Quote:
Originally Posted by twobone
I tend to keep cars for the duration.
I'm looking at buying a new Mini - here in Canada, all in with taxes its going to cost me $30K CDN
If I keep it for 9 years (120,000 miles) it works out to $3300/year...the longer the lower my average cost.
When I compare that to a 3-4 year old Mini (35-40,000 miles), which costs $21K all in with taxes and I only keep it for 6 years because of its higher mileage and age, that works out to $3500/year
For someone like me who keeps his cars for the long haul....why would I buy a used car?
Also I get 3 years of no charge maintenance and the piece of mind of warranty.
Of course there is always the opportunity costs of the extra $10,000 up front, but I think that is offset by the fact I'm not buying someone else's problems
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Well, to really save money, you'd buy the 3-4 year old one for $21K and drive it 9 years, like you would the new one (or, even better, drive it for 12+ years!). There's no reason you *have* to drive it only 6 years. If you keep it well maintained and well kept, it'll run and serve you fine for a long time. The financial gravy is in pushing through those later years.