New or used? Tips for buying a car in 2023

Car buyers are hoping to finally get back in the driver’s seat after two years of surging prices but while the used car market is softening, new vehicles are reaching sky-high prices. NBC’s Sam Brock reports for TODAY.

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#economy #cars #money

[RayandZach]

Hey Today! If my dad and I can ever help with a segment, we'd be thrilled to.

[Papeeshka]

lol making $50k annually doesn’t mean you can afford a car that expensive nor is it a good use of your money.

[JP-xqfo]

Keep your current car, don’t give these slimy dealerships your hard earned money.

[damnjustassignmeone]

I’d avoid Carvana if you want to receive your title after purchase.

[Concepcion]

Those anchors are a bit late to the game. The car vending machines are nothing new.

[thegarbear]

ya supply coming back but banks insurance and apr% is up

[pdnxnbl]

Buying old 2009 to 2010 car is worth it?

[MAG]

Also, Carvana, I wouldn't run to them just yet. THey have been kind of shady about the Car titles, and registration. They got a couple of Class As and State suits hanging over their head.

[princegorman]

Used car vs new car. Which is better to buy

[danyel]

Lies!! Back in 2018 i purchased a used Sonata with 30k mils one owner clean title for 3.3k. Looking for used cars. 57k miles and up used for 31k. Same car with same add on brand new costs 36k. The most insain one was a 2004 Subaru Forester engen non operational with 97k mil for only 5.7k. It was a stock primium moddle. Recomendation. Just fix your cas and wait till all this blows over. The less people buy cars, the faster the price will drop.

[MAG]

Blame Auto insurance. They have been keeping our drivers in line, conformed and clean. Double-edge sword to be honest. The Used car section has been getting better and better over the years so of course its going to get more expensive.

Part 2 is: New Cars are for folks who got money to burn, mainly investors, and white collar management.
Not for blue-collar workers. (Not my logic, thats the dealership)

[dahelsalazar]

Anchors and news outlet out of touch . It's gonna get worst

[Bone]

Nothing is as detrimental to achieving wealth, security, freedom as a car payment.
Example
John 25 buys his first nice car on payments . $500/month He says, u just have to accept the fact that a car payment is a fixture in your life. In 40 years he buys 6 cars=$240, 000(not new. Nice used)
Jim 25. He can’t stomach paying a car payment. He buys used cars. Pays cash. $2k-$5k. Never paid more than $15k. Instead of car payment He invests the $500 monthly. Religiously. 40 yrs . 12% return

They both spent same$240k John’s interest paid = Jim’s car costs.

40 years
John $0 to show for the $240k spent
Jim $6, 000, 000. Yes $6 million compared to zero
If someone started at 20. By the time he’s 70. $20 million

Cars are depreciating assets. The more u spend the more u lose. I’m buying a Mercedes tomorrow. $4500
190k miles. 2010. It’s a comfortable smooth ride. Luxurious, well taken care of $70k new. I expect to get 200-300k more miles out of it.
Suppose the engine blows in a week. It’s not disaster . So I’m out 4500. Go buy another one. This is basic advice that evidently parents and schools don’t teach. My little girl is 5. I taught her the two most important words she will ever know. Compound interest
I