Wife & I have bought 1 new car in our lives - in Dec 2015 we bought a 2016 Honda Pilot. Just took it in for servicing this AM; 62K miles and never had an issue. I don't regret the purchase since it's been rock solid, road trips are worry free, etc. But in retrospect I wonder if such an investment was truly wise considering the limited amount of driving over 8 years. Probably would have been better off buying something 4-6 years old. When we were car shopping in 2016, the "buy 2 years old" theory was already overpriced.
What do you mean overpriced in 2016? I bought my current car (RX 350) in 2017 and it was 2 years old with 19k miles. I paid 37k for it and brand new was 55k for my model/options. I’ve driven it for 6 years now and added 90k miles. I basically paid the same price (my cost minus its current worth) as the person who bought it new and I’ve driven it twice as long. It’s barely over 100k so I plan to drive it 2-3 more years and then give it to my oldest as his car will be close to end of life.
Anyway, I don’t think the buy it two years old scenario was overpriced until post-pandemic. It certainly wasn’t in 2017.
It probably depends/depended on the type of car. When I was shopping for a Pilot right before the pandemic, the discount on slightly used cars of that and similar models wasn't worth it.
I’d think Honda and Lexus (Toyota too) would be very similar. I don’t know about right before the pandemic, but back in 2016/2017, two year old SUVs that I was looking at definitely weren’t at a point where buying two year old cars wasn’t a decent deal. I looked at a lot of models. The pandemic changed that completely around.
Also, were you looking at certified used Hondas? I absolutely didn’t think the Lexus certified used RXs were worth the price. Carmax, others and private parties were much better deals especially for two year old cars with healthy chunks of their manufacturer warranties. I’m talking thousands of dollars difference. When the pandemic hit, that’s when inventories of all used cars dried up completely.