I’m starting to search for a new to me truck and have been suprised at the increase in used car/truck prices since I purchased my Tacoma almost 3 years ago for $6,900. Do the various incentives and low financing rework the equation on buying new (i.e. depreciates fast over first few years) vs used(increase in repair costs). I will be financing and generally keep my vehicles until they completely die. By the way, my Tacoma has been great and is part of the 1995-2000 extended warranty/ rusted frame trucks.
Check craigslist in L.A., Phoenix, Vegas and Miami for the best vehicle deals… Foreclosures and bankruptcies has left these cities awash in vehicles formerly owned by construction contractors…But it’s a cash market. You are hog-tied by the need to finance…
There is a lot of leeway to negotiate in. It isn’t what people are paying for them. Don’t be shy when lowering their price. If they’re selling for fifteen, they paid ten or less.
If you think the used car prices have gone up in the last three years, wait till you see the interest rates!
Seriously, financing a used car is a losing proposition even in good times. I would strongly recommend either keeping what you’ve got if possible, or lowering your sights to something you can get for cash. If not towards an older Toyota, you might consider something like a Ford Ranger which you will be able to get for much cheaper and are perfectly decent little trucks.
The higher repair costs on an older vehicle rarely exceed the depreciation on a newer car, let alone the interest on a used car loan.