You probably remember your dad telling you this. “Always buy a used car, because they are so much cheaper than used.”
But in this topsy turvy year, that’s not always the case anymore.
“We’ve all heard this, hey you lose 20 to 30 percent of the car’s value when you drive it off the lot. You almost always want to buy a car when you are going for pure value,” said Karl Brauer of the automotive website ISeeCars.com.
Conventional wisdom says a new car’s value plunges the minute you take it home. But Brauer says that’s not the case in 2021. With used car prices at all-time highs, I See Cars says some used cars are so expensive, that the new version is a better deal.
Bauer also said, “If it’s two percent cheaper to buy a one-year-old one, why not just buy a one-year-old one?”
Some of the vehicles where new can be a smarter deal include Jeep Wrangler, Toyota Tacoma Pickup, Toyota 4 Runner, Nissan Frontier Pickup and Honda Pilot.
In most of those cases, you can get the car for just 2,800 dollars more than a one-year-old version along with a full warranty, and no spilled french fries.
But from the doesn’t that stink file, some cars still plunge in value quickly. The survey says many luxury cars still drop 30 percent after a year, and that stinks!
So it suggests you buy used if you want a Cadillac XTS or CTS, Mercedes E Class or Lincoln MKZ.
While used cars will be cheaper, if there’s not much difference, new could be a better deal.