Considerations when buying new:
- Its a one-stop operation. You drive in your old one and drive out with a new one.
- If you treat a brand new vehicle right it can last almost forever. There are no worries how it was treated or what happened to it in the past.
- There are unadvertised (secret) dealer incentives you may not know about and when you start actually negotiating the dealer will bring those into the discussion. It usually follows, "Let me talk to my boss about your offer." They may not say, "Yup there's a rebate we can offer you," usually its more like, "Yeah, if you'll sign right now and don't shop around, we can do it."
- Interest rates are lower for a new car.
- If you're a regular customer at an established dealer they'll take care of you in other ways, like loaner cars even after its off warranty, etc.
- They want repeat customers and intend to treat you right.
Considerations of buying used from a business -- dealer or lot:
- Its a one-stop operation. You drive in your old one and drive out with a newer one.
- A used vehicle has already absorbed that first-year depreciation.
- They can usually provide financing and they will have a list of all the area banks and their rates.
- A business will usually offer some sort of warranty, and if a really obvious problem shows up in the warranty period, they will probably take care of it. (However, if you're just feeling insecure, hear a funny noise, or can't explain or demonstrate the problem, they will ignore you.) They buy them at auction or trade-in and have no better idea than you do if its going to be reliable or not.
- They want repeat customers and intend to treat you right.
- Beware the place that says, "We finance anybody" Somebody is paying for that promise and its not the bad credit risks, its the people that actually pay for the car. (Actually sometimes the bad credit risks do pay, by putting 50% down (probably what the business has into the car). Keep that thought in mind when negotiating your price.
Considerations of buying from an individual -- private sale:
- Its probably a one-owner vehicle and the person has done their best to take care of it (but of course they aren't going to warranty it). Caveat emptor.
- They have no overhead (building, staff, mechanics, etc) so they can sell for less than a business.
- The seller probably has no intention of cheating you. If s/he knows the car is a problem they will trade it in or sell it to a business that advertises "We buy cars for cash!"
- Only down side is that you have to sell your old one -- if its a good one, you too can sell it privately for a better dollar than trading it in. However, if its giving you trouble, you probably better not sell it privately or if you do expect a knuckle sandwich. If you trade or sell to a dealer it may be wholesaled a couple times before anyone finds out what the problem is. Hopefully a business that offers warranties.
Did I miss anything?
You missed my scenario which is the same as what
@griff mentioned earlier. Private seller, selling a rebuilt salvage title vehicle. High risk/High Reward purchase. Private seller purchased vehicle at insurance auction like this.
https://erepairables.com/salvage-cars-auction/suvs/jeep/patriot/2014-jeep-patriot-19865358
Seller repaired the vehicle, and is looking to flip it after repairs.
For anyone purchasing any used vehicle, I would highly recommend purchasing a Bluedriver OBD2 scanner. This scanner will read codes that most scanners won't including ABS, Airbag, and those that won't turn on any dash lights to make you aware of any currently existing problems prior to making your purchase.
https://www.amazon.com/gp/product/B00652G4TS/ref=oh_aui_detailpage_o02_s00?ie=UTF8&psc=1
On my purchase the Bluedriver scanner made me aware of the following codes while showing no dash lights were illuminated.
P0295- "Cylinder 12 Injector 'A' Circuit High. Likely cause was said to be a partially clogged fuel injector. I took it into the shop, had them perform a full fuel injector cleaning flush, and code is now gone.
B1661- "Front Fog Lamp Control Circuit Open". This directed me to inspect the fog lights, and sure enough the fog lights weren't working. I inspected further and found the fog light wiring harness was not present. Likely damaged and not replaced when vehicle was in the accident. Not a purchase show stopper for me, I'll replace the fog light harness.
In regards to the OP's original question. When I was shopping for a used Patriot, I've seen many 2007 and 2008's with over 160K miles on them. There's no reason you shouldn't be able to get 200K+ miles on more recent vehicles if maintained.
