Does it really make financial sense to buy used over new?

[GR_CoB]

Given the option....
I'd rather have a dependable old vehicle parked in front of my beautiful mansion, and be able to afford any car I want........
Than have an $80k new vehicle parked outside my mobile home while I struggle to make ends meet.
(No offense intended if you happen to be the latter)
Just me.
ymmv

On my daily commute I pass a house like that. There is literally a tiny mobile home with 2 like-new candy-red identical Suburbans, a lifted Jeep Gladiator, a lifted Jeep Renegade, and a lifted crew cab Polaris "truckster" thingy that the guy uses as a daily often. It's got windows and AC, and absolutely screams doing 60MPH. Plus occasionally a huge Freightliner motorhome, and a fifth wheel large camper. The home itself is maaaaybe 1000sqft. The whole combo does look interesting.

 

[GSCJR]

NEVER BUY A CAR SITTING ON SOMEBODY'S LAWN

Yeah, it might look like this after months of restoration with a total cost of $2500; I drove it for 2 years and then sold it for $3400.

 

[MaximumMini]

That's the way you do it

 

[MaximumMini]

only new for me. Don't want surprises.

I'd advise you also steer clear of flipping houses in that case

 

[MaximumMini]

That sounds like something a car hoarder would say.

Jay Leno comes to mind

 

[altaylar]

I think depends on the brand. Some cars loose depreciate very fast: great to buy used, bad to buy brand new. Some are the opposite.
If you are buying a Toyota, makes more sense to buy brand new as they don`t really depreciate. Sports cars used to depreciate a lot, but after Covid that seems to have changed a little bit. When I bought my GR86, I paid MSRP, whereas 2 years old used ones were being sold for MSRP +3K at least. But also at that time if you bought a Jaguar F type that was 5 years old, you would have paid the half of the MSRP.

Again, boils down to what car you are buying. Buying a luxury car: buy used. Buying a "reliable" car? Buy new. People seem to rather pay %30 more when buying the car rather than paying 10% of the car`s value later down the line for repairs. Behavioral economists study that behavior through insruance premiums.

 

[Torrid]

I'd advise you also steer clear of flipping houses in that case

The house I'm in just turned 100 years old this year. Every time I have to do work to it in the last 8 years we've been in it, it's been a disaster of some sort. I couldn't imagine doing fast work to flip houses. I don't think I'd keep my sanity about me.

 

[OVERKILL]

The house I'm in just turned 100 years old this year. Every time I have to do work to it in the last 8 years we've been in it, it's been a disaster of some sort. I couldn't imagine doing fast work to flip houses. I don't think I'd keep my sanity about me.

Yes, century homes are an adventure!

 

[John105]

I cannot afford to buy a new car. Period. Used is the only way to go for me.

Used is perfectly fine. The thing about the USA imho is that one commands respect when they do their best. Not every culture is like that. I’ve been at parties and someone will ask me what I paid for my house, car, etc. and they “compare” and one up. Someone once told me, you’re a vain person. I said how so?! “Every one of you cars is a premium make (Nissan, BMW, Buick, Lexus). My newest car at the time was 12 years old. He had a brand new CR-V. I didn’t agree with him but to each his own.

 

[50yr Street Mech]

Buyin a used car takes privately takes practice. I've only owned 2 new cars my entire life, the rest were private sales. The new cars gave me the most trouble. I've had dozens of used cars, even bought them for friends. You get good at it after a while. I started flippin them when i was younger !....Those days are over now. Too old to go " hunting". But, I was good at it. Never picked a lemon. No more. I'll stick to what I got. Run down new one, and 2 used ones. Back in the day, it was cheap to get a used car ( $ 500), maybe that's how I got so good at it. Now, $ 500 gets you a tank a gas. LOL

 

[MCompact]

I guess I am just lucky; my last new car purchase was my MS3 back in 2007. Since then all of my vehicles have been purchased used and none of them showed any signs of abuse or any repairs that could be traced to abuse.