Which car should I get - New or Used? (POLL)

I need a new daily driver in the next week to get me 200-250 miles a week. I am not a car guy and dont really want to make huge payments, so this will be a car I buy and hold for 6-8 years at least.


NEW CAR: I got a great offer (I think?) for a 2012 Mazda 3i Touring Hatchback with the Moonroof/Bose package -- $20,039.

PROS: Warranty, better mileage in the long haul, newer body style and nicer interior gadgets, peace of mind knowing its just me owning it, sunroof and better stereo, lower interest rate and interest paid to bank over 60 months, best deals of the year happening the next 2 weeks.



--OR--


USED CAR: 2008 Mazda 3 sport hatchback with only 16k miles and talked down to $15,100. Mint condition, looks brand new. Asking price is $500 below KBB: Mazda dealer said its been on the lot a few weeks -- the used car market in los angeles sucks anyways for my price range (average 2008 = 50k miles @ $14k)

PROS: Cheaper insurance in the short term, 5k savings off the bat. Gives me more money to do other things. Would buy an aftermarket warranty.




WHICH SHOULD I GO WITH?? Im leaning used, but is having a 4 year old car with VERY low miles worth saving $5000?

never bought a car myself but to save $5k, may as well go with the new whip.



Joffrey said:

never bought a car myself but to save $5k, may as well go with the new whip.

Click to expand...

that seems to be the consensus I get, even though its a low mileage car. Id like to hear what other car buying veterans think.



Also, with a $4k down payment the used car is $297month for 48 Months while the New is $317 month for 60 months. IS that gap narrow enough to say *******, by year 5 that $317 for 12 more months aint nothing and go ahead and get the 2012 instead?

Think of all the **** you can buy with 5k.

If you aren't into cars and having the latest/greatest, go with the used. Helps even more if you can pay cash.

I would personally buy used since I don't care too much for cars and I like having more disposable income.

I'd get the new car and baby it nicely to get it broken in. I think the only difference here is that you should ask yourself if the $317 a month is a lot to you now, and if it would realistically be a lot to you in year 5; I mean, you can definitely underestimate that too, and it's not gonna hurt you.

Finish all 60 months and put maybe 75K on the car and it might still be worth $8-10K too, considering what the 4 year used one costs now (low mileage is nice, but only affects the used value a small amount really) Not a bad situation. Get the new car if you can do the $317 a month for 12 more payments. 48x 297 and 60 x 317? You're gonna pay about the same amount in real dollars to finance, but the percentage is obviously lower, the used car isn't really $15.1K to you, it'd be $18,256 with interest, whereas the new car is $23,020; lower interest means you end up with that much more to show for it, I guess.

^^ This is pretty much why Im leaning hard on the new car. The price difference isnt THAT much and in a few years $317 shouldnt be too bad at all. Plus I plan on keeping it for 7-10 years at least, so it will pay for itself in due time.


Both interest rates were sub 2%, so its kind of a toss up there. I just dont want to look back in 5 years and have a 9 year old car with 9 year old problems

Go with the new, especially if you're going to keep it for that long.

what is the invoice price on the new car? that will tell you if the negotiated price is really a killer deal or not.

• Invoice is $20542
• Dealer said his "Rock Bottom Price" is $20,039
• TrueCar price returned me a quote from a dealer 40 miles away (same exact car) for $19,764

When I went in to the dealer originally the sales manager said a "Few hundred" could be taken off to save a deal. SO Im in good shape with a price match, else I'll just go to the other dealer, no biggie. Tuesday Ill clean my car (in case I trade in) and Wednesday I'll do the deed.


Wish me luck

Neither. If you're not a car guy, you can find a 2008 car with 40k miles for $8000.