Modern USED CAR buying TIPS & CUSTOMS

[Wolf359]

Originally Posted By: dishdude
Luxury cars still can be a deal used, but it's been a few years since I have come across a 2-3 year old mainstream car/truck/SUV that I felt was a better value than new. The worst are the certified ones that people buy, and then add on the extended warranty - they spent more on that than a new car would be!


You should look at the Mercedes E-350. I've noticed that they've tended to drop a lot after a couple years. The 2014 and 2013's can be had in the 30-35k range depending on mileage. When new, they were in the 60-70k range, but with discounts maybe 50k+ to around 60k. If you look at the 2010 models, they're in the 20-25k range. Best is probably a 2012 or 2013 and you can buy the extended warranty up to 100k or get 3 years unlimited miles on a CPO, but that might add 3-4k to the price.

 

[dishdude]

Originally Posted By: Wolf359
Originally Posted By: dishdude
Luxury cars still can be a deal used, but it's been a few years since I have come across a 2-3 year old mainstream car/truck/SUV that I felt was a better value than new. The worst are the certified ones that people buy, and then add on the extended warranty - they spent more on that than a new car would be!


You should look at the Mercedes E-350. I've noticed that they've tended to drop a lot after a couple years. The 2014 and 2013's can be had in the 30-35k range depending on mileage. When new, they were in the 60-70k range, but with discounts maybe 50k+ to around 60k. If you look at the 2010 models, they're in the 20-25k range. Best is probably a 2012 or 2013 and you can buy the extended warranty up to 100k or get 3 years unlimited miles on a CPO, but that might add 3-4k to the price.


E350s do drop like a rock! I bought a 2012 from a co-worker's in laws. Plan was to flip it but after driving it for a year and a half, I ended up losing $3k!

 

[Wolf359]

Originally Posted By: dishdude
E350s do drop like a rock! I bought a 2012 from a co-worker's in laws. Plan was to flip it but after driving it for a year and a half, I ended up losing $3k!


That's not bad, only about 2k per year. Drive it 10 years and that's like a 20k car. The 2010+ models don't seem to have any major problems like the 2003-2007 ones did. 2008/2009 were also good. For 12k you could probably get a late 2007 which had the engine problem fixed or a 2008 with higher mileage.

 

[SteveSRT8]

Originally Posted By: Mr Nice
I buy new and drive for 15 years.


Exactly. Plus many cars kind of bottom out and don't depreciate rapidly after the first 5-10 years.

My sig car is now just over ten years old.

 

[PandaBear]

So far the only real good deal (if you can call them that) on used car is unpopular models and rental car company retirees (Hertz).

Otherwise for still in warranty cars it is better to just buy new and wait for manufacture incentives.

 

[Andrew1972]

Originally Posted By: Silverado12
Originally Posted By: Wolf359
You can eat ramen noodles every day and save tons too.

Eventually when you've saved enough money and you can afford it, it's ok to spend it.


That's pretty much my thoughts exactly. I'm currently driving my son's old Cavalier we traded for my Challenger, and I'm wondering how long I can stand driving a Cavalier. Life is short. Live it up a little.


Driving a 2002 Cavalier is life's equivalent of eating ramen noodles!

 

[Wolf359]

Originally Posted By: PandaBear
So far the only real good deal (if you can call them that) on used car is unpopular models and rental car company retirees (Hertz).

Otherwise for still in warranty cars it is better to just buy new and wait for manufacture incentives.


Nope, best is probably a used car that still has some of the original manufacturer's warranty. Then buy the extended warranty. For instance Ford offers one that goes up to 8 years 150k, even Mercedes offers 7 years 100k.

Or wait on leasehackr for a killer lease deal. One reason you avoid new cars is the initial depreciation, however some lease deals have you just paying around 6-7% of MSRP so you're actually not paying the typical 40% depreciation you would normally get on a 3 year lease which would be more like 13% of MSRP per year. When the lease price is half of what it should be, the lease can be a better deal than a purchase.