With used car prices soaring, buying a new car could be a better deal
(WXYZ) – Have you seen the price of used cars this year? It is approaching the point where the offers on some new cars are so good that it might be worth buying new ones rather than used ones.
Conventional wisdom says that the value of a new car plunges as soon as you bring it home, but Karl Brauer of ISeeCar.som said that was not the case in 2021.
“We’ve all heard it, you lose 20-30% of the value of the car when you drive it.
But with used car prices at record highs, he said some used cars were so expensive the new version was a better deal.
“If it’s 2% cheaper to buy a one-year-old car, why not just buy a one-year-old car?” he said.
Vehicles where new can be a smarter deal include:
- Jeep wrangler
- Toyota tacoma
- Toyota 4 wheels
- Nissan frontier
- Honda rider
In most of these cases, you can get the car for just $ 2,800 more than a one-year version, and you get the full warranty and no spilled chips.
But, some cars are still plunging rapidly in value. The survey indicates that many luxury cars still drop 30% after a year.
So if you are looking to buy a Cadillac XTS or CTS, Mercedes E Class or Lincoln MKZ, you had better buy used.
While used cars will be cheaper, if there isn’t much of a difference, newer cars could be a better deal.