Why I bought a NEW car (2026)

If why bought new car is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.

Key Takeaways

• Why I bought a NEW car Written by J.D.
• Roth | Published: 26 September 2022 - Updated: 15 October 2024 | 30 comments 56 shares 56 I am 53 years old.
• Never in my life have I allowed myself to buy a car I truly love…until now.

Why I bought a NEW car Written by J.D. Roth | Published: 26 September 2022 - Updated: 15 October 2024 | 30 comments 56 shares

• 56

I am 53 years old. Never in my life have I allowed myself to purchase a car I truly love…until now. This is the story of how I allowed myself to make a huge purchase just for the joy of it. And it wasn’t even a purchase I’d intended to make. Let me explain.

During the peak of the pandemic (early July 2020), I paid $35,990 for a used 2019 Mini Countryman SE All4. The Countryman , which I call a “Maxi Cooper” , isn’t a bad car, but I regretted buying it almost immediately. I’d intended to replace my 2004 Mini Cooper with a newer version of the same model, but allowed myself to be talked into a compact SUV.

For two years, I drove the Maxi Cooper and tolerated it. It wasn’t a bad car by any means, but it was a bad car for me. I’m not an SUV guy. I’m a small-car guy.

Last month, I took the Maxi Cooper for an oil change. While I was waiting, the dealer offered to purchase it back from me. I wasn’t expecting that.

As you probably know, the used-car market in the U.S. has been crazy for a couple of years. According to the U.S. Federal Reserve, prices on used vehicles are up 55% since July 2020. Prices for new vehicles have also increased during that time, but by only 18%.

Because I write about money, I’m aware that used-car prices are high, but I hadn’t considered that I might sell the car I purchased only two years ago. I’m the sort of person who buys a car and keeps it for a decade or more. But when the Mini dealer told me they’d pay $33,000 for a car I’d bought 26 months earlier, I was intrigued.

I contacted one of my buddies, a former car salesman. “What am I missing here, Jeremy?” I asked. “This seems like a pretty good deal.”

“It’s not just a good deal,” Jeremy said. “It’s a miracle. It’s as if you leased that car for $115 per month. You should take the offer. Now. Before they change their mind.”

Before you read my story, you might want to read this similar story from Liz at Frugalwoods: Why we bought a NEW car. Here’s a relevant excerpt:

“In normal economic times - or rather, in past economic times - used cars were remarkably cheaper than new cars, which made the depreciation on new cars astronomical. In other words, new cars would lose a tremendous amount of their value as soon as they were no longer new.

“Used cars, on the other hand, had a much more gradual depreciation curve, which meant you could purchase a used car for a reasonable cost and then, if needed, re-sell that used car at a reasonable loss. Currently, thanks to supply chain issues, a shortage of computer chips and inflation, used cars are no longer a deal.”

Unprepared to Purchase

After the Mini dealer offered to purchase my vehicle, I immersed myself in car information. As I did, I made myself a promise: For the first (and perhaps only) time in my life, I was going to purchase a model I wanted without making compromises.

You see, every car I’ve ever owned has involved some sort of sacrifice. When I was young, the chief compromise was cost. I couldn’t afford more expensive vehicles, so my options were limited. In more recent years, I’ve compromised by buying used. Then by purchasing a compact SUV instead of a sports car. And so on.

This time, I didn’t want to compromise. I wanted to purchase exactly the car I wanted. But which car would that be?

Because I hadn’t intended to get rid of my Maxi Cooper, I’d done zero thinking about what kind of car I might purchase to replace it. Normally, people figure out what kind of car they want before selling their old one. I was doing things in reverse. I was applying my self-centered shopping strategy to buying a car!

For a time, I considered not replacing the car at all. I still own a 1993 Toyota pickup. It’s ugly, but it works. Plus, Corvallis is a small city with excellent infrastructure for alternative transportation. I walk 20+ miles per week through town and would happily walk more. This summer, I’ve been biking for longer errands too. Going car-free was certainly an option I considered, as was buying another 2004 Mini Cooper. Ultimately, though, I decided to use this opportunity to upgrade to a some sort of new car.

Before we go any farther, it’s key to note a few things about my relationship with automobiles.

• I’m not a car guy. I’m not a motorhead. I don’t obsess over cars and I never have. I do like certain cars, but I’m not normally somebody who buys car magazines or watches car videos.
• I believe that used cars are almost always the smart financial choice.
• I’m in favor of electric cars but think the technology is young, so I’m reluctant to purchase in wholly. That said, I made my car search electric-first.
• I like sports cars. I’m not a speed demon, and I don’t need a car to have a high top speed. But I like the styling of sports cars, and I like that they’re “zippy” , they have good acceleration and good handling.
• My #1 source for car info , by far , is Consumer Reports magazine.
• Most of all, I believe in small cars. I always have. I do not undertand the American obsession with large vehicles. It makes zero sense to me. When I rent cars in Europe, I’m always pleased with how numerous small cars are on the road. They’re almost all small cars.

My ideal car remains a 2004 Mini Cooper , but with modern technology updates to bring it into the world of 2022. Unfortunately, that car doesn’t exist. Modern Minis are larger than they were twenty years ago. Worse, their customer satisfaction scores have eroded. (I also like the Audi A1, but it’s not available in the U.S.)

A Very Short Search

I spent an intense 24 hours researching my options. As I read about cars, I created a list of requirements for my next vehicle. I had a handful of criteria, most of which you can probably guess based on my comments above.

• First, the car had to be small. This limited me to compacts, subcompacts, and sports cars.
• Second, the car had to be fuel efficient. Electric would be nice, but it wasn’t a requirement.
• Third, the car had to be fun. It didn’t have to be fast, but it had to be zippy. It had to handle well.
• Fourth, Consumer Reports had to love it. The car had to get a high reliability rating from the organization, as well as a high road score and a high overall score.
• Fifth, it had to be a car that shoppers loved. I made the mistake once of purchasing a Ford Focus. Consumer Reports loved the Focus but owners hated it. So did I. It was the most un-fun car I’ve ever owned , like a storage container on wheels.
• Sixth, it had to have a manual transmission. I don’t like driving automatics.

Early in my research, I discovered the Consumer Reports car finder tool. This three-question quiz (which is only available to subscribers) proved helpful.

According to this tool, the five cars best suited to my needs were the Kia Niro Electric, the Ford Mustang Mach-E, the Mazda Miata, the Tesla Model 3, and the Hyundai Ioniq 5.

Although I was tempted, I ruled out the Tesla because (a) it’s too expensive and (b) it has mediocre reliability. I eliminated the Kia and Hyundai because they didn’t earn top owner satisfact

Final Thoughts

Before you check out, double-check why bought new car against current offers and any coupons you can stack. Small habits like this add up to real savings over a year.

Originally published at getrichslowly.org.