The Sweet Spot To Buy

ragweedfan · February 3, 2009

i know the best time to buy seems to be the end of year sales but if i decide not to buy new what is the best time to buy used (how old) ? i realize there are many variables such as condition and mileage etc., and if you lose a % just driving off the lot is a 1-2 year old the best way to go. right now i am leaning toward a nbs ext.cab/ 4x4 - z71/ 5.3 automatic. but the used vs new prices seem to get closer especially with the mileage under 30,000. anyway just reading the thread about the 0% interest rates vs rebates then being upside down quicker. just rambling wondering what most of you guys thought-

piscator · February 3, 2009

Ragweed,

I've always focused on mileage more than age. I'd rather have a older vehicle with low mileage than a newer one with high miles. I target vehicles under 30,000 miles that are usually about two years old. If a low mileage vehicle is a little older, it may mean it's been gently used. To me, that's good.

piscator

Bowtie2Sierra · February 3, 2009

i know the best time to buy seems to be the end of year sales but if i decide not to buy new what is the best time to buy used (how old) ? i realize there are many variables such as condition and mileage etc., and if you lose a % just driving off the lot is a 1-2 year old the best way to go. right now i am leaning toward a nbs ext.cab/ 4x4 - z71/ 5.3 automatic. but the used vs new prices seem to get closer especially with the mileage under 30,000. anyway just reading the thread about the 0% interest rates vs rebates then being upside down quicker. just rambling wondering what most of you guys thought-

I'm old school...I do not buy vehicles (or anything else other than a house) unless I have the cash to pay for it. 0% is the only auto financing that makes sense to me (IF you can get the rebates WITH the financing). Then take the cash that you would have used to pay for the vehicle and invest it for the term of the 0% loan period and you will come out a little bit ahead. In my case, each time I bought a new vehicle, it was either the 0% OR the rebates...no combination of the two. The rebates always made sense for me since I do not finance.

IMO, anyone worried about being "upside down quicker" needs to look for something less expensive.

VMax2007 · February 3, 2009

I'm old school...I do not buy vehicles (or anything else other than a house) unless I have the cash to pay for it. 0% is the only auto financing that makes sense to me (IF you can get the rebates WITH the financing). Then take the cash that you would have used to pay for the vehicle and invest it for the term of the 0% loan period and you will come out a little bit ahead. In my case, each time I bought a new vehicle, it was either the 0% OR the rebates...no combination of the two. The rebates always made sense for me since I do not finance.

IMO, anyone worried about being "upside down quicker" needs to look for something less expensive.

+1

Reverendbiker · February 3, 2009

I'm old school...I do not buy vehicles (or anything else other than a house) unless I have the cash to pay for it. 0% is the only auto financing that makes sense to me (IF you can get the rebates WITH the financing). Then take the cash that you would have used to pay for the vehicle and invest it for the term of the 0% loan period and you will come out a little bit ahead. In my case, each time I bought a new vehicle, it was either the 0% OR the rebates...no combination of the two. The rebates always made sense for me since I do not finance.

IMO, anyone worried about being "upside down quicker" needs to look for something less expensive.

+1 Now there's a wise man. Financing a depreciating asset is a fool's game. Buy whatever you can afford with cash, even if its an old clunker. Pay your car payment to a bank account and save it until you can afford something nicer.

lacartus · February 3, 2009

At least one model year older than what's on the dealer lot. Low miles (<12k/yr act), no demos, other common sense. If you can paycash that's ideal, since loan rates on used vehicles significantly add to the overall cost.

certifiedcustom · February 3, 2009

Our best sellers today are the 2007 and 2008 model year trucks, all with under 20,000 miles. There is plenty of bumper to bumper warranty left, and the trucks are in very good condition. Many customers tell us the trucks feel "like new" for 25% to 40% off, and they wanted someone else to take the initial depreciation hit vs. buying new. Always buy what you can afford, especially these days.

Z71Adrenaline · February 3, 2009

I like the 1-2 yr range, like others have said. I would have done just that, but I got my '08 new for what I could have gotten an '07, and I wasn't willing to go back to a GMT-800 truck.

The only reason I bought one was because I had a huge chunk of change to put down on my new truck. My old one was paid off so I applied all proceeds from the sale of that to purchase this one. I already have 28,000 miles on my 11 month old truck, so I knew I'd need this buffer to keep equity in it.

My dad has always said "never live above your means." This applies to any situation--especially trucks!

unit731 · February 3, 2009

Ragweed,

I've always focused on mileage more than age. I'd rather have a older vehicle with low mileage than a newer one with high miles. I target vehicles under 30,000 miles that are usually about two years old. If a low mileage vehicle is a little older, it may mean it's been gently used. To me, that's good.

piscator

I agree.

Some on this board are in the new and used vehicle business and will vehemently disagree with me but . . .

I have purchased mostly used cars and trucks over the decades. I've done pretty good with a few exceptions. One is, never buy a vehicle at night. I did this once on an impulse purchase latter to find out extensive body repairs. I just sold that one quickly.

I always purchase from a private seller and the original owner. I ask to view (and try to obtain and keep) all the service records. This tells me the issues the vehicle has had in the past. And how good the seller took care of vehicle. If seller does not have service records - I walk away. I always look for body part repaints. This tells me if vehicle was in accident. I don't purchase anything that has been in an accident - large or small.

Try to put the used vehicle on a lift. The underside can tell much about vehicle use.

My used vehicle purchases were mostly older with lower miles. I have looked at newer with low miles but the difference between used price and new price was not too different and at this point I would just purchase new.

If you are looking for a specific model with specific options and color - then you have greatly limited yourself to what is available either private or dealer - and you may pay much more. Buying used one has to be somewhat fluid in what is acceptable for a vehicle.

And always do a carfax or some such search on vehicle history.

And note: Local new and used vehicle dealers contribute much to the local community such as charities, little league, and such. Always respect this and give them the opportunity to sell you a vehicle.