Is there a warranty difference ?

If you have a wider range of fit on one bike, consider that may be the key to optimization if you choose to aero test one day. Dialed into a fit doesn't mean you can't find an equivalent comfortable/powerful fit that is more aero

New Trek with warranty.

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Pink? Maybe. Maybe not. You decide.

I wouldn't worry about the TT bike vs tri bike difference. For a 70.3 especially the p5 is fairly ideal IMO; you can set up the downtube bottle as a flat kit, bottle BTA, bottle behind the seat, built in top tube box, good to go. Speed concept will similarly be good though.

You may have an easier time playing with the P5 fit to dial it in for comfort/aero, my understanding is that the monopost is pretty easy to adjust. Others may disagree but I'd be less worried about how big the fit envelope is and more with how granular you can make the adjustments within it, as well as where you fit in it. If you're near the middle, I wouldn't worry about it but if you're on an extreme edge than I'd be worried you can't make some of the modifications you need.

I think the biggest difference is the used P5 is available for you to ride this weekend if you choose. The Speed Concept, you may be waiting 4+ months. If you're buying new then you'd want to get your choice of colour/groupset.

I say this as someone that raced last weekend on a 2010 bike after ordering a speed concept at end of October.... (But it will be worth the wait, for my needs the P5 wasn't even under consideration, the SC is way better for my needs). So, if you have a race in April, go the P5 and pay for some really good fit/aero sensor with the $1k saved, or a training camp. If you are in no rush and have the money, then get which ever one you like most.

just to add one more tidbit... ease of traveling with each bike. Something even if minor to some. Which bike can you travel easier with. small thing and great thing too. Both are great bikes. I do say the Trek is the go... but another thing to think about

If they both fit well then it doesn't matter. My wife had a speed concept for a while and it is a nightmare to work on. Personally I would go with the P5.

Was it the new SC Gen 3 or the Gen 1 or 2?

I personally would go with a brand new TREK based purely on warranty. They are both great bikes for top or the line, but I'd like a new bike and I am also curious about the ISO speed. That seems pretty cool.

Mostly subjective - my riding partner has the SC and me the P5d . . . P5d all day long. They are very similarly equipped and I believe the P5d to be faster, easier to work on, better handling, and so on. I am prejudiced . . . I love my bike!

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David
* Ironman for Life! (Blog) * IM Everyday Hero Video * Daggett Shuler Law *
Disclaimer: I have personal and professional relationships with many athletes, vendors, and organizations in the triathlon world.

Second this. P5D is so easy to adjust, pack, etc. and the bike which all others are measured against.

Warranty would not be my deciding factor, but they never are in my life, including bikes.