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Does it ever make sense to buy a new car?

31 Mar 2018 5 Comments Author: Rayancaleb Rayancaleb

 

hi,

 

I’m approaching the end of my Camry lease in July. After making some moronic decisions with my past 2 car purchases I want to make the best possible decision this time. I recognize that a car is not an investment as it just depreciates but I want to be conscious of the total cost of ownership as well as safety features with this purchase. I’ve saved up 17k ontop of my emergency fund which I can either use to buy out my 2015 Camry lease residual, buy a different used vehicle, or put a large down payment on a new car, preferably a 2018 CamryIf I buyout my lease I’ve eliminated car payments and have a low mileage 2015 Camry with a residual that should be just under market value. The issues are I didn’t exactly baby the car in the past 3 years as I wasn’t anticipating buying it out. Also, the car is lacking many of the safety features I wanted to upgrade to as I anticipate my wife and I having kids in the next couple years.In my head, perhaps because my father told me “never buy new” I feel like a sucker buying new as I would be the one taking the depreciation hit and would be committing to more monthly payments. On the upside I make over 200k and could easily pay it off quickly, I’d be getting every safety/convenience feature I want, and would get the benefit of the new warranty.Lastly, I’ve ruled out buying a heavily used car as I had my fair share of those in my life and am not mechanically inclined enough to identify a good/bad deal or handle repairs myselfIf you were in my position what would you do? Does it ever make sense to buy new over used with a car like a Camry?

Please help.

I did not find the right solution from the internet.

 

References:-
https://www.bogleheads.org/forum/viewtopic.php?t=241254
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Thanks

 

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Ravi Varma Very Nice
Motor Uncle Buying a car very close to finding a life partner .... You spend so much time together ... there should be bonding and Synergy ... Take a long Test Drive and there shall be clarity ...
Monica Ray you seem to be wedded to the Camry .. If you are making decent money ... as you shared ... go for a change ... any of the new models ... whether Jap , German or American ... If lease suits you ....so be it . But go for a new and a latest product ... take a really long Test Drive.... you should feel the connect with the car .. thats what matter the most ... rest everything can be fixed and adjusted with ... as no car is perfect ... but feeling the connect is most imp .. IF still you feel , you have the best connect with CAmry ... so be it ...!! Let Camry first outclass the latest models in the motown ! Best Wishes ...

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