Just remember this boys and girls. The question is not IF you are gonna get screwed when you buy a car, it is a question of HOW BADLY you are gonna get screwed.
I have a 2008 ford escape with 230,000 km on it and I need to replace it before it dies . I was thinking about getting a 2024 sportage 35,000$ it seems like the most reasonably priced new suv . … is this a good idea? Can I get some recommendations? Budget and having a similar size suv is important. I’m not sure what to do XD
I want people's opinions on my purchase.. I have purchased a 24 CRV Sport. With a 7 year warranty bumper to bumper. KARR security system installed, protection package, and 3m ceramic shield. The car cost me $43,000 US. with a 6 year finance for 5.9%, it totaled up to 49,676. Was that a bad deal considering I'm a first-time buyer?
I just bought a 2006 Toyota Highlander hybrid with 105k on it for $8000, clean and has all maintenance records, drives like a dream. My insurance is $81 a month. Do your homework, be patient and you can still find deals when people pass away and their family sells their lightly used vehicle.
I have a coworker with a similar experience recently--better car, lower payments on a loan than the one she had been driving, from an elderly person's estate.
@krzysztofduszkiewicz565 I think it's for newly built cars within a 3 year span. It's got something to do with EU regulations, if you live in the EU, which I assume based on your name (Polish I presume). Then There's a new car tax. If you have a brand new car then you should also have a guarantee from the manufacturer for atleast 2 years.
Here are the numbers: Since the start of the pandemic, cars have been in short supply so they are expensive. The cost of living has shot up so people don't have the money to maintain their old cars. The result is really expensive used cars that have had virtually no maintenance done on them, so they are falling apart. When you buy one of them you will suffer frequent problems that will require expensive repairs. Let's say a new car is $30,000 while a 6-year used car in today's market is $20,000. In the past, that used car would have only cost you a much lower $10,000 (1/3 the price of a new one). That used car will need $3,000 in 'extra' repairs (deferred maintenance/repairs); things that were never done by the previous owner that should have been done to it during normal usage. A car usually lasts only 12 years before major repairs (eg: engine & transmission replacement) are required, so if you buy a new car and keep it for 12 years, it will cost you: [ $30,000 price + $3,000 maintenance/repairs in first 6 years + $5,000 maintenance/repairs in last 6 years = total cost of $38,000. If buy two used cars, in the past, each one would have cost you $10,000, and then cost you an additional $5,000 maintenance/repairs in the last 6 years, for a total 6-year cost of $15,000 for each used car. Multiply this by 2 cars and you get a total ownership cost of only $30,000 = a savings of $8,000 over buying new. But if you buy two used cars now, each one will cost you $20,000 to purchase, will break down much more frequently due to lack of maintenance and that fact will then cost you $3,000 more repairs than usual, and then cost you an additional $5,000 maintenance/repairs in the last 6 years (the normal cost of maintenance/repairs for the final 6 years of a vehicle), for a total 6-year cost of ownership of: [$20,000 + $3,000 deferred repairs + $5,000 in normal maintenance/repairs] = $28,000 for each used car. Multiply this by 2 cars and you get a total ownership cost of $56,000 = which is $18,000 more expensive than buying a brand new car. In the past I would always buy a 6-year old Toyota for around $6,000 and drive it for another 6 years. Now I find the same Toyotas costing $12,000 but they are already 12 years old, with almost no life left in them. I just don't see the advantage of buying an old piece of expensive junk when it will cost me way more over 12 years to buy multiple old cars compared to buying just one Brand-New expensive car, so for my next car I will be buying brand new instead of used.
I feel the same. Every used car, and I mean every one, has a dirty secret. The reason it is being sold. No one sells reliable, dependable, fun to drive car.
@@homepc1826 Exactly. I've been looking at history reports for cars sold on Carmax or Carvana. Most haven't seen oil change or regular scheduled maintenance in years. Many were in accidents, many had multiple owners, many have too high a mileage for their age (rentals people abuse), many have visible flood damage and stains throughout, many came from the northern states where they use salt on the roads in winter. (visible rust damage), etc, etc. For only few thousands more one gets a new car with a long warranty, no headaches, no issues, clean, new car smell...
I follow what you have said, but I think you severely underestimate the additional costs of routine servicing and additional maintenance of the 2 old cars that have been abused, and over estimated the additional costs in later years having purchased a new car. The gap is wider than you estimate. EG My Mazda 2 was purchased brand new 8.5 yrs ago and I have spent $50 over and above routine servicing in that time.
Every used car is a gable. Possibility of Undisclosed Accidents, shoddy repairs, cheated odometers. If I’m parting with $30k it’s going to be on a brand new one with full waranty. People tend to hold on to good cars for awhile so the chance of getting a lemon is higher when buying used as well. Good vid! Been watching u since CP24!
Unless you know the history or know and trust the previous owner. But buying without knowing anything -- sure, plenty of risk there. Then it comes down to value for price. Off lease, at least you know why they are selling the car and you know there were basic maintenance requirements like changing the oil. So if the mileage is low and YOU have the car checked out, I don't mind off lease -- IF the price and mileage is right for what you want. But if you're busy and want the peace of mind of a new car, that's FINE too. I went that way while I was working full time and my free time was strictly limited (like for looking at used cars and dealing with car issues).
Got my mother used car , 2018 Toyota RAV 4 for 14k here in Florida USA, I think got a good deal . Only 70 k miles on it . Thanks for your videos very informative and professional.
I’m at a used car dealer yesterday in Sacramento, 04/16. Exclusive motor.. The dealer disclosed they only cover 3 months warranty up to $1500, so essentially they are forcing you to buy extensive warranty with ridiculous price and lame coverage, on top of that, they put me to 10% interest for 72 months.. I was forced to stall the deal because the moment you leave the lot without the extensive warranty, its like gambling and praying your car will not breakdown along the way home, not worth the money.. You’ll need to be careful on getting used cars, seems everyone is about money
Solid Toyotas sell at high prices (like Corollas and Camrys) because people KNOW they make great cars. Other brands you can get for like HALF off new when 3 years old and with LOW miles (like 20K miles), if you buy in normal times. They won't last forever like a Toyota, but a decent brand can last a LONG time if you maintain it and don't drive crazy amounts of miles. And the half-ish off is HUGE, because at 3 years old and 20K miles, it is practically a new car to me once the dealership cleans it up.
I'm so glad that I just bought a one owner 2015 Acura RDX with 187,000 MI, but in absolutely pristine immaculate condition. I paid $9,000 cash which is a good price in this market. It has a proven V6 (no turbo) that's relatively efficient and rides like a dream, I am super happy I didn't finance a new car.
Car dealers have learned during the pandemic that they do not have to negotiate, and can even ask over MSRP if they ARTIFICIALLY keep inventory low (or tucked away in offsite). We may not see the return of the old days anymore when you could walk into a Toyota/Honda dealership and haggle for 20 mins before agreeing to a price.
Well Tesla sorta started this with their no gimmicks pricing and I do like it to be honest. If you're happy at that price, great but it if not have a nice day!
Over last 10 years have bought several 2-3 year old vehicles with low for age mileage at good prices -- not a single surprise repair cost. All have been exceptionally dependible while I've had them and got good value when selling them.
I ended up buying a new small truck. Last time I bought used the car was not properly maintained. Buying new I know what am getting. Im very meticulous on maintenance.
I think that's a big variable. IF you tend to drive a car until it dies (or gets chronic re various problems needing attention), then if you also KNOW it is properly maintained -- I found that of value over 40+ years of owning Toyotas. The only used one I bought I got from my father once he could no longer drive, and I knew EXACTLY how it had been treated. First thing I did was take the 7 year old car to the dealer and had them go over it. It had 15K miles. They shrugged, put in an air filter, and told me it needed tires (dry rot). I said "See? I wouldn't have thought of that. I'd rather YOU find that than ME find out on the highway late at night with a blowout." But at least I knew my dad meticulously changed the oil and filter, and kept records.
Right on Shari. Your vid’s so helpful. One of the biggest unknowns with buying used for us is how was the engine broken in and serviced by the original owner of the new vehicle. Buy a car with 30K miles for example and most people don’t simply change their oil often enough. If original owners don’t change at 1000 then at 5000 and then at 10,000 miles and then every 5000 after that religiously, car motors will burn up way faster torpedoing the life of the car at 100,000 or less. Transmissions and axle oils need the same attention jus a little less often. We buy new, change oil and filters (air filters too) every 5000 and we drive our cars for decades and into 300,000 miles or more. This is the best strategy for us and it works.
Agree with everything (I also do aggressive maintenance, thus no issues at all for at least a decade), but I buy used - usually cars less than a year old, below 5000 miles, with at least 25% discount - from people that didn't enjoy those cars because they were bought for them by others. So far, so good. No surprises, as I am doing my homework: checking history, papers, mechanics etc. Therefore I do recommend buying used, naturally aspirated engines or hybrids Japanese top reliable cars etc.
One thing you missed is the Covid year built cars (2020-22, which would be model years 2021-23) have more issues than other years, and I'm pretty sure that's across all manufacturers.
Purchased a 2002 Toyota Tacoma in 2012 for 10K. Can sell it today for the same price. Excluding the TVM used is ALWAYS the way to go if you are diligent. Don’t let current market conditions change your perception.
Enjoy your reviews much. We purchased a 2018 Dodge Charger RT in February of 2018. It had 4200 miles on it. We paid $28000.00. It now has 38000 miles on it. It has been flawless and one of the best vehicles we have ever owned. Original owner paid close to $40000.00. Side note this is a 5.7 Hemi V8 and gets EASILY over 30 MPG on the road 17 MPG in town.😎
Treated myself to a new 2018 6 Speed Ford Mustang GT back in 2018. paid it off completely a year and a half later. All warranties in place upon purchase, which wouldn't be the case with a used one. It's my retirement car. I plan to keep it until it drops or I do.
I just bought a 2018 nissan maxima platinum for $13,000 2 weeks ago. That car's original msrp was $41,000. It only had 40,000 miles and some minor cosmetic blemishes. I say it was a great deal.
I bought my 2015 Nissan Versa Note as Certified Pre Owned in 2017 with a generous warranty (which I never had to rely on) and paid cash. 60,000 miles later now at almost 90,000 miles I have no regrets. I'll be driving it until the wheels fall off.
There is no point in waiting for a year or so for a new RAV4 . Simply opt for some other Brand , Mitsubishi Outlander is a good option with industry's best warranty and lower interest rate.
Didn't realize I did a good thing by buying a preowned Corolla XSE a few months before the Covid lockdowns. All paid off and no issues after routine maintenance! Approaching 99k miles currently so hopefully it lasts a while longer and no distracted drivers ruin a good thing.
Excellent advice and video. Dealers are gouging used cars at astronomical levels and there’s no MSRP on a used vehicle so the dealer can’t be charged or sent to prison for charging above list price by the police. 👮🏿 Hopefully Toyota can catch up with Honda on supply and availability. 🤓 💰
Decided to buy a new civic vs a slightly cheaper used, the difference for me is the depreciation is actually set to dive after 5yrs. Plus I have full warranty.
The cost of spare parts is incredible also. Cars are often sold just before they need major maintenance, making buying new with all new parts tyres etc plus warranty, probably better value.
I bought my 2015 Mazda 6 GT in December 2014 brand new and I still own it and drive. I've never had any issues with the car because I took good care of it. If you are like me, keep your car for a long time, then it makes perfect sense to buy it brand new. Had I bought a used one, most likely I would have had many problems and had already gotten another car and wasted plenty of time and money on repairs.
Pessimist. I've only bought used. I'm a realist. Some lasted decades, each has taught me a lot. As did the new car that I didn't own that died its second year, on a long road trip, with all regular maintenance. It's always a gamble.
2010 Honda Accord we bought new, now with 111,000 miles on it, paid off 10 years ago. Plan to keep it a few more years, it runs well and serves our needs. Next one will likely be a small CUV or SUV. We've been setting aside $500 a month in CDs for it, hope to buy it cash down one day.
I bought a lincoln town car 2006 for 6000 dollars , three years ago , with 50,000 original mils ! In and out looks brand new and runs like brand new . in comfort and smootness no car can match this car !! so far so good not even a single problem !
Excellent video. I'm actually in the market for a new car for the wife. She's looking at new and used Honda's. Ive noticed what you're saying in this video at many dealers. I will say I plan to get only Certified if I go with a used vehicle.
Same here…bought over a month ago and went brand new! Went with a Honda Hybrid…MSRP and no added dealer options, etc. and rate wasn’t bad. Looked at other hybrids from other brands and aside from the long wait times for factory order, markups and unnecessary dealer installed accessories were ridiculous and the prices for the used ones were almost same price as brand new (basic warranty almost gone). No thanks!
The way to make this depreciation feel easier is buy a car and keep it. Don’t trade it or sell it ever. This move will make you smarter than the average joe.
During the last 45 years I have always bought new and kept the car at least 15years and preferably longer. The vehicles I have bought like the Buick Lesabre will last a very long time with proper maintenance.
Bullseye on the used Honda CRV with CPO . We recently bought a 2019 CRV EX - 40,0000m , 1 owner who really looked after it . We paid $24,500 . No payments 👍 We’re both 60 , don’t take long road trips , & consider this to be our last car purchase . It’s a lovely car & we’re very happy with it .
Yes. And buying used allows you to research the problems rampant in specific years, and allows you to avoid the bugs of a model's first generation. You can also avoid lot rot or features you loathe. And if you want more choice rather than buying a lookalike vehicle, buy used. I got a much nicer car used than I could ever have afforded new and it is a gem, pre-pandemic, pre-badly-built, pre-chip crisis. It isn't a classic I need to keep in a glass case, which can only be bought now as used. It's a car that can get scratched or dinged or hailed on, and I'm ok with that. I hope it will run with no problems until life settles back into its old ruts and I can afford another oldie but goodie. Vintage can be a lot of fun, such as the discontinued Skoda Yeti. Used may end up the only way to get the manual versions of well-loved cars. If a used car that you paid cash for develops a major problem that has gone undiagnosed by the mechanics, you can dump it with little regret after a year or so, like my Cruze, and be cannier the next time, but if it happens to a new car, like my sister's Cruze, that means keeping it until the payments have ended because you have so much money and time sunk into it. She still has that car she only trusts to go a few miles to work and back, which is very sad when she'd hoped to "drive it until the wheels fell off." (She didn't ask my opinion, but oh well.)
Nope if you are financing it the new is better due to high interest rate of the used ones at the end of the day the price gonna be the same so its better to have a new car
Thanks for confirming that. To me it seems the better choice to get the full warranty, full car lifetime, a car with exactly the specs I want and no uncertainty about what the previous owner did to the car or what problems he had. It might indeed cost a bit more, but probably not as much as the all say.
Before buying a car, set your budget limit. Do not make yourself car poor. Once you set your budget, do not go over it, and don't let the salesperson talk you into exceeding your budget. Find the most reliable car you need that suits your budget (new or used). I've seen so many buy luxury cars they couldn't afford to maintain, but they look good in it. Don't be foolish. Its not the monthly payments that gets you, assuming you planned your budget right, its the regular maintenance.
I was looking to purchase a Prius Prime plug in. A 2022 with 20K, cheapest I could find was $35,500.00 OTD. Not a terrible price considering all things...you like to think anyway. But in 2022, this same car MSRP was $33,750.00 + freight/pdi and HST - $5,000.00 for the government EV incentive. This car out the door after incentive was somewhere around $36,000.00 in 2022. So now presently you can sign for a 2024 Prius Prime SE for $43,000.00 OTD which is cheaper than a second hand 2023 - the catch is the wait time. Depending on the dealer, you can wait well over a year for one. Where i think it makes sense looking at second hand is if you're buying a Tesla Model 3 - these things drop a lot in value. ($33,750.00 + $1850.00 x HST - $5,000.00 incentive
I am about to replace my Infiniti QX70. It is in its 11th yr, 300,000km. I did have a major repair at 260,000 km for the auto-transmission. But I was amazed at its longevity. So I am looking at potentially getting the same car, 60k to 80k km but 6 yrs old, for approx 40% or the price I paid for it new in 2013. I also really like the car. What do you think?
I'm genuinely curious where the Venza falls into this. The depreciation on it seems closer to normal than the Rav4 for sure, making a 2021 Limited falls little over 30k typically. I was looking at used RAV4 hybrids but clearly they don't depreciate in the first couple years right now.
while used car prices have not come down one bit, dealers are now discounting even popular models like the Corolla under MSRP. I got a quote for a Corolla at 1500 off MSRP
I had to purchase a different vehicle weekend after Thanksgiving in 2023. My 12 year old Altima, with 88,000 miles was starting to have slight issues with it, so again I started looking for another service loaner vehicle that was a couple of months old. I found a service loaner 60 miles from my house and went to look at it. It was a 23 CX 30 premium plus turbo listed at $36,000 with 4500 miles. I walked out the door with a purchase price of $24,200 at a 5.5% rate for 5 years with an extended 2 years on the warranty from Mazda, certified, financed by Toyota. This is my 3rd service loaner that was certified and will continue to purchase this way. I feel I got a great deal on this vehicle !
Good luck finding a used vehicle that was maintained & driven properly. Things like 10K oil changes & no transmission fluid service every 25-30K miles is a recipe for disaster down the road, post-warranty.
I recently bought two vehicles. I was going to buy two used ones. However, I found that there wasn't much difference between the price of used vs new. I did find a great deal on a used 2020 model with low miles for me and paid cash, but I just bought a new vehicle for my wife since, outside of my deal, the price for new vs used was quite minimal.
@@Mr.Helper. I got a 2020 Chevy Trax LT for me and a 2024 Chevy Trax LT for my wife. The dealer I bought the 2020 from had a deal that was a good $3,000 lower than anyone else. The vehicle was certified. I went to Edmunds' site to rank the deal and it said it was an excellent one and didn't even suggest a haggle price. I'd never seen that before. Unfortunately, they only had one 2020 low-mileage Trax, otherwise I'd have bought two. The 2024 Edmunds ranked as a fair deal and I made the counteroffer based on its suggestion. We went back and forth a few times and I got them down to essentially what Edmunds suggested. The reason I bought two vehicles isn't because I'm rich. I drove a 14-year- car and my wife's was a 2001 - yes, 2001 - model. So it was time. Plus, I inherited some money, so I was able to pay cash. But since I bought two cars, had a budget based on the inheritance money and didn't want to use any of my own funds, that's why I bought the two Trax, as they were the lowest cost vehicle that met our needs. If I was only buying a single vehicle, then yes, I'd have bought something in a higher class. But so far, each seems to be doing very well. At our current ages, we don't drive much. I work from home and my wife is retired, so neither vehicle will be overly taxed with a lot of driving.
We may be days away from a crash, but who really knows, maybe the economy limps along a few more months. I would certainly NOT be paying retail prices at this time. There will be thousands coming off the stickers, is my guess. One good reason to buy used would be that it is something no longer sold these days. Recall a time when we had V6 and V8 choices. Cars had multi-port fuel injection instead of direct injection, most had no turbo, not a load of tech to go wrong, yet still had on-car diagnosis, you did not have to spend $1,000 to replace the windshield due to cameras, and you drove a car instead of a car yapping at you, and wanting to pull the wheel, or brake, and did not have the expense and annoyance of auto-stop/start? Maybe, if it is at all possible to find, a clean car without all the unnecessary and costly stuff of today, would be a find. Recall the day, not all that long ago, one could buy a smooth six cylinder car for less than the price of an i4 1.5LT micro sized engine with a turbo, tethered to a CVT? And you did not have to turn off the auto stop/start every time you drove.
If I were a UA-camr, I would have made the same video as this one you made. You nailed it. I was in the market for a compact car. I first looked at used and found out they cost only a few thousands less than new with heavy mileage. New car has more attractive interest rate for financing. I bought a new car. Years ago, used car makes more sense and they used to cost a lot less than new. Not now.
The best reasons for buying a used car is reliability and longevity. The number of new car models that will never make it to 100k miles has skyrocketed. Electrical gremlins and engine/trans issues plague new models. They're too complicated and connected. The rapid trend to turbocharged cars with smaller displacement engines and CVT transmissions means a large number of these new models will require prohibitively expensive repairs -- often before the car is 10 years old..
I like what you wrote question for you, if you are in the market for a new vehicle would you choose the Toyota rav4 natural aspirated engine or the mazda cx5 or cx50 natural aspirated engine please respond stay safe thanks.
"The best reasons for buying a used car is reliability and longevity..." You must be joking. No one sells reliable, dependable, economical, fun to drive car. Every used car has a dirty secret it is trying to hide...
I bought a 2 year old pickup, 30k miles 1 owner lease return no accidents a few months ago.. It had already deprecated 40%.. My next vehicle is going to be a Lexus GX550, a few years old for 40% less than new. There are only a few cars you can buy new that don't deprecate like crazy. Be smart.
What a great video. I tortured myself looking at used Lexus IS 350 F Sport, but then went on invoice pricing site and got a new one for a marginal amount more than used. There's nothing like a brand, new car that no one has owned but me.
I’ve been torturing myself for the same thing. On buying new or 2021 Lexus es 350. I just don’t want to pay 5-8% interest on a brand new car either though. :(
I recently bought a 2020 Chrysler 300 5.7 Hemi with 43k miles for 25K. That’s a 54% depreciation from new. I think I did ok. Not the best deal on earth but a pretty fair deal imo
Some places like Carmax will charge you as much for a used car as it costs to buy a new one. Used is always better, no arguing there...but, every used car has a secret. This is why it is being sold. You will eventually find this secret out, and it won't be pleasant. At least, with a new car, there is no headaches. You have a long warranty...10 years or so, of care free driving.
Incorrect. I have had 2 business partners that would trade in their previous year model for the new model every single year, full size Ram trucks. There wasn't real any reason; just always wanted the newest year model. They were highway/city miles only. One of them went through 6 vehicles, while I had the same vehicle. I ended up putting close to 377,000 miles on my truck, 2000 Sierra, only replaced fuel pump once and regularly maintained.
Thanks for your stream. In your opinion, which date is it cheapest to purchase a new Honda? 1. Memorial day weekend 2. July 4th weekend 3. June 30, last day of month and last day of quarter, last day of calendar year Thxs
Great video on used and new cars last week I saw a lexus dealership selling a 2021 lexus nx 300 F- sports AWD with 21,779 miles for $32,995 this week the same vehicle list $34,495 this vehicle is a lease returned, what do you think about the of the change in price what the dealer did do you think is a good price, please respond stay safe.
Hi Shari. Thank you for your channel. Best place to get Informed. I was wondering if you could make a video about Nissan Altimas, like the best years to buy, used or new. Thank you once again.
I have a video on the Toyota Camry and Honda Accord coming tomorrow. I'd say both are safer choices than the Altima, but if I were considering Altimas, I'd only get one 2020 or newer with low mileage and change the CVT fluid every 50k.
Ive been looking at the Corolla Cross as well as the RAV4, I'm in Florida btw. Everything I've found used has higher mileage the average at about 45 thousand miles and somewhere between one and 5 years old. They are selling for several thousand dollars over the original MSRP and it blows my mind away. Most of them are also base models. 🤦
I bought a new Corolla a few months ago and the difference between brand new and one I found that only had 3000 miles on it was $500 ($1500 w/destination). I can’t wrap my head around it, it’s wild that use car values can be so high.
A well maintained Corolla can easily surpass 400,000 miles with proper maintenance. They are excellent vehicles. Although I think the older ones were built much better.
I want people's opinions on my purchase.. I have purchased a 24 CRV Sport. With a 7 year warranty bumper to bumper. KARR security system installed, protection package, and 3m ceramic shield. The car cost me $43,000 US. with a 6 year finance for 5.9%, it totaled up to 49,676. Was that a bad deal considering I'm a first-time buyer?
I was car shopping recently and found that most prices that were advertised were for 'financed vehicles' and the cash price was as much as $2000 higher. Of course then their was overselling other add-ons. When I asked about the OMVIC rules for price advertising most of the responses were to read the fine print about financing. Financing rates were 10%. I finally got a dealer that stayed to the advertised price and dropped any suggested add-ons upon request. A shout out to Grimsby Hyundai for being the kind of dealership of old. I have no affiliation with the aforementioned business..just got a 1 year old hybrid at a fair price. Shop around..the internet is a great tool.
As long as the ad discloses that the price is a financing price, it is allowed under OMVIC. I still consider it a red flag and a sign of a dealer you want to be careful dealing with.
In the market for a new (to me) vehicle. Does it makes sense to go for a used 2021 civic sport with 45k-50k miles for $20k rather than pay for a new 2024 civic sport at 27k? I'm not sure if I should save the upfront cost with the used car and take the hit on maintenance and repairs in this case
Having been a salesman at 4 different auto dealerships, I will NEVER, EVER set foot in a dealership, to be put through their humiliating haggling games.
I've been searching for another SUV. Losing my mind because once I see a pre owned or used one I like, I'm also searching recalls to make sure there weren't any significant safety recalls. Some recalls are minor but some are very concerning in certain vehicles. Also, I'm not keen on getting an SUV that has a CVT transmission based on everything I've read so I'm ruling out Subaru now. Anyway, for anyone looking at Honda's I suggest you research the latest news on all of the safety investigations happening due to serious injuries and crashes on certain vehicles - some are CRV's. I was very surprised to find out about this. Always put Honda's and Toyota's on the top of the reliability and safety list but . . .
Still a lot of demands for these cars, at least here in Canada. If you are willing to pay at least the asking price, dealers knows that someone else in more of an hurry to get a vehicle will pay the asking price and the BS dealership addons too.
Like most people, I started out buying used cars. Later on, when I could afford new vehicles, I bought them. 'At some point, I sat down and ran some numbers and what I discovered is that, all things considered, it is more rational and economical to buy them used. Just stay with Japanese cars, Nissan being an exception to that. Look for cars that are one owner, are less than 10 years old and have less than 100K miles. If there is a problem with such a vehicle, it usually is a minor one.
Automobile industry rapidly change. A lot of cars have much less resource after 2008 and the an few ecological requirements to manufactures. Buy modern car with more than 100k it’s very risky. I think it’s 90% that new owner will have problems.
Obviously Shari is correct about the current used car market being very over priced due to supply shortage. I agree that, yes, the used car market probably will not "crash", but I feel we need to understand that the market will not be like this forever. What goes up must come down, and the market will eventually return to close to normal. No, this will probably not be in the form of a crash, but it is likely to slowly continue to trend down over the next couple of years as it has been for several months now. So for young people hearing this, this principle is likely not one that you should follow for the rest of your life (buy new, not used), but only for the next year or two. Also, I feel it is important to point out, that in any market there are opportunities. Ok, so everyone likes hybrids, Toyotas, Hondas, Subarus, and crossovers. Well consider buying a used Chevy Bolt. 12 of them started on fire a few years ago an now everyone is afraid of them. You can get a used one for under 15K plus you can get a $4,000 tax credit. Obviously, the Bolt is not for everyone. I'm just saying that it may be worth your wile to check for opportunities like this.
Used car only within a year or two could be okay providing no accident history, service records and remaining warranty but interest rates are double than brand new so some customers end up buying mediocre brands like Mitsubishi, Ford or GM products
Buying new makes more sense. But if you don’t have enough money, a used one would do. Best is to have a good mechanic inspect the used car properly before buying it so you’ll have less hassle in the long run.
Just got myself a 2023 Subaru Outback limited with 8,900 miles with 7 year/100,000 mile gold plus warranty (including electrical equipment) with 5% interest for $34k out the door. It was rushed I needed it, my 2018 Honda Accord blew the gasket and needed new engine…
@@alvinsimba734I sure did…I sure did. 73,300 miles 2018 1.5t. Dealer quoting me $10k. Honda goodwill said they would pay for half. Ended up selling the car and just bought a Subaru and glad I did. Done with Honda, and I’ve had 5 of them in the past.
@@alvinsimba734that I did, that I did. Dealer said $10k for new engine. Honda Goodwill said they would pay for half. I said I’ll just sell the car and get a Subaru 👍. Worked out.
Well OK, but as Shari has pointed out in another video, dealer markups, add-ons and junk fees on new cars are built-in these days, making lightly used cars an even better bargain
My 2021 Honda CRV EXL lease ends May 2025. The residual is $19,000. It only has 28000 Kms. Should I buy it out or get a new one. Also if I buy it should I buy extended warranty? Ont. Canada
Just remember this boys and girls. The question is not IF you are gonna get screwed when you buy a car, it is a question of HOW BADLY you are gonna get screwed.
Simple solution yet not often followed, stay in your financial lane 👍🏽, don't buy what you want but what you need. Unless you have disposable income.
I have a 2008 ford escape with 230,000 km on it and I need to replace it before it dies . I was thinking about getting a 2024 sportage 35,000$ it seems like the most reasonably priced new suv . … is this a good idea? Can I get some recommendations? Budget and having a similar size suv is important. I’m not sure what to do XD
I want people's opinions on my purchase..
I have purchased a 24 CRV Sport. With a 7 year warranty bumper to bumper. KARR security system installed, protection package, and 3m ceramic shield. The car cost me $43,000 US. with a 6 year finance for 5.9%, it totaled up to 49,676.
Was that a bad deal considering I'm a first-time buyer?
@@BruceMac7 For $35K, you have a lot of options. Personally, I would get a Honda CR-V EX or Sport (Hybrid)
😂oh yea!
I just bought a 2006 Toyota Highlander hybrid with 105k on it for $8000, clean and has all maintenance records, drives like a dream. My insurance is $81 a month. Do your homework, be patient and you can still find deals when people pass away and their family sells their lightly used vehicle.
I have a coworker with a similar experience recently--better car, lower payments on a loan than the one she had been driving, from an elderly person's estate.
Can you share how did you get it certified? Thanks
@krzysztofduszkiewicz565 I think it's for newly built cars within a 3 year span. It's got something to do with EU regulations, if you live in the EU, which I assume based on your name (Polish I presume). Then There's a new car tax.
If you have a brand new car then you should also have a guarantee from the manufacturer for atleast 2 years.
Great choice
No thank you 😊
Here are the numbers: Since the start of the pandemic, cars have been in short supply so they are expensive. The cost of living has shot up so people don't have the money to maintain their old cars. The result is really expensive used cars that have had virtually no maintenance done on them, so they are falling apart. When you buy one of them you will suffer frequent problems that will require expensive repairs. Let's say a new car is $30,000 while a 6-year used car in today's market is $20,000. In the past, that used car would have only cost you a much lower $10,000 (1/3 the price of a new one). That used car will need $3,000 in 'extra' repairs (deferred maintenance/repairs); things that were never done by the previous owner that should have been done to it during normal usage.
A car usually lasts only 12 years before major repairs (eg: engine & transmission replacement) are required, so if you buy a new car and keep it for 12 years, it will cost you: [ $30,000 price + $3,000 maintenance/repairs in first 6 years + $5,000 maintenance/repairs in last 6 years = total cost of $38,000.
If buy two used cars, in the past, each one would have cost you $10,000, and then cost you an additional $5,000 maintenance/repairs in the last 6 years, for a total 6-year cost of $15,000 for each used car. Multiply this by 2 cars and you get a total ownership cost of only $30,000 = a savings of $8,000 over buying new.
But if you buy two used cars now, each one will cost you $20,000 to purchase, will break down much more frequently due to lack of maintenance and that fact will then cost you $3,000 more repairs than usual, and then cost you an additional $5,000 maintenance/repairs in the last 6 years (the normal cost of maintenance/repairs for the final 6 years of a vehicle), for a total 6-year cost of ownership of: [$20,000 + $3,000 deferred repairs + $5,000 in normal maintenance/repairs] = $28,000 for each used car. Multiply this by 2 cars and you get a total ownership cost of $56,000 = which is $18,000 more expensive than buying a brand new car.
In the past I would always buy a 6-year old Toyota for around $6,000 and drive it for another 6 years. Now I find the same Toyotas costing $12,000 but they are already 12 years old, with almost no life left in them. I just don't see the advantage of buying an old piece of expensive junk when it will cost me way more over 12 years to buy multiple old cars compared to buying just one Brand-New expensive car, so for my next car I will be buying brand new instead of used.
I feel the same. Every used car, and I mean every one, has a dirty secret. The reason it is being sold. No one sells reliable, dependable, fun to drive car.
looking for a car now and people don't even do there oil changes on time on the reports. new looks like a better option
@@homepc1826 Exactly. I've been looking at history reports for cars sold on Carmax or Carvana. Most haven't seen oil change or regular scheduled maintenance in years. Many were in accidents, many had multiple owners, many have too high a mileage for their age (rentals people abuse), many have visible flood damage and stains throughout, many came from the northern states where they use salt on the roads in winter. (visible rust damage), etc, etc. For only few thousands more one gets a new car with a long warranty, no headaches, no issues, clean, new car smell...
I follow what you have said, but I think you severely underestimate the additional costs of routine servicing and additional maintenance of the 2 old cars that have been abused, and over estimated the additional costs in later years having purchased a new car. The gap is wider than you estimate. EG My Mazda 2 was purchased brand new 8.5 yrs ago and I have spent $50 over and above routine servicing in that time.
Great analysis.
Every used car is a gable. Possibility of Undisclosed Accidents, shoddy repairs, cheated odometers. If I’m parting with $30k it’s going to be on a brand new one with full waranty. People tend to hold on to good cars for awhile so the chance of getting a lemon is higher when buying used as well. Good vid! Been watching u since CP24!
Unless you know the history or know and trust the previous owner. But buying without knowing anything -- sure, plenty of risk there. Then it comes down to value for price.
Off lease, at least you know why they are selling the car and you know there were basic maintenance requirements like changing the oil. So if the mileage is low and YOU have the car checked out, I don't mind off lease -- IF the price and mileage is right for what you want.
But if you're busy and want the peace of mind of a new car, that's FINE too. I went that way while I was working full time and my free time was strictly limited (like for looking at used cars and dealing with car issues).
Got my mother used car , 2018 Toyota RAV 4 for 14k here in Florida USA, I think got a good deal . Only 70 k miles on it . Thanks for your videos very informative and professional.
Thank you! I think you did pretty well.
Im jealous
I’m at a used car dealer yesterday in Sacramento, 04/16. Exclusive motor.. The dealer disclosed they only cover 3 months warranty up to $1500, so essentially they are forcing you to buy extensive warranty with ridiculous price and lame coverage, on top of that, they put me to 10% interest for 72 months.. I was forced to stall the deal because the moment you leave the lot without the extensive warranty, its like gambling and praying your car will not breakdown along the way home, not worth the money.. You’ll need to be careful on getting used cars, seems everyone is about money
@krzysztofduszkiewicz565if you wait 2 or 3 months ultra low interest rates will come back. Days on lot and rot are really too though
If the company cannot provide warranty for more than 3 months then they’re admitting that it’s a literal trash
@@sharadskywalker i think thats what most used car dealership do., Franchise dealer give 3 months/90 days no limit on the amount
Only about money , no ethics no morals none soever
Don't buy extra warranty ever
I ran the numbers on a 4 year old Corolla and it was better to buy new in the long run.
Solid Toyotas sell at high prices (like Corollas and Camrys) because people KNOW they make great cars.
Other brands you can get for like HALF off new when 3 years old and with LOW miles (like 20K miles), if you buy in normal times. They won't last forever like a Toyota, but a decent brand can last a LONG time if you maintain it and don't drive crazy amounts of miles. And the half-ish off is HUGE, because at 3 years old and 20K miles, it is practically a new car to me once the dealership cleans it up.
I'm so glad that I just bought a one owner 2015 Acura RDX with 187,000 MI, but in absolutely pristine immaculate condition. I paid $9,000 cash which is a good price in this market. It has a proven V6 (no turbo) that's relatively efficient and rides like a dream, I am super happy I didn't finance a new car.
187 k. Yikes
Its a good thing you did pay cash because you are going to be paying for many repairs very quickly.
A lot of car foreclosures should be starting to happen..
Reposessions
Car dealers have learned during the pandemic that they do not have to negotiate, and can even ask over MSRP if they ARTIFICIALLY keep inventory low (or tucked away in offsite). We may not see the return of the old days anymore when you could walk into a Toyota/Honda dealership and haggle for 20 mins before agreeing to a price.
Well Tesla sorta started this with their no gimmicks pricing and I do like it to be honest. If you're happy at that price, great but it if not have a nice day!
@begley09 Agree, I also like Tesla model. But, have you seen Stellantis pricing? MSRP inflated by 20-30% and then offering "discounts."
Over last 10 years have bought several 2-3 year old vehicles with low for age mileage at good prices -- not a single surprise repair cost. All have been exceptionally dependible while I've had them and got good value when selling them.
I ended up buying a new small truck. Last time I bought used the car was not properly maintained. Buying new I know what am getting. Im very meticulous on maintenance.
I think that's a big variable. IF you tend to drive a car until it dies (or gets chronic re various problems needing attention), then if you also KNOW it is properly maintained -- I found that of value over 40+ years of owning Toyotas.
The only used one I bought I got from my father once he could no longer drive, and I knew EXACTLY how it had been treated. First thing I did was take the 7 year old car to the dealer and had them go over it. It had 15K miles. They shrugged, put in an air filter, and told me it needed tires (dry rot).
I said "See? I wouldn't have thought of that. I'd rather YOU find that than ME find out on the highway late at night with a blowout." But at least I knew my dad meticulously changed the oil and filter, and kept records.
Right on Shari. Your vid’s so helpful. One of the biggest unknowns with buying used for us is how was the engine broken in and serviced by the original owner of the new vehicle. Buy a car with 30K miles for example and most people don’t simply change their oil often enough. If original owners don’t change at 1000 then at 5000 and then at 10,000 miles and then every 5000 after that religiously, car motors will burn up way faster torpedoing the life of the car at 100,000 or less. Transmissions and axle oils need the same attention jus a little less often. We buy new, change oil and filters (air filters too) every 5000 and we drive our cars for decades and into 300,000 miles or more. This is the best strategy for us and it works.
Agree with everything (I also do aggressive maintenance, thus no issues at all for at least a decade), but I buy used - usually cars less than a year old, below 5000 miles, with at least 25% discount - from people that didn't enjoy those cars because they were bought for them by others. So far, so good.
No surprises, as I am doing my homework: checking history, papers, mechanics etc.
Therefore I do recommend buying used, naturally aspirated engines or hybrids Japanese top reliable cars etc.
Great advice!
One thing you missed is the Covid year built cars (2020-22, which would be model years 2021-23) have more issues than other years, and I'm pretty sure that's across all manufacturers.
Based on facts or intuition?
@rogergeyer9851 Fact, 36 year low quality ratings from JD Power ua-cam.com/video/n3yt3tgAito/v-deo.htmlsi=iYhG3wOjZGt4D5BI
Purchased a 2002 Toyota Tacoma in 2012 for 10K. Can sell it today for the same price. Excluding the TVM used is ALWAYS the way to go if you are diligent. Don’t let current market conditions change your perception.
Enjoy your reviews much. We purchased a 2018 Dodge Charger RT in February of 2018. It had 4200 miles on it. We paid $28000.00. It now has 38000 miles on it. It has been flawless and one of the best vehicles we have ever owned. Original owner paid close to $40000.00. Side note this is a 5.7 Hemi V8 and gets EASILY over 30 MPG on the road 17 MPG in town.😎
Sounds like you did well!
100% percent agree. When you buy used car it’s always risk, so no reason to risk when you pay a few percent less than new.
Treated myself to a new 2018 6 Speed Ford Mustang GT back in 2018. paid it off completely a year and a half later. All warranties in place upon purchase, which wouldn't be the case with a used one. It's my retirement car. I plan to keep it until it drops or I do.
I just bought a 2018 nissan maxima platinum for $13,000 2 weeks ago. That car's original msrp was $41,000. It only had 40,000 miles and some minor cosmetic blemishes. I say it was a great deal.
I bought my 2015 Nissan Versa Note as Certified Pre Owned in 2017 with a generous warranty (which I never had to rely on) and paid cash. 60,000 miles later now at almost 90,000 miles I have no regrets. I'll be driving it until the wheels fall off.
There is no point in waiting for a year or so for a new RAV4 . Simply opt for some other Brand , Mitsubishi Outlander is a good option with industry's best warranty and lower interest rate.
Ha ha ha ha ha
But it’s not a Toyota🚘
Good luck finding a 2 year old car for 30% off. If you do, it’s probably been totalled.
New cars always have higher insurance remember that
As long as u know what u r looking for a used car with low mileage is always the way to go .
Didn't realize I did a good thing by buying a preowned Corolla XSE a few months before the Covid lockdowns. All paid off and no issues after routine maintenance! Approaching 99k miles currently so hopefully it lasts a while longer and no distracted drivers ruin a good thing.
Excellent advice and video.
Dealers are gouging used cars at astronomical levels and there’s no MSRP on a used vehicle so the dealer can’t be charged or sent to prison for charging above list price by the police. 👮🏿
Hopefully Toyota can catch up with Honda on supply and availability.
🤓 💰
Decided to buy a new civic vs a slightly cheaper used, the difference for me is the depreciation is actually set to dive after 5yrs. Plus I have full warranty.
its very helpful, i know this questions always pops out on my mind thank you for nailing the right and honest answer
Thanks, I luckily avoided this mistake! Thx for explaining!
Totally agree. 👍🏼 I’ve seen the same evidence while shopping on the lot that you describe.
The cost of spare parts is incredible also. Cars are often sold just before they need major maintenance, making buying new with all new parts tyres etc plus warranty, probably better value.
I bought my 2015 Mazda 6 GT in December 2014 brand new and I still own it and drive. I've never had any issues with the car because I took good care of it. If you are like me, keep your car for a long time, then it makes perfect sense to buy it brand new. Had I bought a used one, most likely I would have had many problems and had already gotten another car and wasted plenty of time and money on repairs.
Pessimist. I've only bought used. I'm a realist. Some lasted decades, each has taught me a lot. As did the new car that I didn't own that died its second year, on a long road trip, with all regular maintenance. It's always a gamble.
Still driving my 04 Honda from the day I bought it new. Buy new and hold forever is another strategy that can work with a reliable brand of car
2010 Honda Accord we bought new, now with 111,000 miles on it, paid off 10 years ago. Plan to keep it a few more years, it runs well and serves our needs. Next one will likely be a small CUV or SUV. We've been setting aside $500 a month in CDs for it, hope to buy it cash down one day.
I bought a lincoln town car 2006 for 6000 dollars , three years ago , with 50,000 original mils ! In and out looks brand new and runs like brand new . in comfort and smootness no car can match this car !! so far so good not even a single problem !
Excellent video. I'm actually in the market for a new car for the wife. She's looking at new and used Honda's. Ive noticed what you're saying in this video at many dealers. I will say I plan to get only Certified if I go with a used vehicle.
Same here…bought over a month ago and went brand new! Went with a Honda Hybrid…MSRP and no added dealer options, etc. and rate wasn’t bad. Looked at other hybrids from other brands and aside from the long wait times for factory order, markups and unnecessary dealer installed accessories were ridiculous and the prices for the used ones were almost same price as brand new (basic warranty almost gone). No thanks!
certified is a scam
so it's either brand new or clapbox. not lightly used
The way to make this depreciation feel easier is buy a car and keep it. Don’t trade it or sell it ever. This move will make you smarter than the average joe.
During the last 45 years I have always bought new and kept the car at least 15years and preferably longer. The vehicles I have bought like the Buick Lesabre will last a very long time with proper maintenance.
Lesabre's were amazing cars
Bullseye on the used Honda CRV with CPO . We recently bought a 2019 CRV EX - 40,0000m , 1 owner who really looked after it . We paid $24,500 . No payments 👍 We’re both 60 , don’t take long road trips , & consider this to be our last car purchase . It’s a lovely car & we’re very happy with it .
2024 Toyota Rav4 XLE is $36,000
2022 Toyota Rav4 XLE is $28,000 with 24,000 miles on it.
I would say buying used makes a lot of sense.
It really depends on how you’re paying. Obviously if you are paying cash, you are saving a nice chunk of money in this particular scenario.
Not normal from what I’ve seen.🤷🏼♂️
Yes. And buying used allows you to research the problems rampant in specific years, and allows you to avoid the bugs of a model's first generation. You can also avoid lot rot or features you loathe. And if you want more choice rather than buying a lookalike vehicle, buy used. I got a much nicer car used than I could ever have afforded new and it is a gem, pre-pandemic, pre-badly-built, pre-chip crisis. It isn't a classic I need to keep in a glass case, which can only be bought now as used. It's a car that can get scratched or dinged or hailed on, and I'm ok with that. I hope it will run with no problems until life settles back into its old ruts and I can afford another oldie but goodie. Vintage can be a lot of fun, such as the discontinued Skoda Yeti. Used may end up the only way to get the manual versions of well-loved cars. If a used car that you paid cash for develops a major problem that has gone undiagnosed by the mechanics, you can dump it with little regret after a year or so, like my Cruze, and be cannier the next time, but if it happens to a new car, like my sister's Cruze, that means keeping it until the payments have ended because you have so much money and time sunk into it. She still has that car she only trusts to go a few miles to work and back, which is very sad when she'd hoped to "drive it until the wheels fell off." (She didn't ask my opinion, but oh well.)
Nope if you are financing it the new is better due to high interest rate of the used ones at the end of the day the price gonna be the same so its better to have a new car
Thanks for confirming that. To me it seems the better choice to get the full warranty, full car lifetime, a car with exactly the specs I want and no uncertainty about what the previous owner did to the car or what problems he had. It might indeed cost a bit more, but probably not as much as the all say.
Before buying a car, set your budget limit. Do not make yourself car poor. Once you set your budget, do not go over it, and don't let the salesperson talk you into exceeding your budget. Find the most reliable car you need that suits your budget (new or used). I've seen so many buy luxury cars they couldn't afford to maintain, but they look good in it. Don't be foolish. Its not the monthly payments that gets you, assuming you planned your budget right, its the regular maintenance.
I was looking to purchase a Prius Prime plug in.
A 2022 with 20K, cheapest I could find was $35,500.00 OTD. Not a terrible price considering all things...you like to think anyway. But in 2022, this same car MSRP was $33,750.00 + freight/pdi and HST - $5,000.00 for the government EV incentive. This car out the door after incentive was somewhere around $36,000.00 in 2022.
So now presently you can sign for a 2024 Prius Prime SE for $43,000.00 OTD which is cheaper than a second hand 2023 - the catch is the wait time. Depending on the dealer, you can wait well over a year for one.
Where i think it makes sense looking at second hand is if you're buying a Tesla Model 3 - these things drop a lot in value.
($33,750.00 + $1850.00 x HST - $5,000.00 incentive
I am about to replace my Infiniti QX70. It is in its 11th yr, 300,000km. I did have a major repair at 260,000 km for the auto-transmission.
But I was amazed at its longevity. So I am looking at potentially getting the same car, 60k to 80k km but 6 yrs old, for approx 40% or the price I paid for it new in 2013. I also really like the car.
What do you think?
I'm genuinely curious where the Venza falls into this. The depreciation on it seems closer to normal than the Rav4 for sure, making a 2021 Limited falls little over 30k typically. I was looking at used RAV4 hybrids but clearly they don't depreciate in the first couple years right now.
while used car prices have not come down one bit, dealers are now discounting even popular models like the Corolla under MSRP. I got a quote for a Corolla at 1500 off MSRP
I had to purchase a different vehicle weekend after Thanksgiving in 2023. My 12 year old Altima, with 88,000 miles was starting to have slight issues with it, so again I started looking for another service loaner vehicle that was a couple of months old. I found a service loaner 60 miles from my house and went to look at it. It was a 23 CX 30 premium plus turbo listed at $36,000 with 4500 miles. I walked out the door with a purchase price of $24,200 at a 5.5% rate for 5 years with an extended 2 years on the warranty from Mazda, certified, financed by Toyota. This is my 3rd service loaner that was certified and will continue to purchase this way. I feel I got a great deal on this vehicle !
You did very well!
Good luck finding a used vehicle that was maintained & driven properly. Things like 10K oil changes & no transmission fluid service every 25-30K miles is a recipe for disaster down the road, post-warranty.
I have one
I have a 2015 XF jag for sale well maintained for sale.
I recently bought two vehicles. I was going to buy two used ones. However, I found that there wasn't much difference between the price of used vs new. I did find a great deal on a used 2020 model with low miles for me and paid cash, but I just bought a new vehicle for my wife since, outside of my deal, the price for new vs used was quite minimal.
What cars did you get ?
@@Mr.Helper. I got a 2020 Chevy Trax LT for me and a 2024 Chevy Trax LT for my wife. The dealer I bought the 2020 from had a deal that was a good $3,000 lower than anyone else. The vehicle was certified. I went to Edmunds' site to rank the deal and it said it was an excellent one and didn't even suggest a haggle price. I'd never seen that before. Unfortunately, they only had one 2020 low-mileage Trax, otherwise I'd have bought two.
The 2024 Edmunds ranked as a fair deal and I made the counteroffer based on its suggestion. We went back and forth a few times and I got them down to essentially what Edmunds suggested.
The reason I bought two vehicles isn't because I'm rich. I drove a 14-year- car and my wife's was a 2001 - yes, 2001 - model. So it was time. Plus, I inherited some money, so I was able to pay cash. But since I bought two cars, had a budget based on the inheritance money and didn't want to use any of my own funds, that's why I bought the two Trax, as they were the lowest cost vehicle that met our needs. If I was only buying a single vehicle, then yes, I'd have bought something in a higher class. But so far, each seems to be doing very well. At our current ages, we don't drive much. I work from home and my wife is retired, so neither vehicle will be overly taxed with a lot of driving.
The certificate cars are almost the same price as new! Used car loans are higher interest rate too! At least the cars I was looking at.
I once saw a used car being sold for more than what I paid brand new.
We may be days away from a crash, but who really knows, maybe the economy limps along a few more months. I would certainly NOT be paying retail prices at this time. There will be thousands coming off the stickers, is my guess. One good reason to buy used would be that it is something no longer sold these days. Recall a time when we had V6 and V8 choices. Cars had multi-port fuel injection instead of direct injection, most had no turbo, not a load of tech to go wrong, yet still had on-car diagnosis, you did not have to spend $1,000 to replace the windshield due to cameras, and you drove a car instead of a car yapping at you, and wanting to pull the wheel, or brake, and did not have the expense and annoyance of auto-stop/start? Maybe, if it is at all possible to find, a clean car without all the unnecessary and costly stuff of today, would be a find. Recall the day, not all that long ago, one could buy a smooth six cylinder car for less than the price of an i4 1.5LT micro sized engine with a turbo, tethered to a CVT? And you did not have to turn off the auto stop/start every time you drove.
If I were a UA-camr, I would have made the same video as this one you made. You nailed it. I was in the market for a compact car. I first looked at used and found out they cost only a few thousands less than new with heavy mileage. New car has more attractive interest rate for financing. I bought a new car. Years ago, used car makes more sense and they used to cost a lot less than new. Not now.
This is an eye opening video. How dealer are cheating customers bye creating hype. Don't buy any used car if it is not depreciated as per the market.
The best reasons for buying a used car is reliability and longevity. The number of new car models that will never make it to 100k miles has skyrocketed. Electrical gremlins and engine/trans issues plague new models. They're too complicated and connected. The rapid trend to turbocharged cars with smaller displacement engines and CVT transmissions means a large number of these new models will require prohibitively expensive repairs -- often before the car is 10 years old..
Exactly why we have put-put engines and belt/pulley transmissions! Turns to junk much quickly.
I like what you wrote question for you, if you are in the market for a new vehicle would you choose the Toyota rav4 natural aspirated engine or the mazda cx5 or cx50 natural aspirated engine please respond stay safe thanks.
Would you choose the mazda CX5 / cx50 or the Toyota rav4 natural aspirated engine please respond stay safe.
@@JS-qj2sg Toyota
"The best reasons for buying a used car is reliability and longevity..."
You must be joking. No one sells reliable, dependable, economical, fun to drive car.
Every used car has a dirty secret it is trying to hide...
I bought a 2 year old pickup, 30k miles 1 owner lease return no accidents a few months ago..
It had already deprecated 40%..
My next vehicle is going to be a Lexus GX550, a few years old for 40% less than new.
There are only a few cars you can buy new that don't deprecate like crazy. Be smart.
What a great video. I tortured myself looking at used Lexus IS 350 F Sport, but then went on invoice pricing site and got a new one for a marginal amount more than used. There's nothing like a brand, new car that no one has owned but me.
I’ve been torturing myself for the same thing. On buying new or 2021 Lexus es 350. I just don’t want to pay 5-8% interest on a brand new car either though. :(
Excellent information for all prospective car buyers to consider. You rearranged my attitude.
I recently bought a 2020 Chrysler 300 5.7 Hemi with 43k miles for 25K. That’s a 54% depreciation from new. I think I did ok. Not the best deal on earth but a pretty fair deal imo
Some places like Carmax will charge you as much for a used car as it costs to buy a new one.
Used is always better, no arguing there...but, every used car has a secret. This is why it is being sold. You will eventually find this secret out, and it won't be pleasant. At least, with a new car, there is no headaches. You have a long warranty...10 years or so, of care free driving.
Incorrect. I have had 2 business partners that would trade in their previous year model for the new model every single year, full size Ram trucks. There wasn't real any reason; just always wanted the newest year model. They were highway/city miles only.
One of them went through 6 vehicles, while I had the same vehicle. I ended up putting close to 377,000 miles on my truck, 2000 Sierra, only replaced fuel pump once and regularly maintained.
@@michaeljones3765 This is maybe 1% of the cases...the other 99% are cars with dirty secrets. I know...I am in the business...
Thanks for your stream.
In your opinion, which date is it cheapest to purchase a new Honda?
1. Memorial day weekend
2. July 4th weekend
3. June 30, last day of month and last day of quarter, last day of calendar year
Thxs
Great video on used and new cars last week I saw a lexus dealership selling a 2021 lexus nx 300 F- sports AWD with 21,779 miles for $32,995 this week the same vehicle list $34,495 this vehicle is a lease returned, what do you think about the of the change in price what the dealer did do you think is a good price, please respond stay safe.
Thank you so much for this video! It’s so straight forward and easy to understand.
Hi Shari. Thank you for your channel. Best place to get Informed. I was wondering if you could make a video about Nissan Altimas, like the best years to buy, used or new. Thank you once again.
I have a video on the Toyota Camry and Honda Accord coming tomorrow. I'd say both are safer choices than the Altima, but if I were considering Altimas, I'd only get one 2020 or newer with low mileage and change the CVT fluid every 50k.
@carhelpcorner thank you so much Shari for getting back. I appreciate you. Thank You.
Ive been looking at the Corolla Cross as well as the RAV4, I'm in Florida btw. Everything I've found used has higher mileage the average at about 45 thousand miles and somewhere between one and 5 years old. They are selling for several thousand dollars over the original MSRP and it blows my mind away. Most of them are also base models. 🤦
So are you saying if you have the cash for a brand new car, get a brand new car?
I bought a new Corolla a few months ago and the difference between brand new and one I found that only had 3000 miles on it was $500 ($1500 w/destination). I can’t wrap my head around it, it’s wild that use car values can be so high.
A well maintained Corolla can easily surpass 400,000 miles with proper maintenance.
They are excellent vehicles. Although I think the older ones were built much better.
@@michaeljones3765 I’m pleased with mine so far. Can’t fault it for much.
Ev looses almost 50% leaving the lot... For a good reason!
The problem in the US is supply v demand. When 3 yr old cars are almost the same price as new ones - get new. The saving is not worth what you lose.
Any thoughts about getting a new Skoda Octavia vs a used one ?
I'm buying a new honda pilot because i want to drive for 13 to 15 yrs. Depends on how long you want to go and how much you can afford.
I want people's opinions on my purchase..
I have purchased a 24 CRV Sport. With a 7 year warranty bumper to bumper. KARR security system installed, protection package, and 3m ceramic shield. The car cost me $43,000 US. with a 6 year finance for 5.9%, it totaled up to 49,676.
Was that a bad deal considering I'm a first-time buyer?
Yep. The 2023 Prius is being sold used with a worse trim for more than the MSRP of a new 2024 Prius. It’s insane.
Great info, but best watched at 1.5x speed 🏃♂️💨
I was car shopping recently and found that most prices that were advertised were for 'financed vehicles' and the cash price was as much as $2000 higher. Of course then their was overselling other add-ons. When I asked about the OMVIC rules for price advertising most of the responses were to read the fine print about financing. Financing rates were 10%. I finally got a dealer that stayed to the advertised price and dropped any suggested add-ons upon request. A shout out to Grimsby Hyundai for being the kind of dealership of old. I have no affiliation with the aforementioned business..just got a 1 year old hybrid at a fair price. Shop around..the internet is a great tool.
Thanks for the info. I will check them out.
As long as the ad discloses that the price is a financing price, it is allowed under OMVIC. I still consider it a red flag and a sign of a dealer you want to be careful dealing with.
But if you buy one of these popular models new, aren’t you liable to pay a hefty dealer markup?
In the market for a new (to me) vehicle. Does it makes sense to go for a used 2021 civic sport with 45k-50k miles for $20k rather than pay for a new 2024 civic sport at 27k? I'm not sure if I should save the upfront cost with the used car and take the hit on maintenance and repairs in this case
Having been a salesman at 4 different auto dealerships, I will NEVER, EVER set foot in a dealership, to be put through their humiliating haggling games.
My experience was different since my son works at aFord dealership here. So I got no markups.
buy Tesla less to no talk and no discount whatsoever bought 1 so far happy the car no gas no maintenance
I've been searching for another SUV. Losing my mind because once I see a pre owned or used one I like, I'm also searching recalls to make sure there weren't any significant safety recalls. Some recalls are minor but some are very concerning in certain vehicles. Also, I'm not keen on getting an SUV that has a CVT transmission based on everything I've read so I'm ruling out Subaru now. Anyway, for anyone looking at Honda's I suggest you research the latest news on all of the safety investigations happening due to serious injuries and crashes on certain vehicles - some are CRV's. I was very surprised to find out about this. Always put Honda's and Toyota's on the top of the reliability and safety list but . . .
I don’t live in Canada, but your tips are still really helpful!
In EU we put 20-30% upfront in car. Doesn’t matter used or brand new 😂🎉
So maybe 20 percent savings for a 2 year old car is decent?
Very useful, helpful video. Thank you 👍😊
Do you believe I bought my Mazda CX -3 in 2013 and tell now I didn't use the warranty 😎
LOL. Asking price does not equate to transaction price.
Still a lot of demands for these cars, at least here in Canada.
If you are willing to pay at least the asking price, dealers knows that someone else in more of an hurry to get a vehicle will pay the asking price and the BS dealership addons too.
Like most people, I started out buying used cars. Later on, when I could afford new vehicles, I bought them. 'At some point, I sat down and ran some numbers and what I discovered is that, all things considered, it is more rational and economical to buy them used. Just stay with Japanese cars, Nissan being an exception to that. Look for cars that are one owner, are less than 10 years old and have less than 100K miles. If there is a problem with such a vehicle, it usually is a minor one.
Automobile industry rapidly change. A lot of cars have much less resource after 2008 and the an few ecological requirements to manufactures. Buy modern car with more than 100k it’s very risky. I think it’s 90% that new owner will have problems.
Auto insurance is the biggest reason I stay away from new cars… I’ll stick with any pre 2010 mint condition car with 40$ insurance
CPO’s always makes sens when the price is right!
Many CPOs are also a scam.
Obviously Shari is correct about the current used car market being very over priced due to supply shortage. I agree that, yes, the used car market probably will not "crash", but I feel we need to understand that the market will not be like this forever. What goes up must come down, and the market will eventually return to close to normal. No, this will probably not be in the form of a crash, but it is likely to slowly continue to trend down over the next couple of years as it has been for several months now. So for young people hearing this, this principle is likely not one that you should follow for the rest of your life (buy new, not used), but only for the next year or two.
Also, I feel it is important to point out, that in any market there are opportunities. Ok, so everyone likes hybrids, Toyotas, Hondas, Subarus, and crossovers. Well consider buying a used Chevy Bolt. 12 of them started on fire a few years ago an now everyone is afraid of them. You can get a used one for under 15K plus you can get a $4,000 tax credit. Obviously, the Bolt is not for everyone. I'm just saying that it may be worth your wile to check for opportunities like this.
A lightly used Bolt is a good example, especially if you get one that received a brand new battery under the recall.
very helpful video Thanks😊
I always buy new, but pay them cash and have them for 10 years
If you can't buy a used card with cash run the other way.
Used car only within a year or two could be okay providing no accident history, service records and remaining warranty but interest rates are double than brand new so some customers end up buying mediocre brands like Mitsubishi, Ford or GM products
Buying new makes more sense. But if you don’t have enough money, a used one would do. Best is to have a good mechanic inspect the used car properly before buying it so you’ll have less hassle in the long run.
Just got myself a 2023 Subaru Outback limited with 8,900 miles with 7 year/100,000 mile gold plus warranty (including electrical equipment) with 5% interest for $34k out the door. It was rushed I needed it, my 2018 Honda Accord blew the gasket and needed new engine…
You had the 1.5 litre turbo accord eh…
@@alvinsimba734I sure did…I sure did. 73,300 miles 2018 1.5t. Dealer quoting me $10k. Honda goodwill said they would pay for half. Ended up selling the car and just bought a Subaru and glad I did. Done with Honda, and I’ve had 5 of them in the past.
@@alvinsimba734that I did, that I did. Dealer said $10k for new engine. Honda Goodwill said they would pay for half. I said I’ll just sell the car and get a Subaru 👍. Worked out.
Why new engine instead of gasket replacement?
@@samkitty5894dealership said it might have been possible engine crack or warp.
Try to get a company car. Best of both worlds.
Well OK, but as Shari has pointed out in another video, dealer markups, add-ons and junk fees on new cars are built-in these days, making lightly used cars an even better bargain
Who the hell sells a used 3 year old car $4,000 less than new? 🤔
My 2021 Honda CRV EXL lease ends May 2025. The residual is $19,000. It only has 28000 Kms. Should I buy it out or get a new one. Also if I buy it should I buy extended warranty? Ont. Canada
Trucks are the most popular category of vehicles and have better resale.