Facepunch. A camry drops $5000 in year one (and the 2018 are 11 months old) and another $4000 in year 2 according to the link provided. The first year of driving the car will have $0.31/mile depreciation. The next year is $0.17/mile, you always pay extra for that new car smell.
https://usedfirst.com/cars/toyota/camry/
The 2019 camry's are coming out in the next 2 months, at which point the 2018 models are worth about $20,000...you didn't get any deal at all. So you paid full price on last years model. A quick google search will show you got standard finance rates and the standard price for July. That's what my local online listing are; $20,000 and 0.9% financing for 2018 models. I don't even need to ask the salesmen, thats the full local list price on a car that was $25,000 last fall when it came out.
This board has gotten so damn soft.
The facepunch is deserved 100% you have failed MMM class today.
pretty much, paying full price for a new car is strange to endorse.
I plan on getting a new car for the first time. My rationale is, I work from home, for the meantime anyway, and nobody will be putting less miles on a car in the first couple years than myself. Since most major maintenance checks are based on mileage, the lower mileage I start out with, the longer I can put off expensive repairs. If you plan on driving a car for 10+ years, the cost savings between buying brand new and buying a couple years used, amortized, is not that much of savings. There are also perks for buying new; for example I will only buy new if I qualify for 0% financing for two or more years. The longer I can keep my own cash, the better. And it will help cut into the cost difference between new and slightly used.
I feel like the people that would get hurt the most from depreciation, are those wanting to trade in every few years. That’s not me. I’m driving into the ground, like most people here would.
Also, I have found that cars with more expensive options are more widely available used. And their used car pricing is compared to their original pricing, which is higher than what I would have paid simply because I would pick the basic model. There just aren’t as many basic model options available used, so then you have to factor in paying extra for features you don’t want, because the previous owner wanted them. The type of people that will buy basic cars are the type to most likely hold onto them for really long time.