4 ms·
Without knowing your situation or location, it is difficult to provide targeted advice, but in general it will be advantageous to buy a 1-3 year old car, from a
by wikwocket 12y ago
Without knowing your situation or location, it is difficult to provide targeted advice, but in general it will be advantageous to buy a 1-3 year old car, from a good manufacturer, using your own financing (or even better, mostly with cash).
New cars are nice and shiny, and do have the latest safety/efficiency gains, but you will lose a bunch of resale value as soon as you drive it off the lot. Depending on your goals, needs, and the car model, a lightly-used year-old car can give you 95% of the value for a lot less cost.
Then, as for financing, shop around instead of using dealer financing. Check with banks and especially local credit unions and see their rates. Then when you have a car in mind, get pre-approved and get the car.
I would only recommend a new car to someone with cash to burn, and I would only recommend leasing if it's a car for your small company and your accountant advises it.
- loumf 12y agoThere was an analysis done by a respected frugal blog (can't find it now) on new v. used. From what I remember, the result was "new" only won if you intended to get a car and have it for a very long time. Eventually you could overcome the initial depreciation with decreased maintenance. Obviously, there are a lot of assumptions, chief among them, that we were only talking about cars with good maintenance histories. A lot of people would like to not have the same car for 15+ years -- they should get a used car.