Money expert Clark Howard has been telling you for years that it’s best to buy a car that’s two or three years old because new cars lose value the second they’re driven off the dealer’s lot.
But if you’re going to buy a brand new car anyway, there’s a new list you need to know about.
iSeeCars.com analyzed more than six million new and used vehicles sold over several months to compare the prices of new cars to one-year-old cars.
Here are three key findings from the new report:
- Certain vehicles can be purchased new for as little as $2,885 over the price of the previous year’s lightly-used version
- Nine new vehicles cost up to just 15% more than the gently used version
- Cars with the smallest changes in price are popular models and nearly all of them are pickup trucks and SUVs, which are in high demand
“It’s widely understood that new cars tend to lose a large portion of their value shortly after they’re driven off the lot, but these cars retain more of their value over the first year,” said iSeeCars.com CEO Phong Ly. “Instead of buying a car that’s been driven for one year, consumers can buy the new version for just a few thousand dollars more and take advantage of the latest and greatest technological and safety features.”
Overall, the average new vehicle costs 26.8% more than a slightly used car, according to the study. In dollars, that works out to $7,654.
The price and percentage differences are much lower for all of the vehicles that made this list…
Here are iSeeCars.com’s best vehicles to buy new over used:
1. Jeep Wrangler Unlimited
- Percentage difference new over used: 8.9%
- Dollar difference new over used: $3,199
2. Toyota Tacoma
- Percentage difference new over used: 10.4%
- Dollar difference new over used: $3,320
3. Toyota 4Runner
- Percentage difference new over used: 12.7%
- Dollar difference new over used: $4,605
4. Nissan Frontier
- Percentage difference new over used: 13.3%
- Dollar difference new over used: $3,180
5. Honda Pilot
- Percentage difference new over used: 13.7%
- Dollar difference new over used: $4,858
6. Chevrolet Colorado
- Percentage difference new over used: 13.7%
- Dollar difference new over used: $4,154
7. Honda HR-V
- Percentage difference new over used: 13.8%
- Dollar difference new over used: $2,885
8. Jeep Renegade
- Percentage difference new over used: 14.1%
- Dollar difference new over used: $2,897
9. Subaru WRX
- Percentage difference new over used: 14.2%
- Dollar difference new over used: $4,115
“This list reflects the current marketplace as demand for SUVs and pickup trucks are at record highs while demand for passenger cars is steadily declining,” said Ly. “The rising popularity of these car types could be attributed to steady gas prices.”
Whether you’re shopping for a new or used car, Clark recommends that you consider a short-term subscription to Consumer Reports to check out its ratings and reviews.
Here are the “Clark Smart” steps for buying a new car!
[anvplayer video=”4116497″ station=”998267″]
