If you're willing to share, I would be very grateful to know a quick summary of why you decided to buy new versus used. Thank you for all the time you put into this newsletter!
Thanks, great question and great topic for a future post!
We did look at the used car market but found that the prices were surprisingly high relative to our view on the depreciated value of the used car, and in some cases very lightly used cars (<2500 miles) were listed at prices higher than negotiated prices for the same new model!
It appears that used car prices are at their highest level in several years (https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html). This doesn't universally mean that used cars are a bad deal and one would need to look at each situation individually, but it seems like they are in very short supply and that on a relative basis a used car is a less attractive deal than it would be in normal times.
If you're willing to share, I would be very grateful to know a quick summary of why you decided to buy new versus used. Thank you for all the time you put into this newsletter!
Thanks, great question and great topic for a future post!
We did look at the used car market but found that the prices were surprisingly high relative to our view on the depreciated value of the used car, and in some cases very lightly used cars (<2500 miles) were listed at prices higher than negotiated prices for the same new model!
It appears that used car prices are at their highest level in several years (https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html). This doesn't universally mean that used cars are a bad deal and one would need to look at each situation individually, but it seems like they are in very short supply and that on a relative basis a used car is a less attractive deal than it would be in normal times.
Thank you!