Buy New, Used or Wait?

LongbowLady

'03 Focus is getting ready to retire. We have had 19 great years with it but it has minor issues and plenty of rust. Starting to look for something different. Thinking used, but with prices sky high I started to look at new just to see.

We are interested in the '22 Corolla and new is basically the same price as 2-3 years old with 50K miles. I confirmed with our dealer that they are not charging above MSRP as a lot of dealers are on certain models. we would have to order it, but we are in no hurry and can wait the 3-6 months.

We usually buy used and keep our cars until repairs don't make sense anymore. My question is, do we #1. continue to wait until his car dies, keeping in mind its almost 20 years old 175K+ miles.
#2. just keep looking for something used to come along (I'm concerned we will will put ourselves in a position where we have to make a quick decision and end up with something we don't really want/spend waaayy too much).
#3. order a new car now

I've been reading that prices are supposed to stay high maybe even until 2024 now, so I'm worried a good used deal is going to be very hard to come by. We also want a small car, so are not super flexible on make and model.

Any advice is appreciated. My husband is very slow to make big decisions and I feel like we need to make a decision soon. We will also pay cash no matter which way we go so that doesn't really affect anything.

Michaell

Given the inflation of used car prices, buying new does make sense, if you can find a dealer willing to sell at MSRP.

Have you considered other brands? Honda, Kia and Hyundai all make decent competitors to the Corolla.

au1994

I’d buy new and as soon as you can find someone to sell at MSRP. The Focus has bottomed out trade value wise and it sounds like its next major repair may be its last.

As Michaell mentioned there are worthy competitors to the Corolla, which is a fine car in this space. It may come down to what you can find in inventory. It goes and comes in my area. One week a dealers lot will have a decent amount of inventory, next week the cupboard is bare again.

oldfarmer50

LongbowLady said:

'03 Focus is getting ready to retire. We have had 19 great years with it but it has minor issues and plenty of rust. Starting to look for something different. Thinking used, but with prices sky high I started to look at new just to see.

We are interested in the '22 Corolla and new is basically the same price as 2-3 years old with 50K miles. I confirmed with our dealer that they are not charging above MSRP as a lot of dealers are on certain models. we would have to order it, but we are in no hurry and can wait the 3-6 months.

We usually buy used and keep our cars until repairs don't make sense anymore. My question is, do we #1. continue to wait until his car dies, keeping in mind its almost 20 years old 175K+ miles.
#2. just keep looking for something used to come along (I'm concerned we will will put ourselves in a position where we have to make a quick decision and end up with something we don't really want/spend waaayy too much).
#3. order a new car now

I've been reading that prices are supposed to stay high maybe even until 2024 now, so I'm worried a good used deal is going to be very hard to come by. We also want a small car, so are not super flexible on make and model.

Any advice is appreciated. My husband is very slow to make big decisions and I feel like we need to make a decision soon. We will also pay cash no matter which way we go so that doesn't really affect anything.

I think you answered your own question. If you can get the Corolla for sticker price (be careful of sneaky add-ons) and can afford to wait a few months, you should go for it. You won’t save much on a 2-3 year old used as you’ve noticed.

oldfarmer50

Michaell said:

Given the inflation of used car prices, buying new does make sense, if you can find a dealer willing to sell at MSRP.

Have you considered other brands? Honda, Kia and Hyundai all make decent competitors to the Corolla.

I’d probably shy away from Hyundai or Kia if they plan on keeping the car 20 years or 175k miles. Given the problems both brands have had with both engines and transmissions.

LongbowLady

Thank you for the advice! Yes, it seems I answered my own question, but wanting some feedback as buying new is difficult for us lol. We have a Sienna and want to have another Toyota and plan to drive them for a long time.