Hello -
I think New vs Used depends on your skillz. If you got the skillz to maintain the car or you have access to an honest mechanic, then a used car is great. A used car that is well maintained is a form of
Recycling. A car is such a huge industrial big ticket item, that getting every drop of usefulness out of it is better for the environment.
All of the arguments as already stated are great. My personal equation is as follows :
1 - Assume a small monthly payment on a new car, say $200/month.
2 - Multiply that by 12 months and you get $2400 per year.
Assuming that the used car costs less than $2400 in
additional payments over and above regular maintenance, then the used car beats the new car. Notice I am not even including the savings in registration and insurance costs. I think that the above equation is very generous in favor of the new car because I think that typical new car payments are much higher than $200/month.
Now, on to my other job as the
Robot Devil's Advocate :
The only drawbacks to used cars are safety and emissions (EDIT: RH77 beat me the keys). Over time, emissions standards and safety standards tend towards improvement. If the car is too "out of date" to meet your personal standards, then you may choose to bite the bullet and go new.
Another legitimate reason to go new is a function of your needs. A new car is supposed to be "trouble free" in the sense that you don't have to worry about what to repair or replace next. That "lack of worry" does have value to people, and is something that alot of people pay (alot) extra for.
Lastly, your job may require it. If your job requires that you "maintain an image", then you may need a new car. If a person is trying to sell Real Estate, then they may need to have a "new car" for the sake of competitive advantage. I am not saying it is good, but I am saying that a person may deem it necessary.
CarloSW2