had 11 years. 2011 focus for 10 years. Now with the crazy prices I just bought the first new vehicle I’ve ever owned. 2021 Ford ranger. I imagine I’ll keep it 10 to 12 years. If ford ever lets me down I’ll be going straight to Toyota. So far, I’ve had good luck with fords. I do drive like an old man and take really good care of my vehicles. Oil changes ever 4k miles
The years rav 4 flip design it dips the price of a car like the 18 rav when the 19 came out by the 20 it dipped but not after covid 19 dealer rip offs
@@-randychasechase2660 yep lots of people charging crazy prices now. I just bought my wife a rav4 a couple days ago. We didn’t pay over msrp, so I was happy with it. We didn’t pay under either
I bought a 1.5 yo VW Passat for $16 K which was about $26 K with all the options new. 19 years later it now has 265 K miles on it and it is still running great. Since I have done all basic maintenance and much of the repairs myself it has been a very inexpensive car for me over all those years. If you can't to any maintenance and repairs yourself though, getting a German car is probably not the best idea since parts and labor is expensive on those cars especially if you go to specialty German car shops or dealerships.
Hi Shari, thank you for this video. I bought a 3 year-old Audi convertible with 7,000 miles and saved a bundle. But now looking at a spare car (Hyundai, Nissan or similar) you're correct. It makes more sense to look at new models vs used because they retain their value compared to the European cars. Your video makes sense and I'll buy new. Thank you and keep up the terrific work for car-buyers. Your videos are excellent and fair.
There will be no used cars without brand new cars, so guys just do your thing and buy brand new cars. Used cars buyers like me loves you! More power!!!
that was well presented. good job.
Came across your channel.absolutely love the information that you have provided.Thank you for the great content and will be supporting you.
Thank you very much for your support!
That's why I buy a few years older vehicle with fairly low mileages dropping the price considerably more and I have an understanding if that vehicle is worth buying based on consumer reviews.
Super helpful!!! Thank you!
I would say few people are opting for a 1 year old model instead of brand new. Most would just get the brand new car. A much better comparison would have been choosing brand new vs a 3 year old model.
I'll be making that video too. I just wanted to address this because I often have clients who think a 1 year old car is way cheaper than a new one and then I have to break the news to them.
I was thinking the same thing. I’m more interested in seeing a comparison with a 3 year old vehicle.
I always feel that buying 4-5 year old car is the best way to save money and get a your desirable car which would be very pricey if bought new. 1 year old is too less of a time for the car price to drop significantly, unless you hit a jackpot by buying the car from someone fleeing the country or something.
Great Video!! Thank you!!
Good report, thank you
Please continue to post such an informative videos. Therefore, people like us will get the needed knowledge in real life.
"It's only $900/mo. Seriously, most ppl are being priced out of the market & onto the bus.
That's the whole point, politicians don't want the plebs driving cars
It make sense buying new 👍thank you for sharing
Great video. This is a reasonable, well balanced perspective. I had always thought it's best to buy used cars, but you showed me that new cars can be a good choice too.
I usually buy used, at least 5 years old with the fewest miles I can find.
I would be wary of buying a used car that is less than a year old. It might have a serious defect that motivated the previous owner to trade it in.
I agree with this. We buy new Honda's and Subaru's at near zero interest rates and keep them at least 10 years. However one exception I found (pre pandemic) was 1-2 year old certified Hyundai's - they are fairly well made but lack the reputation of Honda and so they depreciate notably right off the lot - BUT - they come with Hyundai's well regarded extended warranty program. That was 2 years ago - right now most used cars are overpriced.
Good advice. There is one other factor to consider. When buying a used car, you are also buying options the original buyer chose and paid for which you may not have interest in.
I got a deal for 27,000$ for a 2018 Infiniti QX60 AWD Premium Edition. One owner and only had 70K miles. Got DVD Entertainment system for my kids, roof rack, Tech Package, beige interior and it's just mad loaded. It was in mint condition as well. It's how to talk to your dealer. Got to be the quieted cabin I've been in. My Monthly payment is only 489$ a Month.
By the way, you remind me of Mr. Bean.
My 19 year old Ford, unfortunately, had to be replaced recently. Stock is severely limited everywhere and new is selling thousands above retail. Used is priced ridiculously, too. SO pushed for a Subaru due to holding resale value. Found a used CRV with 5K miles on it. Likely just as costly as brand new. However, this one ticks all my boxes and then some. Plus, should hold value. From looking, would have needed to compromise with a new one or waited months for one to be ordered to my specs. She has the potential to be a 20 year vehicle. It’s unfortunate to need to replace a vehicle at this time.
Back in 2014 a brand new Ford Escape was $34,000. I bought a 2012 with 17K on it for $20,000. This would tend to support the myth
Lol shows you how well Fords retain their value
New subscriber……like your videos
It might have been true in the past but not today. I paid the same for my 2020 HRV touring edition as it would have cost new. The only reason I didn't get a new one is because of the car shortage.
Especially nowadays with used cars through the roof. Better to buy a 2 year old car with low miles but only when this shortage goes away.
Thank you.
I've been price checking a brand new car vs 1-2 year olds, and just came to the conclusion that it makes more sense to buy a new one and avoid the headache.
Very True!!
It's kinda OK perspective if we are talking specifically about 1 year old. Story will be different if we are looking for the most saving coupled with reliability. Leaving aside luxury brands. The most value for money car is the one you buy 3 years old and sold 7 years old. The cars will lose approximately 35 to 40% of it value after 3years and approx 60 to 65 % after 7yeras. So if someone was choosing wisely and was a cash buyer, he can end up paying between 20 to 25% of the car original value and used it for 4 years where the car still is good shape and reliable. Just my opinion based on my experience.
That's a pretty good approach, especially if you can pay cash
That's true and his example involve buying a used car from a dealership. As a thought, he is promoting his business which is being a car broker. He would want you to buy a newer more expensive car.
I use the same tactic. I look for 1 owner, 3-4 years old. Private sales.
These are my thoughts. I have always been told that its ok to buy a used car with mid to low mileage. However i also believe that if that car comes out to be the same monthly payment as a new car, or is even $10-$50 less than a new car monthly payment then its better to go with a new car. It also depends on the type of car. Like if you’re buying a used Lamborghini with 10,000 miles and its only a year old, you might begetting lucky that the previous owner didn’t like the car and decided to sell it or there might be a problem that the previous owner didn’t want to take care of that becomes your problem now. Granted, before you buy a used or even new car the dealers check the cars to make sure there are no issues but still. Some of them say things are ok but then you get the car and after a month or 2 or after a year issues arise. That’s why if you can afford it, buy a car like a Lamborghini or Chevy corvette new. On the flip side, a car like a Ford Mustang or a Chevy Camaro or even a Mercedes Benz that’s 2-3 years old, you should be good on the issues but if you want to save money on the car without paying that new car price you run into higher mileage of 20,000-30,000 even 40,000. These are. Just my opinions based on what I’ve been told growing up but take my comments with a grain of salt. Not everyone can financially afford a brand new car and has to settle for a 2-3 maybe even 5 year old car.
Thinking of buying the 2022 Corolla Cross, what’s your opinion about buying a new model car, should I wait to see if there are any issues or go ahead and buy it because Toyota is well known for making reliable cars?
The one problem with this video is the loan term. Most loans are 5 yrs or more. So using 3 yrs is well below the average for car financing
Awesome info! Thanks!
It's certainly not a myth in my part of the world where new cars see a cliff effect in value after leaving the dealership. Even for models that are supposedly high in demand, we are still looking at a double digit depreciation. For example, a base Macan with a few basic options which cost USD240,000 new vs USD200,00 after a year is considered one of the rare models that hold its value very well.
This is exactly what I faced, by doing little calculations, the one who buy one year later car is actually loosing.
I bought a 1.5 yo VW Passat for $16 K which was about $26 K with all the options new. 19 years later it now has 265 K miles on it and it is still running great. Since I paid cash and have done all basic maintenance and much of the repairs myself it has been a very inexpensive car for me over all those years. If you can't to any maintenance and repairs yourself though, getting a German car is probably not the best idea since parts and labor is expensive on those cars especially if you go to specialty German car shops or dealerships.
I have a question regarding a used car about 9 years old at $8,790 I'm just curious can I put a down payment on a used car say $4,500 and this car is at a used car Dealership
Right now is not a good time to buy used , prices are jacked up too high
Great advice. 👍
This is so true for the last couple yrs pandemic situation.. used cars is way over price might as well buy new
These kinds of car buying strategies video are what u r good at. Rather than those cars ranking or cars intro.
I'm trying to decide on 2022 Hyundai Venue Sel or 2019 Hyundai tucson Sel.. cost is around the same...
Your video is very informative. I have a 2019 honda crv AWD on lease ending in June 2022. I wanted to move to hybrid I looked at options on new honda crv hybrid & Toyota rv4 hybrid & plug in hybrid too. Iam confused whether it is good time to shift or wait till 2022 till my lease end please suggest.
I would begin exploring your options 3-4 months before your lease ends. Some hybrid models are in very short supply and require a dealer order with a significant waiting period depending on your location. If you decide to go with the CR-V Hybrid, you might be able to end the lease early and receive loyalty rebates as a current Honda owner.
I would treat a "lightly used" car with great suspicion. Normally people don't just flip cars after 1-2 years of ownership. It's either been wrecked and repaired, or repossessed or flooded. Or the real mileage is astronomical. There is a reason why they are getting rid of the car.
Can you do sa review for your top 10, seven seater car. Thanks
Says, New cars don't depreciate, but buy used. Hrmm. And why is everyone pushing suvs or crossovers? We want v6 sedans
900 per month for a car, are you crazy? Plus insurance costs? There is rarely anything significant a new car has to offer over a 3-4 years old car.
When I was growing up in the 1970s and 80s, we always bought "lightly used" cars for a great price and did well. Now, it doesn't matter. You're paying the equivalent of a house-on-wheels with anything past the most basic transportation. I never thought I'd see SUVs with 50k+ miles selling for $40K or more. It's ridiculous, but I suppose the prices are market-driven.
I just bought a 2023 Mazda cx-5 premium with 19k miles for 25k vs the new one for 35k
How about the cost of scheduled maintenance
Interesting. I was coming to the same conclusion.
Hi Shari.Is it better to buy a 2020 Murano Platinum for $39750 or a brand new one for $49000 and try to negotiate a better price. And is this Murano dependable for 7 years, I only drive 15000 km a year. Thanks
If it is brand new and has full warranty, I would go with the 2020. Even with rebates and dealer discounts, the 2021 will still cost significantly more. There were no updates for 2021 so you are not missing out on anything either. The Murano is an excellent SUV. They are very reliable, comfortable to drive, and make great power with Nissan's time-tested V6 engine. th-cam.com/video/538SiCeZlTY/w-d-xo.html
@@carhelpcorner Thank you so much, at least I know now that the car is reliable. I actually have another question if you would be so kind and help me with it. I have a 2017 BMW 530 XI with only 35000 km , and people tell me that I should get rid off as I am coming to the end of my warranty. Two more years warrantee would cost me $4000.00 which I find very steep and my finances are not what they were when I bought this car. Is it reliable enough to keep it post warranty or is it better to change it with the Murano. Thank you so much
@@MrCasablanca82 There is a good chance you should be okay for a few more years especially because you don't use it too heavily. BMWs tend to become very expensive to repair when they are 6-7 years old, at which point the resale value is very low as well. Changing cars sooner rather than later, however, could save you money in the long run and allow you to get a much better price for your BMW before it drops sharply.
@@carhelpcorner Thank you very much Shari, you gave me the best information I could hope for. I think I will trade it in now as I can still get a good price for it. I really appreciate your help. Have a great day
Good video but hardly anyone finances a car for 3 years
How about VW golf GTI? I’m still thinking to buy a new one or a 2 year old used...
The Golf GTI has average depreciation so it is worth considering a lightly used one if the savings are great enough. It would need to be at least 30% savings and be a clean low mileage example to make it worthwhile. Otherwise, you can find amazing incentives, such as close to 0% interest financing, on a new one.
@@carhelpcorner another thing on used GTI is not sure how it was driven as its a sporty car and could be abused unlike buying a civic or corolla. I like the new safety features and key less entry so probably a new one would be better.. thanks for the info 😊
Hey Shari traded in my 2010 toyota rav 4 sport V6 with 188000KM, for a New 2020 Honda Civic sport touring. After trade in + taxes out the door it came to $26765 out the door, was that a good deal?
From the sound of it I think you did well. It sounds like the dealer gave you fair market value for your RAV4 and that's quite a substantial discount from a new 2021. Well done!
Should of gotten a rav4 hybrid TBH
Can you make more videos on used car example just like Uri one. That was really a good one!. It change my perception that only Toyota and Civics are best made used car in Canadian Market
Sure thing! I have more video ideas for used cars in the pipeline
Used civics are way overpriced. A dealership here in Milton want $23,000 plus tax for a 2018 civic EX with 80,000 kms. The same dealership has a 2020 civic with 20,000 kms for the exact same price. Not worth it.
@@kevinW826 I bought a 2012 civic for 8500CAD All in (taxes, fees etc) in 2015. ~100,000km. Great deal! About a week before you posted your comment, the poor thing got totaled in a 3 car accident on yonge street!
Just got through the insurance process, and after manually renegotiating, im getting back 9300 PLUS 13% tax (minus insurance deductible), its over 10$! So I made money!! Crazy...only problem is i have to buy back into this market!
Left right left right left right
Brand new cars are for the people that actually can afford one (doctors,enginiers, bussiness owners, CEO'S etc... ) the problem is when you "think" you can have a new one.
Can it be cheaper to pay cash in full for a car ?
You could but I don't recommend that if you can get a very low interest rate for financing. You can invest your cash instead of tying it up in an expensive car
You sound like a car salesman. :)
What was in the used car, were they identical? I ask because I've bought used cars because you can get a better loaded up trim for the cost of, say, entry level, trim. Plus save a little. But prices are crazy right now and I've seen used going for more than new. What the heck?!
not after 1 year, and comparing msrp to used car prices is dumb because in a normal market most vehicles go for less than sticker always
Can you remake this video for today
Very low mileage high spec LEXUS NX300h has saving of up to 8000$...
Anyone can find a good offer for a new car to prove your point and then dozen of cars to disprove it...
Most have opinions based on personal experience
same here 2018 BMW x3 with trade in saved me 20thousand dollars super low milage
If you have good credit and get 0% financing,,just buy new,,I am tired of used car salesman and shady mechanics ripping you off every time...
My first car was a 3 year old lease return Honda Accord with 42k kms. It was about 33% or 10k cheaper than new but over a 10 year owneship, spent lots of money on maintenance including brakes and suspension. Based on that experience, I'll buy new if I plan to keep the car 7-10 years.
i guess if a 1 year old car was alot less then a new one then people wont buy new lol
His example is buying used car from the dealership. It used to be much cheaper buyer from a private owner, but during this current time, I found its not alot of difference.
lol if financing on use vehicles dealership would f**ck u up with high interest rate on used vehicles
My 4Runner depreciated negative 10 percent (it appreciated) in 4 years. Used car buyers are fools.
This is literally a once in a lifetime event 😂
Yes, there has been hyperinflation due to the pandemic and supply chain problems but that will end and what you say about this will no longer be true.
If you’re paying interest on a car, you’re doing it way wrong.
Please explain? If you are financing the car, how do you avoid paying interest?
@@KingRockets Cash. No financing.
@@discorabbit people finance cause most people don't have the luxury to pay cash in full I'm sure if they did they would 🤯
Agreed. Borrowing money to get a depreciating asset is the dumbest financial concept imaginable. You borrow to finance the purchase of APPRECIATING assets, and even that you have to do judiciously.
@@jaypark6960 the car makes people money how u think they get to and from work? Having a car compared to walking is priceless. Plus most cars are on the road are paying for themselves uber lyft etc. I'll have this car for 5 years will make me 200,000 and I'll sell it for about 3 to 5 grand I paid 25 g
I think he is giving bad advice. I have always bought 1-2-year-old cars and saved loads on a new one. There are occasions when a new car is so in demand and difficult to get hold of that is better to be patient and buy new. If a dealer wants a lot of money on a used car just go to a different dealer
Trade in every 2 years.
LOL, buy a second-hand luxury European brand break a bumper and pay through your nose and ass for repairs.
Would never buy a foreign car i dont care how reliable they may be. I will stick with north american vehicles those foreign cars are boring and small anyway. And yet people will buy them because they are cheap. Meh meh meh.
"new car value depreciated after it hits the ground". Common, no one sells their car after they just bought it. This is useless info
Really stupid time to put out this themed video. Covid, and everything related. And of course chip shortages.
Christ is the ONLY WAY to heaven!!!!!!