Yahoo had one of their news articles a week or so back that showed how you might as well keep your 15 mpg SUV vs. buying a 30 mpg vehicle as far as actual costs. There are a lot of people spending a lot of money to save a little money without doing the math. Some do the math and then add value to other aspects like conservation to make them feel better about a purchase.
Although current conditions may have altered the math some, this is an area where I think you can have your cake and it eat it too. 1986 is the year we bought our last new car. All since have been used. We are very partial towards Toyota Camrys, not that there are not other good cars, but we have had long term, consistent performance of the highest quality with Camrys; bought these used with up to 85000 miles on them, have run them well into the 200,000’s, and have never had a serious problem, almost only normal maintenance, and have gotten a consistent 32-35 mpg.
My 1989 Camry bought for $6000 at 80,000 miles, sold it for $2000 years later with 230,000 miles - $.027/mile purchase cost. The 1992 Camry bought used for $6500 at 30,000, sold it for $1900 years later with 238,000 miles - $.031/mile purchase cost. I am still driving my 1999 Camry at 195,000 miles, and expect to run this well into the 200’s. Two weeks ago we just took it for 1200 miles to and from Chicago; just put new tires on it; no rust; only oil changes plus normal maintenance (scheduled at every 60,000 which we put off to about every 75,000 miles).
Buy a quality used car, do the math, and run them for a long time. Public Radio had a show years ago that claimed if you always bought a used car (2-3 years old) and ran it for its practical life, the money you saved would allow you to retire 5 years later. I believe that firmly.
Our neighbor bought a new American brand SUV, and when it reached 60,000 miles said it was time to trade as expected maintenance cost did not make it worth keeping. I’m not saying he was correct, but as far as I am concerned a good car is barely broken in at 60,000 miles.
Take a new SUV at say $25,000 (don’t know the price because would never buy one) and run it for 230,00 miles (if you can), purchase cost is $.11/mile - about 4 times the price of buying used. Why?
My wife and I live a mile down a gravel road in northern MN, lots of snow, and in 18 years have only “needed” 4 wheel drive twice, that is, on two occasions were snowed in for 12-24 hours before the road was plowed. I suppose one of us could have died in that time, but we all die anyway, so why the concern?
I can’t ever imagine buying a new car. Let someone else pay the steep early depreciation, and I will take it to the bank as I enjoy my early retirement.