If you buy a new car with a loan one of 2 things will happen besides paying a lot on interest: you have to drive it for quite a while and within a year it is already not 'new' anymore, so why bother buying new in the first place. Or you trade it in too early, losing a lot of money, so you can have another car that is only 'new' for a very short time.
So why not save a ton of money and get one that is 2 to 4 years old. Most of the depreciation has already occurred so if you trade it in again for an upgrade after a couple of years without losing that much money. It is the smartest way to drive a car that is not too old.
I was looking to buy a Toyota and a used Corolla with 80k miles on it was only a few thousand less than buying a new one.
I'd believe it. Used car prices are insane right now
Yeah, that's where I'm at right now. I could actually make money off selling our old car right now.
Much of that price is the image of reliability, which I think is overpriced even though I also like toyota with regard to reliability. Perhaps it helps to look at good but less popular car shapes. I understand suv's and trucks are very popular in the US, perhaps a station is cheaper. But due to the supply issue all cars are overpriced now.
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