145
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 10 Aug 2023
145 points (94.5% liked)
Personal Finance
3803 readers
1 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 1 year ago
MODERATORS
Yeah, it's very much YMMV. I got a Prius for ~$10k w/ <60K miles about 10 years ago, and new models were going for >2x that (I think MSRP was ~$25k). It now has 145k miles and has needed practically no repairs (maybe $2k?). So at the time, used was absolutely a better deal.
Today, a similar car would go for >$20k, and MSRP is similar ($28k-ish). So today, buying new is absolutely a better deal, if I can get it for MSRP (pretty big if these days).
So if I can get more than half of the useful life for significantly less than half of MSRP, used makes a ton of sense. But that's not really a thing today. Had I bought new when I bought my car, I could probably get $20k+ for it today. I didn't, so I can only really get $5k or so, but that's still a great deal given that I put on nearly 100k miles over ~10 years.
I plan to drive my car until it dies, so I'm basically saving $15k or so buying used. If I bought today though, I'd buy new because used doesn't make financial sense to me.
Toyotas and Hondas have pretty huge markups right now. A new Prius for example (in Texas at least) costs 39k (with taxes and everything) for the base trim.
I'm seeing advertisements for MSRP for both Prius and Civic, so ~$30k for 2023 model years for base trim. This is before taxes, just advertised price, so maybe $35k out the door after taxes, registration, fees, etc.
That said, I haven't requested a quote from any local dealers, so those advertised prices could be unrealistic. But advertised prices are down from last year.
I went in person last month to two dealerships in my area, and they both had over 5k markups.
They also stated ~30k on their website.
Lame. It's at least better than a year ago when everything was marked up >$10k.