It's a better deal across the board to buy your leased vehicle these days. It's been that way for about a year now. If you like the vehicle, buy it and keep it. That's the best financial move at this point. If you don't like the vehicle or you're one of those guys who has to have new stuff every couple years to impress strangers at the stop light, buy it and sell it. Don't just turn it back in, although that will make the dealership very happy.
I did the same thing a couple years ago. Due to the hurricane and flooding in Texas, used vehicles in several makes/models were high and it was just as good a deal to buy new. But my rule is if you buy a new vehicle, keep it 10 years and that depreciation will level itself out over time. The worst part to me is paying yearly state taxes after buying new.
I talked to a sales manager friend of mine a few months ago. He said that even though that at that time they didn't have many used cars on the lot, the salespeople were making a killing selling new cars at full MSRP. They wouldn't give a trade value if you wanted to trade and required a down payment of at least $1000 and then people had to wait for often 2-3 months to get the car. Then when your new car came in they were only offering auction value for any trades. He said that they had sold twice as many new cars over the past year than they had in previous years.
A GM dealer friend of mine and an independent mechanic said that those things will go over 300,000 miles. I've had friends who owned old Buicks with that engine who did nothing but oil changes and tuneups and drove them for over a decade until the rust was so bad on the car that they didn't want to be seen in it anymore.
How do u like the telluride? Been genuinely interested in one when it comes time.
I don't regret it as I've had no issues, but it's not one I'd recommend. No bells/whistles. Not the greatest ride comfort. Just a basic car. But all I do is drive 15 minutes to work and back.
What do you think of the Telluride? It's been winning a lot of awards the last couple years and comes in for less money than comparable models. The blacked out ones are really sharp.
You have to sell lots of cars to make a killing as a salesman. Selling Used is more profitable. Then again your definition of making a killing may vary from mine. I end up hiring slots of former car sales folks.
show me financially how it makes sense to buy a new vehicle. if you plan to keep it 10 years you have my ear
I used to buy late-model used cars, and financially that probably still makes the most sense. But cars have improved so much that you can drive them forever if you take care of them, so it became easier to buy new and take that route. Kept my first new car for 17 years and the one I'm driving now just turned 16. When we're able to keep them that long, I just don't feel like hunting around in the used market is worth it.
I don't know what they're making right now. Some of it depends on which brand's dealership they're working for. It used to be that selling used was more profitable FOR THE DEALER, not necessarily for the salesman. It's been probably 10+ years since my friend sold his GM dealership but when I say that "they're making a killing", that's a relative statement because car salesmen in general tend to live paycheck to paycheck. 12-15 years ago a good salesman could make 50K+ at our local dealers. I have no idea where that number is now.
The vehicles are practically the same, maybe a couple options between them. The used one which is a CPO, will have a slightly longer Drivetrain Warranty. The dealer will charge a little more money for the vehicle because of this.
I am so glad my wife and I bought new vehicles in 2019. We got great deals then. Now we'd be paying 20K more per vehicle.
I guess you can type, but can't read. I made my argument and showed my math.
Uh, yeah, easy there big fella. I would never spend $50,000 on a new vehicle, let alone a used one. You should save your rip-roaring financial seminar for someone who needs it, and who is easily impressed.
Car buying stories remind me of fishing stories.
