Should I Buy a New or Used Car

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Should you buy a new or used car?

Buying a car is one of the biggest expenses we have during our lifetimes, so wouldn’t it make sense to figure out if buying a new or used car is the best bang for your buck?

In this video I’m going to show you a very simple chart so you understand my philosophy conceptually, and then show you a website with more tangible numbers to back up my new vs used car buying philosophy.

The reason I compared a Toyota Camry to a BMW 5 Series and a Mercedes E-Class was to show you two different sides of the car buying spectrum. I understand that these cars aren’t necessarily “competitors” to one another, but it was the best example to show the car depreciation curve.

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49 Comments
  1. Marko - WhiteBoard Finance says

    Thanks for watching everybody! What are your thoughts? Do you buy used or new cars?
    Don't forget to sign up for the newsletter in the description above! (There's a nice freebie that comes with it)

  2. Joseph Godridge says

    Your spot on I’m still driving a 2007 Toyota rav 4 and it’s still worth $7000 second hand. Always go Toyota.

  3. peanutbutterisfu says

    Used always buy used. The way you buy a quality used car is finding a quality mechanic that you can bring your car to and have an honest opinion.

  4. itsmitsy says

    Love your videos ! You SHOW things instead of just talking. Helps makes sense.

  5. itsyanami says

    I have..well had used bmw 528i 2013 that was bought used certified in 2015. It has so many extremely expansive electronic problems, that was covered by extended insurance we got, otherwise it would cost redic. amount of money. The last of its electronic problems killed it completely before this Christmas. I wouldn't recommend to anyone by used BMWs.

  6. carlos queliz says

    Thank you for your videos. If it’s okay with I am going to make a video putting in to practice of purchasing a used car using your technique

  7. Luis Reynoso says

    Awesome Video definitely subscription and likes.

  8. C M. says

    Within the four years I’ve seen used car prices have risen. Especially trucks and suvs. I buy used because I hate committing to making payments for three, four or five years. Good video👍🏼

  9. DougZ says

    Thanks for the info. Subscribed and shared!

  10. mgh says

    I wish I had watched this video some time ago… 😢

  11. JIM VAV says

    CPO waste of money, buy privately!

  12. Jerry Jerri says

    Your channel is like Satan. You mix a lot of truth with a lot of evil.

  13. Radha K. Ugo says

    Question: How does miles factor into this calculation?
    For example: The 2012 Camry has 45k miles vs the 2016 has 90k miles.
    Wouldn't the "sweet-spot" depend on that also?
    Thanks!

  14. kyle marsh says

    i always buy a year old demo car that the dealer let people use when they got their cars repaired. you're the first title holder u get a new car rate apr and you get that 1st year of great depreciation so you get a really good price for a car with lik3 3-5k miles

  15. Ryan Scherbluk says

    Buy used here’s why.

    Used cars will be a lot less in price compared to a new car. You can usually buy it out right and own it because of the cheap sale price. Insurance will also be a lot less and no car payments.

    Also a used car will have some issues it’s used try to find a perfect car with no issues that’s been used impossible. My theory on this is as long as it’s mechanically fine and nothing seriously wrong you can drive it around and since you own it you have the extra cash that would probably go to your car payments to fix or upgrade whatever you want why’ll using it.

    New cars are all new and nothing wrong but things still break on new cars and cost a fortune to fix compared to the older cars.

  16. 0987754 9086 says

    old to you new to me ha

  17. Tyler G says

    👍👍❤️

  18. Vincent Richardson says

    Thanks. Yeah, this is a tough one. All my cars have been used but the last one was almost new because it was a year old with about 12-17k on it. I just recently broke the 100k mike mark but it runs great and I’ve already paid it off. I do one to buy a new car for once just to know I’m not buying someone else’s throw away. Might or might not happen soon and I’m the type to drive until the car dies so I’m not worried about depreciation. Anyways, what I will say that if I buy used again, it will definitely be low mileage like last time so I can get the best bang for my buck in terms of years and not needing to continuously go to the shop to fix something. Problem is, buying a year old car with low miles isn’t too much cheaper than buying it new.

  19. Welly Nurse says

    That's why I drive a Toyota trust me you would get your money worth and some..my Toyota is 19 years old and I have never had any major issues so far and I bought it used..

  20. Keith Koch says

    I agree with this video but as a foreigner who came to the US, I was wearing donated clothing and picking up cans and dumpsters diving as a kid. My mom's first car Datsun B210, i think, was 15 years old car. Ever since then, we only purchase new car Honda or Toyota and we alway paid them off after 2 years. This goes for everything that we buy. I wish I could be frugal but the value of enjoying life at current time is valuable to me. Thanks for sharing your knowledge as I do agree with everything you say and I wish school teaches this in school. Retired in June 16, 2019 without AA or BB but I am Google and YouTube certified.😀

  21. Juan alvarez Alvarez says

    One private seller trying to sell me a Toyota 2017 with 9000 miles I think that's a fraud 15900

  22. Douglas Wright says

    How big of a hit should we take for miles?

  23. Chloe Marie says

    I’m looking to buy a used car soon, what are the things I should do after I purchase the car? Also what bills will have to be paying?

    I don’t know anything about cars, and no one in my family owns a car. I’m 18 now and going to college, I think getting a car would be good right now. I would appreciate if anyone gave me some tips or information.

  24. David S says

    My 1990 corolla and 2003 accord will last forever. Especially since I do maintenance way early. Where I live you can get permanent registration on 10 year old cars. I got the corolla in 2011 and got permanents on it. It seriously costs me $80 a year in insurance/registration. My accord is not much more.

  25. ERIC RAMOS says

    Another great video 👍

  26. Ishan Malhotra says

    For a car to be used someone does have to buy a new one

  27. Jonathan L says

    Great information!
    I’m lucky though because I just my business pay for whatever vehicle I need 😉

  28. Sanjay Bakshi says

    Nothing like a buick lesabre 2001

  29. Demesvar Clerge says

    Miata is always the answer

  30. Stephanie Abdul says

    Thanks very informative! Looking Ito buy a 3 to 4 yr old MERCEDES E Class

  31. Mopar Charger says

    There’s a truck for $35k with 40k miles. I have $10k down payment. What would my monthly payments be?. An estimate? Thank you, just subscribed

  32. craig miller says

    I dont know.. i see brand new cars end up with all kinds of big repair costs..and i seen older cars with with well over 100,000 miles and up with no major issues..

  33. Edin says

    I watch this because i cant afford a new car….this makes it look like I have a choice…

  34. Jay Kaushish says

    Always buy used car even if it has only 1000 miles, never new one.

  35. CARLOS Gonzalez says

    You should just have Scotty Kilmer on ever car video you make!

  36. rptp says

    Why don't people just take care of their cars? Driving like a maniac on the road destroys the vehicle faster than any amount of mileage

  37. Paul Oliveri says

    Your presentations are great. I have one problem.
    The average middle class person is almost forced to lease. They see a 3 year 36000 mile lease as zero headaches. I will tell you a true story about a leading problem. My friend has a third kid on the way and she wanted the most affordable 3 year lease with the largest suv with a third row. She took the Chevy Traverse. With 2 kids in the car, the transmission seemed. They kept trying to fix it and got nowhere. They wouldn’t give her a new one. They wouldn’t honor the lemon law and now a lawyer has the case. So even though this is unusual for a leasing issue, if you buy you may have more power. Most people with half a brain don’t finance. I know, there are lots of idiots. So when does new make sense? NEVER!

  38. TheBlooRayChannel says

    If you have a Lexus, you have almost zero extra maintenance costs besides the usual brakes, tires and oil changes.

  39. guess what says

    Lmao he called Toyota a Tee-ohduh

  40. David Weum says

    Ive always believed in buying used.

  41. Jeffrey Straight says

    Should've used a Tacoma. Also, is Toyota Care included in this evaluation?

  42. Rafael fontanilla says

    If you buy a new expensive car just park little further or else you gonna receive a free dimples dent everycorner😁😁😁

  43. logdon17 says

    Biggest purchases you will make. Children, house, and if you are an idiot a car third

  44. Nicholas Harper says

    Awesome video dude

  45. Hooman Hoomani says

    I bought new Nissan last year this year it did lost 10k of the value , i will not buy another brand new i think just low millage couple years old will be preferable

  46. Alex Hdz says

    Buy used and learn to fix the car.

  47. William Washington says

    3 year old cars can get you the same rates as a brand new car at some financial institutions.

  48. rale v2 says

    Šta pričaš na engleskom pričaj Srpski da te ceo svet razume

  49. Tom Cannone says

    Most cars loose 40-50% of their value in 3 years. Trade in's at dealers loose 2-3k . facts hurt.

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