Thanks to all the end-of-the-year deals on new cars, buying used might not always be cheaper.
Certain deals on new cars are so great right now that buying the same model used or certified pre-owned might actually end up costing you more money. With plenty of deals to shop through during the holiday season, you might want to break out your calculator and take a better look if you’re thinking used.
For example, assuming a 60-month financing plan with zero down, a brand new Volkswagen Jetta GLI will typically cost $389 compared to $390 for a one-year-old model according to data from Edmunds. While that difference isn’t huge, a Mazda2 Sport can be had for $242 a month brand new while a certified pre-owned version will run you $255 a month. That is a full $780 more than you’re paying for the term of the loan for a used car over a new one.
The amount of new cars that are cheaper than their used counterparts is dwindling, but there are still some great deals to be found.
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