I have heard two arguments about the most economical way to buy cars over a life time. I’ve heard that if you buy a new car, never trade it in and drive it until the end of its natural life, you’ll end up saving the most money in repairs. I’ve also heard that always buying slightly used cars will end up saving you the most money, (though you have to replace them sooner since they have less shelf life.) Are either of these theories true?
ALEXIS
Comments
A new car depreciates 15% or more as soon as you drive it off the dealers lot so I would say any vehicle that is used and already heavily depreciated is cheaper. However, you also want a vehicle that is produced in good numbers otherwise parts replacement and servicing will be expensive.
It really depends on a lot of factors, including luck. Generally it’s best to buy a slightly used vehicle since technically nobody owns a “new” car. The second you drive it off the lot it’s used. You can find a car with 20,000 miles on it for a few K less than a “new” one.
I have a friend that purchased an old Integra with 103,000 miles on it for $4,000. He now has 267,000 on it and has had no major issues at all. There are tons of examples like that which throw out the idea of having to buy a new vehicle. Generally speaking, smaller lighter vehicles with small engines last a lot longer than larger ones.