I’m looking at buying a new car for my family. Our old one is having issues, I’m not handy, and I want new safety features to keep them as safe as possible.
The car is kind of expensive but to contextualize it, it costs about 12% of my gross income to buy it in cash (which we can do). So that would be something like a $12K car for someone making $100K. It’s a Toyota. Plan to keep it 10+ years like our last car.
The cheap part of me thinks I should get a used car and let someone else take the depreciation hit. But the depreciation isn’t that great on Toyotas. So maybe a used one would cost something like 8% of my gross income for a car with 60K miles.
Should I buy new or used?
submitted by /u/seattlesplunder
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