In deciding whether to put a major expense into a car, what is the value of being the original owner of a car and keeping it, as opposed to buying a used car? If you're the original owner, you generally know every thing about the car's maintenance, something you can never be 100% confident about when buying used. I am trying to calculate whether it is worth it to put money into a car and keeping it for several more years, or trading it in, and to me there should be some factor as to what a car is worth if you're the only registered owner. Is it worth 20% more than book value? 15%? 10%?
What is the value of being the original owner of a car?
- Thread starter PeterGreen
- Start date
If you are selling the car or trading it in to a dealership, there is probably not much value.
If you are selling private party, probably more but it depends on the buyer. I imagine it would attract more attention.
Of course, collectibles are their own market. One owner is pretty huge.
Good luck.
If you are selling private party, probably more but it depends on the buyer. I imagine it would attract more attention.
Of course, collectibles are their own market. One owner is pretty huge.
Good luck.
I don't look at book value to determine if a repair is worth it. I look what a replacement would cost me annually. If a replacement will cost me 5k in the first year in lost value and assorted costs that the old car doesn't have, the old car is likely worth a 5k repair. Not many repairs run that high though...
It just really depends on too many factors.
* Your wealth? What can you afford? New cars, esp if you must take a loan, are very very very expensive.
* Time horizon? Is this a temporary or medium or long-term need?
* Availability of suitable replacements?
* Price of suitable replacements?
* New car "nanny state monitoring" technology bloat vs. old reliable models with known brand/model track records?
The advantages of new cars is warranty, "new" and you know the history. Are these worth the 2-5-10 times cost over used? It depends.
I answer these questions as follows. I almost always buy a excellent condition used car, which in "normal" times has allowed me to get an excellent condition vehicle for anywhere from 1/2 to 1/10th of the original cost but they still have 50 to 90% of their remaining life span. To me, a car about 10-20 years old hits the sweet spot of cost versus remaining life.
* Your wealth? What can you afford? New cars, esp if you must take a loan, are very very very expensive.
* Time horizon? Is this a temporary or medium or long-term need?
* Availability of suitable replacements?
* Price of suitable replacements?
* New car "nanny state monitoring" technology bloat vs. old reliable models with known brand/model track records?
The advantages of new cars is warranty, "new" and you know the history. Are these worth the 2-5-10 times cost over used? It depends.
I answer these questions as follows. I almost always buy a excellent condition used car, which in "normal" times has allowed me to get an excellent condition vehicle for anywhere from 1/2 to 1/10th of the original cost but they still have 50 to 90% of their remaining life span. To me, a car about 10-20 years old hits the sweet spot of cost versus remaining life.
How does anyone answer this in a short version? There are so many variables to consider?
I suppose in a nut shell unless you know the person you are buying a used car from, you have no idea the complete history of it right down to that sticky now gummy from age lollypop that you find someday stuck under a seat cushion and wonder how it got there?
There have been cars I bought used that I meticulously inspected and then when I went to do a service found fasteners stripped from the careless person in a hurry. However that said I have still purchased well over 100 used vehicles for my own personal use and maybe only about a dozen brand new vehicle's so far in my life. Most all the used ones needed some money to get them where I wanted them. And most all needed TCL detail and cleaning everything. You want to get an idea how a used car was generally treated look at the door jam and under the door area. Those places never get washed from a drive through and seldom hand washing cleans them. Also most detail shops charge an extra amount and very few offer it verbally or on what they detail. Because they are PIA to clean.
As for worth of a use vehicle the book are guides and the market or value changes almost everyday. When I had my dealers License to buy from dealer auctions everyone seem to have the latest blue or black book in there hand when they were bidding. I just waited to see were the slow down bidding started and then decided to bid or let it go.
To me if I ask a price I could careless what any book says its worth you can buy it for what I am asking or not.
I suppose in a nut shell unless you know the person you are buying a used car from, you have no idea the complete history of it right down to that sticky now gummy from age lollypop that you find someday stuck under a seat cushion and wonder how it got there?
There have been cars I bought used that I meticulously inspected and then when I went to do a service found fasteners stripped from the careless person in a hurry. However that said I have still purchased well over 100 used vehicles for my own personal use and maybe only about a dozen brand new vehicle's so far in my life. Most all the used ones needed some money to get them where I wanted them. And most all needed TCL detail and cleaning everything. You want to get an idea how a used car was generally treated look at the door jam and under the door area. Those places never get washed from a drive through and seldom hand washing cleans them. Also most detail shops charge an extra amount and very few offer it verbally or on what they detail. Because they are PIA to clean.
As for worth of a use vehicle the book are guides and the market or value changes almost everyday. When I had my dealers License to buy from dealer auctions everyone seem to have the latest blue or black book in there hand when they were bidding. I just waited to see were the slow down bidding started and then decided to bid or let it go.
To me if I ask a price I could careless what any book says its worth you can buy it for what I am asking or not.
Part of it is so when you say "adult owned, never abused" people would be more likely to believe you.
The concerns of "i don't know the history" is often resolved with a few questions, getting paperwork, and a little bit of leg-work. On my used vehicles I generally get sufficient paperwork from the seller and/or running a few reports like Carfax to get a good idea of where and how the vehicle was serviced, and any big concerns.
It goes without saying that a full thorough inspection before the purchase saves a lot of headaches and expenses.
I also budget a few hundred dollars, maybe $1000 or so, for things that I know it will likely need, esp if there's no paperwork - plugs, wires, brakes, fluids, timing belts if applicable, etc. I generally get the vehicle and just start servicing it as though it probably needs it.
It goes without saying that a full thorough inspection before the purchase saves a lot of headaches and expenses.
I also budget a few hundred dollars, maybe $1000 or so, for things that I know it will likely need, esp if there's no paperwork - plugs, wires, brakes, fluids, timing belts if applicable, etc. I generally get the vehicle and just start servicing it as though it probably needs it.
Ya think that applies to those same adults that have rented vehicles in their past? Don't do things to your own car but a rental....
That is really good looking and super clean. The SS wheels and TA's great touch!Bought my Silverado new in June 83 and it's been my daily driver for the last 38 yrs, couldn't put a value on being an original owner or truck, besides my daughters would "KILL" me should I ever part with it.
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I've owned my Ridgeline for almost 15 years, and the M35 for over 13 years. My wife and I have no interest in selling them. If we did, the perceived extra value of original ownership would be greater in our minds probably than in the mind of a private buyer. Both vehicles would sell quickly on Autotrader or www.cars.com so long as we didn't overprice them. In short, it's subjective and there's no percentage formula you can use.
People buying used are either cheapskates or don't have a lot of money to spend. Neither bodes well to increase the value of your car. Condition/cleanliness, maintenance and intangibles like this rarely move the meter.
Agree if you are talking about common, everyday vehicles. But many people prefer to buy a luxury car coming off a 2 or 3 year lease to save beaucoup money (depreciation) and still have a new car warranty. I wouldn't consider those people to be cheapskates.
Zee09
$200 Site Donor 2023
I always buy new and take care of my cars. I always have relatives and friends lined up to buy my stuff but as Dishdude said... They want to steal them not pay up.
My last dozen or so went to dealers and they paid up. Mostly trucks.
My last dozen or so went to dealers and they paid up. Mostly trucks.
I have an opinion that you also when those likely rare times borrow something you return it in better condition then when you borrowed it!
There are a number of benefits to both buying new and buying used. Everyone has to balance it out. I've only bought one car new, my wife's '13 Outback. Being a penny pincher, I do prefer to buy used cars. But for me, there were three reasons for buying the Outback new.
While it wasn't one of the reasons I bought new, there is definitely value in that new car smell and feeling. Not having to clean out someone else's trash from under the seats. No one else's settings in the memory seat settings or the radio or navigation. No one else's body dander and dust in the car. You are first.
I tend to keep my cars for quite some time. So the additional expense of buying new is amortized over the almost 8 years and counting that we will drive it. For me, it would be hard to justify new if I traded cars every 3-4 years.
I saved a lot of money when I bought my E350 with a rebuilt title. After driving it for almost 2 years, it has a higher resale value than what I paid for it. So I'm probably going to sell it for a profit and buy another rebuilt title car. With the exception of driving a car that becomes collectable, long enough for that to happen, you will never make money on buying a new car.
So both have their advantages. Only you can decide if a new car is worth it to you.
- At that time at least, used Outbacks had a high retention value, so the price difference between used and new wasn't that much, especially when I used my ESP discount.
- Warranty. Although I had no major issues, and only a few very minor items, it is reassuring to know that a warranty will take care of anything for the first few years.
- Knowing maintenance history. I do love that about my wife's Outback. I know it all. All receipts and maintenance records in a binder. I know that all oil changes, diff fluid changes, CVT fluid changes, etc., have all been done to the schedule. No uncertainty at all.
While it wasn't one of the reasons I bought new, there is definitely value in that new car smell and feeling. Not having to clean out someone else's trash from under the seats. No one else's settings in the memory seat settings or the radio or navigation. No one else's body dander and dust in the car. You are first.
I tend to keep my cars for quite some time. So the additional expense of buying new is amortized over the almost 8 years and counting that we will drive it. For me, it would be hard to justify new if I traded cars every 3-4 years.
I saved a lot of money when I bought my E350 with a rebuilt title. After driving it for almost 2 years, it has a higher resale value than what I paid for it. So I'm probably going to sell it for a profit and buy another rebuilt title car. With the exception of driving a car that becomes collectable, long enough for that to happen, you will never make money on buying a new car.
So both have their advantages. Only you can decide if a new car is worth it to you.
AutoMechanic
Site Donor 2024
We have only ever bought one car new in my lifetime and that was the 2017 Camry. Haven’t had to do anything to it besides routine maintenance but I keep a record of all of that down. Not that it would matter to someone else but it matters to us. It is my parents first new car too and definitely the last since cars have gotten so bad now. Maybe we could ask a premium for it since it still has original tires and brakes lol.
Personally I feel keeping good maintenance records helps the value tremendously. Majority of the records for my 1989 truck have been kept as the original owner was a stickler for having records I even have almost every gas receipt. I’ve been doing the same. The truck may not be worth much but it is to me and the records make it more valuable to me.
We are part of the fix it till it dies people.
We spent nearly $1500 rebuilding the front end of dads car with 279,000 on it. It still runs great. We don’t plan on getting rid of it. To me anything older is going to be worth fixing over a costly new car full of electronics that fail after warranty. As a mechanic with first hand experience and as any other mechanics would tell you is buy used and repair older stuff
.
Personally I feel keeping good maintenance records helps the value tremendously. Majority of the records for my 1989 truck have been kept as the original owner was a stickler for having records I even have almost every gas receipt. I’ve been doing the same. The truck may not be worth much but it is to me and the records make it more valuable to me.
We are part of the fix it till it dies people.
We spent nearly $1500 rebuilding the front end of dads car with 279,000 on it. It still runs great. We don’t plan on getting rid of it. To me anything older is going to be worth fixing over a costly new car full of electronics that fail after warranty. As a mechanic with first hand experience and as any other mechanics would tell you is buy used and repair older stuff
.
Zee09
$200 Site Donor 2023
Thank you Sir...I have an opinion that you also when those likely rare times borrow something you return it in better condition then when you borrowed it!
Yes I do. Even rental cars etc.
I was taught that by my parents who were children of the depression era.
False. They are often extremely smart.
I bought a "used" $60,000 car for 1/2 price because it was a decade old. It had less than 10k miles. It was in mint condition. I paid cash. So I'm neither poor nor a cheapskate. It's called being intelligent and not wasting money. Most of the wealthy financially smart people I know do not lease nor buy new, they buy used and get a "new" car for 1/2 the money.
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I don't care how many people owned it as long as it's not a pile of rust
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