Honda Ridgeline Owners Club Forums banner

1 - 20 of 92 Posts

·
Registered
Joined
·
97 Posts
Discussion Starter #1
I just posted that my truck was badly wrecked. Don't know yet if it will be totaled (most likely will). I am already thinking about what I want next.

I average 1000 miles a week. I will need to keep the vehicle until it is paid off. so a 6 yr old car will have over 300k miles on it and won't be worth much.

Here is my main question. Should I buy new or buy a 1 year older model with no more then 20k miles on it so that it has already deprecated from new? I will blow through any warranty, so that doesn't matter much.

What are your thoughts. I am not sure what kind of vehicle I want yet, though most likely a truck of some sort. I've only had trucks since 1988.

TIA
 

·
Registered
Joined
·
35 Posts
I just posted that my truck was badly wrecked. Don't know yet if it will be totaled (most likely will). I am already thinking about what I want next.

I average 1000 miles a week. I will need to keep the vehicle until it is paid off. so a 6 yr old car will have over 300k miles on it and won't be worth much.

Here is my main question. Should I buy new or buy a 1 year older model with no more then 20k miles on it so that it has already deprecated from new? I will blow through any warranty, so that doesn't matter much.

What are your thoughts. I am not sure what kind of vehicle I want yet, though most likely a truck of some sort. I've only had trucks since 1988.

TIA
I picked up a brand new 2019 RTL (not E) in Cheyenne Wyoming for $8500 off MSRP - which is more than the depreciation for the first year. If a 2019 RTL is okay, look for one and hit them up for a huge discount. Or a 2019 Sport, of which there seem to be many 2019's still available.
 

·
Registered
Joined
·
170 Posts
I'd buy a used truck and if I were you I'd buy a second inexpensive used Corolla or Civic to help carry the burden of your high miles.
 

·
Registered
Joined
·
1,110 Posts
I'd buy a used truck and if I were you I'd buy a second inexpensive used Corolla or Civic to help carry the burden of your high miles.
Kind of the same idea, but buy a new truck for the enjoyment of saying it is all yours, and then a used 1999-2003 VW TDI Jetta as your commuter. The Jetta will only cost you a few thousand dollars and will make you 45-60 MPG, maybe saving you enough in fuel to almost make your truck payments. .

Bill
 

·
Registered
2019 RTL-E (white on beige) in central Texas
Joined
·
1,722 Posts
I just posted that my truck was badly wrecked. Don't know yet if it will be totaled (most likely will). I am already thinking about what I want next.

I average 1000 miles a week. I will need to keep the vehicle until it is paid off. so a 6 yr old car will have over 300k miles on it and won't be worth much.
The implication in that is you need to finance a vehicle for a long term, for whatever reasons?

IF that's the case, financing costs may be a significant part of your cash flow?

At the moment, there's likely much more favorable financing options available for certain "new" (even if not current latest model-year) vehicles than for "pre-owned", if you can qualify.

Methinks there's much more to your analysis than just consideration of 'new vs used depreciation loss', given the rate you accumulate miles and the necessary term of financing your post implies (less favorable long-term financing costs could more than offset that 'saved depreciation' gained by buying used).

Having described in the other thread 66k miles against 1.4 years on your current RL ... if it is 'totaled', is it likely you'll be upside-down or at barely break-even if it is totaled? Does that bear on your down-payment ability ("pre-owned" financing often requiring relatively higher down as a % of purchase price)?

Lots of Q's that cut close to personal financial situation, not suggesting you answer those here, but maybe gives you some factors for consideration in your overall decision.

Given the hours you apparently spend in a vehicle each week I can sure understand wanting those to be in the most comfortable vehicle you can swing (I'd consider an RL more comfortable than most Corolla / Civic / 'small efficient commuter cars').

Very sorry for your loss and tough situation, wishing you the best of luck.
 
  • Like
Reactions: Toolferone

·
Registered
2017 White RTL-E
Joined
·
148 Posts
Used... Not much in your first post actually indicating you need a truck though beyond that being all you have owned.... Do you actually use it for truck duties or is it mainly a daily driver?

Think about it... In general, buying new is dumb and you lose a stupid amount in immediate depreciation. Not true for all models so do your research, but unless you buy a Tacoma, used is likely going to save you money. Depends on the used truck and the cost though, be smart.

Also, leasing is just stupid, don't do it.
 

·
Registered
Joined
·
529 Posts
I've always bought used. That being said I bought a 2017 RTL-E in February of 2019. It was certified. I dealt with almost two months of rear end problems covered under warranty because it was certified. Then in January of this year the alarm started going off by itself and was going to cost upwards of $1300 to repair. My plan was to hold on to this vehicle till the wheels fell off but I no longer trusted this used vehicle. Honda was offering .9% financing on new 2019 models and I sprung for a new vehicle. Now I know exactly what it's history is and the peace of mind it brings for a vehicle that I hope to have for a very long time. I love my Ridgeline!!

It's a tough decision and there are pros and cons on both sides. Good luck!!! Sorry for your loss and glad that you are ok!!
 

·
Registered
Joined
·
97 Posts
Discussion Starter #9
I do a lot of woodworking, so buying lumber makes the truck nice to have. Of course I could always hook up my trailer and whatever vehicle I buy but it’s not as convenient as having a truck right there whenever you need it. Also, the thousand miles a week I drive is for work as a sales rep at cover three states so it’s pretty much all highway miles. I’m a bigger guy so I don’t like small vehicles.
 

·
Registered
Joined
·
35 Posts
I do a lot of woodworking, so buying lumber makes the truck nice to have. Of course I could always hook up my trailer and whatever vehicle I buy but it’s not as convenient as having a truck right there whenever you need it. Also, the thousand miles a week I drive is for work as a sales rep at cover three states so it’s pretty much all highway miles. I’m a bigger guy so I don’t like small vehicles.
[/QUOTE

If you live near Cheyenne Wyoming, go to the dealer there and bargain hard on a new one. $8500 off MSRP on a 2019.
 

·
Registered
Joined
·
35 Posts
The implication in that is you need to finance a vehicle for a long term, for whatever reasons?

IF that's the case, financing costs may be a significant part of your cash flow?

At the moment, there's likely much more favorable financing options available for certain "new" (even if not current latest model-year) vehicles than for "pre-owned", if you can qualify.

Methinks there's much more to your analysis than just consideration of 'new vs used depreciation loss', given the rate you accumulate miles and the necessary term of financing your post implies (less favorable long-term financing costs could more than offset that 'saved depreciation' gained by buying used).

Having described in the other thread 66k miles against 1.4 years on your current RL ... if it is 'totaled', is it likely you'll be upside-down or at barely break-even if it is totaled? Does that bear on your down-payment ability ("pre-owned" financing often requiring relatively higher down as a % of purchase price)?

Lots of Q's that cut close to personal financial situation, not suggesting you answer those here, but maybe gives you some factors for consideration in your overall decision.

Given the hours you apparently spend in a vehicle each week I can sure understand wanting those to be in the most comfortable vehicle you can swing (I'd consider an RL more comfortable than most Corolla / Civic / 'small efficient commuter cars').

Very sorry for your loss and tough situation, wishing you the best of luck.
Another thing favoring a new 2019 is the interest rate of 0.9% -but it has to be a 2019 - usually a Sport or RTL model.
 

·
Registered
Joined
·
196 Posts
Think about it... In general, buying new is dumb and you lose a stupid amount in immediate depreciation.
This is definitely not true as a rule of thumb, and certainly not for the Ridgeline the OP is asking about.
I see many people making this same mistake...calculating depreciation based on the new vehicle MSRP.
This is completely meaningless, because no one should ever pay MSRP on a mainstream vehicle.

The OP is deciding between a new or 1 year old Ridgeline.
You can buy a brand new 2019 Ridgeline for a discount of ~$8,000 off MSRP, plus 0.9% financing.
Edmunds shows first-year depreciation to be...$8,000 from MSRP.

New cars can absolutely be a better value over the long-term than used cars.
This is especially true we're talking about popular Japanese brands.
 

·
Registered
2017 White RTL-E
Joined
·
148 Posts
This is definitely not true as a rule of thumb, and certainly not for the Ridgeline the OP is asking about.
I see many people making this same mistake...calculating depreciation based on the new vehicle MSRP.
This is completely meaningless, because no one should ever pay MSRP on a mainstream vehicle.

The OP is deciding between a new or 1 year old Ridgeline.
You can buy a brand new 2019 Ridgeline for a discount of ~$8,000 off MSRP, plus 0.9% financing.
Edmunds shows first-year depreciation to be...$8,000 from MSRP.

New cars can absolutely be a better value over the long-term than used cars.
This is especially true we're talking about popular Japanese brands.
Way to completely ignore the next sentence in my post... Context matters. Don't selectively quote people. It's also very easy to find used car loans that give you new car rates if it's under 3 years old.
 

·
Premium Member
Joined
·
1,659 Posts
If stated I didn't see it. My question would be if you don't need a pickup as your commuter vehicle there may be better choices. For me, it would be a balance between commuting comfort and economy. My Ridgeline is definitely comfortable and I have done a round trip from PNW to Nashville with ease but it is not as economical as many vehicles.
 

·
Registered
Joined
·
1,061 Posts
Used... Not much in your first post actually indicating you need a truck though beyond that being all you have owned.... Do you actually use it for truck duties or is it mainly a daily driver?

Think about it... In general, buying new is dumb and you lose a stupid amount in immediate depreciation. Not true for all models so do your research, but unless you buy a Tacoma, used is likely going to save you money. Depends on the used truck and the cost though, be smart.

Also, leasing is just stupid, don't do it.
I usually buy 3-4 year-old vehicles with good probability of lasting a long while, but buying new isn't always "dumb".

For example I initially was looking for a 2017 (etc.) Ridgeline as a vehicle refresh for my 2009, but the few used units available were listed for maybe 3k less than I paid for the new 2019 in November - mostly out of warranty, whether on time, miles or both.

And "life is short" is a potential reason too, depending on your circumstances and preferences.
 

·
Registered
Joined
·
529 Posts
I do a lot of woodworking, so buying lumber makes the truck nice to have. Of course I could always hook up my trailer and whatever vehicle I buy but it’s not as convenient as having a truck right there whenever you need it. Also, the thousand miles a week I drive is for work as a sales rep at cover three states so it’s pretty much all highway miles. I’m a bigger guy so I don’t like small vehicles.
Hey Tom do you use the pass through window for your long boards/moulding? It's awesome!! I also have a bed extender that does in the hitch that easily handles 16' boards. I too am an avid woodworker.
 

·
Registered
Joined
·
2,057 Posts
IMO new only matters for warranty and unknowns. Your stuff gets used up so fast and there should be a glut of used stuff around soon with the virus you should be able to score a great deal on a good example. Sorry about your RL but you get to drive another day.
 

·
Registered
Joined
·
560 Posts
I just posted that my truck was badly wrecked. Don't know yet if it will be totaled (most likely will). I am already thinking about what I want next.

I average 1000 miles a week. I will need to keep the vehicle until it is paid off. so a 6 yr old car will have over 300k miles on it and won't be worth much.

Here is my main question. Should I buy new or buy a 1 year older model with no more then 20k miles on it so that it has already deprecated from new? I will blow through any warranty, so that doesn't matter much.

What are your thoughts. I am not sure what kind of vehicle I want yet, though most likely a truck of some sort. I've only had trucks since 1988.

TIA
If you have a job that pays you "mileage" then a new lease may be your best option.
Finance options through the dealership may present themselves worth looking at, but unless you get an exceptional offer on a used vehicle with 20k I personally would go new

It all depends on how a dealership predicts future sales with this Covid going on. You may get a super deal on new and then finance at an exceptionally low rate.
 

·
Registered
2017 White RTL-E
Joined
·
148 Posts
I usually buy 3-4 year-old vehicles with good probability of lasting a long while, but buying new isn't always "dumb".

For example I initially was looking for a 2017 (etc.) Ridgeline as a vehicle refresh for my 2009, but the few used units available were listed for maybe 3k less than I paid for the new 2019 in November - mostly out of warranty, whether on time, miles or both.

And "life is short" is a potential reason too, depending on your circumstances and preferences.
I didn't say always...it clearly says "in general" with the caveat that it depends on the specific vehicle one is looking at. The Ridgeline even depreciates close to 40% over it's first 5 years. For the vast majority of manufacturers, buying new loses a person money, and a lot of it. There are a few exceptions out there and year end models can land a stellar deal.

Anyways, I stand by my statement. In general, buying new loses money compared to buying a good well maintained used vehicle, and leasing is dumb.
 

·
Registered
Joined
·
196 Posts
The Ridgeline even depreciates close to 40% over it's first 5 years. For the vast majority of manufacturers, buying new loses a person money, and a lot of it. There are a few exceptions out there and year end models can land a stellar deal.
In general, buying new loses money compared to buying a good well maintained used vehicle, and leasing is dumb.
Again, you are making the mistake of not looking at the entire picture.
You yourself state that the Ridgeline depreciates "close to 40%" over the first 5 years.
But you fail to consider how many miles a 5-year-old used Ridgeline would have...

The average 5-year-old Ridgeline sitting on a used car lot would have 75K miles (15K miles/yr).
If you typically replace your vehicle once it reaches 175K miles, then the used Ridgeline has 43% of its miles already used up when you buy it! That is more than the depreciation lost if you had purchased new!

Does that make sense?
 
1 - 20 of 92 Posts
Top