You Agree? Consumer Reports Says If You Want to Be Happy With Your Car, Then Buy Used

Nothing beats the feeling of driving a brand-new car off the lot. But if you want great value and more features than your budget allows, consider buying used. In fact, if you choose wisely, the only thing you’ll give up when you buy a used car is that new-car smell.

The average new car loses about half its value in the first three years of ownership, says Mel Yu, CR’s automotive analyst. Buying a used car means that the previous owner took that financial hit.

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TheSteve - 12/21/2017 4:00:40 PM

+4 Boost

If saving money is your focus, then a used car is the way to go, as is owning it for as long as you can, and maintaining it rather than replacing it.

I've custom ordered virtually all of my vehicles, because I wanted exactly what I wanted (within my means). I've been happy with each of my purchases.

MDarringer - 12/21/2017 5:05:42 PM

-1 Boost

These days, it's nearly a toss up between a 2-year-old CPO and a new car for monthly payment. .

mre30 - 12/21/2017 6:47:50 PM

+1 Boost

If you are in the market for an expensive car that immediately depreciates right off the lot - MB, BMW, Audi >$40,000 it makes a lot of sense to buy a one-year old one that is CPO. You basically get 20% off list and you get an extra year of warranty (and in many cases, the warranty becomes unlimited milage) - so it is a pretty compelling deal.

Another plus - if you ask while negotiating, the dealer can usually be convinced to share with you the service history - so in addition to the Carfax you can see if your particular vehicle has been in the shop a lot.

MDarringer - 12/21/2017 7:39:06 PM

-1 Boost

And this all presumes a person want to own a car.

mre30 - 12/22/2017 12:28:08 AM

+1 Boost

Touche...yes many people just want to lease.

CPO leases are truly terrible.

MDarringer - 12/22/2017 7:53:17 AM

-1 Boost

If you want the latest Audi et. al., leasing is currently a good deal for new owners. The more bells and whistles a car has, the more reason to lease it given what can co wrong. If your income supports regular new cars, then lease. I have several friends who always buy 2-year-old used because they manage every penny. I would be extremely fearful of CarMax just given the sheer number of times they've been caught dirty.

TomM - 12/22/2017 2:45:30 PM

+1 Boost

Actually - you give up more than just the new car smell - you are likely to need maintenance items - tires - brakes - etc - and the Ride will be compromised by now used Shocks/struts. YOu have no idea how or if the car was maintained properly (it will likely have new fluids replaced by the dealer) as well. At least you can get its recall status today. However - there are LOTS of expensive foreign cars that are not worth a dime after three years.

It remains that if YOU are knowledgeable about cars - or have a person you trust who is - you can indeed save a lot of depreciation by buying an off lease three year old car. YOU also can buy the lemon that just made it to the return window after the lease too. Mileage is not an indicator of whether it is worth it either. Now - if YOU are lucky enough to actually know the person who owned the car and know how they drive and took care of it - you MIGHT be okay.

The saving grace is the warranty -if you get one that covers major repairs for the time YOU will have the car - then that is a big plus. AS a mechanic and transmission rebuilder - I bought many used cars over the years - and while I had the ability to see the obvious problems - even I am not clairvoyant - and cannot predict the likely outcome.

That does not mean you should not do it - however - do not think the above statement that the only thing you give up is the new car smell is anywhere near accurate.