Buy New Car Biography
One of the biggest dilemmas when buying a car is whether to purchase new or used. As we head toward the end of summer, the 2012 model year is winding down. There are tempting deals being advertised at every turn. In these dynamic economic times, does the conventional wisdom still ring true, that it is cheaper to buy used than new? Our analysis provided a fresh, and even surprising, insight.To crunch the numbers, we looked at current deals for a few popular 2012-model-year (MY) sedans and SUVs and compared them to the used-car pricing for the same model from 2010 and 2008. In some cases, with a slight increase in monthly payment, you can get a new car without the used car mileage and with a full manufacturer's warranty.To illustrate the findings, the chart below highlights the differences on five Consumer Reports' recommended vehicles--the Ford Fusion and Honda Accord sedans, and Acura MDX, Ford Escape, and Honda Pilot SUVs.The 2010 models have 28,000 miles and 2008 models have 47,000 miles. The monthly payment is calculated with the assumption that the buyer puts 10-percent down on a 5-year loan. For the new cars, the price listed is MSRP before incentives; for the used cars, the chart shows the retail price. Our calculations are based on the average New York metro-area financing rate of 3.365 percent for new cars and 3.310 percent for used cars, according to Bankrate.com. In looking at current financing rates in five metro areas, new car loan rates are comparable to used cars.
Buy New Car
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Buy New Car
Buy New Car
Buy New Car
Buy New Car
Buy New Car
Buy New Car
Buy New Car
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