Making Buying a Used Vehicle Pay

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Gene K

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Has anyone had a hard time making buying a 3-5 year old vehicle pay lately?

I keep starting out trying to do this but and up buying a new vehicle.

I started out looking for a 2011 Mustang GT with 30,000 to 40,000 mi with the Auto. They were all $21,000 and up so I ended up paying $26,500 after brochure rebate for a 2014 New.

Buddy looked for 3 months for a low mileage truck less than 5 years old for less than $20,000 just gave up and bought a 2016 F150 Supercab Sport 2.7 EB with Tow and Locker $35,100 MSRP for $22,600 after brochure rebate.

What happened to the days when you could buy a 3 year old car or 5 year old truck for half what a new one cost?

It's hard to give 80% for a 3 year old car or 5 year old truck.
 
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Cars are better built, they last so much longer.

Used to be a car was done at 100k....

Cheap cars today will have over 200k....

I bought new in desperation(and paid for that!) There is something to be said, it is nice to have a warranty, and people are viewing cars as throw away items, they are not keeping them 10 years or longer... then some expensive electronics fail....
 
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Originally Posted By: Vern_in_IL
Cars are better built, they last so much longer.

Used to be a car was done at 100k....


I remember this when I was a kid. My grandfather always considered the car worn out when it got near 100,000 miles.
 
I bought my 2010 Ford Fusion in July 2014, with 178,000 miles on it, for only $5,800.. it's up to almost 217,000 miles now, and still runs like a top.

Just gotta keep looking, and don't be afraid to negotiate. They wanted $8000 for the Fusion when I first went to look at it.
 
You can get a 2014 Mercedes E350 for around 30-35k with 30-50k miles. They're still 55k-65k new.

Also on those other cars, did you actually make an offer or were you just turned off by the asking price? Lots of times they have a lot of wiggle room on a used car vs a new one.
 
A family member of mine bought a 2-year-old Fusion with 10,000 miles for $10,000 off original MSRP. It was still under bumper-to-bumper warranty. I consider that a 1/3 discount on a brand new car.
 
Originally Posted By: SirTanon
I bought my 2010 Ford Fusion in July 2014, with 178,000 miles on it, for only $5,800.. it's up to almost 217,000 miles now, and still runs like a top.

Just gotta keep looking, and don't be afraid to negotiate. They wanted $8000 for the Fusion when I first went to look at it.


Even most "firm" prices eventually drop, sometimes by a substantial amount.
 
With good weather and reasonable maintenance and catching problems before they get serious can make for long vehicle life. I'm at 32 years and counting with a cheap Civic wagon. I'll get rid of it as soon as it starts to be a problem.

I'd be willing to bet that weather and climate are a very important factors when it comes to longevity. Good maintenance is expected.
 
Another thing to consider... if you want to save a lot on a used vehicle you would need to be willing to buy a vehicle that is not the "in thing". A Mustang is a hot ticket item. Popular used vehicles command a premium.
 
Just went through this exercise while truck shopping. Had a very tough time making the numbers on a used one work out in the long run... Less money up front, but on a per mile basis (on what I would expect to get out of it), the cost was usually close to even with new, and on top of that, I get the best years and better fuel mileage with the new one. Thus how my driveway now has a 2016 F150 in it instead of a a 2011-2014 F150...
 
My buddy bought a 2 year old Tacoma 4X4 for $30K w 25K miles on it and a touneau cover. A week later another friend bought a brand new Tacoma 4X4 (everything same as the 2 year old truck except color) for $37K. $7K is a lot of money but if it was me, perhaps I would have bought new
 
The 3-5 yr range for some cars might be too restrictive, especially for a performance/sports car where lots of depreciation remains. My last 2 daily drivers have worked out well. The first one I bought in 2001 at 4 years old with 29K miles at 13% of MSRP. The next one was in 2009, and was 7 years old with 22K miles, at 23% of MSRP. I consider anything in the 3-9 year old range for daily driver duty...though I realize the depreciation curve is more advantageous around the 6-9 year point. My 1999 SS was purchased at 13 yrs old, 12K miles, and at 40% of MSRP ($12K)....it actually stopped depreciating in 2012. Have yet to ever buy anything new.

For a $21K performance car that is in strong demand, but well depreciated, I'd look at the 2001-2003 400+ hp Z06 Vettes. You can probably find a car with 25K-35K miles in that range. A bit on the older side though.
 
Originally Posted By: splinter
Yeah somehow they seem to depreciate more quickly when you're the seller rather than the buyer.

Got that right. If I want something it's worth a lot. If I want to sell something it isn't worth anything.
 
As alluded to by other posters, you are looking at very 'in demand' vehicles. Any sort of pickup commands a premium on the used market. Mustangs too.
 
"Making Buying a Used Vehicle Pay" is happening with VW.

Quote:
Owners who bought before September 18 are entitled to cash payments equal to 20 percent of a car's National Automobile Dealers Association (NADA) "clean value" from September 2015, plus $2,986.73.

But for owners who bought their cars after that date, the number will be 10 percent of the vehicle's value, plus $1,493.37.

The minimum payment for owners who bought their cars before the cutoff date is $5,100, versus $2,550 for owners who bought their cars after that date.


Quote:
Owners who opt for the buyback get the vehicle's full September 2015 NADA value, as well as the full amount of any restitution payments they would have received had they chosen to keep their cars and have them modified.

So owners who bought their cars after September 18, 2015, will get the full buyback value, plus $1,493.37, plus the value of the restitution payment (which will be no less than $2,550).



https://www.yahoo.com/news/buyback-cash-bought-vw-diesel-sept-18-140000586.html

After September 18, 2015 the value of some VW diesels dropped by 20% or more, now the buyers of VW diesel after that date can get NADA clean value plus at least 2,550.
 
Depends on the vehicle. Mercedes-Benz audi and bmw lose the most value over the course of 3-5 years.
 
When banks aren't afraid to lend, depreciation doesn't seem to happen as quickly. And this isn't just cars: 2nd houses ("camps") used to have a stigma that made getting mortgages harder and you could get property for a couple thousand bucks. Then, boom, financing.
 
Originally Posted By: kschachn
Originally Posted By: Vern_in_IL
Cars are better built, they last so much longer.

Used to be a car was done at 100k....


I remember this when I was a kid. My grandfather always considered the car worn out when it got near 100,000 miles.



Yes and we should thanks the japanese for forcing Detroit into making better cars IMHO
 
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