Bad time to buy used?

My unpopular opinion is don't finance a car for your kid! Have them save Half and you pay the other half of a low cost used vehicle, no teenager should be driving a 30K vehicle, nor do they need to, they are driving to get to school not to a full time job they need to survive! Also sounds like he won't even have a driver's license for almost two years, what is the rush, there is plenty of time for him to get a job if he doesn't already have one, and save! Teaching your kids the value of hard work and saving is priceless!!

 

I get your logic, but a low cost used vehicle that is safe and not garbage. Doesn't exist anymore. The good used market that used to be around 10k is now basically 20k. Talked to friends at dealerships and they say they would not put a family member in a used vehicle in the sub 15k range, not safe and it likely cost you a lot in maintenance. If you are already at $20k for a vehicle close to 120k miles whats a few more for something new with no miles, better safety features, and you will know how its maintained?

Again, if the used market was what it used to be. I'm 100% with you. But that market doesn't exist at the moment.

 

Lots of life lessons to be had here. Develop humility and appreciation versus enabling expectations. 17 years ago I got a 1995 S10 extended cab, MANUAL, 12 year old vehicle then. Had to pay my own insurance and gas, contribute a good chunk of my work ethic to this period in my life.

 

BOOM!!!! Eggzactly what I did for my son!

 

The used market is definitely crazy. I was just seeing prices for a 2014/15 4Runner is going for as much as a 21/22.

 

I have ran out of mods on the Tundra and one day want to do a 4Runner build lol.

 

Here’s my guy logic ticking in. Excuse found to buy a 30K truck for your son to help your son (you) mod. It’s okay we all do it lol.

 

Well a couple years ago I bought my sons 17 4Runner limited off of him.
He drives a company paid for GMC Sierra so it was parked for a while at my place.
I helped him find it and I have had 3 4Runners in the past so the push to do it was too strong.
Instead of trading my truck in on a newer one, I now have both my 18 Tundra and the 4Runner.
Anyway. Pricey - yeah - and I think low mileage good condition ones will remain so.
So maybe not the best choice for a new driver.
If you are buying one from the rust belt you really need to examine the frame and mechanicals underneath for rust. Body can look perfect different story underneath.

 

Another vote for an older less expensive vehicle. My oldest just got his permit - no way in hell he was he learning on my truck or the 200. I was shooting $10k or less and luckily found a first gen Sequoia that fit the bill for half that price. He already got to help out changing a radiator and timing belt - hoping some sweat equity will translate into him taking care of it.

 

https://www.tundras.com/threads/1986-suzuki-samurai-jx-with-59k-miles.143321/#post-3602024

 

I can’t even fathom dropping 30k for a new driver.

We bought our girls 1) Honda Civic (wrecked and replaced with Volvo), 2) Subaru Outback, 3) Rav 4. None of them were over $5. 1 and 2 were sold when they bought their own car and 3 is still in operation with 204k miles.

 

Buy them a 99 camry for $2000. They will probably wreck it anyway. If they want a $30000 truck they can work for it.

 

I have a daughter in college and a daughter in high school. Bought 2 x rav4 xle awd this year. Both in the $12k range with just over 100,000 miles. Reliable cars can be had for decent prices.
As far as a $30k taco for your son, I say do what you can sensibly afford. You know your situation better than any of us.

 

I'm passing on the Taco due to common oil leaks and engine failures.

 

Appreciate the plug, but if you get in a wreck in this Samurai, they’ll only need a push broom and dustpan to clean it up. Not a safe car for a first driver. More of a trail rig that can be towed and driven to and from the woods or trails. And it goes anywhere a side by side will fit.

 

My kids aren’t old enough to drive but I was curious what manual Toyotas were going in for in this area, so took a look. Looks like tacoma/4runners you’re paying the offroad tax for older models so decent stuff is minimum 15k. However I did find lots of 10kish options like 10yo Scions, Corollas, etc. in manual and sub 150k miles that I think I would buy as a first time car. Id have some kind of pay back agreement with the kids so they work it off.

 

Coming literally from a very different point of view here but I think it depends on the kid. Currently 29 and don’t have kids so that could be why my views are different . First off it you are in a financial position to buy new I would .

At 16 in high school my parents bought me a brand new 2011 Nissan 370z . Did not wreck it once or any damage . With it being new I really did not want anything bad to happen . I also did not have any issues with the car at all . I was a well behaved kid straight A’s and in sports in high school .

At 18 I got a sports scholarship and my parents bought me a brand new 2013 Toyota Tundra TSS as it was obviously a lot more practical and useful than a 2 door sports car. Also never had any issues at all with this vehicle. My parents did end up buying me another Tundra in 2015 for finishing my undergrad in two years. Once I finished grad school I bought my two other Tundras a 2020 and current 2023. Obviously everyone is in a different position but I never had any worry about being stranded being 7hrs away from home in college nor did I ever have any issues with the vehicles .


Not saying this to brag in any way. But on the other hand my wife similar situation as far as schooling and sports (met in college sports) came from a family that believed in the used car first rule despite having the money for new . Well she had a used Corolla with 150k miles that broke down numerous times despite keeping up with maintenance . Parents sold that and got her a used Camry with 125k miles that only lasted another 2 years and broke down numerous times on the side of the road. Until we got married did she get her first new car and we have not had any issues with any of her cars first being a 2020 Camry and now a 2024 Audi Q5 no issues with either .

Just my 2 cents and experience which has always steered me away from used vehicles . Just has always given me piece of mind .

 

For a teen, I’d pay cash for a 1st gen with 3.4L 5VZ-FE (1st Gen.: 1995-2004, 2nd Gen.: 2004-2015, 3rd Gen.: 2015-2022)

Teen not gonna put many miles on, and they will run forever …When he leaves home he can get something nicer, leave you with the Taco you can play with

(Don’t ask me how I know )

 

Go watch the drivers in a parking lot at your local high school. My pickup is 16 years old and I don’t want my daughter driving it to school.

All that said, if you can afford new and want to do it, go for it. Not my money. We are coming soon empty nesters and bought our first brand new vehicle in 25 years.

 

Times have changed from when I turned 16 in 1992. I was saving for my first car when I wrecked my mom's car. My parents told me I needed to buy my own car by the end of the month. I said, "but I only have $500 saved up." They told me I have til the end of the month to find a $500 car. I ended up with a 1978 Chevy Nova. I miss that car.

 

Completely understand plus many years haven’t passed by since I was a teen but teens now a days are very different .

I believe the insurance was around $150-$160 monthly back in 2010 State Farm full coverage deductible being $250.

 

You sounded like a good kid but your parents bought you three new vehicles. Your experience is much different than mine and most I know. Like much different. That is wild. You were very fortunate.

 

Yeah, used market is pretty wild right now. Had a German car I was going to keep forever, and some kid blew a stop sign and totaled it out back in January. Unfortunately being a 9 year old car at that point, I only got $14.7k out of insurance. Being that it was paid off, had me thrust into the crazy spiral of the current new/used car market. Took a deep breath and found a 2000 Toyota echo off an old couple that they took $650 for. I’ll tell you what, that thing still brings a smile to my face driving it. It’s so slow and boring but it really took me back to how simplistic and fun cars used to be. After the collision, I will say that modern cars definitely impress me with their safety features; but I’m also concerned the creature comforts are creating more hazards.

But back to the point at hand, I’ve been closely watching the used market the last 6 months and it’s wild. I have dealers near me swooping in and acquiring cars at private party valuation from people to flip on their lots for a mark up. Some people are getting the same at trade in for private party, so I don’t blame them for dodging the hassle of selling but it’s not good business for me. I wish people would stop paying the inflated prices to keep them stimulated, but many people need cars. Statistically speaking June is normally a bad time, and your neighbor was right to wait later in the year (hopefully)

 

I rode the bus to work the first summer I had a job so I could afford to buy myself a ~10 year old Civic the second summer I worked. My parents would never have bought me a car, though they did occasionally lend me the family car when they didn't need it.

 

Youtube says used car market is going down, along with main car market. So, should be able to get a free car any day now.

I will say, my Tundra is off lease next month, I plan to buy it out, but the local dealers around me seem to have been raising the prices on the used Tundras lately. So I think it depends on what car you are looking at.