My first car was a new 1997 Honda Civic. I had just graduated from college and found my first college degree related job. Unfortunately, I could not get there in an reasonable amount of time via public transport.I lived in Boston at the time and the job was about a 45 minute drive in the suburbs. It would have taken me about 3 hours to get there via public transportation. Therefore, I had to get a car.
Unfortunately, I was flat broke and did not have good credit at the time. Luckily for me, Honda was running a special for new college graduates: No money down and proof of employment. I went, and got a great deal for the vehicle. I established a great rapport with the sales rep and towards the conclusion of the purchase he quietly told me “Never buy a car new again”. He understood I was currently in a bind and this was the best deal available to me at the time. He said, a certified used car is the way to go.
He said a new car depreciates the moment you drive off the lot. If I took the car off the lot, drove five minutes up the road and back because I decided that I did not want the car. He said I would not get what I just paid for it.
A certified used car lets someone else get the depreciation while you get the value. All the manufacturers warranty are still applicable and certified means it goes through a thorough inspection. If there is anything wrong with the car it is covered for the first 90 days. Well, that is what I have gotten for certified used cars I have bought. I have not bought a new car since my 1997 Honda Civic and I have bought several vehicles since then, all have been certified used. I have saved several thousand dollars on each vehicle: 2003 Acura RSX (bought in 2005) and 2007 Toyota Sequoia ( bought in 2009 ). The Sequoia was an unbelievable deal. I have both vehicles to this day and they are in GREAT condition. Happy Saving Money.