Conventional wisdom was that, when buying a car, used was always better. That’s because the price plummets like a stone the longer the car’s sitting in the used lot. Well, conventional wisdom be damned.
According to a study by Kelley Blue Book, pricing for used cars nearly matches their newer models. You can purchase a used 2011 Chevrolet Camaro sports car, for example, around $126 less than a 2012 model. Or a used 2011 Toyota FJ Cruiser for $244 less than a new one. KBB states the price difference between new and used compact and subcompact vehicles versus their shiny new counterparts ranges between 5 to 7 percent. While that may translate into the low hundreds in savings, that’s a paltry amount compared to the mid hundreds and even higher saved in yesteryear when buying a used vehicle.
Note these figures only hold true on used cars that are a year old or less. KBB didn’t speculate the causes in this low price gap, but we can imagine it involves demand for certain cars (especially fuel efficient ones) and the general economy itself.
Automotive.com’s take: We can imagine automakers are likening this latest study. But will it persuade buyers to buy new cars? Or will they drive up used car prices by sheer demand of such “low priced” vehicles. As always let us know in the comments below.
Source: USA Today