I am driving Camry right now, which I am going to sale (or trade). Next, I am looking to buy luxury SUV. I do not want to go beyond 40,000. Currently I am liking Acura RDX. Acura website says 35,095$ for Base price.
Now my concern. I may go out of country for long term in March 2016. Or I may not go and then will stay for next 5 years. Staying chances are more, but just in case. I want to get an idea, how much price will be reduced if I want would sell it at that time. I will have 1 month at that time, if I need to go. I may not cross 10000 miles in year.
Anybody can give some idea ?
Until you are sure of your situation, buying a new car would be ill advised. I would sit on the car you have until your situation is stabile. It’s the only way you can feel secure in loosing the least amount in depreciation.
Wait to make any decisions until you know if you’re going out of country.
If you stay, trade the Camry for whatever you. Acuras are great vehicles.
If you leave, sell the Camry before leaving. If you have a young relative that needs a good used car, sell him/her the Camry.
When/if you eventually return, go shopping. The cars will have changed by then.
I respect your thoughts, but I have old Camry and it is about to die. 8k is a big amount to lose in a year. How about a good used one like this --> http://santabarbara.craigslist.org/cto/4881331440.html (It is in 33,900 with tech options. This seller spent 39000 for this car)
http://ventura.craigslist.org/cto/4880177982.html (This one is for 30500 without tech)
Should I assume that their prices are already slashed down because they came out of showroom ? And now it will depreciate slow as with usual speed ?
What are your thoughts ?
Would you be open to telling us about your Camry and allowing us to try to help?
I’s hate to see someone spend all that money for only a year’s use.
Selling any vehicle after one year is financial stupidity for 99.99 % of all vehicles. Just trade for something cheap to drive for a year. Save the money you would have spent on full coverage for a overpriced luxury SUV and make a larger down payment.
Sure. Thanks for suggestions.
For, what is wrong with my camry, I will talk to my mechanic and post and will seek suggestions.
Look at trade-in values on sites like www.kbb.com and www.nada.com for values in your area of 2014 models (one year old vehicles). This will give you an idea of depreciation of a 2015 you might purchase. Also consider the sales tax.
To drive your Camry for another year and rent a luxury car for vacations/occasions would cost less but it is only money, you can’t take it with you. I have coworkers that buy a new car every year, that is what money is for with some people. For myself, your Camry is too new, I buy cars that are ten years old/100,000 miles.
If you can find an RDX that is a year or two old you might get a good price and it will have already depreciated. You don’t get as much choice or the new car smell.
@abhisheks77 It’s good of you to get back to us in reconsidering your original plan. If the mechanic thinks your car is on it’s final legs and has become unreliable, then a used one as you suggested is the least expensive temporary option. Hopefully he can give you good news that your car may be good for the next year, which is really all you need to wait. Unless the motor or transmission have had it or severe body rust is involved, fixing it would be worthwhile, not only for the year, but for trade in or sales value in a year’s time. Best of luck to you.
We were going to look at the RDX too but I believe it was being redesigned so you don’t want a year old one. I guess you just can’t have it both ways. If you can’t make a long term decision, then you pay the price for a short term one. Might want to look at a short lease instead but the math is the same. They will discount what they think the value is anyway, but it just enables getting rid of it quickly instead of having to sell it quickly. So one way or another it costs more to not be able to plan for the long term.
Since you are unsure about your stay here, you might look at taking over a lease from someone.
This way, if you know you’re going to stay, you can either buy the car, or go for something else. If you’re leaving, then you’re just turning the car in at the end of the lease and maybe renting something in the short term when you need it before you leave.
What year Camry, how many miles? That would help if you want good advice.
Edmunds says that depreciation on a base 2015 RDX is $5200 in the first year. If you need a car for 1 year and you can’t make the Camry work, buy an inexpensive car that will sell for about what you paid for it after one year. But you basically have about $7000 when you include taxes and registration to spend fixing the Camry to break even if you have to sell a new RDX after one year.
Yes, 7000$ for a year is a big money. Will check out leasing option suggested by bscar2.
My existing Camry is 1998 with 197k miles
You’ll see less one-year depreciation on a used car than on a new car. A 3 year old car is probably the best one to look for, if you can’t get your current car to be reliable enough for you. Do they have one year leases? If so, that might be an option too.
Yes, I can see some 1 year (and less also) lease to swap.
I got few more questions to sort out. Suppose, if I choose this vehicle - http://www.swapalease.com/lease/details/2014-Lexus-RX-350.aspx?salid=900623
It says “Opt. Lease End Buyout $34,000.00”. This means, after leasing is over, we have to pay 34000 to buy it. Is it expensive price for 2 years old car with 24000 miles ? On Lexus website, its starting price is 40,970$.
What do you say ?
The age and the miles are far, far less important than the car’s condition. I’ve owned cars for hundreds of thousands of miles. Inn 2005 I gave my son a '91 Camry with over 240,000 miles that still had a lot of life left, and I gave my daughter an '89 Toyota pickup with over 300,000 miles that lasted 338,000 until it got in an accident that totaled it. Neither was an oil burner, neither was unreliable, and neither was unsafe.
If the age and mileage are the motivation, I still recommend reconsidering. If, however, the Camry has become unsafe,
I still recommend against leasing for the reasons I previously mentioned, but I respect that it’s your decision to make.
As mentioned on another thread, you may want to contact the big-name rental agencies and see if they’re selling off stock. Rentals cars will typically be in excellent condition, low mileage, and aren’t being sold because of some chronic problem. Typically they only being sold to roll stock over to have the newest cars with the latest features available to rent. And the prices are usually fair. Their main revenue stream comes from renting cars, not from selling them, and hanging on to them to try to get top dollar costs them money.
The Lease buyout on the LExus doesn’t look that far off. You’d get different numbers checking KBB/Edmunds/NADA though. According to the listing the Lexus was $45,000 new so the lease company estimated it would be worth $34K after 2 years and 24,000 miles.