Step 2, Part 1: What Do I Want?

Page 5 of 17

New vs. Used

Man studying the sticker price on a car
According to, this is what you need to know before choosing between a new car and a slightly used model:

The longer you hold onto a car,
the less it depreciates each year and thus,
the more cost effective it becomes.

What does this mean for you? It means that buying a brand new car and driving it off the lot will cost you more in depreciation than buying a late-model car.

However, this does not mean that used is always the way to go. If you plan to drive the same car for the next 8-10 years, you’ll want something reliable and you’ll want to know the car’s history.

Either way, there are pros and cons to buying new and used vehicles. The bottom line? If you can’t resist the allure of a new vehicle, be sure to buy a car that has everything you’ll need for the future, if your budget allows.

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