NPR:Help me with logic on to buy or not buy a new car?

Ecy

I'm debating on purchasing a new car or not but feel my logic is skewed. I'm looking into either a 2014 Subaru Outback Limited or a 2013 Toyota Highlander Limited.

For the Highlander: It's overpriced at $41,000 but with my trade in and the fact that they are about to come out with a new design for 2014 and with some rebates, I can get this vehicle for about $29,000.

For the Subaru: It would be about $35,000 but is a current 2014 and has just about all the bells and whistles of the Highlander with the exception of the 3rd row (something I will use rarely but might be a nice option).

Now, while I'm having a hard time deciding which I like better, I am also struggling with to buy or wait. My plan is to put half down and finance the other half.

Things to make me wait:

1. My DH's truck will be paid off in April 2015 & we could only have one car payment instead of two

2. I may go to part time for just next year with my job (this is not certain)

3. We have house projects that I want to complete as well.

 

Things to make me buy now:

1. I drive a 2005 Toyota Camry and it's paid off and I can still get decent trade in value for it now since it's below 100,000 miles and still in good condition & paid for

2. I can get such a good deal on a car (like the Highlander) as they are trying to get rid of the 2013's and I typically wouldn't be able to afford this type of vehicle. I don't know if will get such a good deal on this level of car this time next year

 

What would you do? Also, any experience with either one of these vehicles?

ILoveBoys

No experience but I'd go with a model that's a year or two old, with not many miles. If you buy new, it depreciates the second you drive it off the lot.

Also if it's paid off, I'd keep it until YH's truck is paid off. Finish some projects in the meantime.

amycorn

We just traded in our Outback for a Grand Caravan (needed the third row). That car was a beast and held it's value really well. DH was sad to see it go. I would suggest Subaru any day.

Ecy

Thanks for the replies! Keep 'em coming I am really torn between Toyota vs. Subaru and it's nice to hear some good reviews for the Outback.

Cashingn2...thank you! I may PM you with some questions later.

lildevil968

I've owned both makes and models you are considering, and I loved them both. Car dealerships typically offer better deals in November, and December, because they do not want to pay year end taxes on vehicles still on the lot. There for, you might get them to sway a little more on the price.

LaCally4

The new Foresters are nice!! I had an '09 Forester that I traded in for an Odyssey and loved it and it seems the newest model has a lot of nicer features. DH's uncle is a salesman for Subaru and he says the 2014s hardly sit on the lot before they're sold.

Honestly, I'm a big fan of putting as much cash down as possible on a car so I'd probably wait. How much mileage do you put on your Camry in a year? If it's significant because of a commute I might consider trading in sooner than later, otherwise I'd try to limit debt as much as possible and wait until there's a big down payment or your DH's car gets paid off (can you throw extra money on his car each month to get it down?).

Ecy

Seems as if Subaru is getting the most likes at this moment

I was considering putting down half or more but would probably finance $10,000 - $15,000. I could put some of my money down on DH's truck or save it for an even larger down payment. 

It's looking like it may be the best idea to wait a bit longer. I was worried that I won't get as good of a deal next year.