Shopping for a new car can be rough. There are so many car dealers and salesmen involved when it comes to looking for a new car. Even if they try to be a smart consumer, most people are not very car-savvy. That makes shopping for a car even harder. Worst of all, it can be hard to decide whether you want to buy new or used for your next car purchase.
Luckily the folks over at ConsumerReports have taken the time to do a little study about buying new or buying used when it comes to cars.
They looked at five popular models on the market right now: Ford Fusion, Honda Accord, Acura MDX, Ford Escape, and the Honda Pilot. Then they did the research and compared them to the price and mileage of 2010 and 2008 models. So what was the verdict?
They found out some interesting information, but didn’t really come to a verdict. In some cases, like the Honda Pilot, “a new car is worth buying over a 2-year-old car.” It’s not that it’s cheaper, but you get more for your money. A new Honda Pilot gets you a new car (with warranty) with 0 miles on it for $29 more per month versus a car with 36,000 miles and little warranty. $29 a month extra is definitely a better deal on a new car than saving it.
At the same time if the consumer went with the 2008 Honda Pilot they would save a lot of money. “Over $8,000 off and $119 less per month, which could offset the mileage and maintenance.” There were similar results with the other vehicles as well.
At the very least, we as consumers learn that just because we often think it’s best to buy used, it might not be the right financial decision. If you’re looking for a new car purchase soon, make sure you do the research and make sure you’re getting the most out of your money!Back To All Consumer Resources