Will it ever be worth buying a near-new used car (approx 3 years old) in the near future? Or is the market likely to remain the same for the coming years?
Cars around the 3 year old range are barely cheaper than a brand new one at the moment, so either going to wait a year and buy used if prices come down, or just order a new one this year…
Chip shortage seems to be an ongoing thing & not sure if interest rates rising will have an impact on the car market this year?
Used car prices are high due to new car wait times, which don't show any signs of decreasing over the next 12 months.
Buy the new one, get full warranty etc
in the 'current' environment new is probably better value then used depending on the car - assuming you dont have to wait some ridiculous amount of time to get the car
buy now if you want it soon.
i was told a story by a friend of a guy who ordered a brand new German car, they ended up offering him the car without the lane assist technology (something like that) or he would have to wait a while, because they just don't have the chips for it, he chose to wait.
some used cars (1 - 2 years old) are even going for more than a brand new model of same brand and spec because the used cars are ready to be driven, whereas you will be waiting months, if not years, for the new cars.
i ended up ordering a new car, was supposed to be able to drive it away in may, it's now delayed until september and i wouldn't be surprised (though i would be annoyed) if it was delayed again.
To be fair it's been 42.7 hours since this question has been asked.
I'm going to ask it next week so prepare yourself now.
What’s a reasonable discount I can expect? Assume I should aim for 20%?
New cars come with 12 months rego too. Once you add rego renewal and stamp duty onto second hand prices the gap is even smaller.
Got a new car in Dec 2021. Easy decision when you look at the value you get for small $ increase.
Goes against traditional logic of course, one day will go back to normal.
Good point.
I didn't know new cars came with 12 months rego.
So you buy a new car now (2022 model) and you don't get it until next year. So your new car is already last year's model. Kinda sucks but what can you do?
So your new car is already last year's model.
How? If you don't get it for 12 months, then it won't be built for ~10 months. So you're pre-buying the February 2023 model now
If that's the case and if there's an updated model coming out during that time, does that mean you pay the price of the original car you ordered, or would you pay the higher price for the new one?
You'd pay the higher price
@spackbace: Would it be possible to request that you want the older model so you get allocated to that specifically?
The wait on new cars is not the same for all brands.
Some brands/models can be had in only a couple of months
Don’t buy now unless you don’t have any choice. Hang onto your old vehicle for as long as possible, even if it means some $ in repairs. Two main reasons:
1. Car prices are high now and that’s unlikely to change in the next year or two. After that, electric cars may tank the price of used ICE vehicles.
2. Electric is coming and oil prices aren’t going back down (much). Based on overseas markets there are heaps of electric options. These will slowly trickle into our market given you more options in the not too distant future.
TBH I don't really want an electric car at this point in time.
I don't think they'll be very relevant until towards the end of this decade, so that would be the next car after this one.
So hang onto your current vehicle for 3-5 years
If you think its going to take that long for the used car market to settle down, then I'd rather place an order for a new one this year.
@jsrz18: Your cash, your choice. Everyone’s circumstance is different.
We’ve just ordered a new car. The current one will fetch a decent price I the used market but we’d probably want to upgrade before an EV that suits our need is available (towing)
Second car is 15yo and planning keeping it for another 5y at least.
@jsrz18.Hybrids are the sweet spot atm.
I order a new car, fully paid for it. On the delivery day, car came with no electric seats and few other electric stuff due to chip shortage. Now I'm processing a refund :(
what brand is doing that?
Surely they would have informed you about the deletion of features before you got the car?
Do an estimate of cost of car, rego, insurance, time saved, depreciation, etc vs alternative transport.
Pick the best option yourself