Money Matters
When It’s Time To Buy A Car – Sometimes New Is Cheaper than Used
Ask most financially-savvy consumers, and they will tell you that buying a used vehicle, as opposed to a new one, is a wiser financial decision. But in today’s automotive environment, that may not be the case.
The total cost to own a car is generally at the forefront of the thoughts of many financially-savvy consumers. This cost includes not just the monthly payment, but car insurance, the cost of gas, repairs, maintenance and depreciation. In the past, conventional wisdom has stated that buying a used car is always the most frugal option. But with rising prices in the auto resale market, much more fuel efficient new cars, and better warranties, you may be better off buying a new car instead. When we look at real-world factors, they also tend to favor the purchase of a new car over a used one. AAA produced a survey a couple of months ago illustrating the impact of the tough economic environment on car owners. The survey found that 1 in 4 …
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