Buy new or used?

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jejb

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Good video. Demonstrates very well what those of us who have been in the car market more than a couple of years knew was going on, and what was going to happen once it all came crashing down. Going to be some great deals out there in the near future for those that can afford them. Might be some lean times for the dealers though.
 

BuschLatte420

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Personally I chose new, now a days you never know how a vehicle was treated, the prices are high, and interest rates on used are higher (if you don’t pay cash). Sure, I spent $51,000 on a new truck that probably dropped to $44,000 as soon as I signed and drove off but that trucks all mine, and I plan on keeping it for 20+ years (HOPEFULLY)! Last used vehicle i purchased was a 2001 Tahoe LT for $8999 with 97,000 on it (one owner old lady dealer serviced) that was a nice buy used.
 

tron67j

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I watched the whole video. He uses made up numbers to prove a point; made up in that they don't correlate to an actual vehicle and point in time. But the fact that banks would finance more than 100% of a vehicle is an old story. Financing can include tax, fees, etc.

On a generic level, buying a car without a huge down payment resulting in a high loan to value ratio is just a crazy thing to do, but research shows the top issue for people is how much their monthly payments will be. So people want a newer car, dealers want to make money, and banks are in business to facilitate this all - so don't be worried because this happens on a daily basis. We all do crazy things with money, so just do the best you can for you.
 

metalchewy

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I bought used in march, but I refuse to finance my truck. Had only a 13k budget so I ended up with a used 2010 Ram. A couple years ago we bought my wife's challenger the same way.

The money saved by not having a car payment since 2004, goes towards the next vehicle in a few years.
 

zrock

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all depends on how you negotiate your used car purchase as well. My dealer was so hungry on my used truck i saved over 10g on the exact same truck at several other dealers, as well my interest was so low i could not say no and im still saving money in the end. I got the truck so cheap im now playing with the idea of trading it in getting more than what i payed and getting new..
 

HunterCat

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Personally I chose new, now a days you never know how a vehicle was treated, the prices are high, and interest rates on used are higher (if you don’t pay cash). Sure, I spent $51,000 on a new truck that probably dropped to $44,000 as soon as I signed and drove off but that trucks all mine, and I plan on keeping it for 20+ years (HOPEFULLY)! Last used vehicle i purchased was a 2001 Tahoe LT for $8999 with 97,000 on it (one owner old lady dealer serviced) that was a nice buy used.
I have similar concerns regarding vehicle treatment. People seem to know less and less and care less and less. Most people think vehicles run by magic and that's how they treat them. Some owners know they'll only have the vehicle for a few years (maybe it's a lease - fancy term for rented) and they treat it accordingly because they don't intend to be outside the warranty.

For someone such as myself that keeps vehicles for the long haul, I'll take the depreciation hit and forego the savings of buying used. That gives me the best chance of avoiding a headache that may have been caused by a prior owner.
 

1 MEAN66

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As stated on the you tube site. IT IS NOT anyones fault but your own. If you pay more (however you got the money to do so) FOR ANYTHING than it is worth. It is on YOU and NO one ELSE!!!!! Stupid is as STUPID DOES!
 

jejb

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all depends on how you negotiate your used car purchase as well. My dealer was so hungry on my used truck i saved over 10g on the exact same truck at several other dealers, as well my interest was so low i could not say no and im still saving money in the end. I got the truck so cheap im now playing with the idea of trading it in getting more than what i payed and getting new..
If that happened in the last couple of years, you may be in for a bit of surprise to see what a dealer might give you currently. Prices are still higher than they should be, but used prices have taken a pretty good hit the last few months.
 

tron67j

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Thought a bit more in this. Used prices have dropped but not at the same level as pre-pandemic. An issue that will keep them higher than otherwise expected is the limited volume of used vehicles expected 5o enter the market over the next few years. With essentially no fleet vehicles sold the past couple years and consumer new vehicles also in short supply the used car market may be funky for a few years.
 

turkeybird56

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If U gonna buy, and not mind the monster depreciation, new. For giggles, I was looking at a 2022 GMC 1500 CC and they were priced at MSRP 63K, yeah, right, heck even the Laramie's are priced now at 61-75K, they R pricing themselves out of market. Just wait, they be parking vehicles on the roof of dealerships in the future begging us to come and buy, it will be a buyers market, just not now IMHO...
 

jejb

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Thought a bit more in this. Used prices have dropped but not at the same level as pre-pandemic. An issue that will keep them higher than otherwise expected is the limited volume of used vehicles expected 5o enter the market over the next few years. With essentially no fleet vehicles sold the past couple years and consumer new vehicles also in short supply the used car market may be funky for a few years.
Time will tell. But dealer lots are starting to fill up with most new vehicles. And some (many?) folks may be forced to sell/downgrade as the helicopter money ends and inflation eats up their paychecks. All the craziness has not died off yet, but it is slowly getting back to pre-pandemic levels.
 

tron67j

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Yeah, still a lot of crazy in the business. The company with the towers is getting hammered who knows if they will still be around and the one near us had been empty for a couple months. Wholesale prices have dropped around 15% as seen from results through Manheim but on-lot prices are not dropping as fast so still some additional profit-taking going on. Could still be interesting stories there for a while.
 

Jeepwalker

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I'd consider new if: 1) you plan to hold onto it a long time, 2) It fits within your finances, 3) You rely on dealer service, 4) You don't put a ton off miles on each year (or even if you do).

When you look at depreciated price of used, sure, you pay less, but you get a vehicle with 40k or 60k fewer miles too. If a particular truck is a lot cheaper, there's a reason for it. Most likely iit'll have problems you'll have to pay to iron out. With new you get a warranty.

That said, I've always bought used and I've had great used vehicles. But I do all my own service and if something really goes wrong (which has never really happened), I can deal with it.

And besides, if guys don't buy new trucks ....how the heck am I going to keep finding great deals on 'used' trucks!! :happy107:
 

Ramisgood

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After fighting with the dealership to get a working radio in our truck since it left the dealership floor 7 months ago, Id recommend used with a UConnect 4 system. FCA doesn't stand by their warranty, so new gets you nothing but expensive headaches. Haven't had any issues with our 2018 Laramie 3/4 ton with the 6.4.
 

gofishn

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I completely understand, even Sympathize, with those who go Used,
but, honestly, I cannot help being slightly Judgemental.


Prefer my Steak, hot off the Grill, not Used, outta the Trash Heap.
Much rather have the Girl Next Door, than a Kardashian or, even worst, some Granny on the Corner, still working , after all these years.

But, to each, their Own and whatever Floats their Boat.



he he

Admit it, that stuff was FUNNY< right there.
 

turkeybird56

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I completely understand, even Sympathize, with those who go Used,
but, honestly, I cannot help being slightly Judgemental.


Prefer my Steak, hot off the Grill, not Used, outta the Trash Heap.
Much rather have the Girl Next Door, than a Kardashian or, even worst, some Granny on the Corner, still working , after all these years.

But, to each, their Own and whatever Floats their Boat.



he he

Admit it, that stuff was FUNNY< right there.
Chasing Granny's off the corner? Hmmmmmmmmmm. Granny got a red light spinning on top of her head? LMAO.


 
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jejb

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Certified pre-owned can be a good way to go too. Generally, those are always the cleanest, nicest used trucks a dealer gets in. And they go through and do all the maintenance, tires, etc. Usually have a longer warranty also.
 

Scottly

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I buy new, every two or three years. If you get into them right, you don't take too big of a hit and I am blessed to be able to afford that hit. Thanks to God. Not everyone can do this.
 

Jeepwalker

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One thing about a 'clean' used truck is most of the warranty headaches and issues should have been dealt with already. Most of the guys I know who traded off their trucks did so after sticking a whole bunch of money into them (fixing the problems that menaced them in the first place).

I personally wouldn't buy a truck that has obvious signs of abuse, was beat on, had a lift kit or modded. But that's me. I know guys who have bought/sold modified trucks and had good luck with them. So... but the more the mods the greater risk there is. I guess that's what it comes down to is risk.

Back to buying new, one nice thing is you can get the package you want. Not always the case with used.
 
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