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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.
“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…
“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.
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This post was last modified on February 7, 2018 11:01 am
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