Pre-owned vs new - advice?

[Anonymous]

My family desperately needs to upsize from our CRV to either a Pilot or Highlander. We will keep our fully paid off CRV for one of our teen drivers.

I would like to pay in cash, but I’m guessing a new Pilot/Highlander will end up being almost $50k when all is said and done. It’s a stretch for us. But we would make the stretch vs financing at today’s rates.

I was surprised to see our local Honda dealership had a number of pre-owned Pilots available with relatively low mileage and prices that were more palatable.

However, if long term it makes sense to spring on the new vehicle- in terms of a warranty or just a longer car life then I don’t want to rule that out. We will keep it as long as we can.

Is there a rule of thumb here? Btw I don’t think I’m a Carmax person, and there isn’t one nearby. But I would reconsider if I’m missing something

[Anonymous]

sometimes used is not cheaper than new. Price shop. If it's a stretch, then get something cheaper. You don't need a fully loaded car and plenty of other SUV's.

[Anonymous]

Car max has great warranties that you can purchase. I always wonder about almost new used cars- why were they returned? I’d be worried about getting a Friday afternoon car

[Anonymous]

I always buy nice used cars with low mileage. If it’s certified pre-owned by the dealer they will often extend the warranty. I look for cars coming off a three year lease with less that 25k miles. It’s always worked out well for me.

[Anonymous]

We almost always buy used. If it’s a good deal, it’s great. Many are coming off leases, but you can find out the history and choose accordingly (corporate fleet, rental, leased car, one owner, etc).

[Anonymous]

Use cargurus.com to narrow your search. I've gotten two low-mileage SUVs through the site (each was less than $30K in the 'before times' pre-2020).

[Anonymous]

CPO only means one owner no accident under certain mileage and age most manufacturers.

[Anonymous]

Always get used with low mileage. And sometimes interest rates will shock you. Bought used certified CRV this summer and Honda gave me .9% for 60 months. The finance guy was SHOCKED.

(please no lectures on financing.)

[Anonymous]

+1 on Carmax warranty. Among the best out there.

[Anonymous]

I know a single mom on a tight budget, bought a car from Carmax. It turned out to be a lemon. Carmax was unresponsive. She was stuck with the car. She can't be the only one to have experienced this, so I'd beware.

[Anonymous]

Anonymous wrote:CPO only means one owner no accident under certain mileage and age most manufacturers.

CPO can have accidents, they just need to be repaired to "industry standards"

[Anonymous]

Look at service plans as well. When I bought a new highlander, it included all maintenance for five years/25k miles, and then every 25k miles after that, I have been able to buy the same package again for $450. At dealership maintenance rates, that’s a savings of about $3-4k every 25k miles. I’m on my third package, so I’d only buy used if I could get it for at least $12k less than new and it was super low mileage, no repairs, no accidents.

[Anonymous]

Anonymous wrote:I know a single mom on a tight budget, bought a car from Carmax. It turned out to be a lemon. Carmax was unresponsive. She was stuck with the car. She can't be the only one to have experienced this, so I'd beware.

This is outrageous.

Especially since she paid for her warranty.

She should sue CarMax for this.

[Anonymous]

Anonymous wrote:Look at service plans as well. When I bought a new highlander, it included all maintenance for five years/25k miles, and then every 25k miles after that, I have been able to buy the same package again for $450. At dealership maintenance rates, that’s a savings of about $3-4k every 25k miles. I’m on my third package, so I’d only buy used if I could get it for at least $12k less than new and it was super low mileage, no repairs, no accidents.

You pay $3-4k every 25k miles? I’ve had my old 4Runner for 15 years and never paid that! Maybe $100 bucks for an oil change every few thousand miles

[Anonymous]

Anonymous wrote:I always buy nice used cars with low mileage. If it’s certified pre-owned by the dealer they will often extend the warranty. I look for cars coming off a three year lease with less that 25k miles. It’s always worked out well for me.

How do you locate cars coming off a lease?