This may be the worst advice I’ve ever seen for buying a used car
I’ve been blogging about car buying for about ten years, and I’ve seen some of them He takes it very poorly During that time when it comes to providing advice to consumers. However, the latter may take the cake with him The overall thesis is that some really popular models offer good used car deals Because they don’t underestimate their value much.
This again comes from GoBankingRates.com via Hey ho! finance And it’s titled “9 Cars You Should Never Buy New.” And you know when to provide guidance using absolutes like always And never, You’re in for some sage advice. Honestly, I think this outlet is only publishing content to hurt my brain at this point. So, what are the 9 mysterious cars you should own? never Buy new?
- Toyota Camry
- Hyundai elantra
- Toyota Tacoma
- Chevrolet Silverado
- Honda Accord
- Honda Civic car
- Toyota Rav4
- Subaru Outback
In fairness to the author, I will admit that some of these cars on the list would fetch some very strong values on the used market. With the prices of new pickup trucks on the rise, a used truck can certainly be a good toy for, of course I’ve been promoting the Mazda3 as one of the best used cars for new drivers. Elantra is historically a good value on the used car market since it tends to depreciate faster than some Japanese offerings.
This brings me to the core of why the basic argument of the GoBankingRAtes article falls apart. In many cases, the publication cites “industry experts” who say vehicles like the Camry, Accord, Outback, and Tacoma are great buys because these cars “hold their value,” but that ignores the very concept of how disrepair affects what’s there. “Value” in the used car market. If the model has not lost its value, the price delta between used and new models will be very close, so buying new is often the smarter move.
A. has arguedIt’s best to buy “lightly used” versions of these high-value cars because new cars can be purchased for about the same price. GoBankingRates argues that a five-year-old version is the step to take. Unfortunately, they ignore the current market reality of the used car market. Especially when they offer quotes like this
“The Honda Civic is an economical, reliable and practical vehicle,” said John Lin, auto mechanic and owner of JBMotor Works. “Buying a used 2018 Civic with about 40,000 miles will only cost you about $15,500, which is much cheaper than a brand-new 2022 model that is priced at over $22,550.”
I surveyed the market within 300 miles of New York City of 2018 Civics with less than 40,000 miles; This is an overview of the inventory.
I don’t know what time machine Mr. Lin uses to go back and find a five-year-old Civic with only forty grand for fifteen grand, but you can’t do that in 2023. Except for one or two listings. From questionable dealers, most 2018 Civics sell for well in the $20,000 range.
Of course, the data looks pretty similar for the Accord, Camry, RAV4 and Outback. The savings GoBankingRates estimates you’ll get don’t match what cars actually sell for.
Of course, the most egregious example is the Toyota Tacoma, Even people who don’t use cars know that Tacomas consistently sell for crazy prices on the used market due to their reputation for durability.. The article even acknowledges this when they say –
“The Tacoma has one of the strongest resale values on the market. “Even a 2001 model is more expensive today than many 2010 (or newer) models from other brands,” Beneke noted.
However, GoBankingRates still claims that you can save up to 35% off the new price if you buy a 2018 instead of a 2023. Let’s take a look at the prices of a five-year-old Tacoma.
While there are some super basic-spec four-cylinder SR trucks priced at $25,000, the majority of moderately equipped models fall in the $30,000 range. Perhaps GoBankingRates suggests that people shop in an alternate universe where the laws of physics and Tacoma’s resale value no longer apply.
In general, a used car should save you money compared to a new car, but some high-value models will have a price difference that is very close to a similar new car, and it may be worth spending the extra money to spruce up your car. Fresh from the factory. When it comes to the dilemma of whether to buy new or used, the answer is rarely absolute It depends. Factors such as customer needs, budget, location, and market conditions all play a role. Advice that applies to one buyer may not apply to another.
Tom McParland is a contributing writer for Jalopnik and runs AutomatchConsulting.com. It eliminates the hassle of buying or renting a car. Got a car buying question? Send it to Tom@AutomatchConsulting.com
(Tags for translation)Toyota