Bad time to buy used?

Was looking at a 2019 SR5 Tacoma 3.5L V6 4x4 with 71K miles. Price is 29K. This was going to be for my youngest who is about 16 months away from his permit. I was reading on Bankrate and used prices are expected to drop some during the remainder of the year, but they said most likely interest rates will remain high. Bad time to buy right now? If I wait until after November (advised by my neighbor) I'm wondering how hard it will be to find another one with lower mileage. What a headache!

 

At that price point, is there a reason you don't just put them in an all wheel drive Corolla Cross or a Rav4 that is new? Used is hard since you don't know the quality of the vehicle and if you pass on this one there is no guarantee another will be on the market when you want.
I personally think the used market is still just stupid and too high but folks keep buying the vehicles so what do I know.

 

My thoughts exactly. If you're spending what a new vehicle, even if it is "lesser", costs I would put them in a new one.

As for the "is it a bad time to buy" question, yes. New or used, it's a bad time unless you can easily afford it. Things are going to get worse before they get better.

 

Even a Subaru Crosstrek, they start around $26k brand new.

 

Good point. Subies are super safe in accidents too. Not a fan of a CVT, but I don't think a new driver is going to care.

 

Thanks for the replies so far. I don't think I would want to put a teen driver in a new vehicle though.

 

If it's 30K does it matter if it's new or used? The money is the same. That's not an attack. I'm just not following the logic. Please help me understand.

 

Insurance would probably be the biggest factor.

 

Wouldn't a 30K car cost 30K for insurance as well?

 

Id get them a manual 2.7L 2000s tacoma regular cab haha. That way only one friend can come along and can’t be on their phone due to shifting, while also able to accomplish stuff with the bed and decent mileage. 29k for a new driver??? Every 16yo hits something or gets hit by something due to inexperience and being in dumb situations.

 

With all the safety features a Subaru has I bet it would be the same price of a used vehicle.

 

I would consider a 2019 effectively a new vehicle

Though I guess at this point that's like a 6 year old truck... Regardless, too new imo for someone who will inevitably wreck it and abuse it

 

My buddy did something similar for his son. Got him a '90s Wrangler 2 seater stick shift. He kid was stoked, even though he's a couple years from driving.
They had this convo while riding in it one day.

Son: Dad, I know why you got me this Jeep.
Dad: Oh? Why do you think I got it for you?
S: Well, it's slow so I can't be as stupid with it.
D: Yep.
S: I can't text or use my phone because it's a stick.
D: True.
S: And none of my friends will be able to drive it, either.
D: You know, you're pretty smart.

 

That was my thinking as well. I got my license in 2000 and my car (bought with my own money) was a thousand dollar '88 olds cutlass supreme with 170K miles that I bought from my sister. It was gutless, leaked transmission fluid, and the doors were too long/heavy so they drooped and you had to lift them to close it, but it was generally reliable.

 

Jury's out on if a 16 year old needs a 2019, 30k truck. Something safe, yes.

 

I would start by saying the mentality that another one won't come along is counter-productive. They made several hundred thousand of them. It's not a GT40. Another one will come along. It s a terrible time to buy pretty much anything, but I'm not sure how much that will improve short term. I don't see it getting significantly worse, so if you can wait, I would wait to see how it goes. My gut tells me used car prices will continue to slip and interest rates may improve slightly, but not dramatically. I could not afford to put my kids in $30k vehicles, nor did I think it was a wise way to spend the money. I gave them both a $10k budget and told them to pick whatever they wanted. I also told them I had first right of refusal. Had to be safe and had to be reasonable on insurance. Both oddly wanted Wranglers, VETOED. Son went with a 2009 Mustang (in 2016). I said sure after researching the safety ratings, but no GT. Found a nice used one for $7200, under budget, sweet. That car protected him very well in both a rear end (his fault) collision and getting rear ended at high speed. Got $2k more than we paid for it in insurance settlement. He bought a replacement 2015 Mustang last year for $11k. Daughter chose a Jeep Cherokee SUV. I insisted on the V6, we found a 2015 for $9200 (in 2020). She's still driving that one and it's served her well into college.

 

Much of your decision of what to buy should be based on your son and his individual needs and interests. This is not a one size fits most. Kids mature at different ages, have different needs , etc. For example, a car doesn't exactly work if he will be mowing lawns or something else with similar needs. If he wants to turn wrenches a little, an old car can be a great learning experience. Just try to find a balance that fits the driver.

 

Got it....thanks for the info.....I had no idea.

 

What did you bomb him with, @ColoradoTJ ? Was it the TW thread about some engine issues that you tried to scare me with?

 

Did it work? Lol

 

No. I'm loving the hell out of my 2023 TRD Pro Taco. Perfect truck for my needs and I love the looks.

 

Salvage yard $1,000 car where he can learn maintenance, basic repairs and inspections. Will learn to take care of what he has. As Will Smith in Bad Boys 2 states he will test drive the shit out this... Should get a beater cuz he's definitely going to trade paint, hit embankments and bottom it out...

Insurance is going to be sky high anyway, you may as well be insuring a 16 year old in a Lambo like the Farmers commercial. With a loan on a new or used car it will be an elevated price due to full coverage and add on top being a new driver.

My experience in early 2000s with a sport compact, 2002 Celica GT auto, my insurance bill was $500 a month at 20yo, If I wanted the GTS manual it was $1000 a month in Cali. In Florida, I drove an 89 Volvo "hand me down" bought for $100 on base 5spd Turbo stationwagon, shit brown because corrosion had removed all the paint. My insurance there was like $500 a year.

 

16 YEAR OLD DRIVER


= COROLLA

After he bangs it up for a couple years and gets the new driver jitters out, THEN go for a $30k Taco

We are approaching this very same milestone with our son and fortunately we have a couple hand me down Subarus and a Saturn (yes you heard me correct, a Saturn that's still running! Lol) from grandparents. He has no problem driving an older "beater" car as his first car because it's essentially free. He is saving for what he really wants (4Runner)and in a few years, he will be able to buy it himself. There is no way I'd put a new driver in a $30k Taco... that's not fair for the Taco