Should I have bought a new 2014 Honda Civic or new 2010?
I bought a brand new 2014 Honda Civiv LX for $21,635, $750 down, $419 a month. I traded in my Jeep for 1800. After I got my Civic a few weeks later someone told me I could of gotten a way better deal by buying, say, a 2010 brand new Honda Civic and have way less monthly payments and the value would be the same because as soon as I drive the 2014 off the lot, the depreciation is gonna eat up value of it to about the same anyways as the 2010 Civic. He said I would get about the same features (gas mileage, fairly recent, etc.) so I'm paying way more for the value of the same thing essentially. I'm a college student with some money but not a lot. I support myself. Was this a poor choice I made? Was this guy's comment accurate? Is there any other variables that could argue his point?
A new car that is 4 years old! It's not like it has been sitting all that time, but if it has, I would prefer the 2014 model.
The hardest financial hit the average person takes is driving a new car off the lot. That said, the 2014 is still worth more than the 2010. Now what's it worth? What some fool will give you for it.
my sister buys a toyota thats 20 yrs old for 600, drives it 4 yrs when it dies she buys another. Who's money ahead, you or here?
You probably couldn't find a new 2010. Obviously in 3 months, the '10 would be worth at least $5000 less than the 2014. I would not want a 4 year old car that was supposedly "new". All of the plastic is 4 year sold to start with and it probably has not had an oil change and has old gasoline in it.
It was generally thought to buy an older car would save you money, but cars are more than a payment. In your example 2010 8th generation verses 2014 9th gen Civic. The 14, has standard anti lock brakes, vehicle stability control, electronic brake distribution. And miltilink rear suspension(Safer) new engine design saving 4mpg in combined city/highway driving. ( less cost, better for the planet) . Your 2014 has new tires, brakes, battery things a four year old car will require soon ( savings). We're now living in an unusual time, Government mandating more safety and efficiency. Interest rates lower for new cars (over 4% in my area), The value of a new car does indeed drop considerably the moment you drive them, but historically when your compare the value in 5 years that 2010 will have lost you more money in depreciation and repair… While being less safe and expensive to operate daily… You made a great decision (you'd have known that had you researched first)
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