Just moved back to Canada from abroad, need to buy a vehicle so I've been looking at what's available. My initial thought was to look to spend 10-12k to buy a small used SUV. I've been wondering if it isn't worth it to spend more though. (I have significant savings so I can afford to spend more, but my wife and I always tend towards thriftiness)

If I keep it at around the 12k range, the best I can hope to get is like a 2013-2014 model with decent mileage (sub 150k). But I've been thinking that if I'm willing to go up to say 18-20k I'll be getting a newer model with less mileage, which will generally mean lower repair costs, more modern features, and when I turn around to sell it in 6 or 7 years I'll be able to get more than if I go cheaper now. (Possibly making up the difference in purchase price now, or maybe at least partially)

Basically my question is, if I'm trying to be economical in my used vehicle purchase, is there a sweet spot in terms of getting the most value? How new should I be looking?

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GardenGood2Grow t1_jefvxpg wrote on March 31, 2023 at 6:38 PM

The Consumer Reports car buying guide just came out. I highly recommend you pick up a copy- it looks at both new and used cars for reliability, resale, which model years to avoid, etc. we are also in the process and I have found it so helpful. I’m leaning towards a small SUV - former rentals are a great value if you can find one that fits your needs. Usually under a year old and less than 20,000km with a substantial discount ( my last one I saved 30% off list)

The_Mikest OP t1_jegop4h wrote on March 31, 2023 at 9:52 PM

Thanks, I didn't even know this was a thing!

bifftheraptor t1_jeg08wr wrote on March 31, 2023 at 7:07 PM

I think any used auto has already depreciated. If 12k is going to get you between 100k and 150k miles, how long will you have it before sinking money into it for repairs? If 20k gets you 50-75k less miles on the same car, that's years of driving before you get to the mileage. If I had 'substantial' savings as you state, I'd get the more expensive car and drive it until it was dead or too costly to keep repairing.

The_Mikest OP t1_jegonh1 wrote on March 31, 2023 at 9:52 PM

Yeah I'm starting to lean more this way.

Scary-Celebration-98 t1_jeg73y6 wrote on March 31, 2023 at 7:53 PM

Best you’ll get is a Honda civic from a private seller.

Edit: this is the market. Used car prices are all time high.