Assume you are buying today (December 2024) and both cars have exactly the same features and inclusions, both brand new, both worth around $60k, how much extra would you pay for the identical MY24 model over the MY23 model and why?
Hypothetical: How Much Extra Would You Pay for an Identical New MY24 Car Vs. a New MY23 Today (Assuming Both ~ $60,000 Range)
LWorkingLowJam on 28/12/2024 - 16:16
Poll Options
- 125I’d save money and get the MY23; both are new and identical anyway.
- 18I’d pay up to $3,000 more for the MY24 over the MY23.
- 15I’d pay over $3,000 more for the MY24 over the MY23.
- 6It’s nearly 2025, so I’d buy the MY24 regardless of the extra cost.
Comments
I asked and they said bugger all
Go back in 2 days and ask again.
Hey.! Are you from Nu Zelland?
I'd need to know first, who's the giver and who's the receiver in this odd style of discount?
OMG
That's a top of the line Camry.
All the bells and whistles.
With box of tissues on the parcel shelf.
Hidden under the colourful hand crochet cover.
So you're saving $3k on a car that will be seen as '3 years' old, in a few days time?
How did you figure 3 years old in a few days? 2 years, yes.
MY 23 got released end of 2022. So it depends on the build date ;)
Fair call, for some of the MY23 cars.
The real question is; what is the difference in resale value between the two and should you pay the extra 3k now to get more later?
And in turn how much the resale value matters depends on how long you intend keeping the car. If you're one of those people who get a new car every two years, it matters. If you intend keeping it until you're too old to drive, it doesn't.
Camry buyers tend to be the second.
Compare the used car valuations for the two different years; will depend on the make/model you’re buying
How long are you planning on keeping this $60k beast?
High yield investment vehicle
Wait until next week and lowball them in both models being "old stock". Both models are going to dive in value by this time next week.
Unless there is some amazing upgrade going from '23 to '24, I would save even more and get a '23 with less than 10k on the clock and pocket the rest.
Anything less than $3k and you'll get the difference back at trade-in time so the newer model year is the better buy with that kind of differential. IMO you'd have to get to ~$5k difference for an incentive to emerge to take the older year model (even granting they are identical in every way other than the model year stamped on the engine card).
Bulk of the market that goes to buy the car second hand is going to place some value on the car being 1 year 'newer' and that is only really taken out of the equation if you intent to run it into the ground and keep it until the wheels fall off.
If you're going to keep it forever get the older one and save some cash. Go for the newer one if has worth while upgrades or problems fixed.
I dont care what year it is. If its the same features, i just want the cheapest option
What car? Camry? Tesla m3/Y? Ioniq 5? Kona? Atto3? Sportage? Tucson? Santa Fe?
Depends on the manufacturer really.I did this 6 months ago.
Got $4k knocked off the price because it was a December 23 build date vs the Feb 24 one.
8 weeks build date difference means absolutely nothing. $4k is $4k.
Also your question is loaded. Do you intend to sell it in the next 12 months? If you plan on keeping the car for years then getting it cheaper is more important than what the next buyer will think. I always find it interesting that we tend to care so much about the NEXT person rather than ourselves. Save your money.
It means nothing except for when you need to sell it. Many buyers will say the difference there is 1 year as you have a 2023 car as opposed to a 2024 one. It isn't about giving a shit about the next person, it is caring how much we can get the next person to pay. If you know you will need/want to sell in a couple of years it matters, if you aren't then yeah take the best deal.
8 weeks build date difference means absolutely nothing. $4k is $4k.
Not necessary, manufacturers do sneak in small improvements in the same MY, by checking my cars’ service bulletins a while after I got it I could see that if it were 2 weeks younger it would’ve had different, stronger drive shafts… there were other changes, a different amplifier, different door seals to prevent clips breaking, different grill shutter, transmission control valve assembly etc. Sure it’s under warranty, but on the back of your point about thinking of myself and retaining the vehicle, if I were going to keep this car longer than the warranty, stronger driveshafts would last longer.
True, but OP has stated "identical" so we can assume everything is the same except the build date. Which, as you've stated isn't always the case but we don't know the exact car or model so we can't infer that at all.
It's a very valid point though. even though mine has a build date of December 23, it has all the features and updates of the 24 year model. I made sure of that because there were a few subtle upgrades (eg: bigger infotainment screen).
Procrastination is mental gymnastics !
Hypothetically buy both and report back.
If you're buying it till the wheels fall off just pocket the difference on the cheaper one and chuck it in the s&p or bitcoin.
5 shillings and 6 pence
depends on how long you plan to keep, if till wreckers then whichever gives the biggest discount. If need to resell in 3-5 years then look at the depreciation rate to see how much extra you lose by it being a year older.
From financial perspective, what is important is the BUILD year (that is stamped on the ID plate); not the Model Year (MY).
In Victoria (and probably other states), vehicles are officially listed by BUILD Year, ditto for valuation (official Red Book), insurance, accounting, resale, etc. So, If a vehicle was Built on Dec24 (e.g. Officially listed as 2024 Toyota Corolla), in 2025 (1 month later) it is considered 1 year old and so is the valuation.100%.
A my25 car built in 2024 is a 2024 car, not a 2025 car.
KIA used to bring out the next year's model year around June each year.
Not in NSW. My car is registered as 2023; built in December 2022. Insured as 2022 for comprehensive insurance, but 2023 for CTP
I think it depends on how LONG you expect to keep the car, if you're wanting to flip it in a year or two, maybe it'll matter.
If it's gonna be 5 years, it won't matter IMO since a new model will level the prices of all old modelsI looked up Tesla Model 3 RWD, same km for MY23 vs MY24, only a $7K difference
MY24 is a new model, also there's been price adjustments which have occured too.
Early MY23 were more expensive than MY24 etc, tesla is a complicated caseI wasn't hating on Tesla, model increments could be the case with any car, more suggesting to OP that $3K appears wholly arbitrary
Dunno about most dealers, but when I was buying a Hyundai Kona last month, they were offering a couple of grand off a MY24 car. I asked the dealer if he can do better than that and after he discounted a bit more than the advertised price I asked him to do that price on a MY25 car. He did, as long as I wasn't too bothered about the colour. It worked out for me, because the colour he offered was one of the two I was deciding between anyway. I had to wait 10 days for the car, because the one I bought was still on the ship when I signed the contract.
My advice is to try / work on your negotiating skills to save bucks. That may get you a better deal than blindly going with the narrative that the sales team are trying on.
Discount not worth it, but also, same car, both brand new. meh
I would be wanting 12k off the 23 model and 7-8k off the 24 model
if they say no then wait for a 25 built model. Make sure the build date is 2025 not the compliance date
this wont be available till end of march at the earliest
Why only $3k… wait two more days and ask for a bugger discount as it will be 2025.