Study Says Buying New Toyota Trucks the Way to Go
A new study casts doubt on the idea that it’s generally a better decision to go used rather than new.
Conventional wisdom says that buying a new car isn’t exactly the best financial move. If you’ve been car shopping, you’ve probably heard someone explain that as nice as it is to experience that new-car smell, the immediate depreciation makes buying a new vehicle a financial pitfall. It’s better, loads of well-meaning folks will tell you, is to go with a lightly used model, and let some other sucker pony take that hit. But now, a new study from the data wizards over at iSeeCars, says that waiting might not always be the case.
The average one-year-old lightly-used car costs 17.0 percent less than its new version. However, some vehicles have as little as a 2.1 percent price difference, while others have price differences as high as 36.4 percent. The cars with the smallest differences are led by the Tesla Model 3 and several pickup trucks, and the cars with the largest differences are led by luxury sedans.
Of the top 15 vehicles on the list, three of the spots went to Toyota. And for those keeping score at home? That’s more than any other brand. Though if we really want to split hairs here, Chevrolet is basically represented three times, as along with the Silverado 1500 and the Colorado, the GMC Sierra 1500 — essentially a rebadged Silverado — also made the cut. Jeep fared well too, as both the Wrangler and the Gladiator were represented.
Given the fact that the study specifically called out pickup trucks, savvy folks probably guessed that the Tacoma and the Tundra would be represented. In fact, the Tacoma was in the number two spot on the list, just behind the top-ranked Tesla. As it turns out, the price of a new version is just 4.2 percent higher, or around $1,500 more than a late-model used example. The Tundra came in around the middle of the pack, with an 8.3 percent, or $4,000 difference between used and new models.
At 10.2 percent, the 4Runner make the 14th spot on the list, and there, the savings came in at around $5,000. Quite honestly, I think I’d be inclined to opt for a used Tundra or 4Runner, given the delta between prices. But on a purchase as big as a new truck, $1,500 seems doesn’t seem like a enough of an incentive to go used — particularly if I was able to get the exact colors and options I was looking for.
Obviously, your mileage my vary, so let me know what you think. Did you go used or new with your last purchase? What made the difference?
Photos: Toyota
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