Is Buying A New SUV Worth It In 2024?

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You might not know this, but our founder, Kern, is really good with numbers. (So much so that he makes a living off it!) So, he wanted to put his skills to the test for all of our readers.

Not long ago, he purchased a new Toyota Sequoia. Almost right away, he started questioning his decision. With ever-changing prices and a crazy car market, one question surged: was buying a new SUV worth it in 2024?

Well, he crunched some numbers and came up with fascinating results. Once a month, he’ll write an in-depth article on complex topics such as the finances of owning a car, how to land good discounts, and how dealerships make money!

Here’s our first special, and we hope you love it!

Key Takeaways

Don’t have much time? Here’s the summary of what we’re talking about:

Kern's Financial Take on SUV Ownership: Our founder, Kern, dives into the numbers behind buying a new SUV in 2024. He compares the long-term costs of owning a new SUV vs a used one, using his very own experience and the GMC Yukon as an example. It’s a thorough analysis, including depreciation, loan interest, maintenance, and more. Kern aims to help readers decide between new and used vehicles amidst rising car prices and loan rates.

Chevy Tahoe Buyer's Guide: Speaking of the Tahoe, we spotlight the six Chevy Tahoe years to avoid due to reliability issues. If you’re looking for a Tahoe, this advice is essential.

What’s the difference between lift and leveling kits? With so many customizations out there, it can be easy to get lost. Here, we explain the differences between two very popular mods: lift and leveling kits. Understanding these modifications can significantly impact the driving experience and vehicle performance, whether aiming for aesthetic appeal or enhanced functionality.

KERN’S CORNER

Is Buying A New SUV Worth It?

Thinking about buying a new SUV in 2024? Well, let me ask you another question: If you knew it would cost over $150,000 to own and operate a new SUV, would you do it? 

Looking at ownership from this angle can change your mind. So, that’s why I made this guide. 

It dives into the financial aspects of purchasing a new SUV today, considering the skyrocketing car prices due to recent supply issues and increased loan rates.

In today's market, you might question whether to invest in a new SUV or opt for a used vehicle to save on costs, even if it means spending more on repairs down the line. To explore this dilemma, I looked into my own experience of buying a new Toyota Sequoia for myself after handing down my old Lexus to my 16-year-old daughter. 

Despite loving the Lexus for its reliability, comfort, and performance, it was time to give it up. At first, I was excited about the new Sequoia, but I’ve lost some hype. After all, the monthly car payment is steep! It feels almost like a mortgage payment. 

So, I started analyzing the numbers. I compared the costs and benefits of purchasing a used 2019 GMC Yukon versus a new 2024 model, considering depreciation, loan interest rates, maintenance, insurance, and resale value. 

Why a 2019 GMC Yukon? That’s the car my wife drives, and I know the ownership numbers pretty well. Plus, finding info on a new Yukon is easy. 

Used cars have their appeal due to lower initial costs and depreciation. New cars offer benefits like lower interest rates on loans, maintenance warranties, and newer safety and comfort features. 

Sounds logical, right? Well, it’s not as black or white as I would’ve thought in the first place. The debate between new and used vehicles is a close one, with economic factors and personal preferences playing significant roles in what you decide. 

Ultimately, whether to buy new or used depends on individual circumstances, but thorough research and analysis can help make an informed choice in the evolving car market of 2024. Not only that, but my conclusion might surprise you! 

BEST AND WORST

What are the six Chevy Tahoe years you should avoid?

It’s one of the most popular SUVs in America, but just how reliable is the Chevy Tahoe? In our article, we cover the six Chevy Tahoe years that you should avoid and those that you should buy. Read more to find out!

TIPS AND KNOW-HOW

What’s the difference between a lift kit and a leveling kit?

Not all trucks are the same- some are big, some are small, some are tall and others short. No matter what kind of truck you have, there are always modifications you can do to make your truck completely your own, such as adding a lift kit or a leveling kit. But, what’s the difference between them?

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NEWSBITES

Every week, we scour the web for the most essential news. Here’s what you need to know this week:

• France takes a big swing at large SUVs, through parking fees

• Volvo shows relentless growth in sales, thanks largely to a vast EV offering

• GM’s driverless taxis aren’t moving forward, and some are happy about it