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Where to find a used vehicle?

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  • Where to find a used vehicle?

    I will be moving for fellowship this summer, and with that leaving the mass transit system I've been using during residency. As such, I'm needing to find a vehicle, but am admittedly overwhelmed on where to look, especially since I default to non-trusting and feel many of the places I look are trying to take advantage of me and my lack of knowledge. Don't want anything fancy, just something reliable enough to get me around for at least a few years, but at a fair price, which seems admittedly a lot harder in the current market. Any suggestions on places to start?

  • #2
    CarGurus is a good site

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    • #3
      CarMax

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      • #4
        I second CarGurus. You can get a good feel for the market in your area pretty quickly which is the first step towards identifying a deal you can quickly snag.

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        • #5
          Both Cargurus and Carmax are good choices. The former tells you if the deal is financially good and can point you to certified preowned if you care about assurances of condition. Go for private party for the best deal. The latter gives a fair if not especially good deal, and vehicles in good condition.

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          • #6
            May be a time to consider a cheap new car, like a honda civic, which will hold value pretty well. With how much used cars have appreciated, we are in a unique time where buying new is prob the better move. In normal times would agree buying a 1-3 year old used car is typically most ideal from a depreciation standpoint but as it stands these cars are so overvalued it just makes no sense.

            If access to EV charging, if you can take advantage of the $7500 tax credit that could be another area to target.

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            • #7
              I second panscan. The used car market isn't very good right now. You could wait until the very last second (late June, end of Q2 for dealerships) and hope to get a good deal. New vehicle is better "value" ATM.



              Decent pointers on how to get a better deal. https://cardealershipguy.org/

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              • #8
                I've never found used cars to be a good value. Those that are 2-3 years old with minimal miles are similar enough in price to new vehicles that it doesn't seem to make sense to go with the used ones. Those 3-5 years old with more miles on it are probably better value but also represent a higher risk. I am not in the car market, but I imagine that with used prices being where they are right now, this is particularly true. I would just suggest purchasing a honda civic or a toyota corrola. I don't think attendings should finance their cars, but I don't see anything wrong with it while you are training. Just plan to pay it off once you finish your training.

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                • #9
                  https://www.echopark.com/used-cars.htm

                  This place has nothing but used cars.
                  They make their money on a business model:
                  • Buy cars at national auctions. Target is a “great deal” car still under manufacturer warranty. The “salesman” handles you deal as soon as you walk in the door. Fixed price and salesman make a small commission.
                  • They and the dealer make money from the “Finance and Protect”. Pay cash or have your own prearranged financing. Say no to all other offers.
                  • Cars don’t sit on the lot. Their niche is volume and price. They buy cars with no known problems under manufacturers warranty and resell.
                  • They only “hold” a car for 24 hours with a $500 deposit (can be used on a different vehicle) non-refundable. Non-negotiable, fixed price.

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                  • #10
                    I had a very good experience buying from carvana a few months ago.

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                    • #11
                      Lol someone starts a thread about buying a new car and everyone tells them to buy a beater but when the op wants a used car it is suggested to buy new. I just find that amusing.

                      But I agree I would buy a cheap new car like a civic or similar. Make it last a decade.

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                      • #12
                        A no haggle place. Had a good experience with Carvana.

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                        • #13
                          Originally posted by nephron View Post
                          I've never found used cars to be a good value. Those that are 2-3 years old with minimal miles are similar enough in price to new vehicles that it doesn't seem to make sense to go with the used ones. Those 3-5 years old with more miles on it are probably better value but also represent a higher risk. I am not in the car market, but I imagine that with used prices being where they are right now, this is particularly true. I would just suggest purchasing a honda civic or a toyota corrola. I don't think attendings should finance their cars, but I don't see anything wrong with it while you are training. Just plan to pay it off once you finish your training.
                          The issue right now is you can't get a new one. I'm literally 6 months out form ordering a truck and I don't even have a build date yet.
                          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                          • #14
                            Originally posted by The White Coat Investor View Post

                            The issue right now is you can't get a new one. I'm literally 6 months out form ordering a truck and I don't even have a build date yet.
                            what is going on with our supply system? Yikes!!!

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                            • #15
                              Originally posted by Tangler View Post

                              what is going on with our supply system? Yikes!!!
                              It all starts with new vehicles. Since components and chips are in a shortage, new vehicles can't be produced. Since new vehicles can't be produced, people aren't buying new vehicles. Since people aren't buying new vehicles, people aren't trading in their used vehicles. Trade-ins are a significant part of the used car market. Since people aren't trading in their used vehicles, the supply of used vehicles goes way down and the cycle continues. It'll probably be a few years until things normalize.

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