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At what point does "new" make financial sense?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by pbcolt, May 17, 2012.

?

I would buy new if it was only ___ more

Poll closed Jun 16, 2012.
  1. $0 - same price as the used option

    6 vote(s)
    6.3%
  2. $1-$2000

    14 vote(s)
    14.7%
  3. $2001-$4000

    42 vote(s)
    44.2%
  4. $4000-$6000

    23 vote(s)
    24.2%
  5. >$6000

    10 vote(s)
    10.5%
  1. May 17, 2012 at 7:21 PM
    #41
    Airun

    Airun Well-Known Member

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    The Tacoma definitely has to be in top 5 best resale in US among large volume sales auto.
     
  2. May 17, 2012 at 7:31 PM
    #42
    elmo7

    elmo7 Easily Replaceable Member

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    How much does a '12 depreciate in 3 yrs vs say, a '10 model? If I paid 30 and sold for 25 vs paid 25 and sold for 21, then I'd say the used is a better deal. Not saying that's real #'s - just an example. There's also the cost of higher taxes and insurance too. Just keep buying em new so I can buy em used. ;-)
     
  3. May 17, 2012 at 7:48 PM
    #43
    jandrews

    jandrews Hootin' and Hollerin'

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    You can't see it through the internet, but I'm rubbing my face with my hands after reading this.

    Arguing better resale/trade-in on a depreciating asset is like like arguing you should drill a smaller hole in your boat so it will sink more slowly.

    The fact that your perspective doesn't even allow for drilling no hole at all removes it from relevance entirely in this conversation.

    Insurance can often be higher on older vehicles due to less modern safety features and design, which can result in higher cost property damage and injury.

    Also, a single semi-major repair (differential rebuild, transmission rebuild, new transfer case, etc.) would negate your thousand dollar savings in the example above. The risk of said repairs is realistically higher with used vehicles.

    Just thoughts.
     
  4. May 17, 2012 at 7:49 PM
    #44
    Boerseun

    Boerseun Well-Known Member

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    It's in third place.
     
  5. May 17, 2012 at 8:01 PM
    #45
    Boerseun

    Boerseun Well-Known Member

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    This is how it works:
    Buy new for $30,000. My local dealer has 2.5% interest rate on new. At 60 months your payment is $532 per month. After 5 years, including interest you have paid a total of $31,945. Your truck after depreciation is worth $24,000. For the $31,945 that you paid over the last 5 years, you have $24,000 worth in moveable asset.

    Buy used for $25,000. At interest rate of 7.5% your payment is $500 per month. After 5 years, including interest you have paid a total of $30,000, almost the same as the new truck's $31,945, but your 3 year older truck is only worth $19,000 at that time.

    So, you pay $530 per month / 5 years to end up with $24,000,
    or $500 per month / 5 years to end up with $19,000.

    Also, the older truck might need more repairs, which sets you back even more.

    In this case it makes financial sense to buy new.
     
  6. May 17, 2012 at 8:15 PM
    #46
    Leggo

    Leggo slow is smooth, and smooth is fast.

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    just out of school? pay your due's and wait before you spend 25K + on a vehicle. Do you even have a job yet? I was 40 years old when I bought my first new car. I could not afford it until then. life is expensive.
     
  7. May 17, 2012 at 8:19 PM
    #47
    pbcolt

    pbcolt [OP] Well-Known Member

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    Yes I have a great job and an emergency fund.
     
  8. May 17, 2012 at 8:20 PM
    #48
    Boerseun

    Boerseun Well-Known Member

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    Just out of school is the only time to buy new - once you get married and have kids you will never be able to afford it again!

    Just kidding....
     
  9. May 17, 2012 at 8:21 PM
    #49
    w8n4mud

    w8n4mud I'm back.

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    Sup Colton: Another San Diegan here... buy new! :D That's it. Nothing else to be said. :D Good luck. Show pictures when you buy one. Remember, these dealerships down here will negotiate. Talk to the Fleet dept managers.
     
  10. May 17, 2012 at 8:23 PM
    #50
    Leggo

    Leggo slow is smooth, and smooth is fast.

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    Thats cool. congrats! many grads are unemployed still living at home with mom. Personally, if I could afford it, I always got new. I hate buying someone Else's problems.
     
  11. May 17, 2012 at 8:24 PM
    #51
    pbcolt

    pbcolt [OP] Well-Known Member

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    Hey! I'm surprised you say that. It seems like everything is just a tad more expensive down there. I will be up in the bay area/norcal for a while and was planning on picking one up up here. But I will definitely reach out to some dealerships there and see if they can make me a deal. Specifically Mossy Toyota, my family has bought 2 cars there.

    Can't wait to get involved in some SoCal trips once I get it.
     
  12. May 17, 2012 at 8:26 PM
    #52
    Leggo

    Leggo slow is smooth, and smooth is fast.

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    Beware the mod's! that adds up fast.
     
  13. May 17, 2012 at 8:26 PM
    #53
    pbcolt

    pbcolt [OP] Well-Known Member

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    Thank you very much, spent the last 2 Summers interning with my company and they made me a great offer to stay on board once I graduate. Pretty fortunate.

    I really want to stick with just 265/70's and sliders. I lifted my current 4runner at at times wish I hadn't. Simple seems like a better approach
     
  14. May 17, 2012 at 8:27 PM
    #54
    Goldstar225

    Goldstar225 Well-Known Member

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    I've always bought used using the logic that in purchasing a 3 year old vehicle, I avoided the initial depreciation. The downside was that three years later, I now had a six year old vehicle with 70,000 - 80,000 miles on it. When I decided to get a Toyota I realized that there isn't a big difference in asking price between new and used. Since I'm eligible to retire in three years I decided to treat myself to my first new truck.
     
  15. May 17, 2012 at 8:30 PM
    #55
    Saskquatch11

    Saskquatch11 TRUCK YEAH

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    :anonymous: I bought my first new tacoma when I was 21, 2nd new tacoma when I was 25.
     
  16. May 17, 2012 at 8:30 PM
    #56
    Boerseun

    Boerseun Well-Known Member

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    :thumbsup:
     
  17. May 17, 2012 at 8:32 PM
    #57
    Boerseun

    Boerseun Well-Known Member

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    :thumbsup:
     
  18. May 17, 2012 at 8:33 PM
    #58
    TenBeers

    TenBeers Well-Known Member

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    I only buy new because I don't like the idea of anyone else ever touching my stuff. It's a personal issue I have come to accept. That said, I paid $21,500 for this truck new:

    http://www.web2carz.com/70224842/2009/toyota/tacoma/used-cars/for-sale

    I got $19,500 on trade-in, and I think my old truck at the link above just sold. It had new Michelins and new 5100's all the way around, run on synthetic and well cared for, so a good deal for the buyer if that is the truck they wanted. But not all used vehicles are like that. So yeah, the used Tacoma market is a little crazy, but the whole used car market is inflated right now.

    If you have trust issues like me, buy new. If you like playing poker, look for the best deal you can find, new or used.
     
  19. May 17, 2012 at 8:33 PM
    #59
    pbcolt

    pbcolt [OP] Well-Known Member

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    Congrats about getting close to retirement! You're wrapping up a career and I am just starting one.
     
  20. May 17, 2012 at 8:35 PM
    #60
    w8n4mud

    w8n4mud I'm back.

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    Oh for sure brother. Don't forget there are a lot of Toyota dealerships down here. Some are privately owned. Others belong to Toyota Corp. Use dealerships in LA as leverage (IE Longo Toyota). I bought mine at Frank Toyota in National City. I would have negotiated harder back then, but they were selling like hot cakes. Right now, dealerships have a selection right now. At minimum, you should be getting 3K off. I will say this much. If I had to do it all over again, I'd buy new and it would be another Tacoma. It's a solid truck.
     

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