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by nulagrithom
2895 days ago
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I feel like it's a bit disingenuous to talk about this in the context of 1) paying MSRP and 2) buying new. He even mentions the second point, then goes on to completely ignore it: - Never buy new.
- Just buy something 2-3 years old after it comes off someone else’s lease.
A quick look on Kelley Blue Book says that $51,790 Ford Expedition drops to $24,925 after 3 years and 55,000 miles. Using the same parameters for the loan comes out to payments of $418 per month.That's still a chunk, but it doesn't have quite the same shock value as the brand-new MSRP prices presented... Now, $418/mo is still a far cry from the $165/mo you can get out of a lowend, 3-year-old Kia Rio, for sure. I drive something similar now. But the article still kind of rubs me the wrong way... |
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I just bought a new Subaru for about $24,000. A 3 year used in an identical package ran about $19,800. For that level of a price difference I couldn't justify going used, with some likely impending mechanical issues and effectively no warranty.
If I had financed, the used car payment payment is actually far higher - about $577 vs $432 because of the shorter loan duration (yes, total cost is still lower).
It's one of those "/r/askreddit-style" pieces of gospel that people endlessly parrot without ever testing if it's still true, or at least realizing the truth is a lot more complicated.