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It's Almost Impossible To Find A Decent Used Car Under $20,000 (jalopnik.com)

submitted 1 year ago by [email protected] to c/[email protected]

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Vehicles under $15k are 1.6% of the market, and their share of the market has dropped over 90% since 2019. The old advice that you can get a beater and drive it in to the ground for $5k hasn't been true for years but it still seems pervasive in personal finance spaces.

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[–] [email protected] 13 points 1 year ago (1 children)

This was exactly the calculus I was doing with my wife in 2017~2018. Her car was a fourth-hand 2003 Hyundai Elantra which had been run in to the ground before she ever even got it (but to be fair, it was both free and better than what she was driving before). I was looking at used car prices and thinking, is it really worth it to save less than $5k when I get a car that's 5 years newer with 50,000 fewer miles and all of its warranty in-tact? The PF advice I was seeing at that time was maddening, and mirrored a lot of what you're saying - "cars lose half their value off the lot, buy a used civic for $5k and drive the wheels off" - but that had already not existed for years. And then the pandemic supercharged used car prices and they just sort of never came back down. And then rates went up and they still won't come down.

We ended up buying a brand new 2019 Impreza in an undesirable color for $19k, financed with nothing down and 0.9%. Now it's paid off, I feel like in retrospect it was very much the right call.

[–] CADmonkey 10 points 1 year ago

Those PF posts drove me nuts too. And if you pointed out that you got a new car for a little more than a used one, someone would immediately post up how they found a shitty used Civic 3,500 miles away from where I live for slightly cheaper, therefore I was a dumbass for buying a new car.