The Answer to Whether You Should Buy a New or Used Car Today
A Basic…But Important…Car Buying Question
When it comes to buying a car today, there is a lot of confusion over whether you should buy new or used. While it may seem like a basic question, it’s actually a very important one to ask while weighing the pros and cons to make sure you are getting the best value.
That is the message behind a recent Your Advocate Alliance YouTube channel video where car buying experts go over some of the main points you should be thinking about right now before deciding on whether to buy new or used.
According to the hosts of the video, the answer to this question does fluctuate some due to the crazy pricing we are seeing not just in new vehicles, but many older used models with upwards of 100,000 miles or more on their odometers.
Related article: Consumer Reports Used Car Pick Finds From $40,000 to $7,000
What’s the Average Cost of a New Vehicle Right Now
Right now, when looking at a brand-new non-luxury car, the average price is $42,509. While this kind of pricing is above many car shoppers’ budgets, there are several good reasons why in the long run you might want to consider going over-budget buying new rather than buying used.
Related article: Consumer Reports on How to Assess a Used Vehicle’s True Value
For example, one consideration pointed out by the hosts is that you have to look at the expected depreciation value of a new vehicle in comparison to that of a used vehicle, after the expected car crisis is expected to end in hopefully the next 2-3 years. In other words, that high priced used car today could wind up nearly worthless in comparison in the near future.
What Specific Makes Cost Today
So, what’s that new car going to cost you? To help you have some idea of what you are looking at and finding that sweet spot for your budget, here is a summarized list of what models within a range of makes are going for on average today:
Jeep: Near $50,000 or more
Chrysler Pacifica minivan: $47,654
Alpha Romeo: Above $50,000
Fiat 500X: $31,164
Ford F-Series: $62,267
Chevy Suburban: $70,681
Chevy Tahoe: $67,563
Chevy Trax: $25,433
The Answer Overall
The hosts point out that right now if you can choose one of the sub-$40K makes listed above---at their MSRP or lower---then buying new makes more sense right now for getting the best value for your dollar. Buying the more-expensive makes listed…not so much.
For more detailed information, here is the video in its entirety that is highly recommended watching if you are in the market for buying a new or used car right now.
Should I Buy New or Used? What's the Better VALUE Right Now?