Reply to Buying a used car in 2024 is stupid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Don't know why anyone would buy a used car, the only cars that depreciate a lot now are the ones with really bad issues/high maintenance like Range Rovers. The cars with good reliability and cheap upkeep barely depreciate. Want a 7 year old used Toyota RAV4 with 100k+ miles? That'll be $20,000. For only 50% more you can get the same car brand new with a lot more life left in it before big repairs start coming due.

The only people who buy used cars are those who cannot afford new, it's no longer the people who have high incomes but are frugal.[/quote]

This is a very affluent attitude.

For many, likely more than half the country, the $10K difference might as well be $100K because they don't have an extra $10K or can't afford to spend the extra per month on their car payment.[/quote]

Yeah that was my point, it’s no longer savvy to buy a used car. It’s now only the folks with no other options, or the old people who haven’t been keeping up and doing research on the market.[/quote]

Lol, people who don't have 60k to spend on a new car can still be "savvy." In fact, they have more reason to be and have more to gain by doing so.

Buying used (with lots of research and waiting for the right car to come along) saved my family over 10k versus buying new. That 10k can immediately get plugged into 529, Roth, and CDs. That's well worth it to us. It might not be worth it to you because you might have so much money that the 10k saved by buying used simply changes the discretionary amount you spend on vacations this year, and maybe you can max out all savings and investment accounts before even getting to the car fund money. Good for you. But that doesn't make it a savvy decision. It just means you have more disposable income and therefore can say "screw it, I'll just spend an extra 10k and then I get a brand new car."[/quote]

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