Looking for a car after being carless for 20 years

[Anonymous]

Anonymous wrote:2017 Corolla sold for about $15,500 when new. So you are looking at a depreciation of only $2500 for 4 years. This shows just how idiotic it is to buy a used Toyota. If you regard the useful life of a Corolla to be 20 years, then a $15,500 price would mean $775 per year of depreciation assuming that the car is equally as desirable in its first year as its 20th year. Four years at $775 is $3100 of depreciation. Clearly, then, it's a much better deal to buy the car at $15,000, drive it for 4 years, and sell it for $13000 and experience only $625 pear year depreciation, while driving a new car!

Prior poster here. You make a good point and I generally agree that right now buying new is often the right call, especially for a car like a Corolla that depreciates so slowly (compared to, say, an Audi that will depreciate tremendously the first year of ownership).

2021 Corolla has a starting MSRP $19,925. Here's one listed for $18,352 (before tax, title, destination and doc fees; not counting any $ you are able to negotiate off)... https://www.cargurus.com/Cars/new/searchresults.action?sourceContext=homePageNewCarTab_false_0&selectedEntity=d295&zip=20009#listing=281368988

All that said, $13k vs. $18k is enough of a difference to matter for some.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don’t lease a car you are going to park on the street. You will have thousands in bumper damage.
Just get a used civic.

Used Civics are for suckers. Buy a new Civic and sell it after 3-4 years to someone who overpay for them used.

Well I just finally upgraded from my Civic that I bought in 2001. No issues with it at all but I was tired of waiting for it to die and we needed more space! Had it for almost 20 years. Though I'd advice you to just buy one new because those things last forever.[/quote

Cars with the greatest depreciation make the best used cars. My daughter has a 2017 Chevy Cruze she loves. That is a great used car vs a 2017 Honda as it depreciates quick first three years. Also warranties are much cheaper American cars. You can buy a 2.5 year old used Chevy and buy a factory 7 year warranty.

[Anonymous]

Definitely used car if you park on the street. Use a bumper bully. Don’t lease a new car and park it on the street DC.

[Anonymous]

Do NOT get a Honda (Accord or Civic) if you're going to park on DC streets. Hondas are the cars most often stripped of wheels and airbags in this city. Because the car is so common, there's a huge black market for parts. It's not a matter of if but when your Honda will get broken into in DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:2017 Corolla sold for about $15,500 when new. So you are looking at a depreciation of only $2500 for 4 years. This shows just how idiotic it is to buy a used Toyota. If you regard the useful life of a Corolla to be 20 years, then a $15,500 price would mean $775 per year of depreciation assuming that the car is equally as desirable in its first year as its 20th year. Four years at $775 is $3100 of depreciation. Clearly, then, it's a much better deal to buy the car at $15,000, drive it for 4 years, and sell it for $13000 and experience only $625 pear year depreciation, while driving a new car!

Prior poster here. You make a good point and I generally agree that right now buying new is often the right call, especially for a car like a Corolla that depreciates so slowly (compared to, say, an Audi that will depreciate tremendously the first year of ownership).

2021 Corolla has a starting MSRP $19,925. Here's one listed for $18,352 (before tax, title, destination and doc fees; not counting any $ you are able to negotiate off)... https://www.cargurus.com/Cars/new/searchresults.action?sourceContext=homePageNewCarTab_false_0&selectedEntity=d295&zip=20009#listing=281368988

All that said, $13k vs. $18k is enough of a difference to matter for some.

The LE actually has a starting price that's higher, at 20,375 plus destination, making it $21,519. The standard discount for a Toyota LE has always been about 15%, which is why you see it being offered for $18352 without haggling. However, if you look further down on the page you posted, a "great price", which means you can negotiate this price, is $16,313. The difference between $13k and $16,313 is only $3313, or about $825 per year. If you bought the car new for $16313 and drove it to the ground for 20 years until it is worthless, the depreciation would be $815 per year. So you are only paying $10 more per year to drive a new car for 4 years and pass it off to someone who is going to pay nearly the same amount of depreciation to drive a used car. Meanwhile you enjoy the newest technology, newest safety features, newest styling, seats that have never been farted on, and warranty!

[Anonymous]

Anonymous wrote:The LE actually has a starting price that's higher, at 20,375 plus destination, making it $21,519.

Ah! The damn destination charge! Not to derail this thread but it's pure crap that automakers and dealers can advertise a car for a price (MSRP) that doesn't include an isolated fee for bringing the car from the port to the dealer. It reeks of TicketMaster's "convenience fee." If I go to the store to buy a TV, Best Buy doesn't spring a hidden cost they incurred for putting it in a truck and schlepping it to their backroom.

Back on the rails, you make a good case for buying new, as long as one has a long time horizon.

[Anonymous]

I was in an almost identical situation and almost leased. I ended up buying a used Kia Soul and have been very happy with it.

[Anonymous]

Did someone just use Kia and Toyota in the same sentence.....??!

[Anonymous]

OP, don't leave us hanging. Have we helped you make a decision?

[Anonymous]

Anonymous wrote:OP, don't leave us hanging. Have we helped you make a decision?

OP here, thanks for all of the tips. I actually am thinking about using a service advertised on Popville by a DC teacher who has started a side gig helping people with the buying process. The timing was perfect. I'm leaning towards buying instead of leasing but still researching cars. Thanks!