Would like to buy an $8k-$10k second-hand SUV in the near future, but unsure of the best route

[luv2ski77]

@johnnyhouse What would you say about a 2013 highlander hybrid with 100k km on it? Market rate is 25k which seems insane to me but I can’t find a better hybrid SUV in our price range.

 

[johnnyhouse]

@luv2ski77 Oh... That's an amazing vehicle! Just remember that if you drive a lot of highway mileage, it's not going to be as fuel efficient as you think.

But reliability-wise, it's a beast! The hybrid battery should last at least 180K, and refurbishing it (to get you at least another 100K) isn't very expensive (1.5K-2K or so).

 

[michael0830]

@athanasius1007 true, was hoping to get something that I could use for short weekend trips/one day hikes in the summer, but will definitely weigh up the pros/cons vs just using evo/rentals.

 

[bluemayskye]

@michael0830 In a large majority of cases, a SUV is not necessary for day hikes. I drive a mid-2000s FWD minivan, do tons of hiking, and have never had a problem.

If you're careful, most vehicles will do fine.

 

[nickymoore138]

@michael0830 I do tons of hiking and drive to our cabin 6 miles up a mountainous dirt road in a Honda Fit. Amazing car. The need for an SUV or pickup truck to go hiking is an invention of Detroit because they sell those for higher margins.

 

[etainmacintosh]

@michael0830 Do you have car share where you live? If you only drive a few times a month you can save a ton of money and not worry about maintenance.

 

[kriiisten]

@michael0830 You don’t need an suv to park in a provincial or national park parking lot? Most other trails you also don’t drive to lol you park on the road

 

[johnnyhouse]

@michael0830 An SUV for 8K-10K will probably need 5K worth of work in the first year you'll own it. Better just keep saving and get a reliable one for 15K

 

[angelena]

@michael0830 I think in Canada you just steal them.. right?

 

[lakercomcom]

@angelena No matter the vehicle theft rates in Canada, it's still no where close the rates in the US.

 

[lakercomcom]

@michael0830 My 2012 Silverado with 235,000km I'm trading in on a new vehicle and the dealer is giving me $12,000 on trade in. Just to set your expectations,
Mind you my truck is pretty loaded (leather, heated cooled seats, android, sunroof, 2spd auto transfer case) but still. $8000 for an SUV you're buying someone else problems

 

[prophetic774]

@michael0830 Open tangerine or simplii for the new customer promos. Usually 5-6% for all savings accounts for 6months
Put money in TFSA

Transfer money between the two when promos end.

 

[greggory]

@michael0830 Lmao an 8k-10k suv is a hunk of dog shit that won’t last you enough time before you have to put more money into it

 

[sarmarsbar]

@michael0830 An $8k SUV is a ticking time bomb. Take a look at what that gets you on the used car market and then save up a lot more

 

[avatar29]

@michael0830 Likely to be an unpopular opinion, but for $8-10k, I'd look into leasing one. A 3yr term might be almost the same in the end.

Yes, you're sort of "renting" but you're getting a new vehicle with a warranty, which you may be able to sell when the lease is back to make some of your cash back.