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  • New car

    Hi everyone,

    Recently graduating residency. About 130k in student loans. New attending job which will be paying 400-450k. Driving a 2007 bmw x 5 which I got as a gift. Starting to show its age and requiring multiple (expensive) trips to the mechanic now so I figure it’s time to buy a new car. Have kids, live in the north east so have to contend with snow.

    I’m trying to decide between suvs. From everything I’ve read, a Lexus or Acura might be the way to go? Love how the 2022 Lexus NX looks. 5 year used models only seem to cost 5-6 k less and don’t have as many features. Should I buy new?



    Thanks

  • #2
    In the current market buying new is probably reasonable if you can find something in stock. Usually I suggest going for 2-3 years used but at the moment you won't save much.

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    • #3
      People are saying new cars are the same price as used cars. I wasn't seeing that in my recent search for my wife's new car. 3 years old is significantly cheaper than new. Maybe not as big of a difference historically, but still significant.

      New Lexus NX AWD MSRP is $47320
      2021 with 3758 miles is $41990
      2018 with 13967 miles is $35183
      2018 with 51675 miles is $28772

      Now I'm not sure of all the different options/upgrades, but still much cheaper used than new.

      I just used cargurus.com to search the area around me.

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      • #4
        Might not make heads turn but a new mazda cx5 is nice, cheaper and reliable.

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        • #5
          What other debt do you have?

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          • #6
            Originally posted by billy View Post
            Might not make heads turn but a new mazda cx5 is nice, cheaper and reliable.
            Agreed. After 11 years, I switched out a '08 Honda C-RV for the Mazda CX5 last fall. Sharp looking and reliable. Also feels upscale. I park next to a similar BMW every day and I've more then once accidentally tried to get into it after work.

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            • #7
              CX5. We have the older style, jealous of the newer style. IMO, the sweetest looking suv on the road today. Go new. I remember an NX I sat in once felt cramped.

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              • #8
                I've purchased multiple new cars over the years and am not as anti-new car as some on this forum as long as the cost is reasonable with regard to your financial state (income, debt, ability to save etc.). I owned a Lexus NX for over 6 years and if interested in the NX I'd wait until the 2022 model is available. While it was very comfortable and reliable the dashboard screen uses a touchpad interface in the center console next to the driver similar to a laptop. It can be maddingly frustrating to use while driving as it's often difficult to pinpoint the proper position for your intended action. Most of the current Lexi use this same system, but most will eventually update to a better interface as they get refreshed, including the 2022 NX. I recently traded it in for a Mazda CX-5 and find it equal or better than the NX I replaced in most aspects that are important to me at a lower price. As an aside, I don't know how big your kids are but size-wise the NX is closer to the X3 rather than the X5.

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                • #9
                  i can't argue w/ the plan to get rid of an older Beemer, repair costs are real, reliability is suspect. will never own one of those again (inherited my wife's for a bit).

                  but buy a used car, esp when you have student debt.

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                  • #10
                    I just bought my wife a new Highlander xle. We will put 200k miles in next ten years then get another one. Its a great family vehicle and will handle bad weather nicely(if you ever have to use it).

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                    • #11
                      Originally posted by billy View Post
                      Might not make heads turn but a new mazda cx5 is nice, cheaper and reliable.
                      My youngest sat inside one and said it reminds him of my audi. It is nicely upscale but small for a family.

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                      • #12
                        I got a new Honda Pilot Elite. Love it as a family car. I haven’t seen much value in used cars. Once you hit 50k mikes, you’re talking tires, brakes, fluids, and whatever else pops up. Above that, it’s beats and pumps. The first 50k on a new car is mostly maintenance free and for the extra few k, I prefer to get more specific with what I’ll drive for 10+ years, invest in it, and control it from start to finish.

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                        • #13
                          Model S Plaid.

                          What was the question?

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                          • #14
                            Buy what you want as long as you pay cash. Our last two vehicles have been a new Honda and new VW. We have to do nothing other than oil, wipers and tires/brakes in the past 6 years. The difference (on a car <40k) is a few grand. You make enough that it’s a rounding error.

                            The big mistake here is financing a car while you have debt. Personal finance is about habits. If you make the habit of living with debt and lifestyle inflation, you’re setting yourself up for failure. If you wait 6 months and pay $60k cash for something while making progress on you loans, you’re good.

                            With that salary, I’d expect you to have loans paid off, an emergency fund of 20-30k and a new car by 1 year from now, 18 months at the most. The issue is if you buy an 80k on a loan, a 900k house with nothing down, join a country clubs and take 3 international trips this year (is anyone doing this?).

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                            • #15
                              Originally posted by Ronan View Post

                              My youngest sat inside one and said it reminds him of my audi. It is nicely upscale but small for a family.
                              Go with CX9.

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