+1

I have all my cars paid off and it's so nice

Once you go no car payment, it's hard to go back to having a car payment.

 

I needed a car. No used 6spd TLs at the time. Acura couldn't find me one. Bought it new for a damn good price. Worked for me.

 

I wouldn't want to try installing heated seats and voice controlled climate control into a '68, '69-'70 Mustang, Maserati Indy or Miata.

 

Same here, too bad I still have $8K on my loan

 

Oh we love people like you. Buy nice cars, take care of them, then trade them in with 9k on the odometer.

When the day comes that we switch to BMW, I'm going to just have my local dealer contact you directly to find out which places you traded your car in to

 

but so true

 

I would usually stick with late model used cars but sometimes the deals on new cars are too good to pass up. When I bought my TL, the difference between one with 7k miles and a brand new one was $2k, I opted for the new one.

 

I'm a fan of used ... Especially if you hold out for the right one.

My Audi S4 was used, my Jetta SportWagen was used, and the next car I get to add to the Jetta will definitely be used.

Impulsive purchases are fine when they're new or CPO'd off a dealer lot. Impulsive purchases off Craigslist is just asking for trouble

 

Nail on head.

 

Doesn't it depend on what the car is?

If I had the money and found a low-mileage 1988 BMW M6 that needed $15k of work to be back in showroom condition it'd be in the shop getting overhauled right now ...

If I had a 2005 Honda Accord EX V6 and wanted to supercharge it and do all kinds of crazy shit with it, I'd hope someone would grab my checkbook from me as soon as possible

 

Well i dont consider restoration using factory parts or maintenance as part of modding.

If you used 15k of aftermarket parts on a 1988 M6 then i'd smack you.

 

I see, okay. That does make sense.

So what if I buy a $15k Civic for $30k because it has Mugen on it?

 

Mugen Civic is horrible...

 

Agreed wholeheartedly.

 

But the RSX is a different story :x

 

^ what about RSX?

 

I think CPO is a joke. My 335i was modded like nuts and they CPO'ed it.

 

^ i went for a CPO my last TL and ..ended up paying damn near the cost of a new one........and their whole selling point was ...IT'S AN ACURA.........but when i kept making constant appearances at the dealer to get things fixed ...........and said hey i thought this was an ACURA ...their answer was ....Hey that's what happens when you get a PRE OWNED CAR ........

 

^^ What does being modded have to do with anything? For a car to receive CPO status is has to pass an inspection based on the company's standards. If it doesn't pass, it doesn't get the CPO tag. If the car is in great shape, doesn't matter if it's stock or not.

 

you guys just keep trading in those lightly used cars and i'll keep buying them cash and spend the $400 a mo. on fun :wink:

 

^lol

 

Depends on what you're buying. Most Hondas/Acuras hold their value to the point where buying used 1-2yrs old doesn't save you much coin, and depending on the financing rates (irrelevent if you're paying cash, granted) can be more expensive. There are CPO TSXs on my local dealer's lot with a sticker HIGHER than what the USAA car buying service tells me I can get a new one for, and the financing is .9% new, ~4-5% used.

 

I don't think CPO always saves you much in every case but there are exceptions out there on certain type of cars where it works wonders. CPO on Porsches can have great deals and you would never want to own one without a warranty anyways.

MY CPO IS-F was definitely far from the price of a new one and it only had 24k miles on it. Heck I saved almost the same amount of money as there were miles from the cost of a new one. For a Toyota engine 24k miles is like new and I got them to bump the warranty on it to 5 years and 125k miles bumper to bumper. Just my but if I can get that deal CPO why would I buy a new one.

 

2011 V6 6speed Accord EX-L with no extra options will run $30,000+

2010 with 15-20k miles goes for around $26,000...

i know its a honda.. but $4k off an essentially brand new car with lots of warranty and life left is a Bargain for a car thats only had a few oil changes and trips to the grocery store...

 

^ really depends on the vehicle you are going for ...............

 

^ i paid close to 30 grand for my 06 TL with 25k on it back in 08 ...my interest rate was 5% or something like that ........i couldve got the new 1 for somewhere around 2% and the new 1 is 5 grand more ...........that's why this time around i just went straight for a new 1 ........

If i look into a CPO again it will be a HIGH END car that i probably can't afford normally .......

 

Personally think it's just a fancy way to sell a car with an expensive warranty. My buddy had around 10k of rear end damage on his tsx and then he traded it in after it was fixed. Week later we see it for sale as a cpo. Wow.

Guess as long as it's in mechanical order then it's ok...

 

But again, you need to factor in things like the interest rate differences.

On a 5 year, $30k loan at .9%, you pay $691.31 in interest. $30k + $691.31 is $30,691.31.
On a 5 year, $26k loan at 5%, you pay $3439.12 in interest. $26k + $3439.12 is $29,439.12.

So now your $4k in savings has gone to $1250.

And then look at depreciation in buying a car that's one year older. For the sake of argument, I valued a 2008 Accord EX V6 with 40k miles, and a 2009 Accord EX V6 with 40k miles, both in excellent condition on KBB.com.

2008: $18,700
2009: $19,825
Difference: $1125

So figure the difference in value at resale is around a thousand bucks.

So your REAL savings in buying used is about $250. Granted, you do get a longer warranty, so however you value that is up to you.

 

This.

The inspection is a joke.

 

Unless you're paying cash, the total price differential may be pretty small between financing a new car versus a 1- or 2-year old car.

For a daily driver, I would get a new car, or a 3+ year old used car, with the caveat that some of the original warranty remains if it's European.

 

Before JB bites my head off I wanted to explain why i think like this about the CPO program.

CPO to me looks like its just a visual inspection mostly. Sure they will replace tires or interior worn parts but thats about it. Now im not saying to buy a new car, just saying you can save even further by buying a non-cpo used car and just adding an extended warranty to it if you choose. All of us can do basic inspections or pay for a simple PPI.

End of the day people will pay extra for that peace of mind and i understand that. Same reason why some prefer buying new over used.

 

[quote=Crazy Acura;12803695]Before JB bites my head off

^

 

this is very subjective from bank to bank..

my private credit union could do a lot better than 5...


if you push the situation in your direction, of course i would not make that call.. but i wouldnt make the purchase before seeing the actual numbers of how much i saved and contemplating if its worth it...

this situation could also be swayed tons by the model car we are talking about/ price range etc.

 

Won't bite anyone's head off

Especially you Crazy... I need you to keep trading in your sweet rides

I probably should have elaborated a bit. But it really does depend on what kind of car you're buying as well. My wife's A6 was CPO and it went through a pretty tough inspection. Before we bought it it received new brakes on all 4 corners, new tires, new rear shocks, and a few other little things. And they did the 50k even though it only had 44k on it. This was all before it even saw the lot. So when we bought it, not only were all of those things already done but we were also able to get the entire service history of the vehicle. Then, since it was CPO'ed it had a 100k warranty and we got scheduled maintenance up to 75k covered as well. Now factor in how much we saved over new... and it was kind of a no-brainer.

So that is my experience with CPO. Mercedes was the same thing. Probably why we've never had any problems.

I also worked in a service department for a few months, and to certify a used car they did a ton of stuff. Not only that but each car that came in only went to one of the two best mechanics in the shop. It was much more then a visual inspection and usually took 6-8 hours to complete each car. If they found a problem, it was fixed. Didn't matter what it was. If it wasn't a Ford or Lincoln, we sent it to the appropriate dealer. We sent Infiniti's to Infiniti, Mercedes to Mercedes, Chevy to Chevy... etc... and all on the dealerships dime. And that was only a Ford/Lincoln dealer.

But I cannot speak to the other companies/dealers...

 

Ah you talking about cars with over 40k miles and almost running out of warranty. Then it makes sense. I assumed you bought CPO cars with less than 15k miles on them.

Yes in that situation it does make more sense buying a CPO over new. Lots to be saved then.

 

^ The Mercedes we just scooped up did have ~15k miles on it. But that was too sweet of a deal to pass up. Saved about $22k verses new for what is essentially a new car...

We typically look for about a 2 MY old car... but in this case, we couldn't resist (it's a 2010)...

 

Guess some cars just tank off the lot. Thats insane.

Thats another pet peeve of mine, the "100k mile warranty"

Factory warranty is typically 4yr/50k.. which ever comes first. My situation I will hit the 4 year mark before i get close to 50k miles.

Now if i get an extended warranty it would be "6 year/100k miles" but technically you paying for 2 years / 50k mile since the extended doesnt kick in till factory warranty is over.

Who here will hit 100k miles within 6 years? Doubt many. So really you just paying for 2 years of extra warranty.

 

Correct, there are a lot of different factors and every situation is unique. However, the old theory that it's better to buy a year old with 10k miles and save big bucks is often not the case, and certainly not a valid rule of thumb.


And I'm interested in what credit union you use; both my work CU and my wife's are quoting right around 5% for a new or used car loan. New can be beaten by manufacturer's incentive rates (and occasionally so can CPO) but it's hard to get a good used rate. My CU is showing the national average on a 5yr loan as 4.88%.

 

Is there a thread about this?

You know like, "I just got a CPO Mercedes and now my prostate is acting up"

 

^ haha... no thread. I don't have pics yet, so I didn't make a thread. I know the rules.

Plus, it's my wife's ride... and she's younger then me, but her prostate is fine ! Car is sweet though. Different from the A6, but very sweet.