Which of these two used cars should we purchase?

[frannn]

I got some great advice from these boards about purchasing a certified preowned vehicle, and we have it narrowed to two. Hoping you all can chime in once more on which would be better in the long run. Both are Chevy Equinox, AWD, certified preowned, off 1 owner leases. Through our local Chevy dealer, we can get a 2015 4 cyl 2LT (leather seats, special lights) with 20K miles for $18,000+tax & dealer fee. Comes with remaining drivetrain warranty. Through Enterprise (not a rental car; off lease), we can get a 2016 6 cyl LT with 30K miles for $20,674+tax+MV fees. Comes with remaining time on manufacturer warranty and Enterprise 12m engine/tranny warranty. Which would you buy? Comes down to 2015 with 10K less miles or 2016 with 6 cyl but 10K more miles.... We will be financing. No negotiating on either price as they are specials.

 

[kymom99]

For that type of car I would go with the 6 cylinder. Glad you found a couple good deals.

 

[piccolopat]

All other things being equal, I might choose the 2015 with fewer miles and a lower price tag however a lot depends on how it drives. Does the 4 cyl on the 2015 have enough torque and enough pep to make the driving experience enjoyable? Does the 6 cyl of the new car perform better? Sometimes a 4 cyl has worse performance than a 6 cyl but not always. A lot can depend on the torque and transmission.

 

[lorijohnhill]

Do they both come with the same features? Tire wear? Maintenance history?

 

[frannn]

Carfax on both are clean, warranty info in orig post. Both off 1 owner leases.

 

[lorijohnhill]

My instinct would be to go with the 2016. I agree with piccolopat that it depends on how they feel and perform. Through what kind of terrain are you driving? Flat, hilly, mountains, dirt roads, highways.... with hills and mountains, the 6 cylinder would be better, in my opinion.

 

[davper]

If the 2015 can get out of it's own way with that 4cyl engine, that would be my choice.

 

[badiggio]

I'd take the 6 cyl.
What's the tax rate where you live?You say you're financing;what rate and how long?These can easily add up, that "sometimes"you're better off buying new,where financing is generally low compared to financing a used vehicle."Example"..a $20,000 vehicle at 6% tax and financing at 7-8% over 5 years,is now costing around $30,000 and more than likely you'll be buying extended warranty,because it's the years or miles,whichever comes first ,for warranty coverage.JMO

 

[Klayfish]

A few thoughts...sorry if they aren't quite what you're looking for, but want to be honest.

First, have you test driven vehicles other than the Equinox. It's an OK vehicle, so it's not "bad", but there are better choices in that class. Hyundai Santa Fe, Mazda CX-5, Honda CR-V or Toyota Rav4 come to mind.

Those prices aren't super spectacular, they're about market value. You're not getting ripped off, but you're not getting a steal by any stretch. If they say "non-negotiable", I'd walk away.

The one at the Chevy dealer should have an extended warranty over the standard one. The way cars are built now, it should be less of a factor than it was many years ago, but it's not a bad thing to have if you get it at the same price as a car without one.

If you want the Equinox, either one will do fine, just pick the one you want more...feature content, etc... Both are low miles, so no worries there. The 4cyl is going to be a bit sluggish, but not dangerously so. It's an engine GM uses in a lot of vehicles. The V6 will be much quicker. It's basically the same motor used in the V6 Camaro. However, unless power matters to you, it shouldn't matter much. The 4cyl has been proven pretty durable, the V6 not quite as much.

If I had to pick one for me, I'd go with the V6 because I'm a car guy and slow cars drive me nuts. But if I was a non-car person, I'd go with the 4cyl.

 

[tvguy]

If the 4 cylinder has enough pep (It should at 182 Horsepower), fewer miles mean longer warranty and more miles for you.

 

[kydisneyfans]

A 2015 vehicle is already close to 4 years old and will need maintenance sooner. For that cost, the vehicle should be loaded to the brim. It seems expensive to me.

I agree with an earlier poster-if you are getting an interest rate in the 5+% range and a brand new one is at 0-.9%, I'd look at brand new. We are doing the same with a Rav4 right now. We found a 2017 with 20K miles for $19,700, the dealer is offering $4500 off a new one making it just under 23K. The new car interest rate is about 1.5% lower(although we plan on paying it off much sooner). Over the life of the loan, the cost between new and used is just over $1,000, but we get the additional warranty and a vehicle that is a year newer. Once we did the math, the new one was a slam dunk decision.

 

[imbatman]

Equinox owner chiming in here. I have a 4 cyl. and it does have enough pep to move when needed. You might check with the dealer to see if there are any extended warranties you could purchase to sweeten that deal. Will either move the price at all if you say there is another car you're looking at?

 

[Klayfish]

I would disagree that a new car is going to fall into the cost of a used one over the life of the loan...unless you're getting an uncommonly high interest rate (like loan shark stuff) or are getting ripped off on the price of a used car. Cars depreciate, pretty significantly in the early years. Dealers will try to get you to pay close to new price for a used car, because they're in this to make money. But if you do some basic shopping, you'll always find a good used car is a much better financial investment than new.

It's actually another reason I'd recommend something like the Hyundai Santa Fe. It's a better vehicle than the Equinox, but the depreciation curve is pretty steep for Hyundai/Kia. You can pick one up for a song.

 

[Disneyland_emily]

A 2015 vehicle is already close to 4 years old and will need maintenance sooner. For that cost, the vehicle should be loaded to the brim. It seems expensive to me.

I agree with an earlier poster-if you are getting an interest rate in the 5+% range and a brand new one is at 0-.9%, I'd look at brand new. We are doing the same with a Rav4 right now. We found a 2017 with 20K miles for $19,700, the dealer is offering $4500 off a new one making it just under 23K. The new car interest rate is about 1.5% lower(although we plan on paying it off much sooner). Over the life of the loan, the cost between new and used is just over $1,000, but we get the additional warranty and a vehicle that is a year newer. Once we did the math, the new one was a slam dunk decision.

We paid $21,3xx (23,xxx out the door) for a new 2018 Rav 4 LE on Father’s Day with a really good interest rate- And I never thought that’d happen (I was expected to get a used at that price..)

 

[Disneyland_emily]

But for the original question- I’d go the first one as the dealer often adds perks like free maintenance-

 

[tvguy]

But for the original question- I’d go the first one as the dealer often adds perks like free maintenance-

Wow, where? I bought a new car a week ago, and the dealer was pushing some pre-paid maintenance plan for "only" $100 a month. No free maintenance. And figuring the car is under factory warranty for the next three years, and will only need 6 oil changes at $29 each, $100 a month seems a little steep. He got down to $15 a month before he gave up. Oh, and like the factory warranty, the pre-paid plan does not include brakes or tires. Although, if driven normally, I should need neither in just 3 years.

 

[kydisneyfans]

We paid $21,3xx (23,xxx out the door) for a new 2018 Rav 4 LE on Father’s Day with a really good interest rate- And I never thought that’d happen (I was expected to get a used at that price..)

That's where we were at. They were starting with a new, front wheel drive at 21,2xx. We were wanting AWD and those are 22,7xx and up. 6% tax plus another $649 in dealer/title fees. Interest on the new is 3.49, on used it's 5. For 3K more than a used AWD with 20K miles, we bought new. Over the life of a 5 year loan, the interest rate difference is between 1-2K. That difference is worth a car with 5 miles instead of 20K, 3 years of warranty instead of 2, and the free Toyotacare program(worth about $400-500 over 2 years).

Now there aren't any within a 100 mile radius with under 40K miles and under $20,000.

 

[kymom99]

That's where we were at. They were starting with a new, front wheel drive at 21,2xx. We were wanting AWD and those are 22,7xx and up. 6% tax plus another $649 in dealer/title fees. Interest on the new is 3.49, on used it's 5. For 3K more than a used AWD with 20K miles, we bought new. Over the life of a 5 year loan, the interest rate difference is between 1-2K. That difference is worth a car with 5 miles instead of 20K, 3 years of warranty instead of 2, and the free Toyotacare program(worth about $400-500 over 2 years).

Now there aren't any within a 100 mile radius with under 40K miles and under $20,000.

The difference for me was a car with 7000 miles which got us a 100k warranty. In the scenario you described I would choose new. But that's a Toyota so that I think is the difference. Other brands depreciate faster so used can be had for much less. Mine was $18000 at less than a year old. We also go a free remote starter thrown in. Also interest rates were dirt cheap back then. Funny thing is, the 100k warranty was a definite selling point but I never needed it. But that's a good thing, isn't it.

 

[kymom99]

We paid $21,3xx (23,xxx out the door) for a new 2018 Rav 4 LE on Father’s Day with a really good interest rate- And I never thought that’d happen (I was expected to get a used at that price..)

Is it AWD? If so that's an awesome deal.

 

[1911]

stay away from the 4 cyl,they have timing chain and oil consumption issues. the 3.8l also has timing chain issues as well on earlier model years.