How much would you need to save to buy used?

[Astro14]

Most of the cars I’ve owned have been bought used. I always bought a 3-5 year old used car for less than half of new, and drove it for many, many years. I’m not sure that is how I will roll in the future. I can do everything to keep a car on the road, but I’m not sure that I want to…

Back on topic.

In your example, I would buy the new one. Small increase in cost - big difference in previous drivers and potential maintenance.

 

[KCJeep]

When a 2 to 3 year old car got you 40+ percent off they were the Best Buy and what I bought. Since 2020 new cars have made more sense. My Mustang was literally the same price as a used one, I just had to hunt to find one in stock.

If you do buy used don’t buy the one you mentioned, big red flag on that one.

 

[tbm5690]

If it wasn't from Hertz, the 20% price difference is enough for me to buy used. This particular case? New. Or, if it was me, a different used one with a good history assuming prices are similar.

 

[joekingcorvette]

If you don't buy it someone else will. It's priced about right IMO however for 5K and one year I would have to buy the brand new one.

 

[Kurtatron]

I agree with the prior commenter. I would buy the used car if it weren’t a rental car. If it was a single owner and had maintenance receipts, I would take the $5k savings. But a rental car? Nah, I’d go new.

 

[dumkid]

You fit right in on here.................who needs air conditioning and heating... I mean really....just drives up the cost.

Ahh here in Arizona i want an intact a/c system (i can recharge it) and an fm radio. The coldest it gets is 25 for the lows and the highs are in the 60s all summer.

And I made a mistake using a civic as an example, because everyone wants one of those. Something a little more obscure that your average shop doesn't want to work on like an inline 5 Volvo or almost any diesel car

 

[supton]

And I made a mistake using a civic as an example, because everyone wants one of those. Something a little more obscure that your average shop doesn't want to work on

I suppose it could make financial sense... but does it? to save money by buying the cheapest car possible, only to turn around and pay a shop to repair.

I get it, a gamble can pay off. A $500 beater with a bad trans that you *think* you can live with, only to find out that you can't... (or you didn't know about going in), that $4k or $5k replacement, if it lasts 5yr with no other repairs, would be pretty good. Still good if all other repairs are minor and most of those can be DIY. It's still a gamble that most aren't willing to take.

 

[SatinSilver]

Why does a rental company sell a car with 13K miles/1 yr? Maybe something is going on, you know that they don't report accidents

Because they need a lot of cash quickly after all the Teslas they purchased.
Just Google "Hertz financial condition".

 

[wpod]

What is the warranty on a new car worth? Lots. My daughter worked and save up for her first can and she looked at used cars so when it came for here to buy a used car I stepped up and bought her a brant new car that was the car she wanted and it was only $3600.00 more with a warranty and didn't have 70,000.00 miles of who knows what kind of abuse and maintenance. She has had the car for 13 years and had zero problems other than normal maintenance.

 

[supton]

What is the warranty on a new car worth? Lots. My daughter worked and save up for her first can and she looked at used cars so when it came for here to buy a used car I stepped up and bought her a brant new car that was the car she wanted and it was only $3600.00 more with a warranty and didn't have 70,000.00 miles of who knows what kind of abuse and maintenance. She has had the car for 13 years and had zero problems other than normal maintenance.

I hear what you are saying, but she paid for a warranty that she didn't use. Arguably, she didn't need to use the warranty because it wasn't used (let alone abused). But we seem to assume that every PO abused the snot out of every used car and that no used car is worth buying.

I agree, a few grand in savings isn't saving much. Not sure if ins&reg is a bit more money on top of that though? not sure how fast those costs drop per year. Saving $4k buying used might be more like $5k when all costs are added up. [Then again, if it needs new tires and that's $1k out of pocket... not so much saved. But how many of us here have bought a new car and hated the tires it came with?]

Not sure what a good depreciation rate for mileage is these days (20c/m?), nor depreciation due to age (10% first year, 5% per year after that, plus mileage)? Can one eyeball that and determine if the used vehicle has depreciated appropriately?

Seems like a big gamble for only few thousand. But for some, a few grand is what they'd call "big money". A few thousand extra on a bank note can turn into a few thousand more, if not careful. Or if one is trying to avoid that note altogether, a few grand can be a hard stop.

 

[ATex7239]

Buy the new one, so you can perform the BITOG’s highly touted and widely coveted break in oil change… Since it’s a rental, I can guarantee it never got an early dump. It’ll probably grenade the second you get it over 3000 RPM from all the left over debris.

 

[AZjeff]

I hear what you are saying, but she paid for a warranty that she didn't use.

It's insurance, ,just like paying for car and health insurance that you hope to not use, maybe don't use but need to be financially protected.

A 1 owner vehicle with 13k is a different risk than a rental with 13k.

 

[Elkins45]

It's insurance, ,just like paying for car and health insurance that you hope to not use, maybe don't use but need to be financially protected.

A 1 owner vehicle with 13k is a different risk than a rental with 13k.

A one owner vehicle with 13k is usually an unmarried soldier getting transferred overseas, grandma died, or over-extended mid-level tech guy. So that only works if you want to buy a Mustang, Challenger, Buick, Grand Marquis or BMW.

 

[Elkins45]

Buy the new one, so you can perform the BITOG’s highly touted and widely coveted break in oil change… Since it’s a rental, I can guarantee it never got an early dump. It’ll probably grenade the second you get it over 3000 RPM from all the left over debris.

Normally I would agree but it’s a Toyota, the only brand capable of shrugging off such abuse.

 

[MCompact]

I’ve only bought 3 new cars- 2 3 Series (I still have 1 of them) and a Mazdaspeed 3. I buy used to get something more entertaining than a new vehicle of the same cost.

 

[Tdbo]

You fit right in on here.................who needs air conditioning and heating... I mean really....just drives up the cost.

Easy to see why A/C is a requirement for you.
All the hot air must be hard on anyone in your general vicinity.

 

[MCompact]

You fit right in on here.................who needs air conditioning and heating... I mean really....just drives up the cost.

You forgot "Pay cash and drive it for 400,000 miles."

 

[awguy]

Once upon a time we bought a year old Toyota with 22,000 miles. From Avis Rent A Car. 33 years and 200,000 miles later still ran great when sold.

 

[CKN]

Easy to see why A/C is a requirement for you.
All the hot air must be hard on anyone in your general vicinity.

Well-if you can't take the "hot air" feel free to block me. I don't get "ruffled" easily. I got a few on here that do block me-it's a small club...but you could join!

 

[Tdbo]

Well-if you can't take the "hot air" feel free to block me. I don't get "ruffled" easily. I got a few on here that do block me-it's a small club...but you could join!

Wouldn't give you the pleasure.