I would have to see the math that shows a new vehicle is cheaper per mile than a 2 year old used equivalent vehicle. Not sure what those numbers you stated are. Typically the cost per mile to own a car is in the range of 30 to 90 cents per mile.
The numbers I threw out weren't intended to be total cost per mile, you are correct that is quite a bit higher. I was just showing cpm as it applied to initial purchase price and miles on the vehicle as a quick and dirty example.
In my case, this was in late 2009. I was in the market for a late model 4wd regular cab pickup, and had found a 2 year old Chevy w/ 60k miles at a local dealer. They were asking $17k for it. They also had a new-but-leftover model 2009 that was a comparable truck. I planned on driving said truck to 150k miles before replacing it, and was going to attempt to talk the dealer down to $15k (although I probably wouldn't have got it that cheap). So, 150k miles - 60k miles that it already had meant that I would be able to get 90k miles out of the truck. $15k/90k miles = 16.7 cents per mile just based on first cost. (I know there are other factors, we can address that in a minute). Instead, I was able to get the new '09 truck for $20k (they wanted to move it because the 2010's were on the lot). Since that truck had basically no miles on it, and I still planned on keeping it to 150k miles, that means the math works out as $20k/150k miles = 13.3 cents per mile... well worth the extra money.
So, what about the other factors? Insurance: At my age, the difference is negligible. I can't give exact figures on the pickups - it's been too long - but the difference on my old '14 V6 Mustang to my '17 GT was only a few bucks a month (less than $10). Residual value at 150k miles should favor the newer vehicle, but we can call it a draw. Property taxes are similar to the insurance; yes, it is higher, but not so much as to be a deal breaker. They would hopefully get close to the same gas mileage and the maintenance costs would likely be the same since things tend to need replacement as the vehicle ages, not when it is new. For those that finance vehicles, new vehicles are typically available with manufacturer sponsored financing, while the interest rates on used vehicles tend to be higher, minimizing the cost of interest paid between the two. In '09 interest wasn't as cheap as it is now, but I got a 3.89% rate on the new truck, and IIRC it was over a percent higher for the used truck. 20K for 60 mos @ 3.89% should incur $2020 worth of interest, while 15k for 60 mos @ 4.89% would incur $1920 worth of interest - again, not a deal breaker.
So, let's assume that insurance cost another $10 per month, and we will multiply that by 60 months - just a guess at the amount of time I would own the used truck before it hit 150k miles - an extra $600. We can add in the extra $100 for interest as well as the $400 in additional sales tax, too. In that case, the $20k new truck will add $1100 in cost over the used truck for the same time frame, making it cost 14.1 cpm based on first cost, added cost of insurance, extra sales tax and additional interest on the loan. That is still a better deal than the used truck's 16.7 cpm based on first cost. Since they should get similar mileage, the difference in the cost of gasoline over the 90k mile life of the used truck is nothing... don't make the mistake of adding 150k miles of gasoline to the debit of the new truck compared to the 90k miles of gasoline on the used (a common error). Yes, the difference in property taxes will bump it up closer - I don't have specifics right now - but even if it made the price even, I would still prefer a new truck.
I am NOT making the case that this is true all the time, or even most of the time. But, this is not the only instance where I have bought a new vehicle because it was actually cheaper in the long run than buying a similar, low mileage used vehicle. I know this doesn't happen all the time. My only point is that it is something that a person ought to spend some time looking at before purchasing a vehicle. You are on the right track when you talk about a $14k difference in a 2 year old F150... but I would still do the math. If the used was a cheaper cost per mile (based on the factors mentioned above) I would go used. No question.
So, two final thoughts: 1) I apologize for the long-winded thread drift, and 2) Everyone is free to spend their money however they please... :hide: