This isn't really true anymore. I just sold a 2 year old car with 25k miles on it for just 10% less than I originally paid. Prior to that I sold a 1 year old car with 18k miles on it for 1% less than I paid. You can also lease new cars for a very low fixed rate which includes all maintenance, insurance, etc. There is a value in having a safe, new, reliable car.
The chip shortage has put a dent in new car supply, driving prices up and having ripple effects on the used car market. It's an unusual time and shouldn't be thought of as the new normal.
Anecdotally my used car gained 25% in value over the last six months. But if I sold it and still want something to drive, I'm on the hook to buy a replacement that is also priced higher than normal.
The last time I looked at used vehicle prices, they didn't seem like great deals. Also, I think with modern cars, the reality is that you can get the latest and greatest and, after 10+ years, they're still pretty darned reliable. The trick, especially in snow country, is to get rid of them before rust-related issues, among other things, become a problem. I have a 10 year old vehicle and will probably think about replacing over the next few years.
Things also seem to have slowed down for year to year changes. My 2016 VW GTI is literally the same as the 2021 that is still being sold, for example. A lot of models seem maxed out feature wise. I think we might be at peak car lol
I don't know, we've been buying my wife the same make and model for some time. The latest upgrade can talk to my phone, is more powerful and about 25% more efficient. The increased efficiency alone will save us 50% of the capital cost over the period we own it.
I expect its replacement will be either a PHEV or full EV, a huge change.
