Buying a New or Certified Pre-Owned Car This Month...Need a Little Direction

katiegrrlkatiegrrl Member Posts: 19
edited December 2016 in Mazda
I'm in Chicago (60660).
I'm in the market for a new or manufacturer certified pre-owned vehicle. I'd really like to be OTD below $20,000. Maybe $18,000. I have financing from Capital One and I'm awaiting pre-approval from my credit union. I am open to dealer financing if it makes for a better deal.

I know it's not much, but I'm hoping for an end-of-the-year bargain, a dealership hoping to increase numbers before the end of the year or something.

My top car is probably the Mazda CX5 followed closely by the Honda HRV and the Subaru Crosstrek. The Honda CRV and the Nissan Rogue might also be a possibility.

We had originally been looking at the Mazda3 Hatchback, but we have a 6-year-old and are afraid we will outgrow it. Also, this car may spend some time in the Colorado Rocky Mountains.

I doubt I'd qualify for 0% financing. I have good credit, but maybe not 700. We're putting nothing down. Maybe a trade-in and that would be most likely very low. I'd like to keep payment under $300. Oddly, depending on the rate we get from the credit union, it may be more affordable for us to borrow slightly more than 20% just to get a 72-mth rate.

There seems to be a lot of low mileage cars out there right now. A lot of 2016 CX5's that look like punched cars or dealer cars. Some off lease.

And the 2016s and 2017s don't look too much more expensive.

I'd consider a lease, but I worry about miles and I worry that I would never enjoy the vehicle because I would worry about every little nick and bump. I could see us buying the car if we liked it, though.

Help, please! I could use a little direction. Thanks


  • stickguystickguy Member Posts: 41,702
    edited December 2016
    well, you are not getting anything new for that price. No clue what taxes, DMV and fees run for you. Can you back into an actual purchase price to fit your OTD? I would guess 16-18,000?

    Quite a bit difference in those cars too. The HRV and Crosstrak are smaller, and less suited for highway driving (such as to Colorado). The CX5 is nice. So is the CRV, but that tends to be crazy expensive used.

    for the Mazda, find the best deal even if that means a 2016 instead of a 2017. CPO will have a lot of warranty, but at that price, you are going back a few years, or really getting a strippo model.

    as you figured out, if you care more about payment, then leasing or extended financing years can really skew your budget #.

    2020 Acura RDX tech SH-AWD

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