By extrapolation of Bill's statement, I could say exactly the same
thing about digital cameras. Only fools buy brand new digital cameras.
:)
My wife and I buy only used vehicles. We try to buy them when they are
2-3 years old and up to 50,000 miles. For the most part, this has
worked out well. Our latest purchase was a 2009 Prius that was only
one year old and a rental in Florida. We got it for a substantial
discount over the cost of a new unit. However, as it was at the tail
end of the warranty, we bought a warranty to take it to 100,000 miles.
I did a full cost-analysis of new vs. used with a trade-in or sale at
the 100,000 mile mark. It turns out that whether I buy new or used,
the net was almost identical. When kept to a lower mileage mark, the
new car was less expensive, but beyond 100,000 miles on the odometer,
the used car was less expensive. By the time you get to 200,000 miles,
the net savings of used over new is almost the entire purchase price
difference. As we intended to drive the snot out of this car, it made
sense to buy it used. We're around 88,000 miles on it now, so we're
getting close to the break-even point.
My analysis did include the differences in finance rates (higher for
used) and taxes (obviously higher for new), government subsidies and
annual license tags. It was also based on the number of miles we put
on the car every year. Literally, YMMV.
Based on the cost analysis, we almost went with a new car, but chose
not to as we're trying to eliminate all of our debts, and that was a
hunka-chunka increase. Turns out we chose wisely.
Now, I'm in the market for another vehicle for the girls to drive.
Hmm. I wonder if Joel still has that ancient VW Golf?
--
Ken Norton
ken@xxxxxxxxxxx
http://www.zone-10.com
--
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