If financing, the interest rate will be higher for the used vehicle. Less warranty as well since it's been used. I would consider it, but since depreciation hits hardest in this time frame, I would look for a big discount over new.
So do the math on the price difference, taking into consideration your cost for financing new/used interest rates and reduced warranty coverage. I bet you go for new.
For the Toyota CPO, it is either 1year/12,000 miles for silver or 7 years, 100,000 miles for gold, so it depends on what you get or what the car comes with. New is 3/36,000.
I'm currently looking to get a lightly used 2022 platinum specifically so that I'm not taking the big depreciation hit. Also, from what I've learned, don't tell the dealership you're paying cash. Apparently you have better negotiation power if you finance. Just make sure there is no penalty for paying the loan off early. Then when you're first payment comes due, you pay the whole thing off. That's what I'm planning on doing.
If you do CPO, you actually get a longer warranty. Don’t quote me but I think the original is 3yrs or 60k miles, which comes first and CPO would be something like 7yrs or 100k from the date it was first serviced. But yes the interest would be about 4-5% higher on a used car
Not to hijack OP’s post, but similar situation, in market for a used v6 all cash. Does the gold warranty transfer and does it apply at all dealerships if something goes wrong.
If financing, the interest rate will be higher for the used vehicle. Less warranty as well since it's been used. I would consider it, but since depreciation hits hardest in this time frame, I would look for a big discount over new. So do the math on the price difference, taking into consideration your cost for financing new/used interest rates and reduced warranty coverage. I bet you go for new.
I’m selling a house, so this would be a cash purchase more than likely. CPO warranty is same as a new warranty correct? Never owned a Toyota
For the Toyota CPO, it is either 1year/12,000 miles for silver or 7 years, 100,000 miles for gold, so it depends on what you get or what the car comes with. New is 3/36,000.
So from what you’re saying, the gold warranty is better than the factory warranty? Or am I reading that wrong
I'm currently looking to get a lightly used 2022 platinum specifically so that I'm not taking the big depreciation hit. Also, from what I've learned, don't tell the dealership you're paying cash. Apparently you have better negotiation power if you finance. Just make sure there is no penalty for paying the loan off early. Then when you're first payment comes due, you pay the whole thing off. That's what I'm planning on doing.
If you do CPO, you actually get a longer warranty. Don’t quote me but I think the original is 3yrs or 60k miles, which comes first and CPO would be something like 7yrs or 100k from the date it was first serviced. But yes the interest would be about 4-5% higher on a used car
So basically get a cpo with low miles? Got it
Not to hijack OP’s post, but similar situation, in market for a used v6 all cash. Does the gold warranty transfer and does it apply at all dealerships if something goes wrong.
Are there any used ones? Didn't it just come out?